Nexa Resources Beneish M-Score Historical Data
The historical data trend for Nexa Resources's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Nexa Resources Beneish M-Score Chart
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Nexa Resources Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.17 |
-2.69 |
-2.79 |
-2.54 |
-2.76 |
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Nexa Resources Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.40 |
-2.37 |
-2.76 |
-2.45 |
Competitive Comparison of Nexa Resources's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Nexa Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Nexa Resources's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Nexa Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nexa Resources's Beneish M-Score falls into.
Nexa Resources Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Nexa Resources for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.3658 | + | 0.528 * 1.5853 | + | 0.404 * 1.0365 | + | 0.892 * 0.8052 | + | 0.115 * 1.0166 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1527 | + | 4.679 * -0.084855 | - | 0.327 * 1.1085 |
| = | -2.45 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €177 Mil.
Revenue was 533.399 + 577.597 + 608.426 + 578.448 = €2,298 Mil.
Gross Profit was 79.662 + 62.817 + 62.58 + 56.931 = €262 Mil.
Total Current Assets was €900 Mil.
Total Assets was €4,330 Mil.
Property, Plant and Equipment(Net PPE) was €2,748 Mil.
Depreciation, Depletion and Amortization(DDA) was €277 Mil.
Selling, General, & Admin. Expense(SGA) was €120 Mil.
Total Current Liabilities was €916 Mil.
Long-Term Debt & Capital Lease Obligation was €1,486 Mil.
Net Income was -21.936 + -85.65 + -69.093 + -94.595 = €-271 Mil.
Non Operating Income was -0.203 + -45.377 + -25.181 + -30.557 = €-101 Mil.
Cash Flow from Operations was -82.413 + 101.448 + 91.073 + 87.398 = €198 Mil.
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Total Receivables was €161 Mil.
Revenue was 623.275 + 736.108 + 709.671 + 784.645 = €2,854 Mil.
Gross Profit was 92.938 + 78.871 + 85.647 + 258.357 = €516 Mil.
Total Current Assets was €985 Mil.
Total Assets was €4,433 Mil.
Property, Plant and Equipment(Net PPE) was €2,774 Mil.
Depreciation, Depletion and Amortization(DDA) was €284 Mil.
Selling, General, & Admin. Expense(SGA) was €129 Mil.
Total Current Liabilities was €705 Mil.
Long-Term Debt & Capital Lease Obligation was €1,513 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (177.408 / 2297.87) | / | (161.31 / 2853.699) |
| = | 0.077205 | / | 0.056527 |
| | = | 1.3658 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (515.813 / 2853.699) | / | (261.99 / 2297.87) |
| = | 0.180752 | / | 0.114014 |
| | = | 1.5853 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (900.296 + 2747.644) / 4330.495) | / | (1 - (984.83 + 2774.376) / 4433.353) |
| = | 0.157616 | / | 0.152063 |
| | = | 1.0365 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2297.87 | / | 2853.699 |
| | = | 0.8052 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (284.343 / (284.343 + 2774.376)) | / | (276.531 / (276.531 + 2747.644)) |
| = | 0.092961 | / | 0.09144 |
| | = | 1.0166 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (119.617 / 2297.87) | / | (128.879 / 2853.699) |
| = | 0.052056 | / | 0.045162 |
| | = | 1.1527 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1486.351 + 916.152) / 4330.495) | / | ((1513.392 + 705.349) / 4433.353) |
| = | 0.554787 | / | 0.500466 |
| | = | 1.1085 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-271.274 - -101.318 | - | 197.506) | / | 4330.495 |
| | = | -0.084855 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Nexa Resources has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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