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SSR Mining (TSX:SSRM) Beneish M-Score : -2.79 (As of May. 12, 2024)


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What is SSR Mining Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SSR Mining's Beneish M-Score or its related term are showing as below:

TSX:SSRM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.38   Max: -0.85
Current: -2.79

During the past 13 years, the highest Beneish M-Score of SSR Mining was -0.85. The lowest was -3.35. And the median was -2.38.


SSR Mining Beneish M-Score Historical Data

The historical data trend for SSR Mining'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.

* Premium members only.

SSR Mining Beneish M-Score Chart

SSR Mining Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.88 -2.05 -2.20 -2.36 -2.20

SSR Mining Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.80 -2.11 -2.40 -2.20 -2.79

Competitive Comparison of SSR Mining's Beneish M-Score

For the Gold subindustry, SSR Mining'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.


SSR Mining's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, SSR Mining's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SSR Mining's Beneish M-Score falls into.



SSR Mining 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 SSR Mining 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 * 0.5198+0.528 * 0.8429+0.404 * 1.0016+0.892 * 1.2207+0.115 * 0.8802
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6882+4.679 * 0.00533-0.327 * 1.1455
=-2.79

* 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 C$140 Mil.
Revenue was 311.645 + 571.383 + 521.471 + 399.943 = C$1,804 Mil.
Gross Profit was 89.25 + 187.921 + 155.241 + 113.921 = C$546 Mil.
Total Current Assets was C$1,464 Mil.
Total Assets was C$7,109 Mil.
Property, Plant and Equipment(Net PPE) was C$5,177 Mil.
Depreciation, Depletion and Amortization(DDA) was C$276 Mil.
Selling, General, & Admin. Expense(SGA) was C$83 Mil.
Total Current Liabilities was C$478 Mil.
Long-Term Debt & Capital Lease Obligation was C$423 Mil.
Net Income was -388.594 + -292.261 + 20.512 + 99.467 = C$-561 Mil.
Non Operating Income was -549.406 + -596.073 + -27.582 + -21.361 = C$-1,194 Mil.
Cash Flow from Operations was 33.341 + 272.558 + 183.015 + 106.744 = C$596 Mil.
Total Receivables was C$221 Mil.
Revenue was 430.486 + 416.213 + 222.264 + 409.194 = C$1,478 Mil.
Gross Profit was 93.348 + 103.291 + 51.515 + 129.073 = C$377 Mil.
Total Current Assets was C$1,837 Mil.
Total Assets was C$7,163 Mil.
Property, Plant and Equipment(Net PPE) was C$4,856 Mil.
Depreciation, Depletion and Amortization(DDA) was C$226 Mil.
Selling, General, & Admin. Expense(SGA) was C$99 Mil.
Total Current Liabilities was C$343 Mil.
Long-Term Debt & Capital Lease Obligation was C$449 Mil.




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)
=(140.448 / 1804.442) / (221.32 / 1478.157)
=0.077835 / 0.149727
=0.5198

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)
=(377.227 / 1478.157) / (546.333 / 1804.442)
=0.255201 / 0.302771
=0.8429

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 - (1464.419 + 5177.22) / 7108.812) / (1 - (1836.68 + 4856.124) / 7162.781)
=0.065717 / 0.065614
=1.0016

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
=1804.442 / 1478.157
=1.2207

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))
=(226.399 / (226.399 + 4856.124)) / (275.975 / (275.975 + 5177.22))
=0.044545 / 0.050608
=0.8802

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)
=(83.027 / 1804.442) / (98.826 / 1478.157)
=0.046013 / 0.066858
=0.6882

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)
=((423.375 + 477.507) / 7108.812) / ((449.042 + 343.391) / 7162.781)
=0.126728 / 0.110632
=1.1455

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
=(-560.876 - -1194.422 - 595.658) / 7108.812
=0.00533

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.

SSR Mining has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.


SSR Mining Beneish M-Score Related Terms

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SSR Mining (TSX:SSRM) Business Description

Traded in Other Exchanges
Address
6900 E. Layton Avenue, Suite 1300, Denver, CO, USA, 80237
SSR Mining Inc is a minerals company focused on mining precious metals in the Americas. More than half of Silver Standard's revenue is attributable to the production of gold, with a significant portion derived from silver production. The company owns and operates the Marigold mine in Nevada, United States; the Seabee Gold Operation in Saskatchewan, Canada; and the Puna mine in Argentina. The majority of gold production is derived from the Marigold mine, and Silver Standard's silver production is principally derived from the Puna mine.