This module uses fundamental data of NioCorp Developments to approximate the value of its Beneish M Score. NioCorp Developments M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Check out NioCorp Developments Piotroski F Score and NioCorp Developments Altman Z Score analysis.
NioCorp
Beneish M Score
Market Cap
Enterprise Value
Ptb Ratio
Book Value Per Share
Free Cash Flow Yield
Operating Cash Flow Per Share
Pb Ratio
Free Cash Flow Per Share
Roic
Net Income Per Share
Payables Turnover
Cash Per Share
Pocfratio
Interest Coverage
Capex To Operating Cash Flow
Pfcf Ratio
Days Payables Outstanding
Income Quality
Roe
Ev To Operating Cash Flow
Pe Ratio
Return On Tangible Assets
Ev To Free Cash Flow
Earnings Yield
Net Debt To E B I T D A
Current Ratio
Tangible Book Value Per Share
Graham Number
Shareholders Equity Per Share
Debt To Equity
Capex Per Share
Graham Net Net
Interest Debt Per Share
Debt To Assets
Enterprise Value Over E B I T D A
Short Term Coverage Ratios
Price Earnings Ratio
Price Book Value Ratio
Price Earnings To Growth Ratio
Days Of Payables Outstanding
Price To Operating Cash Flows Ratio
Price To Free Cash Flows Ratio
Ebt Per Ebit
Effective Tax Rate
Company Equity Multiplier
Long Term Debt To Capitalization
Total Debt To Capitalization
Return On Capital Employed
Debt Equity Ratio
Quick Ratio
Dividend Paid And Capex Coverage Ratio
Cash Ratio
Cash Flow Coverage Ratios
Price To Book Ratio
Capital Expenditure Coverage Ratio
Price Cash Flow Ratio
Enterprise Value Multiple
Debt Ratio
Cash Flow To Debt Ratio
Return On Assets
Price Fair Value
Return On Equity
Change In Cash
Stock Based Compensation
Free Cash Flow
Change In Working Capital
Begin Period Cash Flow
Other Non Cash Items
Total Cash From Operating Activities
Issuance Of Capital Stock
Net Income
Total Cash From Financing Activities
End Period Cash Flow
Net Borrowings
Total Cashflows From Investing Activities
Other Cashflows From Financing Activities
Change To Operating Activities
Change To Netincome
Change To Liabilities
Total Assets
Total Current Liabilities
Total Stockholder Equity
Net Debt
Retained Earnings
Cash
Non Current Assets Total
Long Term Debt
Common Stock Shares Outstanding
Non Current Liabilities Total
Total Liab
Net Invested Capital
Long Term Investments
Short Long Term Debt
Total Current Assets
Capital Stock
Net Working Capital
Short Long Term Debt Total
Other Current Liab
Net Tangible Assets
Property Plant And Equipment Net
Accounts Payable
Cash And Short Term Investments
Liabilities And Stockholders Equity
Capital Lease Obligations
Other Current Assets
Other Stockholder Equity
Property Plant And Equipment Gross
Accumulated Other Comprehensive Income
Short Term Debt
Common Stock
Property Plant Equipment
Net Interest Income
Interest Expense
Selling General Administrative
Operating Income
Net Income From Continuing Ops
Ebitda
Total Operating Expenses
Income Before Tax
Total Other Income Expense Net
Other Operating Expenses
Ebit
Net Income Applicable To Common Shares
Probability Of Bankruptcy
At present, NioCorp Developments' Long Term Debt is projected to increase significantly based on the last few years of reporting. The current year's Short and Long Term Debt Total is expected to grow to about 8.6 M, whereas Net Debt is forecasted to decline to about 4.5 M. At present, NioCorp Developments' Payables Turnover is projected to increase slightly based on the last few years of reporting. The current year's Cash Per Share is expected to grow to 0.09, whereas PTB Ratio is forecasted to decline to 35.29.
At this time, it appears that NioCorp Developments is an unlikely manipulator. The earnings manipulation may begin if NioCorp Developments' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by NioCorp Developments executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of NioCorp Developments' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if NioCorp Developments' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between NioCorp Developments' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards NioCorp Developments in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find NioCorp Developments' degree of accounting gimmicks and manipulations.
M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.
Current Deferred Revenue
64,980
At present, NioCorp Developments' Current Deferred Revenue is projected to decrease significantly based on the last few years of reporting.
Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as NioCorp Developments. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
The Macroaxis Fundamental Analysis modules help investors analyze NioCorp Developments Ltd's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of NioCorp Developments using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of NioCorp Developments Ltd based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.
You can also try the Global Correlations module to find global opportunities by holding instruments from different markets.
Is Diversified Metals & Mining space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of NioCorp Developments. If investors know NioCorp will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about NioCorp Developments listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share
(0.27)
Return On Assets
(0.42)
Return On Equity
(7.72)
The market value of NioCorp Developments is measured differently than its book value, which is the value of NioCorp that is recorded on the company's balance sheet. Investors also form their own opinion of NioCorp Developments' value that differs from its market value or its book value, called intrinsic value, which is NioCorp Developments' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because NioCorp Developments' market value can be influenced by many factors that don't directly affect NioCorp Developments' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between NioCorp Developments' value and its price as these two are different measures arrived at by different means. Investors typically determine if NioCorp Developments is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, NioCorp Developments' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.