Avino Beneish M Score

ASM
 Stock
  

USD 0.59  0.02  3.51%   

This module uses fundamental data of Avino Silver to approximate the value of its Beneish M Score. Avino Silver 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. Please continue to Avino Silver Piotroski F Score and Avino Silver Altman Z Score analysis.
  
Refresh
Avino Silver Total Debt is relatively stable at the moment as compared to the past year. The company's current value of Total Debt is estimated at 1.1 Million. Debt Current is expected to hike to about 399.2 K this year, although the value of Issuance Repayment of Debt Securities will most likely fall to (3.1 M). Avino Silver EBITDA Margin is relatively stable at the moment as compared to the past year. The company's current value of EBITDA Margin is estimated at 0.06. Enterprise Value over EBITDA is expected to hike to 170.51 this year, although the value of Earnings per Diluted Share will most likely fall to (0.0216) .
At this time, it appears that Avino Silver Gold is an unlikely manipulator. The earnings manipulation may begin if Avino Silver's 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 Avino Silver 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 Avino Silver's 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.
-4.11
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables1.48Focus
Asset Quality-3.8Focus
Expense Coverage1.01Focus
Gross Margin Strengs0.89Focus
Accruals Factor1.01Focus
Depreciation Resistance1.1Focus
Net Sales Growth1.03Focus
Financial Leverage Condition1.05Focus

Avino Silver Beneish M-Score Indicator Trends

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 Avino Silver's 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.
Current ValueLast YearChange From Last Year 10 Year Trend
Revenues11.5 M11.2 M
Fairly Up
Increasing
Slightly volatile
Selling General and Administrative Expense3.7 M3.6 M
Sufficiently Up
Increasing
Slightly volatile
Net Cash Flow from Operations111.9 K109 K
Fairly Up
Increasing
Stable
Depreciation Amortization and Accretion2.1 M2.1 M
Slightly Up
Increasing
Slightly volatile
Total Assets84.6 M86.3 M
Fairly Down
Increasing
Slightly volatile
Investments3.4 M3.9 M
Fairly Down
Increasing
Slightly volatile
Investments Current923.7 K900 K
Fairly Up
Decreasing
Slightly volatile
Investments Non Current4.2 M3.9 M
Significantly Up
Increasing
Slightly volatile
Property Plant and Equipment Net51.9 M46.7 M
Significantly Up
Increasing
Slightly volatile
Trade and Non Trade Receivables1.8 M1.2 M
Way Up
Increasing
Stable
Total LiabilitiesM7.8 M
Fairly Up
Increasing
Stable
Current Assets29.8 M35.5 M
Fairly Down
Increasing
Slightly volatile
Assets Non Current54.8 M50.8 M
Significantly Up
Increasing
Slightly volatile
Current Liabilities5.8 M3.8 M
Way Up
Increasing
Slightly volatile
Liabilities Non CurrentM3.9 M
Fairly Up
Increasing
Stable
Total Debt1.1 M1.1 M
Fairly Up
Increasing
Stable
Debt Current399.2 K389 K
Fairly Up
Increasing
Stable
Debt Non Current697.9 K680 K
Fairly Up
Increasing
Stable
Operating Income(1.5 M)(1.5 M)
Fairly Down
Decreasing
Very volatile
Gross Margin0.280.316
Fairly Down
Decreasing
Slightly volatile

Avino Silver Gold Beneish M-Score Driver Matrix

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 Avino Silver's different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Avino Silver in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Avino Silver's degree of accounting gimmicks and manipulations.

About Avino Silver Beneish M Score

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.

Operating Expenses

5.07 Million

Share
Avino Silver Operating Expenses is relatively stable at the moment as compared to the past year. The company's current value of Operating Expenses is estimated at 5.07 Million

Avino Silver Earnings Manipulation Drivers

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 Avino Silver. 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.
201720182019202020212022 (projected)
Revenues33.36 M34.12 M31.75 M16.02 M11.23 M11.52 M
Total Assets102.83 M108.59 M72.57 M68.78 M86.28 M84.6 M
Current Assets26.59 M22.95 M22.77 M19.7 M35.48 M29.82 M
Assets Non Current76.24 M85.64 M49.8 M49.08 M50.8 M54.78 M
Total Liabilities33.83 M33.42 M18.65 M9.77 M7.77 M7.98 M
Current Liabilities10.19 M9.84 M9.56 M5.02 M3.84 M5.78 M
Total Debt12.26 M9.65 M7.32 M3.07 M1.07 M1.1 M
Debt Current5.96 M2.48 M4.28 M2.79 M389 K399.24 K
Debt Non Current6.3 M7.16 M3.04 M278 K680 K697.89 K
Operating Income5.91 M2.03 M(4.4 M)(4.57 M)(1.49 M)(1.53 M)
Investments1.75 M10 K4.31 M4.18 M3.94 M3.41 M

About Avino Silver Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Avino Silver Gold's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Avino Silver using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Avino Silver Gold 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.
Please read more on our fundamental analysis page.
Avino Silver Gold Mines Ltd., together with its subsidiaries, engages in the acquisition, exploration, and advancement of mineral properties in Canada. The company was incorporated in 1968 and is headquartered in Vancouver, Canada. Avino Silver operates under Other Precious Metals Mining classification in the United States and is traded on NYSEMKT Exchange.

Avino Silver Investors Sentiment

The influence of Avino Silver's investor sentiment on the probability of its price appreciation or decline could be a good factor in your decision-making process regarding taking a position in Avino. The overall investor sentiment generally increases the direction of a stock movement in a one-year investment horizon. However, the impact of investor sentiment on the entire stock markets does not have a solid backing from leading economists and market statisticians.
Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. Unlike more traditional methods such as technical analysis, investor sentiment usually refers to the aggregate attitude towards Avino Silver in the overall investment community. So, suppose investors can accurately measure the market's sentiment. In that case, they can use it for their benefit. For example, some tools to gauge market sentiment could be utilized using contrarian indexes, Avino Silver's short interest history, or implied volatility extrapolated from Avino Silver options trading.

Current Sentiment - ASM

Avino Silver Gold Investor Sentiment

Greater number of Macroaxis users are presently bullish on Avino Silver Gold. What is your sentiment towards investing in Avino Silver Gold? Are you bullish or bearish?
Bullish
Bearish
98% Bullish
2% Bearish

Pair Trading with Avino Silver

One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Avino Silver position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Avino Silver will appreciate offsetting losses from the drop in the long position's value.

Avino Silver Pair Correlation

Correlation Analysis For Direct Indexing and Tax-loss Harvesting

The ability to find closely correlated positions to Avino Silver could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Avino Silver when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Avino Silver - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Avino Silver Gold to buy it.
The correlation of Avino Silver is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Avino Silver moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Avino Silver Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Avino Silver can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.
Pair CorrelationCorrelation Matching
Please continue to Avino Silver Piotroski F Score and Avino Silver Altman Z Score analysis. Note that the Avino Silver Gold information on this page should be used as a complementary analysis to other Avino Silver's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.

Complementary Tools for Avino Stock analysis

When running Avino Silver Gold price analysis, check to measure Avino Silver's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Avino Silver is operating at the current time. Most of Avino Silver's value examination focuses on studying past and present price action to predict the probability of Avino Silver's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Avino Silver's price. Additionally, you may evaluate how the addition of Avino Silver to your portfolios can decrease your overall portfolio volatility.
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope
Go
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Go
Aroon Oscillator
Analyze current equity momentum using Aroon Oscillator and other momentum ratios
Go
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Go
Bond Directory
Find actively traded corporate debentures issued by US companies
Go
My Watchlist Analysis
Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like
Go
Is Avino Silver's industry 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 Avino Silver. If investors know Avino 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 Avino Silver listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Market Capitalization
69.6 M
Quarterly Revenue Growth YOY
380.03
Return On Assets
0.0247
Return On Equity
0.0048
The market value of Avino Silver Gold is measured differently than its book value, which is the value of Avino that is recorded on the company's balance sheet. Investors also form their own opinion of Avino Silver's value that differs from its market value or its book value, called intrinsic value, which is Avino Silver's 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 Avino Silver's market value can be influenced by many factors that don't directly affect Avino Silver's 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 Avino Silver's value and its price as these two are different measures arrived at by different means. Investors typically determine Avino Silver value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Avino Silver's 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.