China Natural Resources, Inc.
CHNR Basic Materials Other Industrial Metals & Mining
China Natural Resources, Inc.’s revenue for fiscal 2022 (year ended December 2022) was $2.9 million.
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China Natural Resources, Inc. (CHNR) Altman Z-score
China Natural Resources, Inc.'s Altman Z-score for fiscal 2022 is −4.16, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2022 | −4.16 | (0.51) |
| FY2021 | −3.65 | 1.68 |
| FY2020 | −5.33 | 166.81 |
| FY2019 | −172.14 | (144.20) |
| FY2015 | −27.94 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.50 | |
| Retained earnings / total assets | (3.47) | — | −4.85 | |
| EBIT / total assets | (0.10) | — | −0.32 | |
| Market value of equity / total liabilities | 0.75 | — | 0.45 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Distress zone | −4.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| XPL Solitario Resources Corp. compare | 23.5× |
| LGO Largo Inc. compare | −1.0× |
| CHNR China Natural Resources, Inc. | −4.2× |
| OMEX Odyssey Marine Exploration, Inc. compare | −31.4× |
| GTIJF Global Tech Industries Group, Inc. compare | −32.9× |
| ELBM Electra Battery Materials Corporation compare | — |
| FNUC Snow Lake Resources Ltd. compare | — |
| FMST Foremost Clean Energy Ltd. compare | — |
| GRFXY Graphex Group Limited Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets