Associate Global Partners (ASX:APL) Beneish M-Score: -3.02 (As of Jun. 25, 2026)


ASX:APL Associate Global Partners Ltd ASX:APL
29 GF Score
Price A$0.19
GF Value A$0.18
Valuation Fairly Valued
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What is Associate Global Partners Beneish M-Score?

Associate Global Partners ASX:APL -24.00% 29 Beneish M-Score is -3.02 as of Jun. 25, 2026. GuruFocus rates ASX:APL with a GF Score™ of 29/100 and a GF Value™ of A$0.18 (Fairly Valued). Among 955 Asset Management companies, Associate Global Partners ranks better than 82.41% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:APL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.64   Max: -0.62
Current: -3.02

During the past 13 years, the highest Beneish M-Score of Associate Global Partners was -0.62. The lowest was -3.02. And the median was -2.64.

ASX:APL
29GF Score
Associate Global Partners Ltd ASX:APL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Associate Global Partners 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 Associate Global Partners 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 * 0.6652+0.528 * 1+0.404 * 1.01+0.892 * 1.1602+0.115 * 0.9941
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8727+4.679 * -0.083916-0.327 * 1.0305
=-3.02

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was A$1.27 Mil.
Revenue was A$6.51 Mil.
Gross Profit was A$6.51 Mil.
Total Current Assets was A$0.00 Mil.
Total Assets was A$12.58 Mil.
Property, Plant and Equipment(Net PPE) was A$0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.13 Mil.
Selling, General, & Admin. Expense(SGA) was A$5.03 Mil.
Total Current Liabilities was A$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.70 Mil.
Net Income was A$-0.17 Mil.
Gross Profit was A$0.00 Mil.
Cash Flow from Operations was A$0.89 Mil.
 Total Receivables was A$1.65 Mil.
Revenue was A$5.61 Mil.
Gross Profit was A$5.61 Mil.
Total Current Assets was A$0.00 Mil.
Total Assets was A$12.71 Mil.
Property, Plant and Equipment(Net PPE) was A$0.28 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.23 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.97 Mil.
Total Current Liabilities was A$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was A$0.69 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)
=(1.271 / 6.505) / (1.647 / 5.607)
=0.195388 / 0.29374
=0.6652

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)
=(5.607 / 5.607) / (6.505 / 6.505)
=1 / 1
=1

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 - (0 + 0.154) / 12.584) / (1 - (0 + 0.28) / 12.71)
=0.987762 / 0.97797
=1.01

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
=6.505 / 5.607
=1.1602

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))
=(0.232 / (0.232 + 0.28)) / (0.129 / (0.129 + 0.154))
=0.453125 / 0.45583
=0.9941

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)
=(5.027 / 6.505) / (4.965 / 5.607)
=0.77279 / 0.8855
=0.8727

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)
=((0.704 + 0) / 12.584) / ((0.69 + 0) / 12.71)
=0.055944 / 0.054288
=1.0305

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
=(-0.171 - 0 - 0.885) / 12.584
=-0.083916

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.

Associate Global Partners has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.02 mean?
Associate Global Partners (ASX:APL) has a Beneish M-Score of -3.02 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Associate Global Partners and its competitors. According to the industry distribution chart, Associate Global Partners ranks #168 out of 955 companies in the Asset Management industry, placing it in the top 17.6%.
Is Associate Global Partners' Beneish M-Score too high?
Associate Global Partners' current Beneish M-Score is -3.02. Based on the distribution chart, Associate Global Partners ranks #168 out of 955 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Associate Global Partners has a GF Score™ of 29/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Associate Global Partners' Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Associate Global Partners ranks #168 out of 955 companies for Beneish M-Score. This places Associate Global Partners in the top 18% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Associate Global Partners and its competitors. Associate Global Partners's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Associate Global Partners stock overvalued right now?
Based on GuruFocus' analysis, Associate Global Partners (ASX:APL) is currently considered Fairly Valued. The stock's GF Value™ is A$0.18, compared to a current price of A$0.19 — trading 5.6% above its estimated fair value. The current Beneish M-Score is -3.02. Associate Global Partners' overall GF Score™ is 29/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Associate Global Partners (ASX:APL), the current Beneish M-Score is -3.02 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Associate Global Partners (ASX:APL) Overvalued in 2026?

Based on GuruFocus' analysis, Associate Global Partners stock appears to be overvalued. The current stock price of A$0.19 is trading 5.6% above its estimated GF Value™ of A$0.18. GuruFocus considers Associate Global Partners to be Fairly Valued.

Key valuation signals for ASX:APL:

  • Beneish M-Score: -3.02
  • GF Value™: A$0.18 vs. price of A$0.19 (5.6% above fair value)
  • GF Score™: 29/100

No single metric tells the full story. See the ASX:APL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Associate Global Partners Business Description

Address 2 Chifley Square, Level 12, Sydney, NSW, AUS, 2000
Associate Global Partners Ltd is an independent, multi-boutique asset management firm. It has developed a distribution platform that provides investment managers with an end-to-end distribution solution that promotes their brand and grows funds under management (FUM).
29GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

A$0.19
Price
A$0.18
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