Sibanye Stillwater Beneish M-Score Historical Data
The historical data trend for Sibanye Stillwater'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.
Sibanye Stillwater Beneish M-Score Chart
|
Sibanye Stillwater Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.63 |
-3.08 |
-2.17 |
-1.87 |
-2.02 |
|
Sibanye Stillwater Semi-Annual Data
|
|
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-1.87 |
- |
-2.02 |
- |
Competitive Comparison of Sibanye Stillwater's Beneish M-Score
For the Gold subindustry, Sibanye Stillwater'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.
Sibanye Stillwater's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Sibanye Stillwater's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sibanye Stillwater's Beneish M-Score falls into.
Sibanye Stillwater 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 Sibanye Stillwater 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 * 1.1082 | + | 0.528 * 1.3893 | + | 0.404 * 1.0348 | + | 0.892 * 0.6851 | + | 0.115 * 1.3888 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4878 | + | 4.679 * 0.03707 | - | 0.327 * 0.9658 |
| = | -2.12 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was R$2,389 Mil.
Revenue was R$41,978 Mil.
Gross Profit was R$10,501 Mil.
Total Current Assets was R$18,445 Mil.
Total Assets was R$50,581 Mil.
Property, Plant and Equipment(Net PPE) was R$23,431 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,151 Mil.
Selling, General, & Admin. Expense(SGA) was R$132 Mil.
Total Current Liabilities was R$6,138 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,925 Mil.
Net Income was R$5,584 Mil.
Gross Profit was R$-1,009 Mil.
Cash Flow from Operations was R$4,718 Mil.
|
Total Receivables was R$3,147 Mil.
Revenue was R$61,274 Mil.
Gross Profit was R$21,296 Mil.
Total Current Assets was R$23,070 Mil.
Total Assets was R$54,442 Mil.
Property, Plant and Equipment(Net PPE) was R$22,317 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,951 Mil.
Selling, General, & Admin. Expense(SGA) was R$396 Mil.
Total Current Liabilities was R$7,309 Mil.
Long-Term Debt & Capital Lease Obligation was R$7,248 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) |
| = | (2389.268 / 41977.771) | / | (3147.067 / 61273.871) |
| = | 0.056917 | / | 0.051361 |
| | = | 1.1082 |
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) |
| = | (21296.081 / 61273.871) | / | (10501.424 / 41977.771) |
| = | 0.347556 | / | 0.250166 |
| | = | 1.3893 |
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 - (18445.109 + 23430.668) / 50581.38) | / | (1 - (23069.598 + 22316.992) / 54441.703) |
| = | 0.172111 | / | 0.166327 |
| | = | 1.0348 |
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 |
| = | 41977.771 | / | 61273.871 |
| | = | 0.6851 |
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)) |
| = | (2950.998 / (2950.998 + 22316.992)) | / | (2151.282 / (2151.282 + 23430.668)) |
| = | 0.116788 | / | 0.084094 |
| | = | 1.3888 |
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) |
| = | (132.349 / 41977.771) | / | (396.052 / 61273.871) |
| = | 0.003153 | / | 0.006464 |
| | = | 0.4878 |
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) |
| = | ((6925.264 + 6137.543) / 50581.38) | / | ((7247.791 + 7309.352) / 54441.703) |
| = | 0.258253 | / | 0.26739 |
| | = | 0.9658 |
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 |
| = | (5584.165 - -1009.011 | - | 4718.128) | / | 50581.38 |
| | = | 0.03707 |
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.
Sibanye Stillwater has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BSP:S1BS34 has been successfully added to your