African Dawn Capital (JSE:ADW) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is African Dawn Capital Beneish M-Score?

African Dawn Capital JSE:ADW 11 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates JSE:ADW with a GF Score™ of 11/100.

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.

The historical rank and industry rank for African Dawn Capital's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of African Dawn Capital was 0.00. The lowest was 0.00. And the median was 0.00.

African Dawn Capital Beneish M-Score Related Terms

African Dawn Capital Beneish M-Score Historical Data

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The historical data trend for African Dawn Capital'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.

African Dawn Capital Beneish M-Score Chart

African Dawn Capital Annual Data

Trend

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Beneish M-Score

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-4.84

-4.77

-1.60

-8.40

-4.45

African Dawn Capital Semi-Annual Data
	Feb15	Aug15	Feb16	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24
Beneish M-Score	Get a 7-Day Free Trial															0.00	-8.40	0.00	-4.45	0.00

JSE:ADW vs V, MA, AXP: Beneish M-Score Comparison

For the Credit Services subindustry, African Dawn Capital'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.

African Dawn Capital Beneish M-Score vs Credit Services Industry

For the Credit Services industry and Financial Services sector, African Dawn Capital's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where African Dawn Capital's Beneish M-Score falls into.

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African Dawn Capital Ltd JSE:ADW

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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African Dawn Capital 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 African Dawn Capital for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8068

0.528 * 0.6981

0.404 * 1.5552

0.892 * 1.0454

0.115 * 1.1548

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0938

4.679 * -0.385034

0.327 * 1.3059

-4.45

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was R9.31 Mil.
Revenue was R15.44 Mil.
Gross Profit was R-1.51 Mil.
Total Current Assets was R10.24 Mil.
Total Assets was R13.60 Mil.
Property, Plant and Equipment(Net PPE) was R2.18 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.99 Mil.
Selling, General, & Admin. Expense(SGA) was R3.71 Mil.
Total Current Liabilities was R41.75 Mil.
Long-Term Debt & Capital Lease Obligation was R26.09 Mil.
Net Income was R-14.63 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R-9.39 Mil.

Total Receivables was R11.04 Mil.
Revenue was R14.76 Mil.
Gross Profit was R-1.01 Mil.
Total Current Assets was R12.38 Mil.
Total Assets was R14.55 Mil.
Property, Plant and Equipment(Net PPE) was R1.35 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.77 Mil.
Selling, General, & Admin. Expense(SGA) was R3.24 Mil.
Total Current Liabilities was R36.51 Mil.
Long-Term Debt & Capital Lease Obligation was R19.05 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)
	=	(9.313 / 15.435)	/	(11.041 / 14.764)
	=	0.603369	/	0.747833
	=	0.8068

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)
	=	(-1.011 / 14.764)	/	(-1.514 / 15.435)
	=	-0.068477	/	-0.098089
	=	0.6981

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 - (10.235 + 2.181) / 13.604)	/	(1 - (12.382 + 1.351) / 14.55)
	=	0.087327	/	0.056151
	=	1.5552

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
	=	15.435	/	14.764
	=	1.0454

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))
	=	(0.765 / (0.765 + 1.351))	/	(0.994 / (0.994 + 2.181))
	=	0.361531	/	0.313071
	=	1.1548

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)
	=	(3.705 / 15.435)	/	(3.24 / 14.764)
	=	0.240039	/	0.219453
	=	1.0938

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)
	=	((26.085 + 41.753) / 13.604)	/	((19.049 + 36.509) / 14.55)
	=	4.986622	/	3.818419
	=	1.3059

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
	=	(-14.626 - 0	-	-9.388)	/	13.604
	=	-0.385034

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.

African Dawn Capital has a M-score of -4.45 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 0.00 mean?

African Dawn Capital (JSE:ADW) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on African Dawn Capital and its competitors.

Is African Dawn Capital's Beneish M-Score too high?

African Dawn Capital's current Beneish M-Score is 0.00. Overall, African Dawn Capital has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.

How does African Dawn Capital's Beneish M-Score compare to V and MA?

African Dawn Capital's Beneish M-Score of 0.00 can be compared against companies in the Credit Services industry. 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 a Credit Services company?

A good Beneish M-Score depends on the Credit Services 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 African Dawn Capital and its competitors. African Dawn Capital's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is African Dawn Capital stock overvalued right now?

African Dawn Capital (JSE:ADW) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. African Dawn Capital's overall GF Score™ is 11/100. 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 African Dawn Capital (JSE:ADW), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

African Dawn Capital Business Description

Industry Financial Services Credit Services

Comparable Companies V MA AXP COF PYPL BOM:500034 SOFI SYF BOM:543257 BOM:532810 NSE:CHOLAFIN ALLY NSE:SHRIRAMFIN BOM:533398 TSE:8593 BOM:532955 BOM:543066 OMF BOM:544429 UPST

Address Corner of Sonop and Ontdekkers Roads, 3rd Floor, The Village at Horizon, Horizon View, Johannesburg, GT, ZAF, 1724

Website https://www.afdawn.co.za

African Dawn Capital Ltd operates as a microfinance company. The company's operating segment includes Investment advisory and investment management, Microfinance, and Head Office segment. It generates maximum revenue from the Microfinance segment. Geographically, the company operates only in South Africa.

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