Afristrat Investment Holdings (JSE:ATI) Beneish M-Score : 0.00 (As of Jun. 19, 2024)

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What is Afristrat Investment Holdings Beneish M-Score?

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 Afristrat Investment Holdings's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Afristrat Investment Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

Afristrat Investment Holdings Beneish M-Score Historical Data

The historical data trend for Afristrat Investment Holdings'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.

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Afristrat Investment Holdings Beneish M-Score Chart

Afristrat Investment Holdings Annual Data

Trend

Jun09

Jun10

Sep11

Dec12

Dec13

Dec14

Dec15

Mar18

Jun19

Mar21

Beneish M-Score

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Afristrat Investment Holdings Semi-Annual Data
	Jun05	Jun06	Jun08	Jun09	Jun10	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Sep17	Mar18	Dec18	Jun19	Dec19	Sep20	Mar21	Sep21
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Competitive Comparison of Afristrat Investment Holdings's Beneish M-Score

For the Specialty Business Services subindustry, Afristrat Investment Holdings'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.

Afristrat Investment Holdings's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Afristrat Investment Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Afristrat Investment Holdings's Beneish M-Score falls into.

Afristrat Investment Holdings 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 Afristrat Investment Holdings 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 * 1.0742

0.528 * -4.2432

0.404 * 0.8486

0.892 * 0.1391

0.115 * 1.8499

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.717065

0.327 * 5.1349

-10.62

This Year (Mar21) TTM:

Last Year (Jun19) TTM:

Total Receivables was R130.35 Mil.
Revenue was R53.86 Mil.
Gross Profit was R-8.31 Mil.
Total Current Assets was R252.31 Mil.
Total Assets was R705.66 Mil.
Property, Plant and Equipment(Net PPE) was R28.68 Mil.
Depreciation, Depletion and Amortization(DDA) was R1.98 Mil.
Selling, General, & Admin. Expense(SGA) was R0.00 Mil.
Total Current Liabilities was R635.07 Mil.
Long-Term Debt & Capital Lease Obligation was R238.41 Mil.
Net Income was R-538.28 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R-32.28 Mil.

Total Receivables was R872.41 Mil.
Revenue was R387.19 Mil.
Gross Profit was R253.50 Mil.
Total Current Assets was R918.21 Mil.
Total Assets was R3,174.58 Mil.
Property, Plant and Equipment(Net PPE) was R4.95 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.67 Mil.
Selling, General, & Admin. Expense(SGA) was R0.00 Mil.
Total Current Liabilities was R22.28 Mil.
Long-Term Debt & Capital Lease Obligation was R742.98 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)
	=	(130.351 / 53.856)	/	(872.406 / 387.189)
	=	2.420362	/	2.253179
	=	1.0742

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)
	=	(253.502 / 387.189)	/	(-8.31 / 53.856)
	=	0.654724	/	-0.1543
	=	-4.2432

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 - (252.309 + 28.676) / 705.664)	/	(1 - (918.209 + 4.953) / 3174.584)
	=	0.601815	/	0.709202
	=	0.8486

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
	=	53.856	/	387.189
	=	0.1391

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))
	=	(0.671 / (0.671 + 4.953))	/	(1.977 / (1.977 + 28.676))
	=	0.11931	/	0.064496
	=	1.8499

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)
	=	(0 / 53.856)	/	(0 / 387.189)
	=	0	/	0
	=	1

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)
	=	((238.41 + 635.07) / 705.664)	/	((742.975 + 22.283) / 3174.584)
	=	1.237813	/	0.241058
	=	5.1349

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
	=	(-538.284 - 0	-	-32.277)	/	705.664
	=	-0.717065

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.

Afristrat Investment Holdings has a M-score of -10.62 suggests that the company is unlikely to be a manipulator.

Afristrat Investment Holdings Beneish M-Score Related Terms

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Afristrat Investment Holdings (JSE:ATI) Business Description

Industry

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Traded in Other Exchanges

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Address

43 Garsfontein Road, 1st Floor, The Wedge, Waterkloof, ZAF, 0145

Website

https://www.afristrat.ltd

Afristrat Investment Holdings Ltd is engaged in providing accounting services, taxation services, business consultancy services, digital marketing and funding services, and other strategic services.