Cell C Holdings (JSE:CCD) Beneish M-Score: -0.59 (As of Jul. 05, 2026)


What is Cell C Holdings Beneish M-Score?

Cell C Holdings JSE:CCD -1.18% Beneish M-Score is -0.59 as of Jul. 05, 2026. The stock has 5 warning signs investors should review. Among 351 Telecommunication Services companies, Cell C Holdings ranks worse than 97.15% on this metric.

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.

Warning Sign:

Beneish M-Score -0.59 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Cell C Holdings's Beneish M-Score or its related term are showing as below:

JSE:CCD' s Beneish M-Score Range Over the Past 10 Years
Min: -0.59   Med: -0.59   Max: -0.59
Current: -0.59

During the past 3 years, the highest Beneish M-Score of Cell C Holdings was -0.59. The lowest was -0.59. And the median was -0.59.

Cell C Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cell C 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.

Cell C Holdings Beneish M-Score Chart

Cell C Holdings Annual Data
Trend Dec22 Dec23 May25
Beneish M-Score
0.00 0.00 -0.59

Cell C Holdings Quarterly Data
Dec22 Dec23 Aug24 Nov24 May25 Aug25 Nov25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -0.59 0.00 0.00

JSE:CCD vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, Cell C 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.

Cell C Holdings Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Cell C Holdings's Beneish M-Score distribution charts can be found below:

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


Cell C 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 Cell C Holdings 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 * 0.8484+0.528 * 0.4457+0.404 * 3.128+0.892 * 1.2813+0.115 * 1.2594
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.159493-0.327 * 0.1895
=-0.59

* 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 (May25) TTM:Last Year (Dec23) TTM:
Total Receivables was R2,839 Mil.
Revenue was R13,714 Mil.
Gross Profit was R6,383 Mil.
Total Current Assets was R3,376 Mil.
Total Assets was R10,288 Mil.
Property, Plant and Equipment(Net PPE) was R460 Mil.
Depreciation, Depletion and Amortization(DDA) was R508 Mil.
Selling, General, & Admin. Expense(SGA) was R0 Mil.
Total Current Liabilities was R4,533 Mil.
Long-Term Debt & Capital Lease Obligation was R2,013 Mil.
Net Income was R3,496 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R1,855 Mil.
 Total Receivables was R2,612 Mil.
Revenue was R10,703 Mil.
Gross Profit was R2,220 Mil.
Total Current Assets was R2,987 Mil.
Total Assets was R4,365 Mil.
Property, Plant and Equipment(Net PPE) was R502 Mil.
Depreciation, Depletion and Amortization(DDA) was R978 Mil.
Selling, General, & Admin. Expense(SGA) was R793 Mil.
Total Current Liabilities was R9,855 Mil.
Long-Term Debt & Capital Lease Obligation was R4,800 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)
=(2839 / 13714) / (2611.703 / 10702.963)
=0.207015 / 0.244017
=0.8484

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)
=(2220.389 / 10702.963) / (6383 / 13714)
=0.207456 / 0.465437
=0.4457

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 - (3376 + 460) / 10288) / (1 - (2987.229 + 502.308) / 4364.611)
=0.627138 / 0.200493
=3.128

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
=13714 / 10702.963
=1.2813

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))
=(978.017 / (978.017 + 502.308)) / (507.638 / (507.638 + 460))
=0.660677 / 0.524616
=1.2594

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 / 13714) / (793.057 / 10702.963)
=0 / 0.074097
=0

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)
=((2013 + 4533) / 10288) / ((4800.436 + 9855.471) / 4364.611)
=0.636275 / 3.357895
=0.1895

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
=(3496 - 0 - 1855.139) / 10288
=0.159493

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.

Cell C Holdings has a M-score of -0.59 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.59 mean?
Cell C Holdings (JSE:CCD) has a Beneish M-Score of -0.59 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cell C Holdings and its competitors. According to the industry distribution chart, Cell C Holdings ranks #341 out of 351 companies in the Telecommunication Services industry, placing it in the top 97.2%.
Is Cell C Holdings' Beneish M-Score too high?
Cell C Holdings' current Beneish M-Score is -0.59. Based on the distribution chart, Cell C Holdings ranks #341 out of 351 companies in the Telecommunication Services industry, which is in the bottom quartile relative to peers.
How does Cell C Holdings' Beneish M-Score compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, Cell C Holdings ranks #341 out of 351 companies for Beneish M-Score. This places Cell C Holdings in the lower half of its 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 Telecommunication Services company?
A good Beneish M-Score depends on the Telecommunication 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 Cell C Holdings and its competitors. Cell C Holdings's current Beneish M-Score is -0.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cell C Holdings stock overvalued right now?
Cell C Holdings (JSE:CCD) has a current Beneish M-Score of -0.59. The current Beneish M-Score is -0.59. 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 Cell C Holdings (JSE:CCD), the current Beneish M-Score is -0.59 as of Jul. 05, 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.

Cell C Holdings Business Description

Address Maxwell Drive and Corner Pretoria Main Road, Waterfall Campus, Buccleuch, Johannesburg, GT, ZAF, 2090
Cell C Holdings Ltd is a mobile provider in South Africa offering a wide scope of products and services, including voice, data, device and SIM deals to millions of customers.