Clientele (JSE:CLI) Beneish M-Score: -1.94 (As of Jun. 25, 2026)


JSE:CLI Clientele Ltd JSE:CLI
58 GF Score
Price R19.71
GF Value R18.41
Valuation Fairly Valued
! 7 Warning Signs
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What is Clientele Beneish M-Score?

Clientele JSE:CLI 58 Beneish M-Score is -1.94 as of Jun. 25, 2026. GuruFocus rates JSE:CLI with a GF Score™ of 58/100 and a GF Value™ of R18.41 (Fairly Valued). The stock has 7 warning signs investors should review. Among 397 Insurance companies, Clientele ranks worse than 86.9% 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 -1.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:CLI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -2.18   Max: -1.54
Current: -1.94

During the past 13 years, the highest Beneish M-Score of Clientele was -1.54. The lowest was -2.73. And the median was -2.18.

JSE:CLI
58GF Score
Clientele Ltd JSE:CLI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Clientele 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 Clientele 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 * 1.3434+0.528 * 1+0.404 * 1.0008+0.892 * 1.5477+0.115 * 1.0067
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.01829-0.327 * 2.0613
=-1.94

* 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 R157 Mil.
Revenue was R4,584 Mil.
Gross Profit was R4,584 Mil.
Total Current Assets was R0 Mil.
Total Assets was R20,075 Mil.
Property, Plant and Equipment(Net PPE) was R81 Mil.
Depreciation, Depletion and Amortization(DDA) was R40 Mil.
Selling, General, & Admin. Expense(SGA) was R0 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R751 Mil.
Net Income was R1,055 Mil.
Gross Profit was R274 Mil.
Cash Flow from Operations was R413 Mil.
 Total Receivables was R76 Mil.
Revenue was R2,962 Mil.
Gross Profit was R2,962 Mil.
Total Current Assets was R0 Mil.
Total Assets was R11,291 Mil.
Property, Plant and Equipment(Net PPE) was R54 Mil.
Depreciation, Depletion and Amortization(DDA) was R27 Mil.
Selling, General, & Admin. Expense(SGA) was R0 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R205 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)
=(157.19 / 4583.929) / (75.606 / 2961.864)
=0.034292 / 0.025526
=1.3434

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)
=(2961.864 / 2961.864) / (4583.929 / 4583.929)
=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 + 80.594) / 20074.663) / (1 - (0 + 54.498) / 11290.938)
=0.995985 / 0.995173
=1.0008

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
=4583.929 / 2961.864
=1.5477

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))
=(27.48 / (27.48 + 54.498)) / (40.231 / (40.231 + 80.594))
=0.335212 / 0.332969
=1.0067

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 / 4583.929) / (0 / 2961.864)
=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)
=((750.582 + 0) / 20074.663) / ((204.806 + 0) / 11290.938)
=0.03739 / 0.018139
=2.0613

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
=(1054.738 - 274.176 - 413.392) / 20074.663
=0.01829

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.

Clientele has a M-score of -1.94 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 -1.94 mean?
Clientele (JSE:CLI) has a Beneish M-Score of -1.94 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Clientele and its competitors. According to the industry distribution chart, Clientele ranks #345 out of 397 companies in the Insurance industry, placing it in the top 86.9%.
Is Clientele's Beneish M-Score too high?
Clientele's current Beneish M-Score is -1.94. Based on the distribution chart, Clientele ranks #345 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Clientele has a GF Score™ of 58/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Clientele's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Clientele ranks #345 out of 397 companies for Beneish M-Score. This places Clientele 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Clientele and its competitors. Clientele's current Beneish M-Score is -1.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Clientele stock overvalued right now?
Based on GuruFocus' analysis, Clientele (JSE:CLI) is currently considered Fairly Valued. The stock's GF Value™ is R18.41, compared to a current price of R19.71 — trading 7.1% above its estimated fair value. The current Beneish M-Score is -1.94. Clientele's overall GF Score™ is 58/100 with 7 warning signs to review. 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 Clientele (JSE:CLI), the current Beneish M-Score is -1.94 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 Clientele (JSE:CLI) Overvalued in 2026?

Based on GuruFocus' analysis, Clientele stock appears to be overvalued. The current stock price of R19.71 is trading 7.1% above its estimated GF Value™ of R18.41. GuruFocus considers Clientele to be Fairly Valued.

Key valuation signals for JSE:CLI:

  • Beneish M-Score: -1.94
  • GF Value™: R18.41 vs. price of R19.71 (7.1% above fair value)
  • GF Score™: 58/100 with 7 warning signs

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

Clientele Business Description

Address Corner Rivonia and Alon Roads Morningside, Clientele Office Park, Johannesburg, GT, ZAF, 2196
Clientele Ltd is a diversified financial services group. It markets, distributes, and underwrites insurance and investment products. The company's operating segment includes Clientele Life Insurance, 1Life Insurance, Non-Life Insurance, Emerald Life Insurance, and CBC Rewards, Mobile & Direct Rewards. Its insurance products and services include Legal, Mobile, Wealth, Credit Life, Investments, and others. It generates maximum revenue from the 1Life insurance segment, which involves the sale and administration of long-term insurance risk policies. The group currently operates in the South African market only.
58GF Score

Get the complete analysis for JSE:CLI

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

R19.71
Price
R18.41
GF Value