Conduit Capital (JSE:CND) Beneish M-Score: 0.00 (As of Jul. 14, 2026)

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What is Conduit Capital Beneish M-Score?

Conduit Capital JSE:CND Beneish M-Score is 0.00 as of Jul. 14, 2026.

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.

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

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

Conduit 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 Conduit Capital 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 * 1.006+0.528 * 1+0.404 * 1.0135+0.892 * 1.1597+0.115 * 0.8532
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8162+4.679 * -0.325292-0.327 * 0.9944
=-3.83

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was R303 Mil.
Revenue was R1,104 Mil.
Gross Profit was R1,104 Mil.
Total Current Assets was R0 Mil.
Total Assets was R1,321 Mil.
Property, Plant and Equipment(Net PPE) was R38 Mil.
Depreciation, Depletion and Amortization(DDA) was R25 Mil.
Selling, General, & Admin. Expense(SGA) was R713 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R46 Mil.
Net Income was R-319 Mil.
Gross Profit was R2 Mil.
Cash Flow from Operations was R109 Mil.
 Total Receivables was R260 Mil.
Revenue was R952 Mil.
Gross Profit was R952 Mil.
Total Current Assets was R0 Mil.
Total Assets was R1,409 Mil.
Property, Plant and Equipment(Net PPE) was R59 Mil.
Depreciation, Depletion and Amortization(DDA) was R30 Mil.
Selling, General, & Admin. Expense(SGA) was R753 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R49 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)
=(302.8 / 1103.785) / (259.545 / 951.793)
=0.274329 / 0.272691
=1.006

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)
=(951.793 / 951.793) / (1103.785 / 1103.785)
=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 + 38.191) / 1320.793) / (1 - (0 + 58.901) / 1408.844)
=0.971085 / 0.958192
=1.0135

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
=1103.785 / 951.793
=1.1597

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))
=(29.502 / (29.502 + 58.901)) / (24.533 / (24.533 + 38.191))
=0.333722 / 0.391126
=0.8532

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)
=(713.087 / 1103.785) / (753.329 / 951.793)
=0.646038 / 0.791484
=0.8162

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)
=((45.748 + 0) / 1320.793) / ((49.073 + 0) / 1408.844)
=0.034637 / 0.034832
=0.9944

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
=(-318.507 - 2.026 - 109.111) / 1320.793
=-0.325292

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.

Conduit Capital has a M-score of -3.83 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?
Conduit Capital (JSE:CND) has a Beneish M-Score of 0.00 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Conduit Capital and its competitors.
Is Conduit Capital's Beneish M-Score too high?
Conduit Capital's current Beneish M-Score is 0.00.
How does Conduit Capital's Beneish M-Score compare to BRK.A and AIG?
Conduit Capital's Beneish M-Score of 0.00 can be compared against companies in the Insurance 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 Conduit Capital and its competitors. Conduit 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 Conduit Capital stock overvalued right now?
Conduit Capital (JSE:CND) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Conduit Capital (JSE:CND), the current Beneish M-Score is 0.00 as of Jul. 14, 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.

Conduit Capital Business Description

Address 67 Carlisle Street, Paardeneiland, Cape Town, WC, ZAF, 7405
Conduit Capital Ltd is a South Africa-based investment holding company. The company, through its subsidiaries and associates, carries on business in the financial services industry with a focus on insurance. The company serves in two segments: Insurance and Risk, and Investment. The Insurance and Risk division includes the company's insurance interests. The company writes both short-term and long-term insurance business. The long-term business consists mainly of funeral cover, comprising both individual business and group schemes. Several lines of short-term business are written, providing cover to individuals and ensuring business risks. The main short-term lines of business include Guarantee, Liability, Motor, and others.