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Mantengu Mining (JSE:MTU) Beneish M-Score : 17.37 (As of Mar. 04, 2025)


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What is Mantengu Mining 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.

Warning Sign:

Beneish M-Score 17.37 higher than -1.78, which implies that the company might have manipulated its financial results.

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

JSE:MTU' s Beneish M-Score Range Over the Past 10 Years
Min: -17.88   Med: -17.52   Max: 17.37
Current: 17.37

During the past 13 years, the highest Beneish M-Score of Mantengu Mining was 17.37. The lowest was -17.88. And the median was -17.52.


Mantengu Mining Beneish M-Score Historical Data

The historical data trend for Mantengu Mining'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.

* Premium members only.

Mantengu Mining Beneish M-Score Chart

Mantengu Mining Annual Data
Trend Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - - 17.37

Mantengu Mining 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - 17.37 -

Competitive Comparison of Mantengu Mining's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, Mantengu Mining'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.


Mantengu Mining's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Mantengu Mining's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mantengu Mining's Beneish M-Score falls into.



Mantengu Mining 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 Mantengu Mining 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+0.528 * -0.4707+0.404 * 0.6126+0.892 * 24.4713+0.115 * 0.032
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.0484+4.679 * -0.009036-0.327 * 1.5044
=17.37

* 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 (Feb24) TTM:Last Year (Feb23) TTM:
Total Receivables was R24.0 Mil.
Revenue was R109.9 Mil.
Gross Profit was R52.6 Mil.
Total Current Assets was R154.1 Mil.
Total Assets was R451.2 Mil.
Property, Plant and Equipment(Net PPE) was R257.9 Mil.
Depreciation, Depletion and Amortization(DDA) was R9.6 Mil.
Selling, General, & Admin. Expense(SGA) was R11.1 Mil.
Total Current Liabilities was R223.9 Mil.
Long-Term Debt & Capital Lease Obligation was R7.9 Mil.
Net Income was R1.2 Mil.
Gross Profit was R0.0 Mil.
Cash Flow from Operations was R5.2 Mil.
Total Receivables was R0.0 Mil.
Revenue was R4.5 Mil.
Gross Profit was R-1.0 Mil.
Total Current Assets was R32.1 Mil.
Total Assets was R282.4 Mil.
Property, Plant and Equipment(Net PPE) was R210.3 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.2 Mil.
Selling, General, & Admin. Expense(SGA) was R9.4 Mil.
Total Current Liabilities was R88.4 Mil.
Long-Term Debt & Capital Lease Obligation was R8.1 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)
=(23.975 / 109.925) / (0 / 4.492)
=0.218103 / 0
=1

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 / 4.492) / (52.558 / 109.925)
=-0.225067 / 0.478126
=-0.4707

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 - (154.07 + 257.94) / 451.205) / (1 - (32.133 + 210.254) / 282.436)
=0.086867 / 0.141798
=0.6126

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
=109.925 / 4.492
=24.4713

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))
=(0.243 / (0.243 + 210.254)) / (9.64 / (9.64 + 257.94))
=0.001154 / 0.036027
=0.032

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)
=(11.137 / 109.925) / (9.395 / 4.492)
=0.101315 / 2.091496
=0.0484

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)
=((7.918 + 223.915) / 451.205) / ((8.053 + 88.408) / 282.436)
=0.513809 / 0.341532
=1.5044

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
=(1.166 - 0 - 5.243) / 451.205
=-0.009036

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.

Mantengu Mining has a M-score of 17.37 signals that the company is likely to be a manipulator.


Mantengu Mining Beneish M-Score Related Terms

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Mantengu Mining Business Description

Traded in Other Exchanges
N/A
Address
5 Saint Michaels Lane, Bryanston, Sandton, Johannesburg, ZAF, 2021
Mantengu Mining Ltd operates as a mining investment company. The company is engaged in the process of transforming into a Mining, Mining Services, and Energy company. The project of the company comprises of Langpan project.

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