PPC Beneish M-Score Historical Data
The historical data trend for PPC'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.
PPC Beneish M-Score Chart
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PPC Annual Data
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Sep14 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.50 |
-2.92 |
-2.81 |
-2.75 |
-2.71 |
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PPC Semi-Annual Data
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Sep15 |
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Sep24 |
| Beneish M-Score |
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-2.75 |
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-2.71 |
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Competitive Comparison of PPC's Beneish M-Score
For the Building Materials subindustry, PPC'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.
PPC's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, PPC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PPC's Beneish M-Score falls into.
PPC 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 PPC 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 * 0.7954 | + | 0.528 * 0.8104 | + | 0.404 * 1.0976 | + | 0.892 * 1.2061 | + | 0.115 * 1.0173 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8747 | + | 4.679 * -0.041863 | - | 0.327 * 0.9903 |
| = | -2.71 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R778 Mil.
Revenue was R10,058 Mil.
Gross Profit was R1,649 Mil.
Total Current Assets was R3,196 Mil.
Total Assets was R9,555 Mil.
Property, Plant and Equipment(Net PPE) was R6,038 Mil.
Depreciation, Depletion and Amortization(DDA) was R623 Mil.
Selling, General, & Admin. Expense(SGA) was R1,035 Mil.
Total Current Liabilities was R2,021 Mil.
Long-Term Debt & Capital Lease Obligation was R342 Mil.
Net Income was R406 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R806 Mil.
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Total Receivables was R811 Mil.
Revenue was R8,339 Mil.
Gross Profit was R1,108 Mil.
Total Current Assets was R2,767 Mil.
Total Assets was R10,487 Mil.
Property, Plant and Equipment(Net PPE) was R7,399 Mil.
Depreciation, Depletion and Amortization(DDA) was R778 Mil.
Selling, General, & Admin. Expense(SGA) was R981 Mil.
Total Current Liabilities was R1,725 Mil.
Long-Term Debt & Capital Lease Obligation was R894 Mil.
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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) |
| = | (778 / 10058) | / | (811 / 8339) |
| = | 0.077351 | / | 0.097254 |
| | = | 0.7954 |
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) |
| = | (1108 / 8339) | / | (1649 / 10058) |
| = | 0.13287 | / | 0.163949 |
| | = | 0.8104 |
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 - (3196 + 6038) / 9555) | / | (1 - (2767 + 7399) / 10487) |
| = | 0.033595 | / | 0.030609 |
| | = | 1.0976 |
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 |
| = | 10058 | / | 8339 |
| | = | 1.2061 |
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)) |
| = | (778 / (778 + 7399)) | / | (623 / (623 + 6038)) |
| = | 0.095145 | / | 0.09353 |
| | = | 1.0173 |
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) |
| = | (1035 / 10058) | / | (981 / 8339) |
| = | 0.102903 | / | 0.11764 |
| | = | 0.8747 |
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) |
| = | ((342 + 2021) / 9555) | / | ((894 + 1725) / 10487) |
| = | 0.247305 | / | 0.249738 |
| | = | 0.9903 |
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 |
| = | (406 - 0 | - | 806) | / | 9555 |
| | = | -0.041863 |
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.
PPC has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
PPC Business Description
Traded in Other Exchanges
Address
5 Parks Boulevard, First Floor, Oxford Parks, Dunkeld, Johannesburg, GT, ZAF, 2196
PPC Ltd is a South Africa-based company that supplies cement and other related products in South Africa and several other African countries. Its production facilities span South Africa, Botswana, Zimbabwe, and Rwanda. The operating segments are South Africa and Botswana Cement, Zimbabwe, Rwanda, Aggregates, ash and readymix, and Group services and others. The company generates the majority of its revenue from the South Africa and Botswana domestic markets, where it marketed its cement products under the brand names OPC, SureRoad, IDM Best Build, Castle, and Spar Build-It. It also distributes cement products in Botswana, Zimbabwe, Mozambique, the Democratic Republic of the Congo, Rwanda, and Ethiopia under the brands OPC, Unicem, Botcem, and Surebuild PMC.
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