Raven Property Group (JSE:RAV) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


What is Raven Property Group Beneish M-Score?

Raven Property Group JSE:RAV Beneish M-Score is 0.00 as of Jun. 24, 2026.

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 Raven Property Group's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Raven Property Group was 0.00. The lowest was 0.00. And the median was 0.00.

Raven Property Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Raven Property Group'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.

Raven Property Group Beneish M-Score Chart

Raven Property Group Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.56 -2.53 -3.34 -2.63 -3.05

Raven Property Group Semi-Annual Data
Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21
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 0.00 -2.63 0.00 -3.05 0.00

JSE:RAV vs CSGP, CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Raven Property Group'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.

Raven Property Group Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Raven Property Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Raven Property Group's Beneish M-Score falls into.


Raven Property Group 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 Raven Property Group 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 * 0.8333+0.528 * 0.981+0.404 * 1.0043+0.892 * 0.9293+0.115 * 1.0152
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9823+4.679 * -0.074692-0.327 * 1.1196
=-3.09

* 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 (Dec20) TTM:Last Year (Dec19) TTM:
Total Receivables was R438 Mil.
Revenue was R3,076 Mil.
Gross Profit was R2,262 Mil.
Total Current Assets was R1,692 Mil.
Total Assets was R24,585 Mil.
Property, Plant and Equipment(Net PPE) was R93 Mil.
Depreciation, Depletion and Amortization(DDA) was R27 Mil.
Selling, General, & Admin. Expense(SGA) was R120 Mil.
Total Current Liabilities was R1,376 Mil.
Long-Term Debt & Capital Lease Obligation was R12,001 Mil.
Net Income was R-283 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R1,553 Mil.
 Total Receivables was R566 Mil.
Revenue was R3,310 Mil.
Gross Profit was R2,388 Mil.
Total Current Assets was R2,078 Mil.
Total Assets was R28,659 Mil.
Property, Plant and Equipment(Net PPE) was R116 Mil.
Depreciation, Depletion and Amortization(DDA) was R34 Mil.
Selling, General, & Admin. Expense(SGA) was R132 Mil.
Total Current Liabilities was R2,112 Mil.
Long-Term Debt & Capital Lease Obligation was R11,817 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)
=(438.193 / 3076.452) / (565.865 / 3310.344)
=0.142435 / 0.170938
=0.8333

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)
=(2387.891 / 3310.344) / (2262.074 / 3076.452)
=0.721342 / 0.735287
=0.981

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 - (1692.225 + 93.471) / 24585.374) / (1 - (2078.079 + 116.087) / 28659.134)
=0.927368 / 0.923439
=1.0043

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
=3076.452 / 3310.344
=0.9293

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))
=(33.637 / (33.637 + 116.087)) / (26.563 / (26.563 + 93.471))
=0.22466 / 0.221296
=1.0152

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)
=(120.175 / 3076.452) / (131.641 / 3310.344)
=0.039063 / 0.039767
=0.9823

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)
=((12001.012 + 1376.126) / 24585.374) / ((11816.612 + 2111.547) / 28659.134)
=0.54411 / 0.485994
=1.1196

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
=(-283.174 - 0 - 1553.168) / 24585.374
=-0.074692

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.

Raven Property Group has a M-score of -3.09 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?
Raven Property Group (JSE:RAV) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Raven Property Group and its competitors.
Is Raven Property Group's Beneish M-Score too high?
Raven Property Group's current Beneish M-Score is 0.00.
How does Raven Property Group's Beneish M-Score compare to CSGP and CBRE?
Raven Property Group's Beneish M-Score of 0.00 can be compared against companies in the Real Estate 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Raven Property Group and its competitors. Raven Property Group'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 Raven Property Group stock overvalued right now?
Raven Property Group (JSE:RAV) 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 Raven Property Group (JSE:RAV), the current Beneish M-Score is 0.00 as of Jun. 24, 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.

Raven Property Group Business Description

Address La Vieille Cour, P.O. Box 522, La Plaiderie, Second Floor, St Peter Port, GGY, GY1 6EH
Raven Property Group Ltd, along with its subsidiaries, operates as a property investment group specializing in commercial real estate in Russia. The business activity of the group functions through three operating segments: Property Investment, Roslogistics, and Raven Mount. The Property Investment segment acquires, develops, and leases commercial property in Russia; the Roslogistics segment is engaged in the provision of warehousing, transport, customs brokerage, and related services in Russia; and Raven Mount looks into the sale of residential property in the UK. It generates most of its revenues through the rent of its Moscow properties from the Property Investment segment.