RH Bophelo (JSE:RHB) Beneish M-Score: -0.95 (As of Jun. 26, 2026)

What is RH Bophelo Beneish M-Score?

RH Bophelo JSE:RHB 70 Beneish M-Score is -0.95 as of Jun. 26, 2026. GuruFocus rates JSE:RHB with a GF Score™ of 70/100 and a GF Value™ of R6.13 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 954 Asset Management companies, RH Bophelo ranks worse than 78.83% on this metric.

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 -0.95 higher than -1.78, which implies that the company might have manipulated its financial results.

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

JSE:RHB' s Beneish M-Score Range Over the Past 10 Years
Min: -11.89 Med: -1.67 Max: 15.73
Current: -0.95

During the past 10 years, the highest Beneish M-Score of RH Bophelo was 15.73. The lowest was -11.89. And the median was -1.67.

RH Bophelo Beneish M-Score Related Terms

RH Bophelo Beneish M-Score Historical Data

* Premium members only.

The historical data trend for RH Bophelo'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.

RH Bophelo Beneish M-Score Chart

RH Bophelo Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-1.67

-11.89

15.73

-2.84

-0.95

RH Bophelo Semi-Annual Data
	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial														15.73	0.00	-2.84	0.00	-0.95

JSE:RHB vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, RH Bophelo'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.

RH Bophelo Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, RH Bophelo's Beneish M-Score distribution charts can be found below:

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

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70GF Score

RH Bophelo Ltd JSE:RHB

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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RH Bophelo 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 RH Bophelo for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5597

0.528 * 1

0.404 * 0.9924

0.892 * 2.6152

0.115 * 2.2856

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6071

4.679 * 0.027867

0.327 * 0.5323

-0.95

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was R22.08 Mil.
Revenue was R89.40 Mil.
Gross Profit was R89.40 Mil.
Total Current Assets was R52.01 Mil.
Total Assets was R1,258.64 Mil.
Property, Plant and Equipment(Net PPE) was R2.77 Mil.
Depreciation, Depletion and Amortization(DDA) was R1.01 Mil.
Selling, General, & Admin. Expense(SGA) was R3.67 Mil.
Total Current Liabilities was R41.81 Mil.
Long-Term Debt & Capital Lease Obligation was R1.62 Mil.
Net Income was R18.57 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R-16.51 Mil.

Total Receivables was R15.09 Mil.
Revenue was R34.18 Mil.
Gross Profit was R34.18 Mil.
Total Current Assets was R45.83 Mil.
Total Assets was R1,283.18 Mil.
Property, Plant and Equipment(Net PPE) was R0.60 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.94 Mil.
Selling, General, & Admin. Expense(SGA) was R2.31 Mil.
Total Current Liabilities was R33.60 Mil.
Long-Term Debt & Capital Lease Obligation was R49.57 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)
	=	(22.083 / 89.396)	/	(15.086 / 34.183)
	=	0.247024	/	0.44133
	=	0.5597

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)
	=	(34.183 / 34.183)	/	(89.396 / 89.396)
	=	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 - (52.008 + 2.774) / 1258.638)	/	(1 - (45.832 + 0.601) / 1283.181)
	=	0.956475	/	0.963814
	=	0.9924

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
	=	89.396	/	34.183
	=	2.6152

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))
	=	(0.935 / (0.935 + 0.601))	/	(1.007 / (1.007 + 2.774))
	=	0.608724	/	0.266332
	=	2.2856

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)
	=	(3.666 / 89.396)	/	(2.309 / 34.183)
	=	0.041009	/	0.067548
	=	0.6071

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)
	=	((1.617 + 41.81) / 1258.638)	/	((49.568 + 33.599) / 1283.181)
	=	0.034503	/	0.064813
	=	0.5323

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
	=	(18.57 - 0	-	-16.505)	/	1258.638
	=	0.027867

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.

RH Bophelo has a M-score of -0.95 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -0.95 mean?

RH Bophelo (JSE:RHB) has a Beneish M-Score of -0.95 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RH Bophelo and its competitors. According to the industry distribution chart, RH Bophelo ranks #752 out of 954 companies in the Asset Management industry, placing it in the top 78.8%.

Is RH Bophelo's Beneish M-Score too high?

RH Bophelo's current Beneish M-Score is -0.95. Based on the distribution chart, RH Bophelo ranks #752 out of 954 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, RH Bophelo has a GF Score™ of 70/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does RH Bophelo's Beneish M-Score compare to BLK and BX?

According to the Asset Management industry distribution chart, RH Bophelo ranks #752 out of 954 companies for Beneish M-Score. This places RH Bophelo 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 Asset Management company?

A good Beneish M-Score depends on the Asset Management 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 RH Bophelo and its competitors. RH Bophelo's current Beneish M-Score is -0.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is RH Bophelo stock overvalued right now?

Based on GuruFocus' analysis, RH Bophelo (JSE:RHB) is currently considered Possible Value Trap. The stock's GF Value™ is R6.13, compared to a current price of R1.65 — trading 73.1% below its estimated fair value. The current Beneish M-Score is -0.95. RH Bophelo's overall GF Score™ is 70/100 with 4 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 RH Bophelo (JSE:RHB), the current Beneish M-Score is -0.95 as of Jun. 26, 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 RH Bophelo (JSE:RHB) Overvalued in 2026?

Based on GuruFocus' analysis, RH Bophelo stock appears to be undervalued. The current stock price of R1.65 is trading 73.1% below its estimated GF Value™ of R6.13. GuruFocus considers RH Bophelo to be Possible Value Trap.

Key valuation signals for JSE:RHB:

Beneish M-Score: -0.95
GF Value™: R6.13 vs. price of R1.65 (73.1% below fair value)
GF Score™: 70/100 with 4 warning signs

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

RH Bophelo Business Description

Industry Financial Services Asset Management

Comparable Companies JSE:BAC JSE:HUG JSE:GRSP JSE:MHB BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT OSTO:EQT AMP LSE:III NTRS ARES RJF XSWX:PGHN OSTO:INDU A

Address 1, Melrose Boulevard, Unit 12, 1st Floor, Melrose Arch, Johannesburg, GT, ZAF, 2191

Website https://www.rhbophelo.co.za

RH Bophelo Ltd is a healthcare investment company. Its main business involves the acquisition of healthcare assets in commercial entities or special situations across the South African market. It is engaged in making equity, quasi-equity, and equity-related investments in healthcare and financial sectors, specifically in operational infrastructure, health insurance, private hospital infrastructure, pharmaceuticals, retail and distribution, and healthcare technology. The company's operating segments are the Healthcare segment and the Financial Services segment. The majority of its revenue is generated from the Healthcare segment, which focuses on making investments in healthcare infrastructure, healthcare technology, and property companies.

70GF Score

Get the complete analysis for JSE:RHB

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

R1.65

Price

R6.13

GF Value

View JSE:RHB Analysis

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