Randgold & Exploration Co (JSE:RNG) Beneish M-Score

: 0.00 (As of Today)

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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 Randgold & Exploration Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Randgold & Exploration Co was -1.57. The lowest was -3.34. And the median was -2.64.

Randgold & Exploration Co Beneish M-Score Historical Data

The historical data trend for Randgold & Exploration Co'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.

Randgold & Exploration Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Randgold & Exploration Co Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score																-	-	-	-	-

Competitive Comparison

For the Gold subindustry, Randgold & Exploration Co'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.

Randgold & Exploration Co Beneish M-Score Distribution

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

* The bar in red indicates where Randgold & Exploration Co's Beneish M-Score falls into.

Randgold & Exploration Co 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 Randgold & Exploration Co 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was R0.00 Mil.
Revenue was R0.00 Mil.
Gross Profit was R0.00 Mil.
Total Current Assets was R75.13 Mil.
Total Assets was R75.22 Mil.
Property, Plant and Equipment(Net PPE) was R0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.03 Mil.
Selling, General, & Admin. Expense(SGA) was R17.77 Mil.
Total Current Liabilities was R1.09 Mil.
Long-Term Debt & Capital Lease Obligation was R0.00 Mil.
Net Income was R-22.91 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R0.40 Mil.

Total Receivables was R0.00 Mil.
Revenue was R0.00 Mil.
Gross Profit was R0.00 Mil.
Total Current Assets was R99.19 Mil.
Total Assets was R99.26 Mil.
Property, Plant and Equipment(Net PPE) was R0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.02 Mil.
Selling, General, & Admin. Expense(SGA) was R8.32 Mil.
Total Current Liabilities was R1.85 Mil.
Long-Term Debt & Capital Lease Obligation was R0.00 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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (75.127 + 0.097) / 75.224)	/	(1 - (99.194 + 0.07) / 99.264)
	=	0	/	0
	=

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
	=	0	/	0
	=

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))
	=	(0.021 / (0.021 + 0.07))	/	(0.026 / (0.026 + 0.097))
	=	0.230769	/	0.211382
	=

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)
	=	(17.767 / 0)	/	(8.318 / 0)
	=		/
	=

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)
	=	((0 + 1.093) / 75.224)	/	((0 + 1.848) / 99.264)
	=	0.01453	/	0.018617
	=

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
	=	(-22.907 - 0	-	0.403)	/	75.224
	=	-0.309875

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.

Randgold & Exploration Co Beneish M-Score Related Terms

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Randgold & Exploration Co (JSE:RNG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Randgold & Exploration Co Ltd (JSE:RNG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

RNDXF:USA

Address

114 West Street, Suite 25, Third Floor, Katherine & West Building, Sandown, Sandton, Johannesburg, ZAF, 2196

Website

https://www.randgoldexp.co.za

Randgold & Exploration Co Ltd is an investment holding company with assets in the Gold mining industry. Geographically it operates through the region of South Africa.