Shuka Minerals (JSE:SKA) Beneish M-Score: 0.00 (As of Aug. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

JSE:SKA Shuka Minerals PLC JSE:SKA
6 GF Score
Price R0.63
GF Value R1.00
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Shuka Minerals Beneish M-Score?

Shuka Minerals JSE:SKA 6 Beneish M-Score is 0.00 as of Aug. 20, 2026. GuruFocus rates JSE:SKA with a GF Score™ of 6/100 and a GF Value™ of R1.00 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 683 Metals & Mining companies, Shuka Minerals ranks worse than 146412.74% 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.

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

During the past 13 years, the highest Beneish M-Score of Shuka Minerals was 54.90. The lowest was -5.09. And the median was -2.92.

Shuka Minerals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shuka Minerals'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.

Shuka Minerals Beneish M-Score Chart

Shuka Minerals Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.64 -3.07 0.00 54.90 0.00

Shuka Minerals Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.00 54.90 0.00 0.00

Shuka Minerals Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Shuka Minerals'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.

Shuka Minerals Beneish M-Score vs Metals & Mining Industry

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

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


JSE:SKA
6GF Score
Shuka Minerals PLC JSE:SKA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shuka Minerals 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 Shuka Minerals 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was R2.82 Mil.
Revenue was R0.00 Mil.
Gross Profit was R-1.40 Mil.
Total Current Assets was R5.30 Mil.
Total Assets was R144.96 Mil.
Property, Plant and Equipment(Net PPE) was R122.72 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.59 Mil.
Selling, General, & Admin. Expense(SGA) was R12.26 Mil.
Total Current Liabilities was R44.93 Mil.
Long-Term Debt & Capital Lease Obligation was R0.00 Mil.
Net Income was R-20.33 Mil.
Gross Profit was R0.00 Mil.
Cash Flow from Operations was R-7.62 Mil.
 Total Receivables was R2.90 Mil.
Revenue was R0.05 Mil.
Gross Profit was R-4.56 Mil.
Total Current Assets was R6.47 Mil.
Total Assets was R141.55 Mil.
Property, Plant and Equipment(Net PPE) was R135.08 Mil.
Depreciation, Depletion and Amortization(DDA) was R0.88 Mil.
Selling, General, & Admin. Expense(SGA) was R13.77 Mil.
Total Current Liabilities was R25.01 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)
=(2.817 / 0) / (2.902 / 0.046)
= / 63.086957
=

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)
=(-4.56 / 0.046) / (-1.397 / 0)
=-99.130435 /
=

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 - (5.295 + 122.719) / 144.96) / (1 - (6.472 + 135.082) / 141.554)
=0.116901 / 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 / 0.046
=

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))
=(0.875 / (0.875 + 135.082)) / (0.586 / (0.586 + 122.719))
=0.006436 / 0.004752
=

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)
=(12.258 / 0) / (13.773 / 0.046)
= / 299.413043
=

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 + 44.932) / 144.96) / ((0 + 25.013) / 141.554)
=0.309961 / 0.176703
=

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
=(-20.325 - 0 - -7.616) / 144.96
=-0.087672

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Shuka Minerals (JSE:SKA) has a Beneish M-Score of 0.00 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shuka Minerals and its competitors. According to the industry distribution chart, Shuka Minerals ranks #999999 out of 683 companies in the Metals & Mining industry.
Is Shuka Minerals' Beneish M-Score too high?
Shuka Minerals' current Beneish M-Score is 0.00. Based on the distribution chart, Shuka Minerals ranks #999999 out of 683 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Shuka Minerals has a GF Score™ of 6/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Shuka Minerals' Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Shuka Minerals ranks #999999 out of 683 companies for Beneish M-Score. This places Shuka Minerals 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 a Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Shuka Minerals and its competitors. Shuka Minerals'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 Shuka Minerals stock overvalued right now?
Based on GuruFocus' analysis, Shuka Minerals (JSE:SKA) is currently considered Possible Value Trap. The stock's GF Value™ is R1.00, compared to a current price of R0.63 — trading 37% below its estimated fair value. The current Beneish M-Score is 0.00. Shuka Minerals' overall GF Score™ is 6/100 with 3 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 Shuka Minerals (JSE:SKA), the current Beneish M-Score is 0.00 as of Aug. 20, 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 Shuka Minerals (JSE:SKA) Overvalued in 2026?

Based on GuruFocus' analysis, Shuka Minerals stock appears to be undervalued. The current stock price of R0.63 is trading 37% below its estimated GF Value™ of R1.00. GuruFocus considers Shuka Minerals to be Possible Value Trap.

Key valuation signals for JSE:SKA:

  • Beneish M-Score: 0.00
  • GF Value™: R1.00 vs. price of R0.63 (37% below fair value)
  • GF Score™: 6/100 with 3 warning signs

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

Shuka Minerals Business Description

Other Exchanges SKA:UKUZH0:Germany
Address Off State House Road 4th Floor, Vienna Court, State House Crescent, West Wing, Nairobi, KEN
Shuka Minerals PLC is a dynamic and inventive mining and development company, driven by a passionate commitment to exploring and harnessing Africa's vast mineral resources. The company's unwavering focus is on acquiring and developing valuable minerals across the continent with the focus of significantly contributing to the sustainable growth and development of local communities. Shuka Minerals is embarking on an exciting journey of discovery and development in Tanzania, Zambia, South Africa, and other African countries rich in copper, lead, and zinc deposits.
6GF Score

Get the complete analysis for JSE:SKA

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

R0.63
Price
R1.00
GF Value