Super Group (JSE:SPG) Beneish M-Score: -2.80 (As of Jun. 26, 2026)

What is Super Group Beneish M-Score?

Super Group JSE:SPG -1.04% 82 Beneish M-Score is -2.80 as of Jun. 26, 2026. GuruFocus rates JSE:SPG with a GF Score™ of 82/100 and a GF Value™ of R23.64 (Modestly Undervalued). The stock has 10 warning signs investors should review. Among 966 Transportation companies, Super Group ranks better than 70.6% 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.

Good Sign:

Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:SPG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.52 Max: -2.14
Current: -2.8

During the past 13 years, the highest Beneish M-Score of Super Group was -2.14. The lowest was -3.08. And the median was -2.52.

Super Group Beneish M-Score Related Terms

Super Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Super 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.

Super Group Beneish M-Score Chart

Super Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.66

-2.32

-2.16

-2.20

-2.80

Super Group 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															0.00	-2.20	0.00	-2.80	0.00

JSE:SPG vs FDX, UPS, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Super 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.

Super Group Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Super Group's Beneish M-Score distribution charts can be found below:

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

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82GF Score

Super Group Ltd JSE:SPG

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

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Super 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 Super Group 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 * 0.6496

0.528 * 1.0077

0.404 * 0.4503

0.892 * 0.9858

0.115 * 0.7111

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1802

4.679 * 0.053718

0.327 * 0.8684

-2.80

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was R6,481 Mil.
Revenue was R44,510 Mil.
Gross Profit was R5,222 Mil.
Total Current Assets was R19,089 Mil.
Total Assets was R38,528 Mil.
Property, Plant and Equipment(Net PPE) was R14,796 Mil.
Depreciation, Depletion and Amortization(DDA) was R4,482 Mil.
Selling, General, & Admin. Expense(SGA) was R46 Mil.
Total Current Liabilities was R16,635 Mil.
Long-Term Debt & Capital Lease Obligation was R7,186 Mil.
Net Income was R4,034 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R1,964 Mil.

Total Receivables was R10,119 Mil.
Revenue was R45,149 Mil.
Gross Profit was R5,338 Mil.
Total Current Assets was R32,839 Mil.
Total Assets was R76,896 Mil.
Property, Plant and Equipment(Net PPE) was R23,477 Mil.
Depreciation, Depletion and Amortization(DDA) was R4,650 Mil.
Selling, General, & Admin. Expense(SGA) was R40 Mil.
Total Current Liabilities was R27,748 Mil.
Long-Term Debt & Capital Lease Obligation was R26,996 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)
	=	(6480.796 / 44510.295)	/	(10119.027 / 45149.309)
	=	0.145602	/	0.224124
	=	0.6496

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)
	=	(5337.93 / 45149.309)	/	(5222.29 / 44510.295)
	=	0.118228	/	0.117328
	=	1.0077

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 - (19088.906 + 14796.037) / 38528.295)	/	(1 - (32838.806 + 23477.364) / 76895.518)
	=	0.120518	/	0.267627
	=	0.4503

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
	=	44510.295	/	45149.309
	=	0.9858

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))
	=	(4650.152 / (4650.152 + 23477.364))	/	(4481.746 / (4481.746 + 14796.037))
	=	0.165324	/	0.232482
	=	0.7111

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)
	=	(46.064 / 44510.295)	/	(39.603 / 45149.309)
	=	0.001035	/	0.000877
	=	1.1802

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)
	=	((7185.633 + 16634.843) / 38528.295)	/	((26996.132 + 27748.218) / 76895.518)
	=	0.618259	/	0.711932
	=	0.8684

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
	=	(4033.849 - 0	-	1964.195)	/	38528.295
	=	0.053718

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.

Super Group has a M-score of -2.80 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 -2.80 mean?

Super Group (JSE:SPG) has a Beneish M-Score of -2.80 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Super Group and its competitors. According to the industry distribution chart, Super Group ranks #284 out of 966 companies in the Transportation industry, placing it in the top 29.4%.

Is Super Group's Beneish M-Score too high?

Super Group's current Beneish M-Score is -2.80. Based on the distribution chart, Super Group ranks #284 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Super Group has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Super Group's Beneish M-Score compare to FDX and UPS?

According to the Transportation industry distribution chart, Super Group ranks #284 out of 966 companies for Beneish M-Score. This puts Super Group in the upper 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 Super Group and its competitors. Super Group's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Super Group stock overvalued right now?

Based on GuruFocus' analysis, Super Group (JSE:SPG) is currently considered Modestly Undervalued. The stock's GF Value™ is R23.64, compared to a current price of R19.10 — trading 19.2% below its estimated fair value. The current Beneish M-Score is -2.80. Super Group's overall GF Score™ is 82/100 with 10 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 Super Group (JSE:SPG), the current Beneish M-Score is -2.80 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 Super Group (JSE:SPG) Overvalued in 2026?

Based on GuruFocus' analysis, Super Group stock appears to be undervalued. The current stock price of R19.10 is trading 19.2% below its estimated GF Value™ of R23.64. GuruFocus considers Super Group to be Modestly Undervalued.

Key valuation signals for JSE:SPG:

Beneish M-Score: -2.80
GF Value™: R23.64 vs. price of R19.10 (19.2% below fair value)
GF Score™: 82/100 with 10 warning signs

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

Super Group Business Description

Industry Industrials Transportation

Comparable Companies JSE:SNV JSE:GND FDX UPS XTER:DHL OCSE:DSV XSWX:KNIN JBHT SZSE:002352 FDXFw CHRW EXPD ZTO XKRX:086280 HKSE:01519 HKSE:02618 SHSE:600233 XAMS:INPST TSE:9147 LSTR

Other Exchanges S8G1:Germany

Address 27 Impala Road, Chislehurston, Sandton, Johannesburg, ZAF, 2196

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

Super Group Ltd provides logistics and mobility solutions across sub-Saharan Africa, the United Kingdom, Europe, and Australasia through several key segments. Its Supply Chain divisions offer distribution, warehousing, and courier services. The Dealerships divisions manage the sale and servicing of passenger and commercial vehicles in South Africa and the United Kingdom, representing key vehicle brands. The Fleet Solutions divisions provide fleet management and vehicle leasing services. The principal segments of the company are Supply Chain Africa, Supply Chain Europe, Fleet Africa, SG Fleet, Dealerships SA, Dealerships UK and Services. Geographically, the company generates the majority of its revenue from South Africa.

82GF Score

Get the complete analysis for JSE:SPG

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

R19.10

Price

R23.64

GF Value

View JSE:SPG Analysis

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