Tsogo Sun (JSE:TSG) Beneish M-Score: 0.45 (As of Jun. 26, 2026)

What is Tsogo Sun Beneish M-Score?

Tsogo Sun JSE:TSG +0.92% 78 Beneish M-Score is 0.45 as of Jun. 26, 2026. GuruFocus rates JSE:TSG with a GF Score™ of 78/100 and a GF Value™ of R10.61 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 824 Travel & Leisure companies, Tsogo Sun ranks worse than 95.15% 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 0.45 higher than -1.78, which implies that the company might have manipulated its financial results.

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

JSE:TSG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.54 Max: 0.45
Current: 0.45

During the past 13 years, the highest Beneish M-Score of Tsogo Sun was 0.45. The lowest was -3.11. And the median was -2.54.

Tsogo Sun Beneish M-Score Related Terms

Tsogo Sun Beneish M-Score Historical Data

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The historical data trend for Tsogo Sun'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.

Tsogo Sun Beneish M-Score Chart

Tsogo Sun Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.58

-2.76

-2.64

-2.51

0.45

Tsogo Sun Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.64	0.00	-2.51	0.00	0.45

JSE:TSG vs LVS, MGM, WYNN: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, Tsogo Sun'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.

Tsogo Sun Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Tsogo Sun's Beneish M-Score distribution charts can be found below:

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

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78GF Score

Tsogo Sun Ltd JSE:TSG

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

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Tsogo Sun 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 Tsogo Sun 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 * 4.1709

0.528 * 1.003

0.404 * 0.9392

0.892 * 0.9968

0.115 * 1.0068

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0

4.679 * -0.033481

0.327 * 0.9437

0.45

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was R449 Mil.
Revenue was R10,841 Mil.
Gross Profit was R6,896 Mil.
Total Current Assets was R1,165 Mil.
Total Assets was R14,695 Mil.
Property, Plant and Equipment(Net PPE) was R8,103 Mil.
Depreciation, Depletion and Amortization(DDA) was R676 Mil.
Selling, General, & Admin. Expense(SGA) was R0 Mil.
Total Current Liabilities was R3,085 Mil.
Long-Term Debt & Capital Lease Obligation was R4,832 Mil.
Net Income was R1,295 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R1,787 Mil.

Total Receivables was R108 Mil.
Revenue was R10,876 Mil.
Gross Profit was R6,939 Mil.
Total Current Assets was R1,008 Mil.
Total Assets was R15,251 Mil.
Property, Plant and Equipment(Net PPE) was R8,246 Mil.
Depreciation, Depletion and Amortization(DDA) was R693 Mil.
Selling, General, & Admin. Expense(SGA) was R521 Mil.
Total Current Liabilities was R2,173 Mil.
Long-Term Debt & Capital Lease Obligation was R6,534 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)
	=	(449 / 10841)	/	(108 / 10876)
	=	0.041417	/	0.00993
	=	4.1709

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)
	=	(6939 / 10876)	/	(6896 / 10841)
	=	0.63801	/	0.636104
	=	1.003

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 - (1165 + 8103) / 14695)	/	(1 - (1008 + 8246) / 15251)
	=	0.369309	/	0.39322
	=	0.9392

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
	=	10841	/	10876
	=	0.9968

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))
	=	(693 / (693 + 8246))	/	(676 / (676 + 8103))
	=	0.077525	/	0.077002
	=	1.0068

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)
	=	(0 / 10841)	/	(521 / 10876)
	=	0	/	0.047904
	=	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)
	=	((4832 + 3085) / 14695)	/	((6534 + 2173) / 15251)
	=	0.538755	/	0.570913
	=	0.9437

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
	=	(1295 - 0	-	1787)	/	14695
	=	-0.033481

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.

Tsogo Sun has a M-score of 0.45 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 0.45 mean?

Tsogo Sun (JSE:TSG) has a Beneish M-Score of 0.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tsogo Sun and its competitors. According to the industry distribution chart, Tsogo Sun ranks #784 out of 824 companies in the Travel & Leisure industry, placing it in the top 95.1%.

Is Tsogo Sun's Beneish M-Score too high?

Tsogo Sun's current Beneish M-Score is 0.45. Based on the distribution chart, Tsogo Sun ranks #784 out of 824 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Tsogo Sun has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Tsogo Sun's Beneish M-Score compare to LVS and MGM?

According to the Travel & Leisure industry distribution chart, Tsogo Sun ranks #784 out of 824 companies for Beneish M-Score. This places Tsogo Sun 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Tsogo Sun and its competitors. Tsogo Sun's current Beneish M-Score is 0.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tsogo Sun stock overvalued right now?

Based on GuruFocus' analysis, Tsogo Sun (JSE:TSG) is currently considered Modestly Undervalued. The stock's GF Value™ is R10.61, compared to a current price of R7.67 — trading 27.7% below its estimated fair value. The current Beneish M-Score is 0.45. Tsogo Sun's overall GF Score™ is 78/100 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 Tsogo Sun (JSE:TSG), the current Beneish M-Score is 0.45 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 Tsogo Sun (JSE:TSG) Overvalued in 2026?

Based on GuruFocus' analysis, Tsogo Sun stock appears to be undervalued. The current stock price of R7.67 is trading 27.7% below its estimated GF Value™ of R10.61. GuruFocus considers Tsogo Sun to be Modestly Undervalued.

Key valuation signals for JSE:TSG:

Beneish M-Score: 0.45
GF Value™: R10.61 vs. price of R7.67 (27.7% below fair value)
GF Score™: 78/100 with 4 warning signs

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

Tsogo Sun Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies JSE:SUI LVS HKSE:00027 HKSE:01928 MGM WYNN STC:VPL BYD CZR SGX:G13 HKSE:02282 MTN HGV XPAR:BAIN HKSE:01128 RRR BOM:544325 VAC XKLS:4715 IST:PKENT

Other Exchanges G5E:Germany

Address Montecasino Boulevard, Palazzo Towers East, Fourways, Johannesburg, GT, ZAF, 2055

Website https://www.tsogosun.com

Tsogo Sun Ltd is engaged principally in the gaming, entertainment, and hospitality industry operating in South Africa. It owns and operates casino and entertainment destinations in South Africa, hotels, Galaxy Bingo sites, VSlots limited payout machines, playTSOGO, Bet.co.za, a Theme Park, theatres, cinemas, restaurants, bars, and conference facilities. The company's operating segments are; Casinos, LPMs, Other gaming and betting, and Corporate. Maximum revenue for the company is derived from its Casinos segment.

78GF Score

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

R7.67

Price

R10.61

GF Value

View JSE:TSG Analysis

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