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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.
Good Sign:
Beneish M-Score -3.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thungela Resources's Beneish M-Score or its related term are showing as below:
MEX:TGA N'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.86 Med: -2.27 Max: 2.7
Current: -3.86
During the past 8 years, the highest Beneish M-Score of Thungela Resources was 2.70. The lowest was -3.86. And the median was -2.27.
Thungela Resources Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Thungela Resources'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.
For the Thermal Coal subindustry, Thungela Resources'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.
Thungela Resources Beneish M-Score vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Thungela Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thungela Resources's Beneish M-Score falls into.
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 Thungela Resources 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 * 0.9866
+
0.528 * 1.0001
+
0.404 * 1.5669
+
0.892 * 0.7779
+
0.115 * 0.5705
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.833
+
4.679 * -0.250179
-
0.327 * 1.2524
=
-3.91
* 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.
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.
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))
=
(2806.983 / (2806.983 + 22577.209))
/
(3117.064 / (3117.064 + 12965.661))
=
0.11058
/
0.193814
=
0.5705
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
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
=
(-7578.724 - 0
-
2533.016)
/
40418.078
=
-0.250179
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.
Thungela Resources has a M-score of -3.91 suggests that the company is unlikely to be a manipulator.
Thungela Resources (MEX:TGA N) has a Beneish M-Score of -3.86 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thungela Resources and its competitors. According to the industry distribution chart, Thungela Resources ranks #12 out of 119 companies in the Other Energy Sources industry, placing it in the top 10.1%.
Is Thungela Resources' Beneish M-Score too high?
Thungela Resources' current Beneish M-Score is -3.86. Based on the distribution chart, Thungela Resources ranks #12 out of 119 companies in the Other Energy Sources industry, which is in the top quartile — a strong position relative to peers. Overall, Thungela Resources has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.
How does Thungela Resources' Beneish M-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, Thungela Resources ranks #12 out of 119 companies for Beneish M-Score. This places Thungela Resources in the top 10% of its industry — outperforming the majority of peers. 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 Other Energy Sources company?
A good Beneish M-Score depends on the Other Energy Sources 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 Thungela Resources and its competitors. Thungela Resources's current Beneish M-Score is -3.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thungela Resources stock overvalued right now?
Thungela Resources (MEX:TGA N) has a current Beneish M-Score of -3.86. The stock's GF Value™ is MXN122.38, compared to a current price of MXN120.43 — trading 1.6% below its estimated fair value. The current Beneish M-Score is -3.86. Thungela Resources' overall GF Score™ is 82/100 with 7 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 Thungela Resources (MEX:TGA N), the current Beneish M-Score is -3.86 as of Aug. 09, 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 Thungela Resources (MEX:TGA N) Overvalued in 2026?
Based on GuruFocus' analysis, Thungela Resources stock appears to be undervalued.
The current stock price of MXN120.43 is trading 1.6% below its estimated GF Value™ of MXN122.38.
Key valuation signals for MEX:TGA N:
Beneish M-Score: -3.86
GF Value™: MXN122.38 vs. price of MXN120.43 (1.6% below fair value)
No single metric tells the full story. See the MEX:TGA N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thungela Resources Ltd is a pure-play producer and exporter of thermal coal with operations in South Africa and Australia. The group focuses on high-quality coal reserves and marketable production, positioning as a key player in the energy market by delivering coal through world-class ports, and powering nations. It owns interests in various mining operations, namely Goedehoop, Greenside, Isibonelo, Khwezela, AAIC, Mafube Coal Mining, and Butsanani Energy which consist of both underground and open cast mines located in the Mpumalanga province of South Africa. Its operational segments are Opencast, Underground, and Services.
82GF Score
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