PPC (PPCLY) Beneish M-Score: -2.90 (As of Jun. 26, 2026)

What is PPC Beneish M-Score?

PPC PPCLY 40 Beneish M-Score is -2.90 as of Jun. 26, 2026. GuruFocus rates PPCLY with a GF Score™ of 40/100 and a GF Value™ of $0.53 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 388 Building Materials companies, PPC ranks better than 78.61% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PPCLY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.5 Med: -2.86 Max: -2.13
Current: -2.9

During the past 13 years, the highest Beneish M-Score of PPC was -2.13. The lowest was -3.50. And the median was -2.86.

PPC Beneish M-Score Related Terms

PPC Beneish M-Score Historical Data

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The historical data trend for PPC'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.

PPC Beneish M-Score Chart

PPC Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.81

-2.75

-2.71

-3.11

-2.90

PPC 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															-2.71	0.00	-3.11	0.00	-2.90

PPCLY vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, PPC'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.

PPC Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, PPC's Beneish M-Score distribution charts can be found below:

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

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PPC Ltd PPCLY

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

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PPC 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 PPC 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 * 0.9669

0.528 * 0.9246

0.404 * 0.7747

0.892 * 1.1328

0.115 * 1.0265

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7731

4.679 * -0.056898

0.327 * 1.2038

-2.81

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $40.2 Mil.
Revenue was $612.3 Mil.
Gross Profit was $130.8 Mil.
Total Current Assets was $216.5 Mil.
Total Assets was $603.4 Mil.
Property, Plant and Equipment(Net PPE) was $368.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.2 Mil.
Selling, General, & Admin. Expense(SGA) was $45.6 Mil.
Total Current Liabilities was $148.2 Mil.
Long-Term Debt & Capital Lease Obligation was $34.9 Mil.
Net Income was $49.6 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $83.9 Mil.

Total Receivables was $36.7 Mil.
Revenue was $540.5 Mil.
Gross Profit was $106.7 Mil.
Total Current Assets was $163.8 Mil.
Total Assets was $493.7 Mil.
Property, Plant and Equipment(Net PPE) was $310.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.4 Mil.
Selling, General, & Admin. Expense(SGA) was $52.0 Mil.
Total Current Liabilities was $91.5 Mil.
Long-Term Debt & Capital Lease Obligation was $32.9 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)
	=	(40.181 / 612.261)	/	(36.685 / 540.474)
	=	0.065627	/	0.067876
	=	0.9669

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)
	=	(106.715 / 540.474)	/	(130.751 / 612.261)
	=	0.197447	/	0.213554
	=	0.9246

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 - (216.545 + 368.312) / 603.365)	/	(1 - (163.768 + 310.344) / 493.66)
	=	0.030675	/	0.039598
	=	0.7747

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
	=	612.261	/	540.474
	=	1.1328

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))
	=	(31.429 / (31.429 + 310.344))	/	(36.24 / (36.24 + 368.312))
	=	0.091959	/	0.089581
	=	1.0265

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)
	=	(45.554 / 612.261)	/	(52.016 / 540.474)
	=	0.074403	/	0.096241
	=	0.7731

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)
	=	((34.927 + 148.184) / 603.365)	/	((32.907 + 91.548) / 493.66)
	=	0.303483	/	0.252107
	=	1.2038

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
	=	(49.554 - 0	-	83.884)	/	603.365
	=	-0.056898

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.

PPC has a M-score of -2.81 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 -2.90 mean?

PPC (PPCLY) has a Beneish M-Score of -2.90 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PPC and its competitors. According to the industry distribution chart, PPC ranks #83 out of 388 companies in the Building Materials industry, placing it in the top 21.4%.

Is PPC's Beneish M-Score too high?

PPC's current Beneish M-Score is -2.90. Based on the distribution chart, PPC ranks #83 out of 388 companies in the Building Materials industry, which is in the top quartile — a strong position relative to peers. Overall, PPC has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does PPC's Beneish M-Score compare to CRH and VMC?

According to the Building Materials industry distribution chart, PPC ranks #83 out of 388 companies for Beneish M-Score. This places PPC in the top 21% 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 a Building Materials company?

A good Beneish M-Score depends on the Building Materials 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 PPC and its competitors. PPC's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PPC stock overvalued right now?

Based on GuruFocus' analysis, PPC (PPCLY) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.53, compared to a current price of $0.82 — trading 54.2% above its estimated fair value. The current Beneish M-Score is -2.90. PPC's overall GF Score™ is 40/100 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 PPC (PPCLY), the current Beneish M-Score is -2.90 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 PPC (PPCLY) Overvalued in 2026?

Based on GuruFocus' analysis, PPC stock appears to be overvalued. The current stock price of $0.82 is trading 54.2% above its estimated GF Value™ of $0.53. GuruFocus considers PPC to be Significantly Overvalued.

Key valuation signals for PPCLY:

Beneish M-Score: -2.90
GF Value™: $0.53 vs. price of $0.82 (54.2% above fair value)
GF Score™: 40/100 with 4 warning signs

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

PPC Business Description

Industry Basic Materials Building Materials

Comparable Companies JSE:AFT JSE:SEP JSE:BIK CRH XSWX:HOLN XTER:HEI VMC BOM:532538 MLM XSWX:AMRZ SHSE:600176 NSE:GRASIM MEX:CEMEXCPO SHSE:600585 NSA:DCP JHX BOM:500425 NSA:BUACEMENT MIL:BZU BOM:500387

Other Exchanges PPC:South Africa OZV2:Germany

Address 5 Parks Boulevard, First Floor, Oxford Parks, Dunkeld, Johannesburg, GT, ZAF, 2196

Website https://www.ppc.africa

PPC Ltd is a South Africa-based company that supplies cement and other related products in South Africa and several other African countries. Its production facilities span South Africa, Botswana, Zimbabwe, and Rwanda. The operating segments are South Africa and Botswana Cement, Zimbabwe, Rwanda, Aggregates, ash and readymix, and Group services and others. The company generates the majority of its revenue from the South Africa and Botswana domestic markets, where it marketed its cement products under the brand names OPC, SureRoad, IDM Best Build, Castle, and Spar Build-It. It also distributes cement products in Botswana, Zimbabwe, Mozambique, the Democratic Republic of the Congo, Rwanda, and Ethiopia under the brands OPC, Unicem, Botcem, and Surebuild PMC.

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$0.82

Price

$0.53

GF Value

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