Sasol Beneish M-Score Historical Data
The historical data trend for Sasol'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.
Sasol Beneish M-Score Chart
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Sasol Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.18 |
-2.45 |
-1.94 |
-2.57 |
-2.51 |
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Sasol Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-1.94 |
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-2.57 |
-2.51 |
Competitive Comparison of Sasol's Beneish M-Score
For the Specialty Chemicals subindustry, Sasol'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.
Sasol's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Sasol's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sasol's Beneish M-Score falls into.
Sasol 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 Sasol 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 * 1.0725 | + | 0.528 * 0.945 | + | 0.404 * 1.1918 | + | 0.892 * 0.9659 | + | 0.115 * 0.7962 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0862 | + | 4.679 * -0.005181 | - | 0.327 * 1.1099 |
| = | -2.49 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $2,007 Mil.
Revenue was $14,928 Mil.
Gross Profit was $6,593 Mil.
Total Current Assets was $6,876 Mil.
Total Assets was $19,805 Mil.
Property, Plant and Equipment(Net PPE) was $9,547 Mil.
Depreciation, Depletion and Amortization(DDA) was $849 Mil.
Selling, General, & Admin. Expense(SGA) was $2,601 Mil.
Total Current Liabilities was $2,957 Mil.
Long-Term Debt & Capital Lease Obligation was $7,113 Mil.
Net Income was $-2,402 Mil.
Gross Profit was $-3,914 Mil.
Cash Flow from Operations was $1,614 Mil.
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Total Receivables was $1,937 Mil.
Revenue was $15,455 Mil.
Gross Profit was $6,450 Mil.
Total Current Assets was $7,177 Mil.
Total Assets was $23,144 Mil.
Property, Plant and Equipment(Net PPE) was $12,652 Mil.
Depreciation, Depletion and Amortization(DDA) was $880 Mil.
Selling, General, & Admin. Expense(SGA) was $2,479 Mil.
Total Current Liabilities was $5,444 Mil.
Long-Term Debt & Capital Lease Obligation was $5,159 Mil.
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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) |
| = | (2007.097 / 14928.076) | / | (1937.391 / 15454.739) |
| = | 0.134451 | / | 0.125359 |
| | = | 1.0725 |
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) |
| = | (6450.216 / 15454.739) | / | (6593.377 / 14928.076) |
| = | 0.417362 | / | 0.441676 |
| | = | 0.945 |
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 - (6876.136 + 9546.858) / 19804.548) | / | (1 - (7176.87 + 12651.829) / 23144.445) |
| = | 0.170746 | / | 0.143263 |
| | = | 1.1918 |
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 |
| = | 14928.076 | / | 15454.739 |
| | = | 0.9659 |
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)) |
| = | (879.764 / (879.764 + 12651.829)) | / | (848.875 / (848.875 + 9546.858)) |
| = | 0.065016 | / | 0.081656 |
| | = | 0.7962 |
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) |
| = | (2601.049 / 14928.076) | / | (2479.034 / 15454.739) |
| = | 0.174239 | / | 0.160406 |
| | = | 1.0862 |
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) |
| = | ((7112.99 + 2957.008) / 19804.548) | / | ((5158.817 + 5444.016) / 23144.445) |
| = | 0.508469 | / | 0.458116 |
| | = | 1.1099 |
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 |
| = | (-2402.233 - -3913.973 | - | 1614.349) | / | 19804.548 |
| | = | -0.005181 |
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.
Sasol has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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