Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Sibanye Stillwater's Sloan Ratio for the quarter that ended in Dec. 2023 was -16.02%.
As of Dec. 2023, Sibanye Stillwater has a Sloan Ratio of -16.02%, indicating there is a warning stage of accrual build up.
Sibanye Stillwater Sloan Ratio % Historical Data
The historical data trend for Sibanye Stillwater's Sloan Ratio % 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.
Competitive Comparison of Sibanye Stillwater's Sloan Ratio %
For the Gold subindustry, Sibanye Stillwater's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Sibanye Stillwater's Sloan Ratio % Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Sibanye Stillwater's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Sibanye Stillwater's Sloan Ratio % falls into.
Sibanye Stillwater Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Sibanye Stillwater's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Sibanye Stillwater's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was 396.003 (Jun. 2023 ) + -2425.561 (Dec. 2023 ) = $-2,030 Mil.
Sibanye Stillwater's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2023 was 263.7 (Jun. 2023 ) + 115.495 (Dec. 2023 ) = $379 Mil.
Sibanye Stillwater's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2023 was -553.7 (Jun. 2023 ) + -625.725 (Dec. 2023 ) = $-1,179 Mil.
* 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.
Sibanye Stillwater (NYSE:SBSW) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2023, Sibanye Stillwater has a Sloan Ratio of -16.02%, indicating there is a warning stage of accrual build up.
Sibanye Stillwater Sloan Ratio % Related Terms
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Sibanye Stillwater (Sibanye Stillwater) Business Description
Cnr 14th Avenue and Hendrik Potgieter Road, Bridgeview House, Building 11, Ground Floor, Lakeview Avenue, Constantia Office Park, Weltevreden Park, Roodepoort, GT, ZAF, 1709
Sibanye Stillwater Ltd is a South Africa-focused mining company. The Group currently owns and operates five underground and surface gold operations in South Africa: the Cooke, DRDGOLD, Driefontein, and Kloof operations in the West Witwatersrand region, and the Beatrix Operation in the southern Free State province. In addition to mining, the company owns and manages extraction and processing facilities at its operations, where gold-bearing ore is treated and beneficiated to produce gold dore. The gold dore is further refined at Rand Refinery into gold bars with a purity of at least 99.5% and is then sold on international markets. Sibanye holds a 44% interest in Rand Refinery, global refiners of gold, and the largest in Africa. Rand Refinery markets gold to customers around the world.
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