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 -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nu-World Holdings's Beneish M-Score or its related term are showing as below:
JSE:NWL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.15 Max: -1.36
Current: -2.06
During the past 13 years, the highest Beneish M-Score of Nu-World Holdings was -1.36. The lowest was -3.48. And the median was -2.15.
Nu-World Holdings Beneish M-Score Related Terms
Nu-World Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nu-World Holdings'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 Consumer Electronics subindustry, Nu-World Holdings'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.
Nu-World Holdings Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Nu-World Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nu-World Holdings'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 Nu-World Holdings 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 * 0.9871
+
0.528 * 1.0022
+
0.404 * 0.9502
+
0.892 * 1.1108
+
0.115 * 0.7188
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8486
+
4.679 * 0.058239
-
0.327 * 0.7502
=
-2.06
* 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))
=
(21.209 / (21.209 + 45.19))
/
(20.579 / (20.579 + 25.728))
=
0.319417
/
0.444404
=
0.7188
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
=
(80.926 - 0
-
-23.965)
/
1801.029
=
0.058239
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.
Nu-World Holdings has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
Nu-World Holdings (JSE:NWL) has a Beneish M-Score of -2.06 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nu-World Holdings and its competitors. According to the industry distribution chart, Nu-World Holdings ranks #1841 out of 2404 companies in the Hardware industry, placing it in the top 76.6%.
Is Nu-World Holdings' Beneish M-Score too high?
Nu-World Holdings' current Beneish M-Score is -2.06. Based on the distribution chart, Nu-World Holdings ranks #1841 out of 2404 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Nu-World Holdings has a GF Score™ of 69/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nu-World Holdings' Beneish M-Score compare to AAPL?
According to the Hardware industry distribution chart, Nu-World Holdings ranks #1841 out of 2404 companies for Beneish M-Score. This places Nu-World Holdings 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Nu-World Holdings and its competitors. Nu-World Holdings's current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nu-World Holdings stock overvalued right now?
Based on GuruFocus' analysis, Nu-World Holdings (JSE:NWL) is currently considered Modestly Undervalued. The stock's GF Value™ is R31.53, compared to a current price of R27.03 — trading 14.3% below its estimated fair value. The current Beneish M-Score is -2.06. Nu-World Holdings' overall GF Score™ is 69/100 with 5 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 Nu-World Holdings (JSE:NWL), the current Beneish M-Score is -2.06 as of Jun. 27, 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 Nu-World Holdings (JSE:NWL) Overvalued in 2026?
Based on GuruFocus' analysis, Nu-World Holdings stock appears to be undervalued.
The current stock price of R27.03 is trading 14.3% below its estimated GF Value™ of R31.53.
GuruFocus considers Nu-World Holdings to be Modestly Undervalued.
Key valuation signals for JSE:NWL:
Beneish M-Score: -2.06
GF Value™: R31.53 vs. price of R27.03 (14.3% below fair value)
No single metric tells the full story. See the JSE:NWL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nu-World Holdings Ltd, along with its subsidiaries, is engaged in importing, manufacturing, assembling, marketing, and distributing branded consumer goods, including consumer electronics, high-technology, small electrical appliances, white goods, liquor, and furniture. It also manufactures kitchenware and Telefunken. The company operates its business in geographic segments that include South Africa, Hong Kong, Australia, and the United Arab Emirates. The South African segment generates maximum revenue for the company.
69GF Score
Get the complete analysis for JSE:NWL
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
JSE:NWL has been successfully added to your 
