Premier Group (JSE:PMR) Beneish M-Score: -1.48 (As of Jun. 26, 2026)


JSE:PMR Premier Group Ltd JSE:PMR
57 GF Score
Price R192.64
GF Value R143.97
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Premier Group Beneish M-Score?

Premier Group JSE:PMR +0.12% 57 Beneish M-Score is -1.48 as of Jun. 26, 2026. GuruFocus rates JSE:PMR with a GF Score™ of 57/100 and a GF Value™ of R143.97 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 293 Retail - Defensive companies, Premier Group ranks worse than 88.05% 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.

Warning Sign:

Beneish M-Score -1.48 higher than -1.78, which implies that the company might have manipulated its financial results.

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

JSE:PMR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.4   Med: -1.94   Max: -1.48
Current: -1.48

During the past 4 years, the highest Beneish M-Score of Premier Group was -1.48. The lowest was -2.40. And the median was -1.94.

Premier Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Premier Group'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.

Premier Group Beneish M-Score Chart

Premier Group Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.40 -1.48

Premier Group Semi-Annual Data
Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.40 0.00 -1.48

JSE:PMR vs KR, SFM, ACI: Beneish M-Score Comparison

For the Grocery Stores subindustry, Premier Group'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.

Premier Group Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Premier Group's Beneish M-Score distribution charts can be found below:

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


JSE:PMR
57GF Score
Premier Group Ltd JSE:PMR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Premier Group 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 Premier Group 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 * 1.8166+0.528 * 0.9591+0.404 * 1.4085+0.892 * 1.0658+0.115 * 1.6356
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0017+4.679 * -0.020957-0.327 * 0.7856
=-1.48

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was R2,973 Mil.
Revenue was R21,192 Mil.
Gross Profit was R7,663 Mil.
Total Current Assets was R8,697 Mil.
Total Assets was R22,053 Mil.
Property, Plant and Equipment(Net PPE) was R7,337 Mil.
Depreciation, Depletion and Amortization(DDA) was R430 Mil.
Selling, General, & Admin. Expense(SGA) was R5,342 Mil.
Total Current Liabilities was R6,515 Mil.
Long-Term Debt & Capital Lease Obligation was R2,040 Mil.
Net Income was R1,561 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R2,023 Mil.
 Total Receivables was R1,536 Mil.
Revenue was R19,885 Mil.
Gross Profit was R6,896 Mil.
Total Current Assets was R4,778 Mil.
Total Assets was R11,467 Mil.
Property, Plant and Equipment(Net PPE) was R4,467 Mil.
Depreciation, Depletion and Amortization(DDA) was R445 Mil.
Selling, General, & Admin. Expense(SGA) was R5,003 Mil.
Total Current Liabilities was R3,543 Mil.
Long-Term Debt & Capital Lease Obligation was R2,120 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)
=(2972.977 / 21192.328) / (1535.577 / 19884.658)
=0.140286 / 0.077224
=1.8166

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)
=(6895.946 / 19884.658) / (7663.135 / 21192.328)
=0.346797 / 0.361599
=0.9591

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 - (8696.883 + 7337.218) / 22052.653) / (1 - (4777.904 + 4467.072) / 11466.937)
=0.272917 / 0.193771
=1.4085

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
=21192.328 / 19884.658
=1.0658

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))
=(445.089 / (445.089 + 4467.072)) / (430.311 / (430.311 + 7337.218))
=0.09061 / 0.055399
=1.6356

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)
=(5341.58 / 21192.328) / (5003.254 / 19884.658)
=0.252053 / 0.251614
=1.0017

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)
=((2040.378 + 6514.669) / 22052.653) / ((2119.894 + 3542.627) / 11466.937)
=0.387937 / 0.493813
=0.7856

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
=(1560.774 - 0 - 2022.925) / 22052.653
=-0.020957

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.

Premier Group has a M-score of -1.48 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.48 mean?
Premier Group (JSE:PMR) has a Beneish M-Score of -1.48 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Premier Group and its competitors. According to the industry distribution chart, Premier Group ranks #258 out of 293 companies in the Retail - Defensive industry, placing it in the top 88.1%.
Is Premier Group's Beneish M-Score too high?
Premier Group's current Beneish M-Score is -1.48. Based on the distribution chart, Premier Group ranks #258 out of 293 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Premier Group has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Premier Group's Beneish M-Score compare to KR and SFM?
According to the Retail - Defensive industry distribution chart, Premier Group ranks #258 out of 293 companies for Beneish M-Score. This places Premier Group 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 Retail - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 Premier Group and its competitors. Premier Group's current Beneish M-Score is -1.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Premier Group stock overvalued right now?
Based on GuruFocus' analysis, Premier Group (JSE:PMR) is currently considered Significantly Overvalued. The stock's GF Value™ is R143.97, compared to a current price of R192.64 — trading 33.8% above its estimated fair value. The current Beneish M-Score is -1.48. Premier Group's overall GF Score™ is 57/100 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 Premier Group (JSE:PMR), the current Beneish M-Score is -1.48 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 Premier Group (JSE:PMR) Overvalued in 2026?

Based on GuruFocus' analysis, Premier Group stock appears to be overvalued. The current stock price of R192.64 is trading 33.8% above its estimated GF Value™ of R143.97. GuruFocus considers Premier Group to be Significantly Overvalued.

Key valuation signals for JSE:PMR:

  • Beneish M-Score: -1.48
  • GF Value™: R143.97 vs. price of R192.64 (33.8% above fair value)
  • GF Score™: 57/100 with 4 warning signs

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

Premier Group Business Description

Address Maxwell Office Park, Building 5, Magwa Crescent West, Isando, ZAF, 1600
Premier Group Ltd is engaged in the manufacturing and distribution of staple milling and baking products, confectionery and home and personal care (HPC) products. The company is organized into two segments Millbake and Groceries and International. It derives maximum revenue from Millbake segment.
57GF Score

Get the complete analysis for JSE:PMR

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R192.64
Price
R143.97
GF Value