NICO Holdings (MSW:NICO) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


MSW:NICO NICO Holdings PLC MSW:NICO
57 GF Score
Price MWK1,600.16
GF Value MWK728.26
Valuation Significantly Overvalued
! 2 Warning Signs
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What is NICO Holdings Beneish M-Score?

NICO Holdings MSW:NICO -0.67% 57 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates MSW:NICO with a GF Score™ of 57/100 and a GF Value™ of MWK728.26 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 399 Insurance companies, NICO Holdings ranks worse than 250626.32% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

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

During the past 5 years, the highest Beneish M-Score of NICO Holdings was -2.60. The lowest was -3.62. And the median was -3.11.

MSW:NICO
57GF Score
NICO Holdings PLC MSW:NICO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

NICO Holdings 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 NICO 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was MWK32,884 Mil.
Revenue was MWK880,854 Mil.
Gross Profit was MWK880,854 Mil.
Total Current Assets was MWK0 Mil.
Total Assets was MWK4,207,412 Mil.
Property, Plant and Equipment(Net PPE) was MWK46,853 Mil.
Depreciation, Depletion and Amortization(DDA) was MWK7,789 Mil.
Selling, General, & Admin. Expense(SGA) was MWK0 Mil.
Total Current Liabilities was MWK0 Mil.
Long-Term Debt & Capital Lease Obligation was MWK55,026 Mil.
Net Income was MWK167,833 Mil.
Gross Profit was MWK742,208 Mil.
Cash Flow from Operations was MWK-47,561 Mil.
 Total Receivables was MWK0 Mil.
Revenue was MWK524,434 Mil.
Gross Profit was MWK524,434 Mil.
Total Current Assets was MWK0 Mil.
Total Assets was MWK0 Mil.
Property, Plant and Equipment(Net PPE) was MWK0 Mil.
Depreciation, Depletion and Amortization(DDA) was MWK7,789 Mil.
Selling, General, & Admin. Expense(SGA) was MWK0 Mil.
Total Current Liabilities was MWK0 Mil.
Long-Term Debt & Capital Lease Obligation was MWK0 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)
=(32884 / 880854) / (0 / 524434)
=0.037332 / 0
=

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)
=(524434 / 524434) / (880854 / 880854)
=1 / 1
=

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 - (0 + 46853) / 4207412) / (1 - (0 + 0) / 0)
=0.988864 /
=

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
=880854 / 524434
=

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))
=(7789 / (7789 + 0)) / (7789 / (7789 + 46853))
=1 / 0.142546
=

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)
=(0 / 880854) / (0 / 524434)
=0 / 0
=

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)
=((55026 + 0) / 4207412) / ((0 + 0) / 0)
=0.013078 /
=

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
=(167833 - 742208 - -47561) / 4207412
=-0.125211

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
NICO Holdings (MSW:NICO) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NICO Holdings and its competitors. According to the industry distribution chart, NICO Holdings ranks #999999 out of 399 companies in the Insurance industry.
Is NICO Holdings' Beneish M-Score too high?
NICO Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, NICO Holdings ranks #999999 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, NICO Holdings has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NICO Holdings' Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, NICO Holdings ranks #999999 out of 399 companies for Beneish M-Score. This places NICO 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 NICO Holdings and its competitors. NICO Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NICO Holdings stock overvalued right now?
Based on GuruFocus' analysis, NICO Holdings (MSW:NICO) is currently considered Significantly Overvalued. The stock's GF Value™ is MWK728.26, compared to a current price of MWK1,600.16 — trading 119.7% above its estimated fair value. The current Beneish M-Score is 0.00. NICO Holdings' overall GF Score™ is 57/100 with 2 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 NICO Holdings (MSW:NICO), the current Beneish M-Score is 0.00 as of Jun. 24, 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 NICO Holdings (MSW:NICO) Overvalued in 2026?

Based on GuruFocus' analysis, NICO Holdings stock appears to be overvalued. The current stock price of MWK1,600.16 is trading 119.7% above its estimated GF Value™ of MWK728.26. GuruFocus considers NICO Holdings to be Significantly Overvalued.

Key valuation signals for MSW:NICO:

  • Beneish M-Score: 0.00
  • GF Value™: MWK728.26 vs. price of MWK1,600.16 (119.7% above fair value)
  • GF Score™: 57/100 with 2 warning signs

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

NICO Holdings Business Description

Address Chibisa House-19 Glyn Jones Road, PO Box 501, Blantyre, MWI
NICO Holdings PLC is a Malawi-based financial service company that operates in diversified business. Its segments include Life Insurance and Pension, General Insurance business, Banking business, Investment Holding, Asset Management, and Information Technology. Its general insurance segment offers personal and commercial insurance covering motor vehicle, building, road construction, liability, engineering, professional indemnity, marine hull & cargo, fire, and personal accidents throughout Malawi, Zambia, Tanzania, and Uganda. In contrast, life insurance and pension products including Endowment Assurance are offered in Malawi and Mozambique. The majority of the revenue is earned from the Insurance sector. while its Asset Management and Banking segments only operate in Malawi.
57GF Score

Get the complete analysis for MSW:NICO

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

MWK1,600.16
Price
MWK728.26
GF Value