Eveready East Africa (NAI:EVRD) Beneish M-Score: 0.00 (As of Jul. 27, 2026)

Author:

Vera Yuan

Director of Data and Quant Analytics at GuruFocus

Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.

View Profile →

Reviewed by:

Charlie Tian

Founder & CEO of GuruFocus

Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

View Profile →

Eveready East Africa PLC NAI:EVRD

6 GF Score

Price KES1.04

View Full Analysis

What is Eveready East Africa Beneish M-Score?

Eveready East Africa NAI:EVRD -0.95% 6 Beneish M-Score is 0.00 as of Jul. 27, 2026. GuruFocus rates NAI:EVRD with a GF Score™ of 6/100.

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 Eveready East Africa's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Eveready East Africa was 0.00. The lowest was 0.00. And the median was 0.00.

Eveready East Africa Beneish M-Score Related Terms

Eveready East Africa Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eveready East Africa'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.

Eveready East Africa Beneish M-Score Chart

Eveready East Africa Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Beneish M-Score

Get a 7-Day Free Trial

-9.46

-5.07

-1.96

-6.44

0.00

Eveready East Africa Semi-Annual Data
	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															0.00	-6.44	0.00	0.00	0.00

NAI:EVRD vs GWW, FAST, FERG: Beneish M-Score Comparison

For the Industrial Distribution subindustry, Eveready East Africa'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.

Eveready East Africa Beneish M-Score vs Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, Eveready East Africa's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Eveready East Africa's Beneish M-Score falls into.

Save Embed

6GF Score

Eveready East Africa PLC NAI:EVRD

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Eveready East Africa 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 Eveready East Africa for today is based on a combination of the following eight different indices:

-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 *

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was KES0.85 Mil.
Revenue was KES16.81 Mil.
Gross Profit was KES3.23 Mil.
Total Current Assets was KES21.76 Mil.
Total Assets was KES21.84 Mil.
Property, Plant and Equipment(Net PPE) was KES0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was KES0.32 Mil.
Selling, General, & Admin. Expense(SGA) was KES15.97 Mil.
Total Current Liabilities was KES110.18 Mil.
Long-Term Debt & Capital Lease Obligation was KES0.00 Mil.
Net Income was KES-43.77 Mil.
Gross Profit was KES0.00 Mil.
Cash Flow from Operations was KES-25.77 Mil.

Total Receivables was KES10.16 Mil.
Revenue was KES82.62 Mil.
Gross Profit was KES23.03 Mil.
Total Current Assets was KES101.13 Mil.
Total Assets was KES102.29 Mil.
Property, Plant and Equipment(Net PPE) was KES1.16 Mil.
Depreciation, Depletion and Amortization(DDA) was KES4.17 Mil.
Selling, General, & Admin. Expense(SGA) was KES24.38 Mil.
Total Current Liabilities was KES146.86 Mil.
Long-Term Debt & Capital Lease Obligation was KES0.00 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)
	=	(0.85 / 16.811)	/	(10.157 / 82.624)
	=	0.050562	/	0.12293
	=

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)
	=	(23.029 / 82.624)	/	(3.225 / 16.811)
	=	0.27872	/	0.191839
	=

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 - (21.764 + 0.078) / 21.842)	/	(1 - (101.131 + 1.16) / 102.291)
	=	0	/	0
	=

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
	=	16.811	/	82.624
	=

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))
	=	(4.165 / (4.165 + 1.16))	/	(0.32 / (0.32 + 0.078))
	=	0.78216	/	0.80402
	=

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)
	=	(15.966 / 16.811)	/	(24.379 / 82.624)
	=	0.949735	/	0.29506
	=

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)
	=	((0 + 110.178) / 21.842)	/	((0 + 146.857) / 102.291)
	=	5.044318	/	1.435679
	=

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
	=	(-43.77 - 0	-	-25.766)	/	21.842
	=	-0.824283

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?

Eveready East Africa (NAI:EVRD) has a Beneish M-Score of 0.00 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eveready East Africa and its competitors.

Is Eveready East Africa's Beneish M-Score too high?

Eveready East Africa's current Beneish M-Score is 0.00. Overall, Eveready East Africa has a GF Score™ of 6/100, reflecting its overall financial health beyond just this single metric.

How does Eveready East Africa's Beneish M-Score compare to GWW and FAST?

Eveready East Africa's Beneish M-Score of 0.00 can be compared against companies in the Industrial Distribution 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 Industrial Distribution company?

A good Beneish M-Score depends on the Industrial Distribution 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 Eveready East Africa and its competitors. Eveready East Africa'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 Eveready East Africa stock overvalued right now?

Eveready East Africa (NAI:EVRD) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Eveready East Africa's overall GF Score™ is 6/100. 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 Eveready East Africa (NAI:EVRD), the current Beneish M-Score is 0.00 as of Jul. 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.

Eveready East Africa Business Description

Industry Industrials Industrial Distribution

Comparable Companies GWW FAST FERG WSO POOL CNM OSTO:INDT OSTO:ADDT B AIT LSE:DPLM WCC OSTO:BEIJ B TSX:TIH WBO:ANDR ASX:REH SITE TSX:FTT MSM LSE:RS1 REZI

Address Mombasa Road, P.O. Box 30429, Sameer Industrial Park, Nairobi, KEN, 00100

Website https://www.eveready.co.ke

Eveready East Africa PLC is Kenya-based firm. The company is mainly engaged in the production, distribution, and sales of portable power solutions. Its product portfolio is divided into three categories namely, Automotive comprises of free car batteries, battery water, and battery acid; Fabric comprises of Clorox and cleaning products; and Household dry cell batteries. The company offers its products under the brand name, TURBO, EVERCLEAN.

6GF Score

Get the complete analysis for NAI:EVRD

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

KES1.04

Price

View NAI:EVRD Analysis

See Beneish M-Score data for all stocks →