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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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nation Media Group's Beneish M-Score or its related term are showing as below:
NAI:NMG'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.49 Max: -1.82
Current: -2.41
During the past 13 years, the highest Beneish M-Score of Nation Media Group was -1.82. The lowest was -3.33. And the median was -2.49.
Nation Media Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nation Media 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.
NAI:NMG vs NFLX, DIS, WBD: Beneish M-Score Comparison
For the Entertainment subindustry, Nation Media 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.
Nation Media Group Beneish M-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Nation Media Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nation Media Group'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 Nation Media 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 * 0.9464
+
0.528 * 0.9982
+
0.404 * 1.1093
+
0.892 * 0.9695
+
0.115 * 0.9955
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0247
+
4.679 * 0.015871
-
0.327 * 0.8919
=
-2.41
* 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))
=
(402.4 / (402.4 + 1344.9))
/
(362.1 / (362.1 + 1203.2))
=
0.230298
/
0.231329
=
0.9955
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
=
(-308.9 - 0
-
-465)
/
9835.8
=
0.015871
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.
Nation Media Group has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
Nation Media Group (NAI:NMG) has a Beneish M-Score of -2.41 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nation Media Group and its competitors. According to the industry distribution chart, Nation Media Group ranks #587 out of 969 companies in the Media - Diversified industry, placing it in the top 60.6%.
Is Nation Media Group's Beneish M-Score too high?
Nation Media Group's current Beneish M-Score is -2.41. Based on the distribution chart, Nation Media Group ranks #587 out of 969 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, Nation Media Group has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nation Media Group's Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, Nation Media Group ranks #587 out of 969 companies for Beneish M-Score. This places Nation Media 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Nation Media Group and its competitors. Nation Media Group's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nation Media Group stock overvalued right now?
Based on GuruFocus' analysis, Nation Media Group (NAI:NMG) is currently considered Fairly Valued. The stock's GF Value™ is KES13.72, compared to a current price of KES13.35 — trading 2.7% below its estimated fair value. The current Beneish M-Score is -2.41. Nation Media Group's overall GF Score™ is 67/100 with 3 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 Nation Media Group (NAI:NMG), the current Beneish M-Score is -2.41 as of Aug. 12, 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 Nation Media Group (NAI:NMG) Overvalued in 2026?
Based on GuruFocus' analysis, Nation Media Group stock appears to be undervalued.
The current stock price of KES13.35 is trading 2.7% below its estimated GF Value™ of KES13.72.
GuruFocus considers Nation Media Group to be Fairly Valued.
Key valuation signals for NAI:NMG:
Beneish M-Score: -2.41
GF Value™: KES13.72 vs. price of KES13.35 (2.7% below fair value)
No single metric tells the full story. See the NAI:NMG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nation Media Group PLC is an independent media house in East and Central Africa with operations in print, broadcast and digital media which attract and serve unparalleled audiences across East Africa. It is engaged in the publication, printing and distribution of newspapers, radio and television broadcasting and digital online products, in the East African countries of Kenya, Uganda, Rwanda and Tanzania. Its segment include Newspapers and Digital incorporating sale of newspapers, advertisements published in the newspapers, advertisements in the digital platforms and subscriptions of e-paper, and Broadcasting incorporating advertisements and other content aired on television and radio. The majority of revenue is derived from Newspapers and Digital segment.
67GF Score
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