WPP Scangroup (NAI:SCAN) Beneish M-Score: -2.27 (As of Jun. 27, 2026)

What is WPP Scangroup Beneish M-Score?

WPP Scangroup NAI:SCAN -4.63% 53 Beneish M-Score is -2.27 as of Jun. 27, 2026. GuruFocus rates NAI:SCAN with a GF Score™ of 53/100 and a GF Value™ of KES1.27 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 989 Media - Diversified companies, WPP Scangroup ranks worse than 68.96% 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.

Good Sign:

Beneish M-Score -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAI:SCAN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.32 Max: -1.85
Current: -2.27

During the past 13 years, the highest Beneish M-Score of WPP Scangroup was -1.85. The lowest was -3.13. And the median was -2.32.

WPP Scangroup Beneish M-Score Related Terms

WPP Scangroup Beneish M-Score Historical Data

* Premium members only.

The historical data trend for WPP Scangroup'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.

WPP Scangroup Beneish M-Score Chart

WPP Scangroup Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.85

-2.49

-1.97

-2.33

-2.27

WPP Scangroup Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-1.97	0.00	-2.33	0.00	-2.27

NAI:SCAN vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, WPP Scangroup'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.

WPP Scangroup Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, WPP Scangroup's Beneish M-Score distribution charts can be found below:

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

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53GF Score

WPP Scangroup Ltd NAI:SCAN

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

View Full Analysis

WPP Scangroup 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 WPP Scangroup 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 * 1.012

0.528 * 1.1446

0.404 * 1.9124

0.892 * 0.8368

0.115 * 0.8301

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2974

4.679 * -0.002916

0.327 * 1.05

-2.27

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was KES1,616 Mil.
Revenue was KES2,043 Mil.
Gross Profit was KES1,468 Mil.
Total Current Assets was KES4,303 Mil.
Total Assets was KES6,330 Mil.
Property, Plant and Equipment(Net PPE) was KES233 Mil.
Depreciation, Depletion and Amortization(DDA) was KES97 Mil.
Selling, General, & Admin. Expense(SGA) was KES175 Mil.
Total Current Liabilities was KES2,259 Mil.
Long-Term Debt & Capital Lease Obligation was KES76 Mil.
Net Income was KES-697 Mil.
Gross Profit was KES0 Mil.
Cash Flow from Operations was KES-678 Mil.

Total Receivables was KES1,908 Mil.
Revenue was KES2,442 Mil.
Gross Profit was KES2,007 Mil.
Total Current Assets was KES5,798 Mil.
Total Assets was KES7,160 Mil.
Property, Plant and Equipment(Net PPE) was KES301 Mil.
Depreciation, Depletion and Amortization(DDA) was KES97 Mil.
Selling, General, & Admin. Expense(SGA) was KES161 Mil.
Total Current Liabilities was KES2,455 Mil.
Long-Term Debt & Capital Lease Obligation was KES60 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)
	=	(1615.704 / 2043.438)	/	(1907.838 / 2441.906)
	=	0.790679	/	0.781291
	=	1.012

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)
	=	(2007.33 / 2441.906)	/	(1467.523 / 2043.438)
	=	0.822034	/	0.718164
	=	1.1446

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 - (4303.283 + 232.895) / 6330.067)	/	(1 - (5798.142 + 301.053) / 7160.268)
	=	0.283392	/	0.148189
	=	1.9124

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
	=	2043.438	/	2441.906
	=	0.8368

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))
	=	(97 / (97 + 301.053))	/	(96.784 / (96.784 + 232.895))
	=	0.243686	/	0.29357
	=	0.8301

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)
	=	(175.051 / 2043.438)	/	(161.23 / 2441.906)
	=	0.085665	/	0.066026
	=	1.2974

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)
	=	((76.413 + 2258.952) / 6330.067)	/	((60.345 + 2455.49) / 7160.268)
	=	0.368932	/	0.35136
	=	1.05

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
	=	(-696.672 - 0	-	-678.215)	/	6330.067
	=	-0.002916

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.

WPP Scangroup has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.27 mean?

WPP Scangroup (NAI:SCAN) has a Beneish M-Score of -2.27 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WPP Scangroup and its competitors. According to the industry distribution chart, WPP Scangroup ranks #682 out of 989 companies in the Media - Diversified industry, placing it in the top 69%.

Is WPP Scangroup's Beneish M-Score too high?

WPP Scangroup's current Beneish M-Score is -2.27. Based on the distribution chart, WPP Scangroup ranks #682 out of 989 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, WPP Scangroup has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does WPP Scangroup's Beneish M-Score compare to APP and OMC?

According to the Media - Diversified industry distribution chart, WPP Scangroup ranks #682 out of 989 companies for Beneish M-Score. This places WPP Scangroup 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 WPP Scangroup and its competitors. WPP Scangroup's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is WPP Scangroup stock overvalued right now?

Based on GuruFocus' analysis, WPP Scangroup (NAI:SCAN) is currently considered Significantly Overvalued. The stock's GF Value™ is KES1.27, compared to a current price of KES2.06 — trading 62.2% above its estimated fair value. The current Beneish M-Score is -2.27. WPP Scangroup's overall GF Score™ is 53/100 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 WPP Scangroup (NAI:SCAN), the current Beneish M-Score is -2.27 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 WPP Scangroup (NAI:SCAN) Overvalued in 2026?

Based on GuruFocus' analysis, WPP Scangroup stock appears to be overvalued. The current stock price of KES2.06 is trading 62.2% above its estimated GF Value™ of KES1.27. GuruFocus considers WPP Scangroup to be Significantly Overvalued.

Key valuation signals for NAI:SCAN:

Beneish M-Score: -2.27
GF Value™: KES1.27 vs. price of KES2.06 (62.2% above fair value)
GF Score™: 53/100 with 4 warning signs

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

WPP Scangroup Business Description

Industry Communication Services Media - Diversified

Comparable Companies NAI:LKL NAI:SGL NAI:NMG APP XPAR:PUB OMC SZSE:002027 TTD SZSE:300058 SZSE:002131 TSE:4324 XPAR:DEC TSE:4751 LSE:WPP SZSE:301171 HKSE:01860 TSE:2433 XTER:SAX BOM:542752 SZSE:002400

Address Valley Road, Upper Hill, The Chancery, 5th Floor, P.O. Box 34537, Nairobi, KEN, 00100

Website https://www.wpp-scangroup.com

WPP Scangroup Ltd is a company based in Kenya which is engaged in the provision of marketing communication services. The principal activity of the company includes the provision of integrated marketing communication services, which consolidates six disciplines including advertising, branding, consulting, media investment management, advertising research, public relations, digital advertising and specialty communications. Geographically, the company derives a majority of its revenue from Kenya.

53GF Score

Get the complete analysis for NAI:SCAN

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

KES2.06

Price

KES1.27

GF Value

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