Momentum Group (NAM:MMT) Beneish M-Score: -2.39 (As of Jun. 26, 2026)


NAM:MMT Momentum Group Ltd NAM:MMT
82 GF Score
Price R40.65
GF Value R49.05
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Momentum Group Beneish M-Score?

Momentum Group NAM:MMT 82 Beneish M-Score is -2.39 as of Jun. 26, 2026. GuruFocus rates NAM:MMT with a GF Score™ of 82/100 and a GF Value™ of R49.05 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 397 Insurance companies, Momentum Group ranks worse than 64.74% 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.

Good Sign:

Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAM:MMT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39   Med: -2.37   Max: -2.28
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Momentum Group was -2.28. The lowest was -2.39. And the median was -2.37.

NAM:MMT
82GF Score
Momentum Group Ltd NAM:MMT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Momentum 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 Momentum 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 * 0.7266+0.528 * 1+0.404 * 1.0004+0.892 * 1.3559+0.115 * 1.0651
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 8.6E-5-0.327 * 0.9482
=-2.39

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was R8,072 Mil.
Revenue was R148,908 Mil.
Gross Profit was R148,908 Mil.
Total Current Assets was R0 Mil.
Total Assets was R803,213 Mil.
Property, Plant and Equipment(Net PPE) was R3,463 Mil.
Depreciation, Depletion and Amortization(DDA) was R625 Mil.
Selling, General, & Admin. Expense(SGA) was R0 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R4,939 Mil.
Net Income was R5,978 Mil.
Gross Profit was R1,462 Mil.
Cash Flow from Operations was R4,447 Mil.
 Total Receivables was R8,194 Mil.
Revenue was R109,825 Mil.
Gross Profit was R109,825 Mil.
Total Current Assets was R0 Mil.
Total Assets was R706,438 Mil.
Property, Plant and Equipment(Net PPE) was R3,321 Mil.
Depreciation, Depletion and Amortization(DDA) was R646 Mil.
Selling, General, & Admin. Expense(SGA) was R0 Mil.
Total Current Liabilities was R0 Mil.
Long-Term Debt & Capital Lease Obligation was R4,581 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)
=(8072 / 148908) / (8194 / 109825)
=0.054208 / 0.07461
=0.7266

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)
=(109825 / 109825) / (148908 / 148908)
=1 / 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 + 3463) / 803213) / (1 - (0 + 3321) / 706438)
=0.995689 / 0.995299
=1.0004

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
=148908 / 109825
=1.3559

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))
=(646 / (646 + 3321)) / (625 / (625 + 3463))
=0.162843 / 0.152886
=1.0651

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 / 148908) / (0 / 109825)
=0 / 0
=1

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)
=((4939 + 0) / 803213) / ((4581 + 0) / 706438)
=0.006149 / 0.006485
=0.9482

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
=(5978 - 1462 - 4447) / 803213
=8.6E-5

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.

Momentum Group has a M-score of -2.39 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 -2.39 mean?
Momentum Group (NAM:MMT) has a Beneish M-Score of -2.39 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Momentum Group and its competitors. According to the industry distribution chart, Momentum Group ranks #257 out of 397 companies in the Insurance industry, placing it in the top 64.7%.
Is Momentum Group's Beneish M-Score too high?
Momentum Group's current Beneish M-Score is -2.39. Based on the distribution chart, Momentum Group ranks #257 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, Momentum Group has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Momentum Group's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Momentum Group ranks #257 out of 397 companies for Beneish M-Score. This places Momentum 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 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 Momentum Group and its competitors. Momentum Group's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Momentum Group stock overvalued right now?
Based on GuruFocus' analysis, Momentum Group (NAM:MMT) is currently considered Modestly Undervalued. The stock's GF Value™ is R49.05, compared to a current price of R40.65 — trading 17.1% below its estimated fair value. The current Beneish M-Score is -2.39. Momentum Group's overall GF Score™ is 82/100 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 Momentum Group (NAM:MMT), the current Beneish M-Score is -2.39 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 Momentum Group (NAM:MMT) Overvalued in 2026?

Based on GuruFocus' analysis, Momentum Group stock appears to be undervalued. The current stock price of R40.65 is trading 17.1% below its estimated GF Value™ of R49.05. GuruFocus considers Momentum Group to be Modestly Undervalued.

Key valuation signals for NAM:MMT:

  • Beneish M-Score: -2.39
  • GF Value™: R49.05 vs. price of R40.65 (17.1% below fair value)
  • GF Score™: 82/100 with 3 warning signs

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

Momentum Group Business Description

Address 268 West Avenue, Centurion, GT, ZAF, 0157
Momentum Group Ltd is engaged in life insurance and integrated financial services sectors. It operates in South Africa, the UK, Guernsey, India, Botswana, Ghana, Lesotho, Mozambique, and Namibia. The company operates through brands like Momentum, Metropolitan, Guardrisk, and Eris Properties.
82GF Score

Get the complete analysis for NAM:MMT

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

R40.65
Price
R49.05
GF Value