Access Hldgs (NSA:ACCESSCORP) Beneish M-Score: -2.15 (As of Jul. 13, 2026)


NSA:ACCESSCORP Access Hldgs PLC NSA:ACCESSCORP
45 GF Score
Price ₦24.95
GF Value ₦27.21
Valuation Fairly Valued
! 4 Warning Signs
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What is Access Hldgs Beneish M-Score?

Access Hldgs NSA:ACCESSCORP -0.20% 45 Beneish M-Score is -2.15 as of Jul. 13, 2026. GuruFocus rates NSA:ACCESSCORP with a GF Score™ of 45/100 and a GF Value™ of ₦27.21 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,399 Banks companies, Access Hldgs ranks worse than 84.13% 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 -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:ACCESSCORP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.43   Max: -1.2
Current: -2.15

During the past 13 years, the highest Beneish M-Score of Access Hldgs was -1.20. The lowest was -3.03. And the median was -2.43.

NSA:ACCESSCORP
45GF Score
Access Hldgs PLC NSA:ACCESSCORP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Access Hldgs 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 Access Hldgs 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 * 1+0.528 * 1+0.404 * 1.0055+0.892 * 1.067+0.115 * 0.9115
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8671+4.679 * 0.035689-0.327 * 0.7312
=-2.15

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₦0 Mil.
Revenue was 727242 + 902349 + 770891 + 790515 = ₦3,190,997 Mil.
Gross Profit was 727242 + 902349 + 770891 + 790515 = ₦3,190,997 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦53,437,039 Mil.
Property, Plant and Equipment(Net PPE) was ₦916,342 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦137,628 Mil.
Selling, General, & Admin. Expense(SGA) was ₦275,195 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦2,711,094 Mil.
Net Income was 200526 + 292043 + 228617 + 24687 = ₦745,873 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 1142751 + -5193392 + 6828921 + -3939540 = ₦-1,161,260 Mil.
 Total Receivables was ₦0 Mil.
Revenue was 584580 + 660709 + 602939 + 1142476 = ₦2,990,704 Mil.
Gross Profit was 584580 + 660709 + 602939 + 1142476 = ₦2,990,704 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦39,085,825 Mil.
Property, Plant and Equipment(Net PPE) was ₦882,236 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦119,196 Mil.
Selling, General, & Admin. Expense(SGA) was ₦297,439 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦2,712,092 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 / 3190997) / (0 / 2990704)
=0 / 0
=1

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)
=(2990704 / 2990704) / (3190997 / 3190997)
=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 + 916342) / 53437039) / (1 - (0 + 882236) / 39085825)
=0.982852 / 0.977428
=1.0055

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
=3190997 / 2990704
=1.067

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))
=(119196 / (119196 + 882236)) / (137628 / (137628 + 916342))
=0.119026 / 0.130581
=0.9115

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)
=(275195 / 3190997) / (297439 / 2990704)
=0.086241 / 0.099455
=0.8671

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)
=((2711094 + 0) / 53437039) / ((2712092 + 0) / 39085825)
=0.050734 / 0.069388
=0.7312

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
=(745873 - 0 - -1161260) / 53437039
=0.035689

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.

Access Hldgs has a M-score of -2.15 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 -2.15 mean?
Access Hldgs (NSA:ACCESSCORP) has a Beneish M-Score of -2.15 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Access Hldgs and its competitors. According to the industry distribution chart, Access Hldgs ranks #1177 out of 1399 companies in the Banks industry, placing it in the top 84.1%.
Is Access Hldgs' Beneish M-Score too high?
Access Hldgs' current Beneish M-Score is -2.15. Based on the distribution chart, Access Hldgs ranks #1177 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Access Hldgs has a GF Score™ of 45/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Access Hldgs' Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Access Hldgs ranks #1177 out of 1399 companies for Beneish M-Score. This places Access Hldgs 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Access Hldgs and its competitors. Access Hldgs's current Beneish M-Score is -2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Access Hldgs stock overvalued right now?
Based on GuruFocus' analysis, Access Hldgs (NSA:ACCESSCORP) is currently considered Fairly Valued. The stock's GF Value™ is ₦27.21, compared to a current price of ₦24.95 — trading 8.3% below its estimated fair value. The current Beneish M-Score is -2.15. Access Hldgs' overall GF Score™ is 45/100 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 Access Hldgs (NSA:ACCESSCORP), the current Beneish M-Score is -2.15 as of Jul. 13, 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 Access Hldgs (NSA:ACCESSCORP) Overvalued in 2026?

Based on GuruFocus' analysis, Access Hldgs stock appears to be undervalued. The current stock price of ₦24.95 is trading 8.3% below its estimated GF Value™ of ₦27.21. GuruFocus considers Access Hldgs to be Fairly Valued.

Key valuation signals for NSA:ACCESSCORP:

  • Beneish M-Score: -2.15
  • GF Value™: ₦27.21 vs. price of ₦24.95 (8.3% below fair value)
  • GF Score™: 45/100 with 4 warning signs

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

Access Hldgs Business Description

Address Prince Alaba Oniru Street, Plot 14/15, Oniru Estate, Oniru Estate, Victoria Island, Lagos, NGA
Access Hldgs PLC is a multinational financial services company that offers commercial banking, lending, payment, insurance, and asset management services. The Company's business segments include banking, consumer lending, payment services, insurance brokerage and pension funds administration. The company operates in Coporate, Commericial, Banks, and Others. The company operates in Nigeria, Rest of africa, and Europe.
45GF Score

Get the complete analysis for NSA:ACCESSCORP

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

₦24.95
Price
₦27.21
GF Value