Dangote Sugar Refinery (NSA:DSRP) Beneish M-Score: -2.79 (As of Jul. 13, 2026)

What is Dangote Sugar Refinery Beneish M-Score?

Dangote Sugar Refinery NSA:DSRP 65 Beneish M-Score is -2.79 as of Jul. 13, 2026. GuruFocus rates NSA:DSRP with a GF Score™ of 65/100 and a GF Value™ of ₦79.79 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 1,851 Consumer Packaged Goods companies, Dangote Sugar Refinery ranks better than 72.34% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:DSRP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57 Med: -2.5 Max: 0.56
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Dangote Sugar Refinery was 0.56. The lowest was -3.57. And the median was -2.50.

Dangote Sugar Refinery Beneish M-Score Related Terms

Dangote Sugar Refinery Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dangote Sugar Refinery'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.

Dangote Sugar Refinery Beneish M-Score Chart

Dangote Sugar Refinery Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.57

-2.60

-1.61

0.56

-2.79

Dangote Sugar Refinery Semi-Annual Data
	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24	Dec25
Beneish M-Score	Get a 7-Day Free Trial													-3.57	-2.60	-1.61	0.56	-2.79

NSA:DSRP vs MDLZ, HSY, TR: Beneish M-Score Comparison

For the Confectioners subindustry, Dangote Sugar Refinery'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.

Dangote Sugar Refinery Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Dangote Sugar Refinery's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dangote Sugar Refinery's Beneish M-Score falls into.

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65GF Score

Dangote Sugar Refinery PLC NSA:DSRP

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

View Full Analysis

Dangote Sugar Refinery 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 Dangote Sugar Refinery 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 * 1.2198

0.528 * 0.316

0.404 * 1.2771

0.892 * 1.2456

0.115 * 0.2829

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9658

4.679 * -0.080481

0.327 * 1.0757

-2.79

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was ₦70,675 Mil.
Revenue was ₦829,215 Mil.
Gross Profit was ₦122,629 Mil.
Total Current Assets was ₦343,324 Mil.
Total Assets was ₦965,926 Mil.
Property, Plant and Equipment(Net PPE) was ₦594,282 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦46,520 Mil.
Selling, General, & Admin. Expense(SGA) was ₦9,758 Mil.
Total Current Liabilities was ₦791,849 Mil.
Long-Term Debt & Capital Lease Obligation was ₦37,352 Mil.
Net Income was ₦-64,064 Mil.
Gross Profit was ₦0 Mil.
Cash Flow from Operations was ₦13,675 Mil.

Total Receivables was ₦46,515 Mil.
Revenue was ₦665,690 Mil.
Gross Profit was ₦31,109 Mil.
Total Current Assets was ₦425,957 Mil.
Total Assets was ₦1,050,833 Mil.
Property, Plant and Equipment(Net PPE) was ₦600,751 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦12,598 Mil.
Selling, General, & Admin. Expense(SGA) was ₦8,112 Mil.
Total Current Liabilities was ₦798,798 Mil.
Long-Term Debt & Capital Lease Obligation was ₦39,807 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)
	=	(70674.639 / 829214.876)	/	(46514.61 / 665689.763)
	=	0.085231	/	0.069874
	=	1.2198

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)
	=	(31109.484 / 665689.763)	/	(122628.804 / 829214.876)
	=	0.046733	/	0.147885
	=	0.316

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 - (343323.709 + 594282.025) / 965925.567)	/	(1 - (425956.516 + 600751.402) / 1050832.72)
	=	0.029319	/	0.022958
	=	1.2771

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
	=	829214.876	/	665689.763
	=	1.2456

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))
	=	(12598.078 / (12598.078 + 600751.402))	/	(46519.55 / (46519.55 + 594282.025))
	=	0.02054	/	0.072596
	=	0.2829

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)
	=	(9758.041 / 829214.876)	/	(8111.599 / 665689.763)
	=	0.011768	/	0.012185
	=	0.9658

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)
	=	((37351.543 + 791848.682) / 965925.567)	/	((39807.278 + 798797.769) / 1050832.72)
	=	0.858451	/	0.798039
	=	1.0757

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
	=	(-64063.836 - 0	-	13674.658)	/	965925.567
	=	-0.080481

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.

Dangote Sugar Refinery has a M-score of -2.79 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 -2.79 mean?

Dangote Sugar Refinery (NSA:DSRP) has a Beneish M-Score of -2.79 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dangote Sugar Refinery and its competitors. According to the industry distribution chart, Dangote Sugar Refinery ranks #512 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 27.7%.

Is Dangote Sugar Refinery's Beneish M-Score too high?

Dangote Sugar Refinery's current Beneish M-Score is -2.79. Based on the distribution chart, Dangote Sugar Refinery ranks #512 out of 1851 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Dangote Sugar Refinery has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Dangote Sugar Refinery's Beneish M-Score compare to MDLZ and HSY?

According to the Consumer Packaged Goods industry distribution chart, Dangote Sugar Refinery ranks #512 out of 1851 companies for Beneish M-Score. This puts Dangote Sugar Refinery in the upper 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Dangote Sugar Refinery and its competitors. Dangote Sugar Refinery's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Dangote Sugar Refinery stock overvalued right now?

Based on GuruFocus' analysis, Dangote Sugar Refinery (NSA:DSRP) is currently considered Modestly Undervalued. The stock's GF Value™ is ₦79.79, compared to a current price of ₦72.00 — trading 9.8% below its estimated fair value. The current Beneish M-Score is -2.79. Dangote Sugar Refinery's overall GF Score™ is 65/100 with 9 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 Dangote Sugar Refinery (NSA:DSRP), the current Beneish M-Score is -2.79 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 Dangote Sugar Refinery (NSA:DSRP) Overvalued in 2026?

Based on GuruFocus' analysis, Dangote Sugar Refinery stock appears to be undervalued. The current stock price of ₦72.00 is trading 9.8% below its estimated GF Value™ of ₦79.79. GuruFocus considers Dangote Sugar Refinery to be Modestly Undervalued.

Key valuation signals for NSA:DSRP:

Beneish M-Score: -2.79
GF Value™: ₦79.79 vs. price of ₦72.00 (9.8% below fair value)
GF Score™: 65/100 with 9 warning signs

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

Dangote Sugar Refinery Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies NSA:LEVBROS NSA:UACN NSA:PZ NSA:OKMO NSA:HFM NSA:NESTLE NSA:PRESCO MDLZ HSY XSWX:LISN XSWX:BARN XKRX:271560 TR SZSE:000833 TSE:2222 CAS:CSR OSTO:CLA B TSE:2201 BOM:500038 XKRX:004990

Address Terminal E, Shed 20, 3rd Floor, GDNL Building, NPA Wharf Port Complex, Apapa, Lagos, NGA

Website https://sugar.dangote.com

Dangote Sugar Refinery PLC is engaged in refining raw sugar to produce fortified and non-fortified granulated white sugar. The company distributes refined white sugar to consumers and industrial customers in Nigeria. The company is also engaged in the cultivation and milling of sugar cane to finished sugar. Its geographical segments include Northern Nigeria, Western Nigeria, Eastern Nigeria, and Lagos. The company derives a majority of its revenue from the Lagos region.

65GF Score

Get the complete analysis for NSA:DSRP

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

₦72.00

Price

₦79.79

GF Value

View NSA:DSRP Analysis

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