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HBM NigeriaNSA:HBMNG 78 Beneish M-Score is -2.58 as of Jul. 15, 2026. GuruFocus rates NSA:HBMNG with a GF Score™ of 78/100 and a GF Value™ of ₦128.48 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 387 Building Materials companies, HBM Nigeria ranks better than 51.94% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for HBM Nigeria's Beneish M-Score or its related term are showing as below:
NSA:HBMNG'
s Beneish M-Score Range Over the Past 10 Years
Min: -7.1 Med: -2.16 Max: 19.11
Current: -2.58
During the past 13 years, the highest Beneish M-Score of HBM Nigeria was 19.11. The lowest was -7.10. And the median was -2.16.
HBM Nigeria Beneish M-Score Related Terms
HBM Nigeria Beneish M-Score Historical Data
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The historical data trend for HBM Nigeria'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.
NSA:HBMNG vs CRH, VMC, MLM: Beneish M-Score Comparison
For the Building Materials subindustry, HBM Nigeria'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.
HBM Nigeria Beneish M-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, HBM Nigeria's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HBM Nigeria'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 HBM Nigeria 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 * 1.6441
+
0.528 * 0.8244
+
0.404 * 0.5597
+
0.892 * 1.428
+
0.115 * 1.0337
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9383
+
4.679 * -0.166494
-
0.327 * 1.1193
=
-2.58
* 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))
=
(30285.327 / (30285.327 + 414395.74))
/
(37263.422 / (37263.422 + 528293.759))
=
0.068106
/
0.065888
=
1.0337
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
=
(322431.093 - 0
-
550963.546)
/
1372619.514
=
-0.166494
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.
HBM Nigeria has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
HBM Nigeria (NSA:HBMNG) has a Beneish M-Score of -2.58 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HBM Nigeria and its competitors. According to the industry distribution chart, HBM Nigeria ranks #186 out of 387 companies in the Building Materials industry, placing it in the top 48.1%.
Is HBM Nigeria's Beneish M-Score too high?
HBM Nigeria's current Beneish M-Score is -2.58. Based on the distribution chart, HBM Nigeria ranks #186 out of 387 companies in the Building Materials industry, which is above the industry midpoint. Overall, HBM Nigeria has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does HBM Nigeria's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, HBM Nigeria ranks #186 out of 387 companies for Beneish M-Score. This puts HBM Nigeria 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 HBM Nigeria and its competitors. HBM Nigeria's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HBM Nigeria stock overvalued right now?
Based on GuruFocus' analysis, HBM Nigeria (NSA:HBMNG) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦128.48, compared to a current price of ₦335.00 — trading 160.7% above its estimated fair value. The current Beneish M-Score is -2.58. HBM Nigeria's overall GF Score™ is 78/100 with 5 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 HBM Nigeria (NSA:HBMNG), the current Beneish M-Score is -2.58 as of Jul. 15, 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 HBM Nigeria (NSA:HBMNG) Overvalued in 2026?
Based on GuruFocus' analysis, HBM Nigeria stock appears to be overvalued.
The current stock price of ₦335.00 is trading 160.7% above its estimated GF Value™ of ₦128.48.
GuruFocus considers HBM Nigeria to be Significantly Overvalued.
Key valuation signals for NSA:HBMNG:
Beneish M-Score: -2.58
GF Value™: ₦128.48 vs. price of ₦335.00 (160.7% above fair value)
No single metric tells the full story. See the NSA:HBMNG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lafarge Africa PLC through its subsidiaries is engaged in manufacturing and marketing of cement, concrete, and aggregates products, including the provision of building solutions. The brands in products portfolio of the company includes ECOPlanet Unicem, Elephant cement, ThermoSet, Watershield, Powermax, and Supaset cement among others. It has two segments Cement & Readymix products. The majority of the revenue is generated from the cement segment.
78GF Score
Get the complete analysis for NSA:HBMNG
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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