International Breweries (NSA:IBP) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


NSA:IBP International Breweries PLC NSA:IBP
44 GF Score
Price ₦10.45
GF Value ₦2.30
Valuation Significantly Overvalued
! 2 Warning Signs
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What is International Breweries Beneish M-Score?

International Breweries NSA:IBP -8.33% 44 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates NSA:IBP with a GF Score™ of 44/100 and a GF Value™ of ₦2.30 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 201 Beverages - Alcoholic companies, International Breweries ranks worse than 497511.94% 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.

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

During the past 9 years, the highest Beneish M-Score of International Breweries was -2.04. The lowest was -3.70. And the median was -3.06.

International Breweries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for International Breweries'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.

International Breweries Beneish M-Score Chart

International Breweries Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -3.06 -3.70 -2.40 -2.58 0.00

International Breweries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.04 0.00 0.00 0.00 0.00

NSA:IBP vs STZ, TAP: Beneish M-Score Comparison

For the Beverages - Brewers subindustry, International Breweries'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.

International Breweries Beneish M-Score vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, International Breweries's Beneish M-Score distribution charts can be found below:

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


NSA:IBP
44GF Score
International Breweries PLC NSA:IBP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

International Breweries 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 International Breweries 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ₦108,642 Mil.
Revenue was 178706.926 + 147583.24 + 131576.028 + 167362.664 = ₦625,229 Mil.
Gross Profit was 75093.975 + 43520.402 + 39343.552 + 61949.42 = ₦219,907 Mil.
Total Current Assets was ₦366,167 Mil.
Total Assets was ₦784,864 Mil.
Property, Plant and Equipment(Net PPE) was ₦392,525 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦18,567 Mil.
Selling, General, & Admin. Expense(SGA) was ₦136,131 Mil.
Total Current Liabilities was ₦229,100 Mil.
Long-Term Debt & Capital Lease Obligation was ₦34,021 Mil.
Net Income was 19615.705 + 5510.076 + 16537.567 + 11911.19 = ₦53,575 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 28651.049 + 0 + 0 + 0 = ₦28,651 Mil.
 Total Receivables was ₦0 Mil.
Revenue was 173627.556 + 145510.083 + 120246.672 + 119983.161 = ₦559,367 Mil.
Gross Profit was 59628.324 + 36484.488 + 32253.673 + 33757.481 = ₦162,124 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦0 Mil.
Property, Plant and Equipment(Net PPE) was ₦0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦15,288 Mil.
Selling, General, & Admin. Expense(SGA) was ₦114,091 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦0 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)
=(108642.346 / 625228.858) / (0 / 559367.472)
=0.173764 / 0
=

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)
=(162123.966 / 559367.472) / (219907.349 / 625228.858)
=0.289834 / 0.351723
=

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 - (366167.164 + 392525.306) / 784863.621) / (1 - (0 + 0) / 0)
=0.033345 /
=

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
=625228.858 / 559367.472
=

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))
=(15288.419 / (15288.419 + 0)) / (18566.846 / (18566.846 + 392525.306))
=1 / 0.045165
=

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)
=(136131.427 / 625228.858) / (114090.725 / 559367.472)
=0.217731 / 0.203964
=

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)
=((34021.048 + 229100.162) / 784863.621) / ((0 + 0) / 0)
=0.335244 /
=

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
=(53574.538 - 0 - 28651.049) / 784863.621
=0.031755

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
International Breweries (NSA:IBP) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on International Breweries and its competitors. According to the industry distribution chart, International Breweries ranks #999999 out of 201 companies in the Beverages - Alcoholic industry.
Is International Breweries' Beneish M-Score too high?
International Breweries' current Beneish M-Score is 0.00. Based on the distribution chart, International Breweries ranks #999999 out of 201 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, International Breweries has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does International Breweries' Beneish M-Score compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, International Breweries ranks #999999 out of 201 companies for Beneish M-Score. This places International Breweries 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 International Breweries and its competitors. International Breweries's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is International Breweries stock overvalued right now?
Based on GuruFocus' analysis, International Breweries (NSA:IBP) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦2.30, compared to a current price of ₦10.45 — trading 354.3% above its estimated fair value. The current Beneish M-Score is 0.00. International Breweries' overall GF Score™ is 44/100 with 2 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 International Breweries (NSA:IBP), the current Beneish M-Score is 0.00 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 International Breweries (NSA:IBP) Overvalued in 2026?

Based on GuruFocus' analysis, International Breweries stock appears to be overvalued. The current stock price of ₦10.45 is trading 354.3% above its estimated GF Value™ of ₦2.30. GuruFocus considers International Breweries to be Significantly Overvalued.

Key valuation signals for NSA:IBP:

  • Beneish M-Score: 0.00
  • GF Value™: ₦2.30 vs. price of ₦10.45 (354.3% above fair value)
  • GF Score™: 44/100 with 2 warning signs

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

International Breweries Business Description

Address Abuja Street, Plot 5A, Desiderata Building, Banana Island, Ikoyi, Lagos, NGA
International Breweries PLC engages in brewing, packaging, and marketing beer, alcoholic flavored/non-alcoholic beverages, and soft drinks in Nigeria. The company offers its products under the Trophy Lager, Trophy Black, Castle Milk Stout, Castle Lager, Redds, Hero, Grand Malt, Betamalt malt drink, and Voltic Water brands.
44GF Score

Get the complete analysis for NSA:IBP

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

₦10.45
Price
₦2.30
GF Value