Secure Electronic Technology (NSA:NSLTECH) Beneish M-Score: -2.40 (As of Jun. 26, 2026)


NSA:NSLTECH Secure Electronic Technology PLC NSA:NSLTECH
10 GF Score
Price ₦0.79
GF Value ₦0.36
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Secure Electronic Technology Beneish M-Score?

Secure Electronic Technology NSA:NSLTECH -2.47% 10 Beneish M-Score is -2.40 as of Jun. 26, 2026. GuruFocus rates NSA:NSLTECH with a GF Score™ of 10/100 and a GF Value™ of ₦0.36 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 824 Travel & Leisure companies, Secure Electronic Technology ranks worse than 68.45% 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:NSLTECH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.51   Max: -2.4
Current: -2.4

During the past 4 years, the highest Beneish M-Score of Secure Electronic Technology was -2.40. The lowest was -2.61. And the median was -2.51.

Secure Electronic Technology Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Secure Electronic Technology'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.

Secure Electronic Technology Beneish M-Score Chart

Secure Electronic Technology Annual Data
Trend Dec21 Dec22 Dec23 Dec24
Beneish M-Score
0.00 0.00 -2.61 -2.40

Secure Electronic Technology Semi-Annual Data
Dec21 Dec22 Dec23 Dec24
Beneish M-Score 0.00 0.00 -2.61 -2.40

NSA:NSLTECH vs FLUT, DKNG, LNWO: Beneish M-Score Comparison

For the Gambling subindustry, Secure Electronic Technology'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.

Secure Electronic Technology Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Secure Electronic Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Secure Electronic Technology's Beneish M-Score falls into.


NSA:NSLTECH
10GF Score
Secure Electronic Technology PLC NSA:NSLTECH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Secure Electronic Technology 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 Secure Electronic Technology 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 * 0.8978+0.528 * 1.0312+0.404 * 0.9763+0.892 * 1.2444+0.115 * 0.1802
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8036+4.679 * -0.017946-0.327 * 0.7076
=-2.40

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was ₦171 Mil.
Revenue was ₦4,348 Mil.
Gross Profit was ₦282 Mil.
Total Current Assets was ₦231 Mil.
Total Assets was ₦4,838 Mil.
Property, Plant and Equipment(Net PPE) was ₦1,118 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦113 Mil.
Selling, General, & Admin. Expense(SGA) was ₦78 Mil.
Total Current Liabilities was ₦616 Mil.
Long-Term Debt & Capital Lease Obligation was ₦0 Mil.
Net Income was ₦-121 Mil.
Gross Profit was ₦0 Mil.
Cash Flow from Operations was ₦-34 Mil.
 Total Receivables was ₦153 Mil.
Revenue was ₦3,494 Mil.
Gross Profit was ₦234 Mil.
Total Current Assets was ₦223 Mil.
Total Assets was ₦3,329 Mil.
Property, Plant and Equipment(Net PPE) was ₦648 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦11 Mil.
Selling, General, & Admin. Expense(SGA) was ₦78 Mil.
Total Current Liabilities was ₦599 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)
=(170.628 / 4347.604) / (152.728 / 3493.764)
=0.039246 / 0.043714
=0.8978

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)
=(233.967 / 3493.764) / (282.335 / 4347.604)
=0.066967 / 0.06494
=1.0312

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 - (231.484 + 1118.492) / 4837.563) / (1 - (222.64 + 647.935) / 3328.531)
=0.720939 / 0.738451
=0.9763

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
=4347.604 / 3493.764
=1.2444

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))
=(10.881 / (10.881 + 647.935)) / (112.857 / (112.857 + 1118.492))
=0.016516 / 0.091653
=0.1802

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)
=(78.483 / 4347.604) / (78.483 / 3493.764)
=0.018052 / 0.022464
=0.8036

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)
=((0 + 616.237) / 4837.563) / ((0 + 599.225) / 3328.531)
=0.127386 / 0.180027
=0.7076

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
=(-121.025 - 0 - -34.21) / 4837.563
=-0.017946

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.

Secure Electronic Technology has a M-score of -2.40 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 -2.40 mean?
Secure Electronic Technology (NSA:NSLTECH) has a Beneish M-Score of -2.40 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Secure Electronic Technology and its competitors. According to the industry distribution chart, Secure Electronic Technology ranks #564 out of 824 companies in the Travel & Leisure industry, placing it in the top 68.4%.
Is Secure Electronic Technology's Beneish M-Score too high?
Secure Electronic Technology's current Beneish M-Score is -2.40. Based on the distribution chart, Secure Electronic Technology ranks #564 out of 824 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Secure Electronic Technology has a GF Score™ of 10/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Secure Electronic Technology's Beneish M-Score compare to FLUT and DKNG?
According to the Travel & Leisure industry distribution chart, Secure Electronic Technology ranks #564 out of 824 companies for Beneish M-Score. This places Secure Electronic Technology 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Secure Electronic Technology and its competitors. Secure Electronic Technology's current Beneish M-Score is -2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Secure Electronic Technology stock overvalued right now?
Based on GuruFocus' analysis, Secure Electronic Technology (NSA:NSLTECH) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦0.36, compared to a current price of ₦0.79 — trading 119.4% above its estimated fair value. The current Beneish M-Score is -2.40. Secure Electronic Technology's overall GF Score™ is 10/100 with 1 warning sign 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 Secure Electronic Technology (NSA:NSLTECH), the current Beneish M-Score is -2.40 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 Secure Electronic Technology (NSA:NSLTECH) Overvalued in 2026?

Based on GuruFocus' analysis, Secure Electronic Technology stock appears to be overvalued. The current stock price of ₦0.79 is trading 119.4% above its estimated GF Value™ of ₦0.36. GuruFocus considers Secure Electronic Technology to be Significantly Overvalued.

Key valuation signals for NSA:NSLTECH:

  • Beneish M-Score: -2.40
  • GF Value™: ₦0.36 vs. price of ₦0.79 (119.4% above fair value)
  • GF Score™: 10/100 with 1 warning sign

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

Secure Electronic Technology Business Description

Address 107, Bamgbose Street, Lagos Island, Lagos, NGA
Secure Electronic Technology PLC is engaged in operating the national lottery in Nigeria. The company's games include 5OF90.
10GF Score

Get the complete analysis for NSA:NSLTECH

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

₦0.79
Price
₦0.36
GF Value