Enterprise Group (XGHA:EGL) Beneish M-Score: -2.41 (As of Jul. 30, 2026)

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XGHA:EGL Enterprise Group Ltd XGHA:EGL
72 GF Score
Price GHS10.04
GF Value GHS4.99
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Enterprise Group Beneish M-Score?

Enterprise Group XGHA:EGL +0.10% 72 Beneish M-Score is -2.41 as of Jul. 30, 2026. GuruFocus rates XGHA:EGL with a GF Score™ of 72/100 and a GF Value™ of GHS4.99 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 397 Insurance companies, Enterprise Group ranks worse than 60.45% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XGHA:EGL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.82   Max: -2.41
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Enterprise Group was -2.41. The lowest was -3.02. And the median was -2.82.

XGHA:EGL
72GF Score
Enterprise Group Ltd XGHA:EGL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Enterprise Group 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 Enterprise Group 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 * 1.3994+0.528 * 1+0.404 * 0.9905+0.892 * 1.0711+0.115 * 1.1533
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9842+4.679 * -0.10451-0.327 * 0.6456
=-2.41

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was GHS152 Mil.
Revenue was GHS1,980 Mil.
Gross Profit was GHS1,980 Mil.
Total Current Assets was GHS0 Mil.
Total Assets was GHS4,813 Mil.
Property, Plant and Equipment(Net PPE) was GHS166 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS37 Mil.
Selling, General, & Admin. Expense(SGA) was GHS3 Mil.
Total Current Liabilities was GHS0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS14 Mil.
Net Income was GHS218 Mil.
Gross Profit was GHS29 Mil.
Cash Flow from Operations was GHS692 Mil.
 Total Receivables was GHS101 Mil.
Revenue was GHS1,849 Mil.
Gross Profit was GHS1,849 Mil.
Total Current Assets was GHS0 Mil.
Total Assets was GHS3,935 Mil.
Property, Plant and Equipment(Net PPE) was GHS99 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS26 Mil.
Selling, General, & Admin. Expense(SGA) was GHS3 Mil.
Total Current Liabilities was GHS0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS18 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)
=(151.516 / 1980.111) / (101.082 / 1848.629)
=0.076519 / 0.054679
=1.3994

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)
=(1848.629 / 1848.629) / (1980.111 / 1980.111)
=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 + 165.508) / 4813.15) / (1 - (0 + 98.958) / 3934.774)
=0.965613 / 0.97485
=0.9905

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
=1980.111 / 1848.629
=1.0711

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))
=(26.288 / (26.288 + 98.958)) / (36.824 / (36.824 + 165.508))
=0.209891 / 0.181998
=1.1533

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)
=(3.206 / 1980.111) / (3.041 / 1848.629)
=0.001619 / 0.001645
=0.9842

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)
=((14.183 + 0) / 4813.15) / ((17.963 + 0) / 3934.774)
=0.002947 / 0.004565
=0.6456

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
=(218.15 - 29.03 - 692.141) / 4813.15
=-0.10451

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.

Enterprise Group has a M-score of -2.41 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 -2.41 mean?
Enterprise Group (XGHA:EGL) has a Beneish M-Score of -2.41 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Enterprise Group and its competitors. According to the industry distribution chart, Enterprise Group ranks #240 out of 397 companies in the Insurance industry, placing it in the top 60.5%.
Is Enterprise Group's Beneish M-Score too high?
Enterprise Group's current Beneish M-Score is -2.41. Based on the distribution chart, Enterprise Group ranks #240 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, Enterprise Group has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Enterprise Group's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, Enterprise Group ranks #240 out of 397 companies for Beneish M-Score. This places Enterprise Group 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Enterprise Group and its competitors. Enterprise Group's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Enterprise Group stock overvalued right now?
Based on GuruFocus' analysis, Enterprise Group (XGHA:EGL) is currently considered Significantly Overvalued. The stock's GF Value™ is GHS4.99, compared to a current price of GHS10.04 — trading 101.2% above its estimated fair value. The current Beneish M-Score is -2.41. Enterprise Group's overall GF Score™ is 72/100 with 3 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 Enterprise Group (XGHA:EGL), the current Beneish M-Score is -2.41 as of Jul. 30, 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 Enterprise Group (XGHA:EGL) Overvalued in 2026?

Based on GuruFocus' analysis, Enterprise Group stock appears to be overvalued. The current stock price of GHS10.04 is trading 101.2% above its estimated GF Value™ of GHS4.99. GuruFocus considers Enterprise Group to be Significantly Overvalued.

Key valuation signals for XGHA:EGL:

  • Beneish M-Score: -2.41
  • GF Value™: GHS4.99 vs. price of GHS10.04 (101.2% above fair value)
  • GF Score™: 72/100 with 3 warning signs

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

Enterprise Group Business Description

Address Mayor Road, Ridge West, Accra, Advantage Place, Accra, GHA, PMB 150
Enterprise Group Ltd is engaged in the business of investments, life, non-life, and health insurance underwriting, pension fund management, provision of funeral services, and real estate development and management. It also underwrites insurance risks associated with death, disability, health, property, and liability. The company is organized into seven operating segments. These segments are Non-life insurance business; Life assurance business; Health insurance business; Pension administration; Real estate; Funeral services; and Investments. The company derives its revenues from the non-life insurance business. The company operates in Ghana, The Gambia, and Nigeria. The majority of revenue is from Ghana.
72GF Score

Get the complete analysis for XGHA:EGL

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

GHS10.04
Price
GHS4.99
GF Value