ALBKY (Alpha Services and Holdings) Beneish M-Score: -2.47 (As of Jul. 01, 2026)


ALBKY Alpha Services and Holdings SA ALBKY
33 GF Score
Price $1.17
GF Value $0.52
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Alpha Services and Holdings Beneish M-Score?

Alpha Services and Holdings ALBKY 33 Beneish M-Score is -2.47 as of Jul. 01, 2026. GuruFocus rates ALBKY with a GF Score™ of 33/100 and a GF Value™ of $0.52 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Alpha Services and Holdings ranks better than 64.28% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ALBKY' s Beneish M-Score Range Over the Past 10 Years
Min: -5.38   Med: -2.45   Max: 4.56
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Alpha Services and Holdings was 4.56. The lowest was -5.38. And the median was -2.45.

ALBKY
33GF Score
Alpha Services and Holdings SA ALBKY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Alpha Services and Holdings 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 Alpha Services and Holdings 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+0.528 * 1+0.404 * 0.999+0.892 * 1.0961+0.115 * 1.2538
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0378+4.679 * 0.005866-0.327 * 1.1644
=-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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0 Mil.
Revenue was 677.457 + 677.986 + 606.808 + 629.758 = $2,592 Mil.
Gross Profit was 677.457 + 677.986 + 606.808 + 629.758 = $2,592 Mil.
Total Current Assets was $0 Mil.
Total Assets was $91,714 Mil.
Property, Plant and Equipment(Net PPE) was $770 Mil.
Depreciation, Depletion and Amortization(DDA) was $201 Mil.
Selling, General, & Admin. Expense(SGA) was $168 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,020 Mil.
Net Income was 209.249 + 281.03 + 218.31 + 339.1 = $1,048 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1150.289 + -408.665 + 529.343 + -761.246 = $510 Mil.
 Total Receivables was $0 Mil.
Revenue was 591.351 + 589.529 + 599.334 + 584.499 = $2,365 Mil.
Gross Profit was 591.351 + 589.529 + 599.334 + 584.499 = $2,365 Mil.
Total Current Assets was $0 Mil.
Total Assets was $79,077 Mil.
Property, Plant and Equipment(Net PPE) was $586 Mil.
Depreciation, Depletion and Amortization(DDA) was $205 Mil.
Selling, General, & Admin. Expense(SGA) was $147 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,717 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)
=(0 / 2592.009) / (0 / 2364.713)
=0 / 0
=1

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)
=(2364.713 / 2364.713) / (2592.009 / 2592.009)
=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 + 769.942) / 91714.451) / (1 - (0 + 585.946) / 79076.757)
=0.991605 / 0.99259
=0.999

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
=2592.009 / 2364.713
=1.0961

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))
=(205.292 / (205.292 + 585.946)) / (200.911 / (200.911 + 769.942))
=0.259457 / 0.206943
=1.2538

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)
=(167.603 / 2592.009) / (147.331 / 2364.713)
=0.064661 / 0.062304
=1.0378

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)
=((5019.653 + 0) / 91714.451) / ((3716.757 + 0) / 79076.757)
=0.054731 / 0.047002
=1.1644

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
=(1047.689 - 0 - 509.721) / 91714.451
=0.005866

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.

Alpha Services and Holdings 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 -2.47 mean?
Alpha Services and Holdings (ALBKY) has a Beneish M-Score of -2.47 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alpha Services and Holdings and its competitors. According to the industry distribution chart, Alpha Services and Holdings ranks #499 out of 1397 companies in the Banks industry, placing it in the top 35.7%.
Is Alpha Services and Holdings' Beneish M-Score too high?
Alpha Services and Holdings' current Beneish M-Score is -2.47. Based on the distribution chart, Alpha Services and Holdings ranks #499 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Alpha Services and Holdings has a GF Score™ of 33/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Alpha Services and Holdings' Beneish M-Score compare to ZION and BPOP?
According to the Banks industry distribution chart, Alpha Services and Holdings ranks #499 out of 1397 companies for Beneish M-Score. This puts Alpha Services and Holdings 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Alpha Services and Holdings and its competitors. Alpha Services and Holdings's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alpha Services and Holdings stock overvalued right now?
Based on GuruFocus' analysis, Alpha Services and Holdings (ALBKY) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.52, compared to a current price of $1.17 — trading 125% above its estimated fair value. The current Beneish M-Score is -2.47. Alpha Services and Holdings' overall GF Score™ is 33/100 with 6 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 Alpha Services and Holdings (ALBKY), the current Beneish M-Score is -2.47 as of Jul. 01, 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 Alpha Services and Holdings (ALBKY) Overvalued in 2026?

Based on GuruFocus' analysis, Alpha Services and Holdings stock appears to be overvalued. The current stock price of $1.17 is trading 125% above its estimated GF Value™ of $0.52. GuruFocus considers Alpha Services and Holdings to be Significantly Overvalued.

Key valuation signals for ALBKY:

  • Beneish M-Score: -2.47
  • GF Value™: $0.52 vs. price of $1.17 (125% above fair value)
  • GF Score™: 33/100 with 6 warning signs

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

Alpha Services and Holdings Business Description

Address 40 Stadiou Street, Athens, GRC, 102 52
Alpha Services and Holdings SA, along with its subsidiaries, offers the following services: corporate and retail banking, financial services, investment banking and brokerage services, insurance services, real estate management and hotel services. Its segments include Retail, Wholesale, Wealth Management, International activities, Non Performing Assets and Corporate Center. The majority of the revenue is generated from its Wholesale banking segment, which offers working capital facilities, corporate loans, leasing products, and investment banking services, among others. Geographically, a substantial part of the company's overall revenue is generated from Greece.
33GF Score

Get the complete analysis for ALBKY

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

$1.17
Price
$0.52
GF Value