Avanza Bank Holding AB (CHIX:AZAS) Beneish M-Score: -2.68 (As of Jun. 26, 2026)


CHIX:AZAS Avanza Bank Holding AB CHIX:AZAS
84 GF Score
Price kr378.45
GF Value kr351.28
Valuation Fairly Valued
! 3 Warning Signs
View Full Analysis

What is Avanza Bank Holding AB Beneish M-Score?

Avanza Bank Holding AB CHIX:AZAS 84 Beneish M-Score is -2.68 as of Jun. 26, 2026. GuruFocus rates CHIX:AZAS with a GF Score™ of 84/100 and a GF Value™ of kr351.28 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Avanza Bank Holding AB ranks better than 85.76% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Avanza Bank Holding AB's Beneish M-Score or its related term are showing as below:

CHIX:AZAs' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.52   Max: -1.35
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Avanza Bank Holding AB was -1.35. The lowest was -3.58. And the median was -2.52.

CHIX:AZAS
84GF Score
Avanza Bank Holding AB CHIX:AZAS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Avanza Bank Holding AB 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 Avanza Bank Holding AB 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 * 1.0002+0.892 * 1.1198+0.115 * 0.9977
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.993+4.679 * -0.083135-0.327 * 0.7507
=-2.68

* 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 kr0 Mil.
Revenue was 1277 + 1151 + 1152 + 1076 = kr4,656 Mil.
Gross Profit was 1277 + 1151 + 1152 + 1076 = kr4,656 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr438,422 Mil.
Property, Plant and Equipment(Net PPE) was kr447 Mil.
Depreciation, Depletion and Amortization(DDA) was kr97 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,272 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr354 Mil.
Net Income was 754 + 626 + 699 + 600 = kr2,679 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 14348 + 8161 + 1858 + 14760 = kr39,127 Mil.
 Total Receivables was kr0 Mil.
Revenue was 1167 + 1077 + 972 + 942 = kr4,158 Mil.
Gross Profit was 1167 + 1077 + 972 + 942 = kr4,158 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr346,915 Mil.
Property, Plant and Equipment(Net PPE) was kr439 Mil.
Depreciation, Depletion and Amortization(DDA) was kr95 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,144 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr373 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 / 4656) / (0 / 4158)
=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)
=(4158 / 4158) / (4656 / 4656)
=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 + 447) / 438422) / (1 - (0 + 439) / 346915)
=0.99898 / 0.998735
=1.0002

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
=4656 / 4158
=1.1198

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))
=(95 / (95 + 439)) / (97 / (97 + 447))
=0.177903 / 0.178309
=0.9977

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)
=(1272 / 4656) / (1144 / 4158)
=0.273196 / 0.275132
=0.993

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)
=((354 + 0) / 438422) / ((373 + 0) / 346915)
=0.000807 / 0.001075
=0.7507

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
=(2679 - 0 - 39127) / 438422
=-0.083135

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.

Avanza Bank Holding AB has a M-score of -2.68 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 -2.68 mean?
Avanza Bank Holding AB (CHIX:AZAS) has a Beneish M-Score of -2.68 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Avanza Bank Holding AB and its competitors. According to the industry distribution chart, Avanza Bank Holding AB ranks #199 out of 1397 companies in the Banks industry, placing it in the top 14.2%.
Is Avanza Bank Holding AB's Beneish M-Score too high?
Avanza Bank Holding AB's current Beneish M-Score is -2.68. Based on the distribution chart, Avanza Bank Holding AB ranks #199 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Avanza Bank Holding AB has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Avanza Bank Holding AB's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Avanza Bank Holding AB ranks #199 out of 1397 companies for Beneish M-Score. This places Avanza Bank Holding AB in the top 14% of its industry — outperforming the majority of peers. 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 Avanza Bank Holding AB and its competitors. Avanza Bank Holding AB's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Avanza Bank Holding AB stock overvalued right now?
Based on GuruFocus' analysis, Avanza Bank Holding AB (CHIX:AZAS) is currently considered Fairly Valued. The stock's GF Value™ is kr351.28, compared to a current price of kr378.45 — trading 7.7% above its estimated fair value. The current Beneish M-Score is -2.68. Avanza Bank Holding AB's overall GF Score™ is 84/100 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 Avanza Bank Holding AB (CHIX:AZAS), the current Beneish M-Score is -2.68 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 Avanza Bank Holding AB (CHIX:AZAS) Overvalued in 2026?

Based on GuruFocus' analysis, Avanza Bank Holding AB stock appears to be overvalued. The current stock price of kr378.45 is trading 7.7% above its estimated GF Value™ of kr351.28. GuruFocus considers Avanza Bank Holding AB to be Fairly Valued.

Key valuation signals for CHIX:AZAS:

  • Beneish M-Score: -2.68
  • GF Value™: kr351.28 vs. price of kr378.45 (7.7% above fair value)
  • GF Score™: 84/100 with 3 warning signs

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

Avanza Bank Holding AB Business Description

Address Regeringsgatan 103, Box 1399, Stockholm, SWE, SE-111 93
Avanza Bank Holding AB operates a platform for savings and investments. It offers a range of savings products, competitive occupational pension solutions, margin lending and mortgages. Customers are offered to save in Swedish and foreign securities and in savings accounts at very low fees and at competitive rates. The company serves individual investors, professional traders and corporate customers, such as entrepreneurs, asset managers and firms that want occupational pensions for their employees.
84GF Score

Get the complete analysis for CHIX:AZAS

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

kr378.45
Price
kr351.28
GF Value