Gronlandsbanken AS (CHIX:GRLAC) Beneish M-Score: -3.01 (As of Jun. 26, 2026)


CHIX:GRLAC Gronlandsbanken AS CHIX:GRLAC
54 GF Score
Price kr590.00
GF Value kr384.56
! 4 Warning Signs
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What is Gronlandsbanken AS Beneish M-Score?

Gronlandsbanken AS CHIX:GRLAC 54 Beneish M-Score is -3.01 as of Jun. 26, 2026. GuruFocus rates CHIX:GRLAC with a GF Score™ of 54/100 and a GF Value™ of kr384.56. The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Gronlandsbanken AS ranks better than 93.49% 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 -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:GRLAc' s Beneish M-Score Range Over the Past 10 Years
Min: -21.09   Med: -2.37   Max: -1.49
Current: -3.01

During the past 13 years, the highest Beneish M-Score of Gronlandsbanken AS was -1.49. The lowest was -21.09. And the median was -2.37.

CHIX:GRLAC
54GF Score
Gronlandsbanken AS CHIX:GRLAC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Gronlandsbanken AS 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 Gronlandsbanken AS 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 * 1.0013+0.892 * 0.9008+0.115 * 0.9865
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.203+4.679 * -0.074424-0.327 * 1.1877
=-3.01

* 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 kr0.0 Mil.
Revenue was kr454.2 Mil.
Gross Profit was kr454.2 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr10,974.5 Mil.
Property, Plant and Equipment(Net PPE) was kr335.1 Mil.
Depreciation, Depletion and Amortization(DDA) was kr9.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr115.3 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr495.2 Mil.
Net Income was kr180.9 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr997.6 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was kr504.2 Mil.
Gross Profit was kr504.2 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr10,021.5 Mil.
Property, Plant and Equipment(Net PPE) was kr318.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr9.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr106.4 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr380.7 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 / 454.204) / (0 / 504.242)
=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)
=(504.242 / 504.242) / (454.204 / 454.204)
=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 + 335.123) / 10974.46) / (1 - (0 + 318.487) / 10021.543)
=0.969463 / 0.96822
=1.0013

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
=454.204 / 504.242
=0.9008

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))
=(9.017 / (9.017 + 318.487)) / (9.621 / (9.621 + 335.123))
=0.027532 / 0.027908
=0.9865

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)
=(115.339 / 454.204) / (106.438 / 504.242)
=0.253937 / 0.211085
=1.203

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)
=((495.177 + 0) / 10974.46) / ((380.724 + 0) / 10021.543)
=0.045121 / 0.037991
=1.1877

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
=(180.853 - 0 - 997.613) / 10974.46
=-0.074424

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.

Gronlandsbanken AS has a M-score of -3.01 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 -3.01 mean?
Gronlandsbanken AS (CHIX:GRLAC) has a Beneish M-Score of -3.01 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gronlandsbanken AS and its competitors. According to the industry distribution chart, Gronlandsbanken AS ranks #91 out of 1397 companies in the Banks industry, placing it in the top 6.5%.
Is Gronlandsbanken AS's Beneish M-Score too high?
Gronlandsbanken AS's current Beneish M-Score is -3.01. Based on the distribution chart, Gronlandsbanken AS ranks #91 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Gronlandsbanken AS has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does Gronlandsbanken AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Gronlandsbanken AS ranks #91 out of 1397 companies for Beneish M-Score. This places Gronlandsbanken AS in the top 7% 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 Gronlandsbanken AS and its competitors. Gronlandsbanken AS's current Beneish M-Score is -3.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gronlandsbanken AS stock overvalued right now?
Gronlandsbanken AS (CHIX:GRLAC) has a current Beneish M-Score of -3.01. The stock's GF Value™ is kr384.56, compared to a current price of kr590.00 — trading 53.4% above its estimated fair value. The current Beneish M-Score is -3.01. Gronlandsbanken AS's overall GF Score™ is 54/100 with 4 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 Gronlandsbanken AS (CHIX:GRLAC), the current Beneish M-Score is -3.01 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 Gronlandsbanken AS (CHIX:GRLAC) Overvalued in 2026?

Based on GuruFocus' analysis, Gronlandsbanken AS stock appears to be overvalued. The current stock price of kr590.00 is trading 53.4% above its estimated GF Value™ of kr384.56.

Key valuation signals for CHIX:GRLAC:

  • Beneish M-Score: -3.01
  • GF Value™: kr384.56 vs. price of kr590.00 (53.4% above fair value)
  • GF Score™: 54/100 with 4 warning signs

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

Gronlandsbanken AS Business Description

Other Exchanges 0OGV:UKGRLA:Denmark
Address Imaneq 33, Post Box 1033, Nuuk, GRL, 3900
Gronlandsbanken AS is a Greenland-based bank engaged in consultancy and financial services in Greenland. The bank's products and services are provided to private customers and commercial enterprises. The company offers home banking, mortgage loans, savings accounts, pension funds, insurance, payment transfers, and investment advisory services. It also operates an electronic banking platform, named Netbank, which enables access to a range of facilities, such as payments, transfers, and invoices.
54GF Score

Get the complete analysis for CHIX:GRLAC

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

kr590.00
Price
kr384.56
GF Value