Hvidbjerg Bank AS (CHIX:HVIDC) Beneish M-Score: -2.29 (As of Jun. 26, 2026)


CHIX:HVIDC Hvidbjerg Bank AS CHIX:HVIDC
70 GF Score
Price kr72.50
GF Value kr54.76
! 3 Warning Signs
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What is Hvidbjerg Bank AS Beneish M-Score?

Hvidbjerg Bank AS CHIX:HVIDC 70 Beneish M-Score is -2.29 as of Jun. 26, 2026. GuruFocus rates CHIX:HVIDC with a GF Score™ of 70/100 and a GF Value™ of kr54.76. The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Hvidbjerg Bank AS ranks worse than 68.58% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:HVIDc' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.3   Max: -1.6
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Hvidbjerg Bank AS was -1.60. The lowest was -3.03. And the median was -2.30.

CHIX:HVIDC
70GF Score
Hvidbjerg Bank AS CHIX:HVIDC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hvidbjerg Bank 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 Hvidbjerg Bank 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 * 1.001+0.892 * 1.0281+0.115 * 0.7321
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0037+4.679 * 0.011611-0.327 * 0.5721
=-2.29

* 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 kr139.6 Mil.
Gross Profit was kr139.6 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr2,562.6 Mil.
Property, Plant and Equipment(Net PPE) was kr10.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr10.4 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr34.9 Mil.
Net Income was kr29.8 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr0.0 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was kr135.8 Mil.
Gross Profit was kr135.8 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr2,301.9 Mil.
Property, Plant and Equipment(Net PPE) was kr11.6 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1.5 Mil.
Selling, General, & Admin. Expense(SGA) was kr10.1 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr54.8 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 / 139.638) / (0 / 135.82)
=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)
=(135.82 / 135.82) / (139.638 / 139.638)
=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 + 10.397) / 2562.563) / (1 - (0 + 11.61) / 2301.862)
=0.995943 / 0.994956
=1.001

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
=139.638 / 135.82
=1.0281

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))
=(1.457 / (1.457 + 11.61)) / (1.868 / (1.868 + 10.397))
=0.111502 / 0.152303
=0.7321

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)
=(10.394 / 139.638) / (10.072 / 135.82)
=0.074435 / 0.074157
=1.0037

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)
=((34.901 + 0) / 2562.563) / ((54.8 + 0) / 2301.862)
=0.01362 / 0.023807
=0.5721

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
=(29.755 - 0 - 0) / 2562.563
=0.011611

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.

Hvidbjerg Bank AS has a M-score of -2.29 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 -2.29 mean?
Hvidbjerg Bank AS (CHIX:HVIDC) has a Beneish M-Score of -2.29 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hvidbjerg Bank AS and its competitors. According to the industry distribution chart, Hvidbjerg Bank AS ranks #958 out of 1397 companies in the Banks industry, placing it in the top 68.6%.
Is Hvidbjerg Bank AS's Beneish M-Score too high?
Hvidbjerg Bank AS's current Beneish M-Score is -2.29. Based on the distribution chart, Hvidbjerg Bank AS ranks #958 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Hvidbjerg Bank AS has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does Hvidbjerg Bank AS's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Hvidbjerg Bank AS ranks #958 out of 1397 companies for Beneish M-Score. This places Hvidbjerg Bank AS 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 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 Hvidbjerg Bank AS and its competitors. Hvidbjerg Bank AS's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hvidbjerg Bank AS stock overvalued right now?
Hvidbjerg Bank AS (CHIX:HVIDC) has a current Beneish M-Score of -2.29. The stock's GF Value™ is kr54.76, compared to a current price of kr72.50 — trading 32.4% above its estimated fair value. The current Beneish M-Score is -2.29. Hvidbjerg Bank AS's overall GF Score™ is 70/100 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 Hvidbjerg Bank AS (CHIX:HVIDC), the current Beneish M-Score is -2.29 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 Hvidbjerg Bank AS (CHIX:HVIDC) Overvalued in 2026?

Based on GuruFocus' analysis, Hvidbjerg Bank AS stock appears to be overvalued. The current stock price of kr72.50 is trading 32.4% above its estimated GF Value™ of kr54.76.

Key valuation signals for CHIX:HVIDC:

  • Beneish M-Score: -2.29
  • GF Value™: kr54.76 vs. price of kr72.50 (32.4% above fair value)
  • GF Score™: 70/100 with 3 warning signs

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

Hvidbjerg Bank AS Business Description

Other Exchanges HVID:Denmark
Address Ostergade 2, Thyholm, DNK, 7790
Hvidbjerg Bank AS is a Denmark-based bank that offers various banking products and services.It offers financial services to private individuals and local businesses. The bank offers pension products, mortgages and personal loans, investment services, and Internet banking. It operates in the central and western Jutland Limfjord area and has four departments in Hvidbjerg / Hurup, Struer, Viborg, and Holstebro.
70GF Score

Get the complete analysis for CHIX:HVIDC

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

kr72.50
Price
kr54.76
GF Value