Skandinaviska Enskilda Banken AB (CHIX:SEBAS) Beneish M-Score: -2.45 (As of Jun. 24, 2026)


CHIX:SEBAS Skandinaviska Enskilda Banken AB CHIX:SEBAS
71 GF Score
Price kr194.20
GF Value kr152.94
Valuation Modestly Overvalued
! 8 Warning Signs
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What is Skandinaviska Enskilda Banken AB Beneish M-Score?

Skandinaviska Enskilda Banken AB CHIX:SEBAS 71 Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus rates CHIX:SEBAS with a GF Score™ of 71/100 and a GF Value™ of kr152.94 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, Skandinaviska Enskilda Banken AB ranks better than 60.67% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Skandinaviska Enskilda Banken AB's Beneish M-Score or its related term are showing as below:

CHIX:SEBAs' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.45   Max: -1.56
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Skandinaviska Enskilda Banken AB was -1.56. The lowest was -2.76. And the median was -2.45.

CHIX:SEBAS
71GF Score
Skandinaviska Enskilda Banken AB CHIX:SEBAS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Skandinaviska Enskilda Banken 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 Skandinaviska Enskilda Banken 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 * 1.0001+0.892 * 0.932+0.115 * 0.9219
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9699+4.679 * 0.024135-0.327 * 1.0578
=-2.45

* 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 18405 + 18894 + 18665 + 19557 = kr75,521 Mil.
Gross Profit was 18405 + 18894 + 18665 + 19557 = kr75,521 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr4,123,102 Mil.
Property, Plant and Equipment(Net PPE) was kr7,084 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,460 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,177 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr960,645 Mil.
Net Income was 7497 + 7308 + 7677 + 8253 = kr30,735 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 158698 + -111604 + -111222 + -4648 = kr-68,776 Mil.
 Total Receivables was kr0 Mil.
Revenue was 19821 + 19986 + 20908 + 20312 = kr81,027 Mil.
Gross Profit was 19821 + 19986 + 20908 + 20312 = kr81,027 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr4,086,760 Mil.
Property, Plant and Equipment(Net PPE) was kr7,325 Mil.
Depreciation, Depletion and Amortization(DDA) was kr2,283 Mil.
Selling, General, & Admin. Expense(SGA) was kr1,302 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr900,170 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 / 75521) / (0 / 81027)
=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)
=(81027 / 81027) / (75521 / 75521)
=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 + 7084) / 4123102) / (1 - (0 + 7325) / 4086760)
=0.998282 / 0.998208
=1.0001

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
=75521 / 81027
=0.932

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))
=(2283 / (2283 + 7325)) / (2460 / (2460 + 7084))
=0.237614 / 0.257754
=0.9219

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)
=(1177 / 75521) / (1302 / 81027)
=0.015585 / 0.016069
=0.9699

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)
=((960645 + 0) / 4123102) / ((900170 + 0) / 4086760)
=0.232991 / 0.220265
=1.0578

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
=(30735 - 0 - -68776) / 4123102
=0.024135

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.

Skandinaviska Enskilda Banken AB has a M-score of -2.45 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 -2.45 mean?
Skandinaviska Enskilda Banken AB (CHIX:SEBAS) has a Beneish M-Score of -2.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Skandinaviska Enskilda Banken AB and its competitors. According to the industry distribution chart, Skandinaviska Enskilda Banken AB ranks #549 out of 1396 companies in the Banks industry, placing it in the top 39.3%.
Is Skandinaviska Enskilda Banken AB's Beneish M-Score too high?
Skandinaviska Enskilda Banken AB's current Beneish M-Score is -2.45. Based on the distribution chart, Skandinaviska Enskilda Banken AB ranks #549 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Skandinaviska Enskilda Banken AB has a GF Score™ of 71/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Skandinaviska Enskilda Banken AB's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Skandinaviska Enskilda Banken AB ranks #549 out of 1396 companies for Beneish M-Score. This puts Skandinaviska Enskilda Banken AB 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 Skandinaviska Enskilda Banken AB and its competitors. Skandinaviska Enskilda Banken AB's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Skandinaviska Enskilda Banken AB stock overvalued right now?
Based on GuruFocus' analysis, Skandinaviska Enskilda Banken AB (CHIX:SEBAS) is currently considered Modestly Overvalued. The stock's GF Value™ is kr152.94, compared to a current price of kr194.20 — trading 27% above its estimated fair value. The current Beneish M-Score is -2.45. Skandinaviska Enskilda Banken AB's overall GF Score™ is 71/100 with 8 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 Skandinaviska Enskilda Banken AB (CHIX:SEBAS), the current Beneish M-Score is -2.45 as of Jun. 24, 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 Skandinaviska Enskilda Banken AB (CHIX:SEBAS) Overvalued in 2026?

Based on GuruFocus' analysis, Skandinaviska Enskilda Banken AB stock appears to be overvalued. The current stock price of kr194.20 is trading 27% above its estimated GF Value™ of kr152.94. GuruFocus considers Skandinaviska Enskilda Banken AB to be Modestly Overvalued.

Key valuation signals for CHIX:SEBAS:

  • Beneish M-Score: -2.45
  • GF Value™: kr152.94 vs. price of kr194.20 (27% above fair value)
  • GF Score™: 71/100 with 8 warning signs

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

Skandinaviska Enskilda Banken AB Business Description

Address Kungstradgardsgatan 8, Stockholm, SWE, SE-106 40
Skandinaviska Enskilda Banken is a Swedish universal bank with a strong focus on the corporate lending sector. The bank operates in the Nordics, the Baltics, Germany, and the United Kingdom but derives the majority of its operating profits from Sweden. SEB specializes in corporate lending, particularly to large corporations. Additionally, it serves large midcorporate and multinational companies, financial institutions, and small and medium-size enterprises. It also serves about 4 million private customers in Sweden and the Baltics. The bank offers asset management, life insurance, and private banking services to its clients.
71GF Score

Get the complete analysis for CHIX:SEBAS

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

kr194.20
Price
kr152.94
GF Value