Sparebanken Ost (CHIX:SPOGO) Beneish M-Score: -2.43 (As of Jun. 26, 2026)


CHIX:SPOGO Sparebanken Ost CHIX:SPOGO
50 GF Score
Price kr71.03
GF Value kr60.86
! 5 Warning Signs
View Full Analysis

What is Sparebanken Ost Beneish M-Score?

Sparebanken Ost CHIX:SPOGO 50 Beneish M-Score is -2.43 as of Jun. 26, 2026. GuruFocus rates CHIX:SPOGO with a GF Score™ of 50/100 and a GF Value™ of kr60.86. The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Sparebanken Ost ranks better than 55.91% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:SPOGo' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.26   Max: -1.76
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Sparebanken Ost was -1.76. The lowest was -2.76. And the median was -2.26.

CHIX:SPOGO
50GF Score
Sparebanken Ost CHIX:SPOGO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sparebanken Ost 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 Sparebanken Ost 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+0.892 * 1.0206+0.115 * 0.891
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9633+4.679 * 0.006228-0.327 * 0.959
=-2.43

* 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 220.1 + 225.3 + 242.7 + 329.8 = kr1,018 Mil.
Gross Profit was 220.1 + 225.3 + 242.7 + 329.8 = kr1,018 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr46,114 Mil.
Property, Plant and Equipment(Net PPE) was kr167 Mil.
Depreciation, Depletion and Amortization(DDA) was kr31 Mil.
Selling, General, & Admin. Expense(SGA) was kr17 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr23,296 Mil.
Net Income was 92.6 + 90.2 + 102.2 + 208.7 = kr494 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 510.7 + -317.8 + -147.5 + 161.1 = kr207 Mil.
 Total Receivables was kr0 Mil.
Revenue was 240.3 + 242.4 + 261.1 + 253.6 = kr997 Mil.
Gross Profit was 240.3 + 242.4 + 261.1 + 253.6 = kr997 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr47,495 Mil.
Property, Plant and Equipment(Net PPE) was kr173 Mil.
Depreciation, Depletion and Amortization(DDA) was kr28 Mil.
Selling, General, & Admin. Expense(SGA) was kr18 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr25,018 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 / 1017.9) / (0 / 997.4)
=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)
=(997.4 / 997.4) / (1017.9 / 1017.9)
=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 + 167) / 46114.4) / (1 - (0 + 172.5) / 47495.1)
=0.996379 / 0.996368
=1

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
=1017.9 / 997.4
=1.0206

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))
=(27.7 / (27.7 + 172.5)) / (30.7 / (30.7 + 167))
=0.138362 / 0.155286
=0.891

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)
=(17.4 / 1017.9) / (17.7 / 997.4)
=0.017094 / 0.017746
=0.9633

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)
=((23296 + 0) / 46114.4) / ((25018 + 0) / 47495.1)
=0.505178 / 0.526749
=0.959

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
=(493.7 - 0 - 206.5) / 46114.4
=0.006228

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.

Sparebanken Ost has a M-score of -2.43 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 -2.43 mean?
Sparebanken Ost (CHIX:SPOGO) has a Beneish M-Score of -2.43 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sparebanken Ost and its competitors. According to the industry distribution chart, Sparebanken Ost ranks #616 out of 1397 companies in the Banks industry, placing it in the top 44.1%.
Is Sparebanken Ost's Beneish M-Score too high?
Sparebanken Ost's current Beneish M-Score is -2.43. Based on the distribution chart, Sparebanken Ost ranks #616 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Sparebanken Ost has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.
How does Sparebanken Ost's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Sparebanken Ost ranks #616 out of 1397 companies for Beneish M-Score. This puts Sparebanken Ost 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 Sparebanken Ost and its competitors. Sparebanken Ost's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sparebanken Ost stock overvalued right now?
Sparebanken Ost (CHIX:SPOGO) has a current Beneish M-Score of -2.43. The stock's GF Value™ is kr60.86, compared to a current price of kr71.03 — trading 16.7% above its estimated fair value. The current Beneish M-Score is -2.43. Sparebanken Ost's overall GF Score™ is 50/100 with 5 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 Sparebanken Ost (CHIX:SPOGO), the current Beneish M-Score is -2.43 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 Sparebanken Ost (CHIX:SPOGO) Overvalued in 2026?

Based on GuruFocus' analysis, Sparebanken Ost stock appears to be overvalued. The current stock price of kr71.03 is trading 16.7% above its estimated GF Value™ of kr60.86.

Key valuation signals for CHIX:SPOGO:

  • Beneish M-Score: -2.43
  • GF Value™: kr60.86 vs. price of kr71.03 (16.7% above fair value)
  • GF Score™: 50/100 with 5 warning signs

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

Sparebanken Ost Business Description

Other Exchanges SPOG:Norway
Address Bragernes Torg 2, PO Box 67, Hokksund, Drammen, NOR, 3301
Sparebanken Øst is a savings bank in Norway. It offers banking products and services to retail and corporate customers in the areas of loans, payment services, insurance products, property management as well as advisory services. Its mission is to be a non-affiliated, independent and locally managed provider of financial services, to enable people in general, along with small and medium-sized enterprises, to exploit their financial resources in the possible manner.
50GF Score

Get the complete analysis for CHIX:SPOGO

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

kr71.03
Price
kr60.86
GF Value