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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 -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Salvo Organic Industries's Beneish M-Score or its related term are showing as below:
DHA:SALVO'
s Beneish M-Score Range Over the Past 10 Years
Min: -24.65 Med: -2.58 Max: 0.92
Current: -3.33
During the past 13 years, the highest Beneish M-Score of Salvo Organic Industries was 0.92. The lowest was -24.65. And the median was -2.58.
Salvo Organic Industries Beneish M-Score Related Terms
Salvo Organic Industries Beneish M-Score Historical Data
* 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.
For the Chemicals subindustry, Salvo Organic Industries's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Salvo Organic Industries Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Salvo Organic Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Salvo Organic Industries's Beneish M-Score falls into.
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 Salvo Organic Industries 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 * 0.6304
+
0.528 * 0.6825
+
0.404 * 0.6667
+
0.892 * 1.2129
+
0.115 * 1.0157
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0896
+
4.679 * -0.081885
-
0.327 * 0.9997
=
-3.33
* 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.
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.
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))
=
(119.617 / (119.617 + 2190.786))
/
(122.475 / (122.475 + 2280.363))
=
0.051773
/
0.050971
=
1.0157
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
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
=
(41.429 - 0
-
274.556)
/
2847.011
=
-0.081885
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.
Salvo Organic Industries has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
Salvo Organic Industries (DHA:SALVO) has a Beneish M-Score of -3.33 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Salvo Organic Industries and its competitors. According to the industry distribution chart, Salvo Organic Industries ranks #113 out of 1525 companies in the Chemicals industry, placing it in the top 7.4%.
Is Salvo Organic Industries' Beneish M-Score too high?
Salvo Organic Industries' current Beneish M-Score is -3.33. Based on the distribution chart, Salvo Organic Industries ranks #113 out of 1525 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Salvo Organic Industries has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Salvo Organic Industries' Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Salvo Organic Industries ranks #113 out of 1525 companies for Beneish M-Score. This places Salvo Organic Industries 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Salvo Organic Industries and its competitors. Salvo Organic Industries's current Beneish M-Score is -3.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Salvo Organic Industries stock overvalued right now?
Based on GuruFocus' analysis, Salvo Organic Industries (DHA:SALVO) is currently considered Fairly Valued. The stock's GF Value™ is BDT38.32, compared to a current price of BDT38.50 — trading 0.5% above its estimated fair value. The current Beneish M-Score is -3.33. Salvo Organic Industries' overall GF Score™ is 85/100 with 10 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 Salvo Organic Industries (DHA:SALVO), the current Beneish M-Score is -3.33 as of Jul. 14, 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 Salvo Organic Industries (DHA:SALVO) Overvalued in 2026?
Based on GuruFocus' analysis, Salvo Organic Industries stock appears to be overvalued.
The current stock price of BDT38.50 is trading 0.5% above its estimated GF Value™ of BDT38.32.
GuruFocus considers Salvo Organic Industries to be Fairly Valued.
Key valuation signals for DHA:SALVO:
Beneish M-Score: -3.33
GF Value™: BDT38.32 vs. price of BDT38.50 (0.5% above fair value)
No single metric tells the full story. See the DHA:SALVO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Salvo Organic Industries PLC, formerly known as Salvo Chemical Industry Ltd, mainly engages in the manufacturing of sulphuric acid and liquid Glucose. In addition to that, the company also produces battery-grade water, Magnesium and zinc sulfate, starch, etc. Sulphuric Acid is used to produce ferrous sulfate, alum, etc, Additionally, it is used in the manufacturing of plasticizers, dyestuffs, explosives, silicate for toothpaste, adhesives, rubbers, edible oils, lubricants, the production of food acids. The segments of the company include Sulphuric Acid and battery-grade water, Starch & by- product, and Liquid Glucose. The majority of revenue is generated from the Starch & by-product segment.
85GF Score
Get the complete analysis for DHA:SALVO
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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