Inin Group ASFRA:72G 35 Beneish M-Score is -3.83 as of Jun. 25, 2026. GuruFocus rates FRA:72G with a GF Score™ of 35/100 and a GF Value™ of €0.34 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 2,403 Hardware companies, Inin Group AS ranks better than 94.88% on this metric.
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 -3.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Inin Group AS's Beneish M-Score or its related term are showing as below:
FRA:72G'
s Beneish M-Score Range Over the Past 10 Years
Min: -169.3 Med: -3.83 Max: 3.6
Current: -3.83
During the past 9 years, the highest Beneish M-Score of Inin Group AS was 3.60. The lowest was -169.30. And the median was -3.83.
Inin Group AS Beneish M-Score Related Terms
Inin Group AS Beneish M-Score Historical Data
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The historical data trend for Inin Group AS's Beneish M-Score can be seen below:
* 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.
FRA:72G vs COHR, KEYS, GRMN: Beneish M-Score Comparison
For the Scientific & Technical Instruments subindustry, Inin Group AS'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.
Inin Group AS Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Inin Group AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inin Group AS'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 Inin Group 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 * 0.5089
+
0.528 * 0.8523
+
0.404 * 0.5646
+
0.892 * 1.0584
+
0.115 * 0.9256
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6598
+
4.679 * -0.155878
-
0.327 * 1.0725
=
-3.84
* 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))
=
(9.017 / (9.017 + 20.733))
/
(5.414 / (5.414 + 11.12))
=
0.303092
/
0.327446
=
0.9256
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
=
(-7.493 - 0
-
9.523)
/
109.162
=
-0.155878
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.
Inin Group AS has a M-score of -3.84 suggests that the company is unlikely to be a manipulator.
Inin Group AS (FRA:72G) has a Beneish M-Score of -3.83 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Inin Group AS and its competitors. According to the industry distribution chart, Inin Group AS ranks #123 out of 2403 companies in the Hardware industry, placing it in the top 5.1%.
Is Inin Group AS's Beneish M-Score too high?
Inin Group AS's current Beneish M-Score is -3.83. Based on the distribution chart, Inin Group AS ranks #123 out of 2403 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Inin Group AS has a GF Score™ of 35/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Inin Group AS's Beneish M-Score compare to COHR and KEYS?
According to the Hardware industry distribution chart, Inin Group AS ranks #123 out of 2403 companies for Beneish M-Score. This places Inin Group AS in the top 5% 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Inin Group AS and its competitors. Inin Group AS's current Beneish M-Score is -3.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Inin Group AS stock overvalued right now?
Based on GuruFocus' analysis, Inin Group AS (FRA:72G) is currently considered Possible Value Trap. The stock's GF Value™ is €0.34, compared to a current price of €0.23 — trading 31.2% below its estimated fair value. The current Beneish M-Score is -3.83. Inin Group AS's overall GF Score™ is 35/100 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 Inin Group AS (FRA:72G), the current Beneish M-Score is -3.83 as of Jun. 25, 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 Inin Group AS (FRA:72G) Overvalued in 2026?
Based on GuruFocus' analysis, Inin Group AS stock appears to be undervalued.
The current stock price of €0.23 is trading 31.2% below its estimated GF Value™ of €0.34.
GuruFocus considers Inin Group AS to be Possible Value Trap.
Key valuation signals for FRA:72G:
Beneish M-Score: -3.83
GF Value™: €0.34 vs. price of €0.23 (31.2% below fair value)
No single metric tells the full story. See the FRA:72G stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Inin Group AS is a Norwegian industrial owner that follows a vertically focused buy-and-build strategy to identify and invest in niches with potential for development and growth. It specializes in infrastructure services sectors such as rail, power supply, and electrification. The company operates in three segments: Rail, focused on construction, competence, and service supply; Power, which generates maximum revenue and is engaged in energy infrastructure and telecom construction and maintenance; and Inspection (TIC), engaged in testing, inspection, and certification of infrastructure and industrial assets. Geographically, the company operates in Norway, Sweden, and the rest of the world, with Norway generating the majority of its revenue.
35GF Score
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