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 -4.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Alefarm Brewing AS's Beneish M-Score or its related term are showing as below:
FRA:902'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.22 Med: -3.32 Max: -1.33
Current: -4.22
During the past 8 years, the highest Beneish M-Score of Alefarm Brewing AS was -1.33. The lowest was -4.22. And the median was -3.32.
Alefarm Brewing AS Beneish M-Score Related Terms
Alefarm Brewing AS Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Alefarm Brewing 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.
For the Beverages - Brewers subindustry, Alefarm Brewing 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.
Alefarm Brewing AS Beneish M-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Alefarm Brewing AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alefarm Brewing 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 Alefarm Brewing 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 * 0.923
+
0.528 * 0.7707
+
0.404 * 0.2943
+
0.892 * 1.1593
+
0.115 * 0.7434
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.270903
-
0.327 * 1.3314
=
-4.22
* 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))
=
(0.229 / (0.229 + 0.522))
/
(0.242 / (0.242 + 0.348))
=
0.304927
/
0.410169
=
0.7434
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
=
(-0.204 - 0
-
0.12)
/
1.196
=
-0.270903
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.
Alefarm Brewing AS has a M-score of -4.22 suggests that the company is unlikely to be a manipulator.
Alefarm Brewing AS (FRA:902) has a Beneish M-Score of -4.22 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alefarm Brewing AS and its competitors. According to the industry distribution chart, Alefarm Brewing AS ranks #2 out of 202 companies in the Beverages - Alcoholic industry, placing it in the top 1%.
Is Alefarm Brewing AS's Beneish M-Score too high?
Alefarm Brewing AS's current Beneish M-Score is -4.22. Based on the distribution chart, Alefarm Brewing AS ranks #2 out of 202 companies in the Beverages - Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, Alefarm Brewing AS has a GF Score™ of 31/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Alefarm Brewing AS's Beneish M-Score compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Alefarm Brewing AS ranks #2 out of 202 companies for Beneish M-Score. This places Alefarm Brewing AS in the top 1% 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 Alefarm Brewing AS and its competitors. Alefarm Brewing AS's current Beneish M-Score is -4.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alefarm Brewing AS stock overvalued right now?
Based on GuruFocus' analysis, Alefarm Brewing AS (FRA:902) is currently considered Modestly Overvalued. The stock's GF Value™ is €0.25, compared to a current price of €0.30 — trading 19.6% above its estimated fair value. The current Beneish M-Score is -4.22. Alefarm Brewing AS's overall GF Score™ is 31/100. 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 Alefarm Brewing AS (FRA:902), the current Beneish M-Score is -4.22 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 Alefarm Brewing AS (FRA:902) Overvalued in 2026?
Based on GuruFocus' analysis, Alefarm Brewing AS stock appears to be overvalued.
The current stock price of €0.30 is trading 19.6% above its estimated GF Value™ of €0.25.
GuruFocus considers Alefarm Brewing AS to be Modestly Overvalued.
Key valuation signals for FRA:902:
Beneish M-Score: -4.22
GF Value™: €0.25 vs. price of €0.30 (19.6% above fair value)
No single metric tells the full story. See the FRA:902 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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