Kelsian Group (FRA:CY4) Beneish M-Score: -2.70 (As of Jun. 26, 2026)

What is Kelsian Group Beneish M-Score?

Kelsian Group FRA:CY4 -0.76% 90 Beneish M-Score is -2.70 as of Jun. 26, 2026. GuruFocus rates FRA:CY4 with a GF Score™ of 90/100 and a GF Value™ of €3.69 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 966 Transportation companies, Kelsian Group ranks better than 60.56% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:CY4' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.56 Max: 0.44
Current: -2.7

During the past 12 years, the highest Beneish M-Score of Kelsian Group was 0.44. The lowest was -2.76. And the median was -2.56.

Kelsian Group Beneish M-Score Related Terms

Kelsian Group Beneish M-Score Historical Data

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The historical data trend for Kelsian Group'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.

Kelsian Group Beneish M-Score Chart

Kelsian Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.53

-2.56

-2.17

-2.56

-2.70

Kelsian Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.56	0.00	-2.70	0.00

FRA:CY4 vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, Kelsian Group'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.

Kelsian Group Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Kelsian Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kelsian Group's Beneish M-Score falls into.

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90GF Score

Kelsian Group Ltd FRA:CY4

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Kelsian Group 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 Kelsian Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.038

0.528 * 0.9838

0.404 * 0.9486

0.892 * 1.0022

0.115 * 0.9951

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0112

4.679 * -0.064612

0.327 * 1.0107

-2.78

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was €131 Mil.
Revenue was €1,247 Mil.
Gross Profit was €1,142 Mil.
Total Current Assets was €271 Mil.
Total Assets was €1,411 Mil.
Property, Plant and Equipment(Net PPE) was €591 Mil.
Depreciation, Depletion and Amortization(DDA) was €84 Mil.
Selling, General, & Admin. Expense(SGA) was €802 Mil.
Total Current Liabilities was €232 Mil.
Long-Term Debt & Capital Lease Obligation was €581 Mil.
Net Income was €31 Mil.
Gross Profit was €6 Mil.
Cash Flow from Operations was €116 Mil.

Total Receivables was €126 Mil.
Revenue was €1,244 Mil.
Gross Profit was €1,121 Mil.
Total Current Assets was €250 Mil.
Total Assets was €1,482 Mil.
Property, Plant and Equipment(Net PPE) was €625 Mil.
Depreciation, Depletion and Amortization(DDA) was €88 Mil.
Selling, General, & Admin. Expense(SGA) was €791 Mil.
Total Current Liabilities was €250 Mil.
Long-Term Debt & Capital Lease Obligation was €594 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)
	=	(131.444 / 1246.826)	/	(126.35 / 1244.102)
	=	0.105423	/	0.101559
	=	1.038

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)
	=	(1120.543 / 1244.102)	/	(1141.536 / 1246.826)
	=	0.900684	/	0.915554
	=	0.9838

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 - (271.084 + 591.01) / 1410.835)	/	(1 - (249.581 + 624.712) / 1481.862)
	=	0.388948	/	0.410004
	=	0.9486

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
	=	1246.826	/	1244.102
	=	1.0022

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))
	=	(88.387 / (88.387 + 624.712))	/	(84.085 / (84.085 + 591.01))
	=	0.123948	/	0.124553
	=	0.9951

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)
	=	(801.615 / 1246.826)	/	(790.973 / 1244.102)
	=	0.642925	/	0.635778
	=	1.0112

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)
	=	((580.682 + 231.726) / 1410.835)	/	((594.456 + 249.832) / 1481.862)
	=	0.575835	/	0.569748
	=	1.0107

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
	=	(30.759 - 6.106	-	115.81)	/	1410.835
	=	-0.064612

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.

Kelsian Group has a M-score of -2.78 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 -2.70 mean?

Kelsian Group (FRA:CY4) has a Beneish M-Score of -2.70 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kelsian Group and its competitors. According to the industry distribution chart, Kelsian Group ranks #381 out of 966 companies in the Transportation industry, placing it in the top 39.4%.

Is Kelsian Group's Beneish M-Score too high?

Kelsian Group's current Beneish M-Score is -2.70. Based on the distribution chart, Kelsian Group ranks #381 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Kelsian Group has a GF Score™ of 90/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Kelsian Group's Beneish M-Score compare to UNP and CSX?

According to the Transportation industry distribution chart, Kelsian Group ranks #381 out of 966 companies for Beneish M-Score. This puts Kelsian Group 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 Kelsian Group and its competitors. Kelsian Group's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kelsian Group stock overvalued right now?

Based on GuruFocus' analysis, Kelsian Group (FRA:CY4) is currently considered Possible Value Trap. The stock's GF Value™ is €3.69, compared to a current price of €2.60 — trading 29.5% below its estimated fair value. The current Beneish M-Score is -2.70. Kelsian Group's overall GF Score™ is 90/100 with 6 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 Kelsian Group (FRA:CY4), the current Beneish M-Score is -2.70 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 Kelsian Group (FRA:CY4) Overvalued in 2026?

Based on GuruFocus' analysis, Kelsian Group stock appears to be undervalued. The current stock price of €2.60 is trading 29.5% below its estimated GF Value™ of €3.69. GuruFocus considers Kelsian Group to be Possible Value Trap.

Key valuation signals for FRA:CY4:

Beneish M-Score: -2.70
GF Value™: €3.69 vs. price of €2.60 (29.5% below fair value)
GF Score™: 90/100 with 6 warning signs

No single metric tells the full story. See the FRA:CY4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kelsian Group Business Description

Industry Industrials Transportation

Comparable Companies ASX:KSC ASX:SST ASX:VGN ASX:LAU ASX:PRG ASX:CLX ASX:BWN ASX:AQZ ASX:WWG ASX:ODA UNP CSX TSX:CP TSX:CNR NSC WAB SHSE:601816 HKSE:00066 TSE:9020 HKSE:01766

Other Exchanges KLS:Australia

Address 26 Flinders Street, Level 3, Adelaide, SA, AUS, 5000

Website https://www.kelsian.com

Kelsian operates public transport bus services throughout Australia, Singapore, and the UK on behalf of state governments. In the private sector, the group provides commuter transport services to resource companies, corporates, and education providers in Australia and the United States. Kelsian also provides marine transportation and a variety of tourism-related services throughout Australia, including ferry services, leisure cruises, accommodation, bus tours, and packaged holidays. In February 2026, Kelsian announced it had entered into an agreement to divest the leisure-centric tourism assets.

90GF Score

Get the complete analysis for FRA:CY4

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

€2.60

Price

€3.69

GF Value

View FRA:CY4 Analysis

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