Sunshine Insurance Group Co (FRA:E57) Beneish M-Score: -2.76 (As of Aug. 24, 2026)

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FRA:E57 Sunshine Insurance Group Co Ltd FRA:E57
73 GF Score
Price €0.36
GF Value €0.40
! 3 Warning Signs
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What is Sunshine Insurance Group Co Beneish M-Score?

Sunshine Insurance Group Co FRA:E57 +1.71% 73 Beneish M-Score is -2.76 as of Aug. 24, 2026. GuruFocus rates FRA:E57 with a GF Score™ of 73/100 and a GF Value™ of €0.40. The stock has 3 warning signs investors should review. Among 402 Insurance companies, Sunshine Insurance Group Co ranks better than 76.37% 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:E57' s Beneish M-Score Range Over the Past 10 Years
Min: -3.62   Med: -2.76   Max: -0.14
Current: -2.76

During the past 7 years, the highest Beneish M-Score of Sunshine Insurance Group Co was -0.14. The lowest was -3.62. And the median was -2.76.

FRA:E57
73GF Score
Sunshine Insurance Group Co Ltd FRA:E57
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sunshine Insurance Group Co 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 Sunshine Insurance Group Co 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 * 1.0064+0.528 * 1+0.404 * 1.0106+0.892 * 0.9781+0.115 * 0.966
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0234+4.679 * -0.088144-0.327 * 0.8676
=-2.87

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €327 Mil.
Revenue was €9,405 Mil.
Gross Profit was €9,405 Mil.
Total Current Assets was €0 Mil.
Total Assets was €83,886 Mil.
Property, Plant and Equipment(Net PPE) was €4,565 Mil.
Depreciation, Depletion and Amortization(DDA) was €201 Mil.
Selling, General, & Admin. Expense(SGA) was €373 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,435 Mil.
Net Income was €765 Mil.
Gross Profit was €360 Mil.
Cash Flow from Operations was €7,798 Mil.
 Total Receivables was €332 Mil.
Revenue was €9,616 Mil.
Gross Profit was €9,616 Mil.
Total Current Assets was €0 Mil.
Total Assets was €78,802 Mil.
Property, Plant and Equipment(Net PPE) was €5,071 Mil.
Depreciation, Depletion and Amortization(DDA) was €215 Mil.
Selling, General, & Admin. Expense(SGA) was €372 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,637 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)
=(326.531 / 9405.495) / (331.726 / 9616.109)
=0.034717 / 0.034497
=1.0064

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)
=(9616.109 / 9616.109) / (9405.495 / 9405.495)
=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 + 4565.369) / 83886.172) / (1 - (0 + 5070.589) / 78802.224)
=0.945577 / 0.935654
=1.0106

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
=9405.495 / 9616.109
=0.9781

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))
=(215.379 / (215.379 + 5070.589)) / (201.035 / (201.035 + 4565.369))
=0.040745 / 0.042177
=0.966

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)
=(372.606 / 9405.495) / (372.257 / 9616.109)
=0.039616 / 0.038712
=1.0234

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)
=((2435.098 + 0) / 83886.172) / ((2636.622 + 0) / 78802.224)
=0.029029 / 0.033459
=0.8676

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
=(764.734 - 360.36 - 7798.425) / 83886.172
=-0.088144

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.

Sunshine Insurance Group Co has a M-score of -2.87 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 -2.76 mean?
Sunshine Insurance Group Co (FRA:E57) has a Beneish M-Score of -2.76 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sunshine Insurance Group Co and its competitors. According to the industry distribution chart, Sunshine Insurance Group Co ranks #95 out of 402 companies in the Insurance industry, placing it in the top 23.6%.
Is Sunshine Insurance Group Co's Beneish M-Score too high?
Sunshine Insurance Group Co's current Beneish M-Score is -2.76. Based on the distribution chart, Sunshine Insurance Group Co ranks #95 out of 402 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Sunshine Insurance Group Co has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Sunshine Insurance Group Co's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Sunshine Insurance Group Co ranks #95 out of 402 companies for Beneish M-Score. This places Sunshine Insurance Group Co in the top 24% 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Sunshine Insurance Group Co and its competitors. Sunshine Insurance Group Co's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sunshine Insurance Group Co stock overvalued right now?
Sunshine Insurance Group Co (FRA:E57) has a current Beneish M-Score of -2.76. The stock's GF Value™ is €0.40, compared to a current price of €0.36 — trading 11% below its estimated fair value. The current Beneish M-Score is -2.76. Sunshine Insurance Group Co's overall GF Score™ is 73/100 with 3 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 Sunshine Insurance Group Co (FRA:E57), the current Beneish M-Score is -2.76 as of Aug. 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 Sunshine Insurance Group Co (FRA:E57) Overvalued in 2026?

Based on GuruFocus' analysis, Sunshine Insurance Group Co stock appears to be undervalued. The current stock price of €0.36 is trading 11% below its estimated GF Value™ of €0.40.

Key valuation signals for FRA:E57:

  • Beneish M-Score: -2.76
  • GF Value™: €0.40 vs. price of €0.36 (11% below fair value)
  • GF Score™: 73/100 with 3 warning signs

No single metric tells the full story. See the FRA:E57 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sunshine Insurance Group Co Business Description

Other Exchanges 06963:Hong Kong
Address No. 66 Lanzhi 2nd Road, Yuehai Street, 3001-3008, Sunshine Insurance Building, Haizhu Community, Nanshan District, Shenzhen, CHN, 518054
Sunshine Insurance Group Co Ltd is mainly engaged in the insurance business. The company has three operating segments; The life insurance segment offers a wide range of life insurance products mainly by Sunshine Life; The property and casualty insurance segment offers a wide range of property and casualty insurance products mainly by Sunshine P&C and Sunshine Surety, and Other business segment mainly provides corporation management and assets management services. It derives a majority of its revenue from the property and casualty insurance segment.
73GF Score

Get the complete analysis for FRA:E57

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

€0.36
Price
€0.40
GF Value