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Eurohold Bulgaria ADFRA:KZ4 50 Beneish M-Score is -2.86 as of Jul. 15, 2026. GuruFocus rates FRA:KZ4 with a GF Score™ of 50/100 and a GF Value™ of €1.79 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 487 Utilities - Regulated companies, Eurohold Bulgaria AD ranks better than 80.7% 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Eurohold Bulgaria AD's Beneish M-Score or its related term are showing as below:
FRA:KZ4'
s Beneish M-Score Range Over the Past 10 Years
Min: -8.97 Med: -2.78 Max: 30.96
Current: -2.86
During the past 13 years, the highest Beneish M-Score of Eurohold Bulgaria AD was 30.96. The lowest was -8.97. And the median was -2.78.
Eurohold Bulgaria AD Beneish M-Score Related Terms
Eurohold Bulgaria AD Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Eurohold Bulgaria AD'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:KZ4 vs NEE, SO, DUK: Beneish M-Score Comparison
For the Utilities - Regulated Electric subindustry, Eurohold Bulgaria AD'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.
Eurohold Bulgaria AD Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Eurohold Bulgaria AD's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eurohold Bulgaria AD'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 Eurohold Bulgaria AD 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 * 0.754
+
0.528 * 0.8497
+
0.404 * 1.1473
+
0.892 * 1.0712
+
0.115 * 1.0059
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.4789
+
4.679 * -0.062292
-
0.327 * 0.978
=
-2.86
* 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))
=
(60.749 / (60.749 + 502.438))
/
(64.11 / (64.11 + 533.729))
=
0.107866
/
0.107236
=
1.0059
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
=
(54.421 - 0
-
159.885)
/
1693.072
=
-0.062292
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.
Eurohold Bulgaria AD has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Eurohold Bulgaria AD (FRA:KZ4) has a Beneish M-Score of -2.86 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eurohold Bulgaria AD and its competitors. According to the industry distribution chart, Eurohold Bulgaria AD ranks #94 out of 487 companies in the Utilities - Regulated industry, placing it in the top 19.3%.
Is Eurohold Bulgaria AD's Beneish M-Score too high?
Eurohold Bulgaria AD's current Beneish M-Score is -2.86. Based on the distribution chart, Eurohold Bulgaria AD ranks #94 out of 487 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Eurohold Bulgaria AD has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Eurohold Bulgaria AD's Beneish M-Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Eurohold Bulgaria AD ranks #94 out of 487 companies for Beneish M-Score. This places Eurohold Bulgaria AD in the top 19% 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 Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Eurohold Bulgaria AD and its competitors. Eurohold Bulgaria AD's current Beneish M-Score is -2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eurohold Bulgaria AD stock overvalued right now?
Based on GuruFocus' analysis, Eurohold Bulgaria AD (FRA:KZ4) is currently considered Possible Value Trap. The stock's GF Value™ is €1.79, compared to a current price of €1.07 — trading 40.2% below its estimated fair value. The current Beneish M-Score is -2.86. Eurohold Bulgaria AD's overall GF Score™ is 50/100 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 Eurohold Bulgaria AD (FRA:KZ4), the current Beneish M-Score is -2.86 as of Jul. 15, 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 Eurohold Bulgaria AD (FRA:KZ4) Overvalued in 2026?
Based on GuruFocus' analysis, Eurohold Bulgaria AD stock appears to be undervalued.
The current stock price of €1.07 is trading 40.2% below its estimated GF Value™ of €1.79.
GuruFocus considers Eurohold Bulgaria AD to be Possible Value Trap.
Key valuation signals for FRA:KZ4:
Beneish M-Score: -2.86
GF Value™: €1.79 vs. price of €1.07 (40.2% below fair value)
No single metric tells the full story. See the FRA:KZ4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eurohold Bulgaria AD is a diversified group of companies operating in the fields of energy, insurance and financial services (investment intermediary and asset management). It provides the market with a full range of competitive products and services with future opportunities for rapid growth of the market shares of the companies in the group, optimization of costs, strengthening of competitiveness and increase of consolidated profit. Its segments include Energy consisting of sales of electricity; electricity transmission; electricity generation; information, communication, technological and other services; Insurance consisting of insurance services; and Financial services consisting of asset management and brokerage. It derives the majority of revenue from Energy segment.
50GF Score
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