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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Teqnion AB's Beneish M-Score or its related term are showing as below:
FRA:M45'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.18 Max: -1.72
Current: -2.71
During the past 9 years, the highest Beneish M-Score of Teqnion AB was -1.72. The lowest was -3.09. And the median was -2.18.
Teqnion AB Beneish M-Score Related Terms
Teqnion AB Beneish M-Score Historical Data
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The historical data trend for Teqnion AB'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 Conglomerates subindustry, Teqnion AB'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.
Teqnion AB Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Teqnion AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teqnion AB'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 Teqnion AB 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 * 0.8516
+
0.528 * 0.9452
+
0.404 * 1.1597
+
0.892 * 1.2142
+
0.115 * 0.577
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.042093
-
0.327 * 1.0531
=
-2.65
* 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))
=
(5.599 / (5.599 + 17.822))
/
(13.352 / (13.352 + 18.875))
=
0.239059
/
0.414311
=
0.577
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
=
(9.042 - 0
-
16.963)
/
188.177
=
-0.042093
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.
Teqnion AB has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Teqnion AB (FRA:M45) has a Beneish M-Score of -2.71 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Teqnion AB and its competitors. According to the industry distribution chart, Teqnion AB ranks #159 out of 538 companies in the Conglomerates industry, placing it in the top 29.6%.
Is Teqnion AB's Beneish M-Score too high?
Teqnion AB's current Beneish M-Score is -2.71. Based on the distribution chart, Teqnion AB ranks #159 out of 538 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Teqnion AB has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Teqnion AB's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Teqnion AB ranks #159 out of 538 companies for Beneish M-Score. This puts Teqnion AB 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Teqnion AB and its competitors. Teqnion AB's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Teqnion AB stock overvalued right now?
Based on GuruFocus' analysis, Teqnion AB (FRA:M45) is currently considered Modestly Undervalued. The stock's GF Value™ is €18.51, compared to a current price of €14.28 — trading 22.9% below its estimated fair value. The current Beneish M-Score is -2.71. Teqnion AB's overall GF Score™ is 62/100 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 Teqnion AB (FRA:M45), the current Beneish M-Score is -2.71 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 Teqnion AB (FRA:M45) Overvalued in 2026?
Based on GuruFocus' analysis, Teqnion AB stock appears to be undervalued.
The current stock price of €14.28 is trading 22.9% below its estimated GF Value™ of €18.51.
GuruFocus considers Teqnion AB to be Modestly Undervalued.
Key valuation signals for FRA:M45:
Beneish M-Score: -2.71
GF Value™: €18.51 vs. price of €14.28 (22.9% below fair value)
No single metric tells the full story. See the FRA:M45 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Teqnion AB is an industrial group that acquires stable niche companies with good cash flows to develop and own with an eternal horizon. The subsidiaries are managed in a decentralized manner with support from the parent company. Its group of companies consists of agency businesses that include brands, product and service companies developing solutions for specific industrial niches, and manufacturing companies that sell products under their own or customers' brands. Teqnion continuously supports its companies with planning work and problem-solving beyond the everyday management and financial resources. Geographically, the Group generates maximum revenue from Sweden, and the rest from the European Union (excluding Sweden), the United Kingdom, Norway, the USA, and the Rest of the world.
62GF Score
Get the complete analysis for FRA:M45
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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