Personal Group Holdings (FRA:RLL) Beneish M-Score: -3.00 (As of Jun. 25, 2026)


FRA:RLL Personal Group Holdings PLC FRA:RLL
44 GF Score
Price €4.24
GF Value €2.53
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Personal Group Holdings Beneish M-Score?

Personal Group Holdings FRA:RLL +0.47% 44 Beneish M-Score is -3.00 as of Jun. 25, 2026. GuruFocus rates FRA:RLL with a GF Score™ of 44/100 and a GF Value™ of €2.53 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 397 Insurance companies, Personal Group Holdings ranks better than 85.14% 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 -3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:RLL' s Beneish M-Score Range Over the Past 10 Years
Min: -6.96   Med: -4.99   Max: -3
Current: -3

During the past 13 years, the highest Beneish M-Score of Personal Group Holdings was -3.00. The lowest was -6.96. And the median was -4.99.

FRA:RLL
44GF Score
Personal Group Holdings PLC FRA:RLL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Personal Group Holdings 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 Personal Group Holdings 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 * 1.2979+0.528 * 1+0.404 * 1.0201+0.892 * 1.0475+0.115 * 0.811
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.012+4.679 * -0.236893-0.327 * 0.2759
=-3.05

* 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 €16.90 Mil.
Revenue was €55.40 Mil.
Gross Profit was €55.40 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €65.57 Mil.
Property, Plant and Equipment(Net PPE) was €4.53 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.70 Mil.
Selling, General, & Admin. Expense(SGA) was €17.10 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €0.12 Mil.
Net Income was €8.33 Mil.
Gross Profit was €12.57 Mil.
Cash Flow from Operations was €11.29 Mil.
 Total Receivables was €12.43 Mil.
Revenue was €52.89 Mil.
Gross Profit was €52.89 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €61.92 Mil.
Property, Plant and Equipment(Net PPE) was €5.41 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.11 Mil.
Selling, General, & Admin. Expense(SGA) was €16.14 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €0.41 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)
=(16.902 / 55.4) / (12.433 / 52.89)
=0.30509 / 0.235073
=1.2979

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)
=(52.89 / 52.89) / (55.4 / 55.4)
=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 + 4.526) / 65.574) / (1 - (0 + 5.408) / 61.92)
=0.930979 / 0.912661
=1.0201

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
=55.4 / 52.89
=1.0475

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))
=(3.108 / (3.108 + 5.408)) / (3.703 / (3.703 + 4.526))
=0.36496 / 0.449994
=0.811

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)
=(17.104 / 55.4) / (16.136 / 52.89)
=0.308736 / 0.305086
=1.012

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)
=((0.121 + 0) / 65.574) / ((0.414 + 0) / 61.92)
=0.001845 / 0.006686
=0.2759

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
=(8.33 - 12.573 - 11.291) / 65.574
=-0.236893

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.

Personal Group Holdings has a M-score of -3.05 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 -3.00 mean?
Personal Group Holdings (FRA:RLL) has a Beneish M-Score of -3.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Personal Group Holdings and its competitors. According to the industry distribution chart, Personal Group Holdings ranks #59 out of 397 companies in the Insurance industry, placing it in the top 14.9%.
Is Personal Group Holdings' Beneish M-Score too high?
Personal Group Holdings' current Beneish M-Score is -3.00. Based on the distribution chart, Personal Group Holdings ranks #59 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Personal Group Holdings has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Personal Group Holdings' Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Personal Group Holdings ranks #59 out of 397 companies for Beneish M-Score. This places Personal Group Holdings in the top 15% 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 Personal Group Holdings and its competitors. Personal Group Holdings's current Beneish M-Score is -3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Personal Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Personal Group Holdings (FRA:RLL) is currently considered Significantly Overvalued. The stock's GF Value™ is €2.53, compared to a current price of €4.24 — trading 67.6% above its estimated fair value. The current Beneish M-Score is -3.00. Personal Group Holdings' overall GF Score™ is 44/100 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 Personal Group Holdings (FRA:RLL), the current Beneish M-Score is -3.00 as of Jun. 25, 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 Personal Group Holdings (FRA:RLL) Overvalued in 2026?

Based on GuruFocus' analysis, Personal Group Holdings stock appears to be overvalued. The current stock price of €4.24 is trading 67.6% above its estimated GF Value™ of €2.53. GuruFocus considers Personal Group Holdings to be Significantly Overvalued.

Key valuation signals for FRA:RLL:

  • Beneish M-Score: -3.00
  • GF Value™: €2.53 vs. price of €4.24 (67.6% above fair value)
  • GF Score™: 44/100 with 6 warning signs

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

Personal Group Holdings Business Description

Other Exchanges PGH:UK
Address 899 Silbury Boulevard, John Ormond House, Milton Keynes, GBR, MK9 3XL
Personal Group Holdings PLC and its subsidiaries are mainly engaged in providing employee services and offering short-term accident and health insurance in the UK. The Group operates through two main segments: the Affordable Insurance segment, which provides simple insurance products underwritten by its subsidiaries and generates income through insurance premiums; and the Benefits & Reward segment, which contributes the majority of revenue by delivering a benefits platform to employers directly and via partners such as Sage for SME solutions, along with comprehensive reward services through its subsidiaries and generating income from digital platform subscriptions, commissions on third-party benefits, and consultancy services including industry surveys.
44GF Score

Get the complete analysis for FRA:RLL

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

€4.24
Price
€2.53
GF Value