Tradegate AG Wertpapierhandelsbank (FRA:T2G) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


FRA:T2G Tradegate AG Wertpapierhandelsbank FRA:T2G
48 GF Score
Price €85.00
GF Value €124.50
Valuation Possible Value Trap
! 1 Warning Sign
View Full Analysis

What is Tradegate AG Wertpapierhandelsbank Beneish M-Score?

Tradegate AG Wertpapierhandelsbank FRA:T2G 48 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates FRA:T2G with a GF Score™ of 48/100 and a GF Value™ of €124.50 (Possible Value Trap). The stock has 1 warning sign investors should review. Among 702 Capital Markets companies, Tradegate AG Wertpapierhandelsbank ranks worse than 142450% 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.

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

During the past 13 years, the highest Beneish M-Score of Tradegate AG Wertpapierhandelsbank was 0.00. The lowest was 0.00. And the median was 0.00.

FRA:T2G
48GF Score
Tradegate AG Wertpapierhandelsbank FRA:T2G
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tradegate AG Wertpapierhandelsbank 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 Tradegate AG Wertpapierhandelsbank 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 €0.0 Mil.
Revenue was €190.3 Mil.
Gross Profit was €190.3 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €411.2 Mil.
Property, Plant and Equipment(Net PPE) was €4.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €5.4 Mil.
Selling, General, & Admin. Expense(SGA) was €78.1 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.
Net Income was €51.3 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €65.6 Mil.
 Total Receivables was €0.0 Mil.
Revenue was €134.3 Mil.
Gross Profit was €134.3 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €390.4 Mil.
Property, Plant and Equipment(Net PPE) was €5.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €4.6 Mil.
Selling, General, & Admin. Expense(SGA) was €50.9 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 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)
=(0 / 190.34) / (0 / 134.25)
=0 / 0
=

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)
=(134.25 / 134.25) / (190.34 / 190.34)
=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 + 4.784) / 411.199) / (1 - (0 + 5.287) / 390.449)
=0.988366 / 0.986459
=

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
=190.34 / 134.25
=

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))
=(4.629 / (4.629 + 5.287)) / (5.388 / (5.388 + 4.784))
=0.466821 / 0.529689
=

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)
=(78.141 / 190.34) / (50.864 / 134.25)
=0.410534 / 0.378875
=

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 + 0) / 411.199) / ((0 + 0) / 390.449)
=0 / 0
=

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
=(51.265 - 0 - 65.566) / 411.199
=-0.034779

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Tradegate AG Wertpapierhandelsbank (FRA:T2G) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tradegate AG Wertpapierhandelsbank and its competitors. According to the industry distribution chart, Tradegate AG Wertpapierhandelsbank ranks #999999 out of 702 companies in the Capital Markets industry.
Is Tradegate AG Wertpapierhandelsbank's Beneish M-Score too high?
Tradegate AG Wertpapierhandelsbank's current Beneish M-Score is 0.00. Based on the distribution chart, Tradegate AG Wertpapierhandelsbank ranks #999999 out of 702 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Tradegate AG Wertpapierhandelsbank has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Tradegate AG Wertpapierhandelsbank's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Tradegate AG Wertpapierhandelsbank ranks #999999 out of 702 companies for Beneish M-Score. This places Tradegate AG Wertpapierhandelsbank in the lower 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Tradegate AG Wertpapierhandelsbank and its competitors. Tradegate AG Wertpapierhandelsbank's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tradegate AG Wertpapierhandelsbank stock overvalued right now?
Based on GuruFocus' analysis, Tradegate AG Wertpapierhandelsbank (FRA:T2G) is currently considered Possible Value Trap. The stock's GF Value™ is €124.50, compared to a current price of €85.00 — trading 31.7% below its estimated fair value. The current Beneish M-Score is 0.00. Tradegate AG Wertpapierhandelsbank's overall GF Score™ is 48/100 with 1 warning sign 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 Tradegate AG Wertpapierhandelsbank (FRA:T2G), the current Beneish M-Score is 0.00 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 Tradegate AG Wertpapierhandelsbank (FRA:T2G) Overvalued in 2026?

Based on GuruFocus' analysis, Tradegate AG Wertpapierhandelsbank stock appears to be undervalued. The current stock price of €85.00 is trading 31.7% below its estimated GF Value™ of €124.50. GuruFocus considers Tradegate AG Wertpapierhandelsbank to be Possible Value Trap.

Key valuation signals for FRA:T2G:

  • Beneish M-Score: 0.00
  • GF Value™: €124.50 vs. price of €85.00 (31.7% below fair value)
  • GF Score™: 48/100 with 1 warning sign

No single metric tells the full story. See the FRA:T2G stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tradegate AG Wertpapierhandelsbank Business Description

Address Kurfurstendamm 119, Berlin, BB, DEU, 10711
Tradegate AG Wertpapierhandelsbank is a Germany-based company. It is engaged in providing banking and financial services. In addition to retail banking, the company focuses on the trading of several domestic and foreign securities on the Tradegate Exchange, and the Frankfurt and Berlin stock exchanges. The company's main business activity consists of market specialist activities and market making; it acts as a Market Specialist on the Tradegate Exchange and the Frankfurt Stock Exchange and as an order book manager on the Berlin Stock Exchange. It extends its services to the securities listing on the stock exchanges in Munich, Stuttgart, Hamburg, Hanover, and Dusseldorf.
48GF Score

Get the complete analysis for FRA:T2G

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

€85.00
Price
€124.50
GF Value