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AvengFRA:UG8 50 Beneish M-Score is -3.19 as of Jul. 16, 2026. GuruFocus rates FRA:UG8 with a GF Score™ of 50/100 and a GF Value™ of €0.34 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 1,699 Construction companies, Aveng ranks better than 87.52% 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 -3.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Aveng's Beneish M-Score or its related term are showing as below:
FRA:UG8'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.93 Med: -2.91 Max: -0.2
Current: -3.19
During the past 13 years, the highest Beneish M-Score of Aveng was -0.20. The lowest was -5.93. And the median was -2.91.
Aveng Beneish M-Score Related Terms
Aveng Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Aveng'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:UG8 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Aveng'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.
Aveng Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Aveng's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aveng'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 Aveng 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 * 0.7625
+
0.528 * 1.9066
+
0.404 * 0.906
+
0.892 * 0.7876
+
0.115 * 1.0199
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.971
+
4.679 * -0.164037
-
0.327 * 1.0347
=
-3.22
* 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))
=
(43.116 / (43.116 + 181.496))
/
(35.684 / (35.684 + 153.917))
=
0.191958
/
0.188206
=
1.0199
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
=
(-52.215 - 0
-
43.982)
/
586.433
=
-0.164037
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.
Aveng has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.
Aveng (FRA:UG8) has a Beneish M-Score of -3.19 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aveng and its competitors. According to the industry distribution chart, Aveng ranks #212 out of 1699 companies in the Construction industry, placing it in the top 12.5%.
Is Aveng's Beneish M-Score too high?
Aveng's current Beneish M-Score is -3.19. Based on the distribution chart, Aveng ranks #212 out of 1699 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Aveng has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Aveng's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Aveng ranks #212 out of 1699 companies for Beneish M-Score. This places Aveng in the top 13% 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 a Construction company?
A good Beneish M-Score depends on the Construction 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 Aveng and its competitors. Aveng's current Beneish M-Score is -3.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aveng stock overvalued right now?
Based on GuruFocus' analysis, Aveng (FRA:UG8) is currently considered Significantly Undervalued. The stock's GF Value™ is €0.34, compared to a current price of €0.19 — trading 44.7% below its estimated fair value. The current Beneish M-Score is -3.19. Aveng'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 Aveng (FRA:UG8), the current Beneish M-Score is -3.19 as of Jul. 16, 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 Aveng (FRA:UG8) Overvalued in 2026?
Based on GuruFocus' analysis, Aveng stock appears to be undervalued.
The current stock price of €0.19 is trading 44.7% below its estimated GF Value™ of €0.34.
GuruFocus considers Aveng to be Significantly Undervalued.
Key valuation signals for FRA:UG8:
Beneish M-Score: -3.19
GF Value™: €0.34 vs. price of €0.19 (44.7% below fair value)
No single metric tells the full story. See the FRA:UG8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aveng Ltd is in the construction and engineering business. It has the following segments; the Infrastructure segment comprises McConnell Dowell and is divided into Australia, New Zealand and Pacific Islands, and Southeast Asia; the Building segment comprises Built Environs, an infrastructure-led specialist with experience in sport, health and science, defence, education, residential, commercial, retail, industrial, and infrastructure sectors; the Mining segment comprises Moolmans, a tier-one contract mining business operating in Africa with a primary focus on open cast mining; and Aveng Legacy; and the Aveng Corporate segment. It generates the majority of its revenue from the Infrastructure segment.
50GF Score
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