NOBA Bank Group AB (publ) (FRA:ZR5) Beneish M-Score: 0.00 (As of Aug. 10, 2026)

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FRA:ZR5 NOBA Bank Group AB (publ) FRA:ZR5
2 GF Score
Price €7.69
! 1 Warning Sign
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What is NOBA Bank Group AB (publ) Beneish M-Score?

NOBA Bank Group AB (publ) FRA:ZR5 +1.05% 2 Beneish M-Score is 0.00 as of Aug. 10, 2026. GuruFocus rates FRA:ZR5 with a GF Score™ of 2/100. The stock has 1 warning sign investors should review. Among 1,394 Banks companies, NOBA Bank Group AB (publ) ranks worse than 71735.94% 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 NOBA Bank Group AB (publ)'s Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of NOBA Bank Group AB (publ) was -1.78. The lowest was -1.78. And the median was -1.78.

FRA:ZR5
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NOBA Bank Group AB (publ) FRA:ZR5
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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NOBA Bank Group AB (publ) 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 NOBA Bank Group AB (publ) 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 273.318 + 269.428 + 264.708 + 245.076 = €1,053 Mil.
Gross Profit was 273.318 + 269.428 + 264.708 + 245.076 = €1,053 Mil.
Total Current Assets was €0 Mil.
Total Assets was €15,898 Mil.
Property, Plant and Equipment(Net PPE) was €15 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €131 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,584 Mil.
Net Income was 93.118 + 92.352 + 82.085 + 80.179 = €348 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -12.44 + -147.946 + -67.813 + 87.806 = €-140 Mil.
 Total Receivables was €0 Mil.
Revenue was 249.672 + 233.599 + 222.321 + 212.429 = €918 Mil.
Gross Profit was 249.672 + 233.599 + 222.321 + 212.429 = €918 Mil.
Total Current Assets was €0 Mil.
Total Assets was €0 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €9 Mil.
Selling, General, & Admin. Expense(SGA) was €119 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €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 / 1052.53) / (0 / 918.021)
=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)
=(918.021 / 918.021) / (1052.53 / 1052.53)
=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 + 15.04) / 15898.13) / (1 - (0 + 0) / 0)
=0.999054 /
=

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
=1052.53 / 918.021
=

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))
=(8.959 / (8.959 + 0)) / (7.793 / (7.793 + 15.04))
=1 / 0.341304
=

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)
=(131.326 / 1052.53) / (119.019 / 918.021)
=0.124772 / 0.129647
=

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)
=((2583.711 + 0) / 15898.13) / ((0 + 0) / 0)
=0.162517 /
=

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
=(347.734 - 0 - -140.393) / 15898.13
=0.030703

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?
NOBA Bank Group AB (publ) (FRA:ZR5) has a Beneish M-Score of 0.00 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NOBA Bank Group AB (publ) and its competitors. According to the industry distribution chart, NOBA Bank Group AB (publ) ranks #999999 out of 1394 companies in the Banks industry.
Is NOBA Bank Group AB (publ)'s Beneish M-Score too high?
NOBA Bank Group AB (publ)'s current Beneish M-Score is 0.00. Based on the distribution chart, NOBA Bank Group AB (publ) ranks #999999 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, NOBA Bank Group AB (publ) has a GF Score™ of 2/100, reflecting its overall financial health beyond just this single metric.
How does NOBA Bank Group AB (publ)'s Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, NOBA Bank Group AB (publ) ranks #999999 out of 1394 companies for Beneish M-Score. This places NOBA Bank Group AB (publ) 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 Banks company?
A good Beneish M-Score depends on the Banks 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 NOBA Bank Group AB (publ) and its competitors. NOBA Bank Group AB (publ)'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 NOBA Bank Group AB (publ) stock overvalued right now?
NOBA Bank Group AB (publ) (FRA:ZR5) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. NOBA Bank Group AB (publ)'s overall GF Score™ is 2/100 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 NOBA Bank Group AB (publ) (FRA:ZR5), the current Beneish M-Score is 0.00 as of Aug. 10, 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.

NOBA Bank Group AB (publ) Business Description

Other Exchanges NOBA:SwedenNOBAs:UK
Address Box 23124, Stockholm, SWE, 104 35
NOBA Bank Group AB (publ) is a European specialist bank operating through three brands: Nordax Bank, Bank Norwegian, and Svensk Hypotekspension. It offers retail financial products in four main segments: Private Loans, Credit Cards, Secured Loans (including specialist and equity release mortgages), and Other services such as deposits. Geographically, the company operates in eight countries, with a presence in the Nordic region (Sweden, Norway, Finland, Denmark), as well as Germany, Spain, the Netherlands, and Ireland.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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