Trade & Value AG (HAM:TAV) Beneish M-Score: -2.55 (As of Jul. 07, 2026)

What is Trade & Value AG Beneish M-Score?

Trade & Value AG HAM:TAV 38 Beneish M-Score is -2.55 as of Jul. 07, 2026. GuruFocus rates HAM:TAV with a GF Score™ of 38/100 and a GF Value™ of €0.46 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 953 Asset Management companies, Trade & Value AG ranks better than 64.74% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HAM:TAV' s Beneish M-Score Range Over the Past 10 Years
Min: -5.44 Med: -3.92 Max: 19.36
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Trade & Value AG was 19.36. The lowest was -5.44. And the median was -3.92.

Trade & Value AG Beneish M-Score Related Terms

Trade & Value AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Trade & Value AG'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.

Trade & Value AG Beneish M-Score Chart

Trade & Value AG Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-5.44

-3.78

-4.61

-4.77

-2.55

Trade & Value AG Semi-Annual Data
	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24	Dec25
Beneish M-Score	Get a 7-Day Free Trial													-5.44	-3.78	-4.61	-4.77	-2.55

HAM:TAV vs BLK, BX, KKR: Beneish M-Score Comparison

For the Asset Management subindustry, Trade & Value AG'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.

Trade & Value AG Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Trade & Value AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Trade & Value AG's Beneish M-Score falls into.

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38GF Score

Trade & Value AG HAM:TAV

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Trade & Value AG 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 Trade & Value AG for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1

0.528 * 0.409

0.404 * 0.929

0.892 * 1.3087

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.021505

0.327 * 1.3176

-2.55

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was €0.00 Mil.
Revenue was €0.59 Mil.
Gross Profit was €0.10 Mil.
Total Current Assets was €0.52 Mil.
Total Assets was €0.56 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.02 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was €0.01 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.00 Mil.

Total Receivables was €0.00 Mil.
Revenue was €0.45 Mil.
Gross Profit was €0.03 Mil.
Total Current Assets was €0.49 Mil.
Total Assets was €0.53 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.01 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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 / 0.585)	/	(0 / 0.447)
	=	0	/	0
	=	1

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)
	=	(0.03 / 0.447)	/	(0.096 / 0.585)
	=	0.067114	/	0.164103
	=	0.409

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 - (0.517 + 0) / 0.558)	/	(1 - (0.489 + 0) / 0.531)
	=	0.073477	/	0.079096
	=	0.929

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
	=	0.585	/	0.447
	=	1.3087

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(0 / 0.585)	/	(0 / 0.447)
	=	0	/	0
	=	1

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 + 0.018) / 0.558)	/	((0 + 0.013) / 0.531)
	=	0.032258	/	0.024482
	=	1.3176

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
	=	(0.012 - 0	-	0)	/	0.558
	=	0.021505

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.

Trade & Value AG has a M-score of -2.55 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 -2.55 mean?

Trade & Value AG (HAM:TAV) has a Beneish M-Score of -2.55 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trade & Value AG and its competitors. According to the industry distribution chart, Trade & Value AG ranks #336 out of 953 companies in the Asset Management industry, placing it in the top 35.3%.

Is Trade & Value AG's Beneish M-Score too high?

Trade & Value AG's current Beneish M-Score is -2.55. Based on the distribution chart, Trade & Value AG ranks #336 out of 953 companies in the Asset Management industry, which is above the industry midpoint. Overall, Trade & Value AG has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Trade & Value AG's Beneish M-Score compare to BLK and BX?

According to the Asset Management industry distribution chart, Trade & Value AG ranks #336 out of 953 companies for Beneish M-Score. This puts Trade & Value AG 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 an Asset Management company?

A good Beneish M-Score depends on the Asset Management 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 Trade & Value AG and its competitors. Trade & Value AG's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Trade & Value AG stock overvalued right now?

Based on GuruFocus' analysis, Trade & Value AG (HAM:TAV) is currently considered Significantly Overvalued. The stock's GF Value™ is €0.46, compared to a current price of €1.60 — trading 247.8% above its estimated fair value. The current Beneish M-Score is -2.55. Trade & Value AG's overall GF Score™ is 38/100 with 2 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 Trade & Value AG (HAM:TAV), the current Beneish M-Score is -2.55 as of Jul. 07, 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 Trade & Value AG (HAM:TAV) Overvalued in 2026?

Based on GuruFocus' analysis, Trade & Value AG stock appears to be overvalued. The current stock price of €1.60 is trading 247.8% above its estimated GF Value™ of €0.46. GuruFocus considers Trade & Value AG to be Significantly Overvalued.

Key valuation signals for HAM:TAV:

Beneish M-Score: -2.55
GF Value™: €0.46 vs. price of €1.60 (247.8% above fair value)
GF Score™: 38/100 with 2 warning signs

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

Trade & Value AG Business Description

Industry Financial Services Asset Management

Comparable Companies HAM:I8CK HAM:NAB HAM:FTRK FRA:RTML BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT AMP OSTO:EQT NTRS LSE:III RJF XSWX:PGHN ARES OSTO:INDU A

Address Am Hayengraben 7, Oldenburg, DEU, 26135

Website https://www.tav.ag

Trade & Value AG is an asset management company operating in Germany. The company focuses on investing in valued companies, undervalued assets, and turnaround stocks.

38GF Score

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

€1.60

Price

€0.46

GF Value

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