HVRRF (Hannover Rueck SE) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


HVRRF Hannover Rueck SE HVRRF
76 GF Score
Price $270.00
GF Value $351.60
Valuation Modestly Undervalued
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What is Hannover Rueck SE Beneish M-Score?

Hannover Rueck SE HVRRF 76 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates HVRRF with a GF Score™ of 76/100 and a GF Value™ of $351.60 (Modestly Undervalued). Among 397 Insurance companies, Hannover Rueck SE ranks worse than 251888.92% 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 Hannover Rueck SE's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Hannover Rueck SE was -1.97. The lowest was -3.18. And the median was -2.61.

HVRRF
76GF Score
Hannover Rueck SE HVRRF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hannover Rueck SE 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 Hannover Rueck SE 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 $1,389 Mil.
Revenue was 7770.636 + 8340.281 + 6804.695 + 5627.797 = $28,543 Mil.
Gross Profit was 7770.636 + 8340.281 + 6804.695 + 5627.797 = $28,543 Mil.
Total Current Assets was $0 Mil.
Total Assets was $84,897 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 821.503 + 792.389 + 763.85 + 961.361 = $3,339 Mil.
Non Operating Income was 477.919 + 2861.475 + -160.211 + -1410.727 = $1,768 Mil.
Cash Flow from Operations was 1455.26 + 2080.913 + 1979.577 + 1333.333 = $6,849 Mil.
 Total Receivables was $2,099 Mil.
Revenue was 6722.703 + 5873.508 + 6323.307 + 6302.153 = $25,222 Mil.
Gross Profit was 6722.703 + 5873.508 + 6323.307 + 6302.153 = $25,222 Mil.
Total Current Assets was $0 Mil.
Total Assets was $78,458 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $0 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)
=(1389.364 / 28543.409) / (2098.811 / 25221.671)
=0.048675 / 0.083215
=

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)
=(25221.671 / 25221.671) / (28543.409 / 28543.409)
=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 + 0) / 84897.341) / (1 - (0 + 0) / 78457.514)
=1 / 1
=

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
=28543.409 / 25221.671
=

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))
= /
=

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 / 28543.409) / (0 / 25221.671)
=0 / 0
=

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) / 84897.341) / ((0 + 0) / 78457.514)
=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
=(3339.103 - 1768.456 - 6849.083) / 84897.341
=-0.062174

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?
Hannover Rueck SE (HVRRF) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hannover Rueck SE and its competitors. According to the industry distribution chart, Hannover Rueck SE ranks #999999 out of 397 companies in the Insurance industry.
Is Hannover Rueck SE's Beneish M-Score too high?
Hannover Rueck SE's current Beneish M-Score is 0.00. Based on the distribution chart, Hannover Rueck SE ranks #999999 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Hannover Rueck SE has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hannover Rueck SE's Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, Hannover Rueck SE ranks #999999 out of 397 companies for Beneish M-Score. This places Hannover Rueck SE 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 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 Hannover Rueck SE and its competitors. Hannover Rueck SE'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 Hannover Rueck SE stock overvalued right now?
Based on GuruFocus' analysis, Hannover Rueck SE (HVRRF) is currently considered Modestly Undervalued. The stock's GF Value™ is $351.60, compared to a current price of $270.00 — trading 23.2% below its estimated fair value. The current Beneish M-Score is 0.00. Hannover Rueck SE's overall GF Score™ is 76/100. 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 Hannover Rueck SE (HVRRF), the current Beneish M-Score is 0.00 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 Hannover Rueck SE (HVRRF) Overvalued in 2026?

Based on GuruFocus' analysis, Hannover Rueck SE stock appears to be undervalued. The current stock price of $270.00 is trading 23.2% below its estimated GF Value™ of $351.60. GuruFocus considers Hannover Rueck SE to be Modestly Undervalued.

Key valuation signals for HVRRF:

  • Beneish M-Score: 0.00
  • GF Value™: $351.60 vs. price of $270.00 (23.2% below fair value)
  • GF Score™: 76/100

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

Hannover Rueck SE Business Description

Address Karl-Wiechert-Allee 50, Hannover, NI, DEU, 30625
Hannover Re is a reinsurance company headquartered in Hannover, Germany. Its roots go back to the 1920s when, in conjunction with the Gerling Group, Haftpflichtverband founded Eisen- und Stahl-Industrie to provide reinsurance services. In the 1960s ownership of the business was turned over to Haftpflichtverband, and Aktiengesellschaft für Transport und- Rückversicherung was founded. This was the basis of Hannover Re. The business expanded into life and health reinsurance in the 1990s, and over the next 30 years expanded beyond its core domestic market of Germany to write business internationally. Hannover sold its commercial specialty insurance business to Talanx in January 2019. Hannover was listed in the 1990s on the Frankfurt Stock Exchange.
76GF Score

Get the complete analysis for HVRRF

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

$270.00
Price
$351.60
GF Value