Laan & Spar Bank AS (LTS:0F26) Beneish M-Score: -2.33 (As of Sep. 18, 2026)

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LTS:0F26 Laan & Spar Bank AS LTS:0F26
48 GF Score
Price kr1,360.00
GF Value kr799.70
! 2 Warning Signs
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What is Laan & Spar Bank AS Beneish M-Score?

Laan & Spar Bank AS LTS:0F26 48 Beneish M-Score is -2.33 as of Sep. 18, 2026. GuruFocus rates LTS:0F26 with a GF Score™ of 48/100 and a GF Value™ of kr799.70. The stock has 2 warning signs investors should review. Among 1,388 Banks companies, Laan & Spar Bank AS ranks worse than 63.33% 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.

Good Sign:

Beneish M-Score -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Laan & Spar Bank AS's Beneish M-Score or its related term are showing as below:

LTS:0F26' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.7   Max: -2.03
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Laan & Spar Bank AS was -2.03. The lowest was -3.42. And the median was -2.70.

LTS:0F26
48GF Score
Laan & Spar Bank AS LTS:0F26
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Laan & Spar Bank AS 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 Laan & Spar Bank AS 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 kr0 Mil.
Revenue was kr1,695 Mil.
Gross Profit was kr0 Mil.
Total Current Assets was kr20,236 Mil.
Total Assets was kr40,977 Mil.
Property, Plant and Equipment(Net PPE) was kr275 Mil.
Depreciation, Depletion and Amortization(DDA) was kr88 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr33,420 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,249 Mil.
Net Income was kr401 Mil.
Gross Profit was kr0 Mil.
Cash Flow from Operations was kr507 Mil.
 Total Receivables was kr0 Mil.
Revenue was kr1,683 Mil.
Gross Profit was kr0 Mil.
Total Current Assets was kr15,605 Mil.
Total Assets was kr36,360 Mil.
Property, Plant and Equipment(Net PPE) was kr263 Mil.
Depreciation, Depletion and Amortization(DDA) was kr71 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr29,422 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,149 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 / 1695.409) / (0 / 1683.387)
=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)
=(0 / 1683.387) / (0 / 1695.409)
=0 / 0
=

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 - (20236.395 + 275.343) / 40977.278) / (1 - (15605.313 + 263.442) / 36360.011)
=0.499436 / 0.563566
=

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
=1695.409 / 1683.387
=

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))
=(70.948 / (70.948 + 263.442)) / (88.025 / (88.025 + 275.343))
=0.212171 / 0.242248
=

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 / 1695.409) / (0 / 1683.387)
=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)
=((1248.988 + 33420.178) / 40977.278) / ((1149.04 + 29421.827) / 36360.011)
=0.846058 / 0.840783
=

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
=(401.098 - 0 - 507.049) / 40977.278
=-0.002586

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 -2.33 mean?
Laan & Spar Bank AS (LTS:0F26) has a Beneish M-Score of -2.33 as of Sep. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Laan & Spar Bank AS and its competitors. According to the industry distribution chart, Laan & Spar Bank AS ranks #879 out of 1388 companies in the Banks industry, placing it in the top 63.3%.
Is Laan & Spar Bank AS's Beneish M-Score too high?
Laan & Spar Bank AS's current Beneish M-Score is -2.33. Based on the distribution chart, Laan & Spar Bank AS ranks #879 out of 1388 companies in the Banks industry, which is below the industry midpoint. Overall, Laan & Spar Bank AS has a GF Score™ of 48/100, reflecting its overall financial health beyond just this single metric.
How does Laan & Spar Bank AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Laan & Spar Bank AS ranks #879 out of 1388 companies for Beneish M-Score. This places Laan & Spar Bank AS 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 Laan & Spar Bank AS and its competitors. Laan & Spar Bank AS's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Laan & Spar Bank AS stock overvalued right now?
Laan & Spar Bank AS (LTS:0F26) has a current Beneish M-Score of -2.33. The stock's GF Value™ is kr799.70, compared to a current price of kr1,360.00 — trading 70.1% above its estimated fair value. The current Beneish M-Score is -2.33. Laan & Spar Bank AS's overall GF Score™ is 48/100 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 Laan & Spar Bank AS (LTS:0F26), the current Beneish M-Score is -2.33 as of Sep. 18, 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 Laan & Spar Bank AS (LTS:0F26) Overvalued in 2026?

Based on GuruFocus' analysis, Laan & Spar Bank AS stock appears to be overvalued. The current stock price of kr1,360.00 is trading 70.1% above its estimated GF Value™ of kr799.70.

Key valuation signals for LTS:0F26:

  • Beneish M-Score: -2.33
  • GF Value™: kr799.70 vs. price of kr1,360.00 (70.1% above fair value)
  • GF Score™: 48/100 with 2 warning signs

No single metric tells the full story. See the LTS:0F26 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Laan & Spar Bank AS Business Description

Other Exchanges LASP:Denmark
Address Hojbro Plads 9-11, Copenhagen, DNK, 1200
Laan & Spar Bank AS is a bank. It is engaged in the operation of specialty banking services for household customers. The company offers deposits, car and housing loans, business loans, and mortgages; and cards. It also provides investment, and pension and insurance services; and Internet banking and payment services.
48GF Score

Get the complete analysis for LTS:0F26

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

kr1,360.00
Price
kr799.70
GF Value