Djurslands Bank AS (LTS:0J8I) Beneish M-Score: -2.32 (As of Jun. 30, 2026)


LTS:0J8I Djurslands Bank AS LTS:0J8I
65 GF Score
Price kr974.00
GF Value kr593.27
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Djurslands Bank AS Beneish M-Score?

Djurslands Bank AS LTS:0J8I 65 Beneish M-Score is -2.32 as of Jun. 30, 2026. GuruFocus rates LTS:0J8I with a GF Score™ of 65/100 and a GF Value™ of kr593.27 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,399 Banks companies, Djurslands Bank AS ranks worse than 64.76% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0J8I' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.44   Max: -1.94
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Djurslands Bank AS was -1.94. The lowest was -2.82. And the median was -2.44.

LTS:0J8I
65GF Score
Djurslands Bank AS LTS:0J8I
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Djurslands 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 Djurslands 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 * 1+0.528 * 1+0.404 * 1.0003+0.892 * 1.0218+0.115 * 1.5822
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0523+4.679 * 0.014712-0.327 * 0.9683
=-2.32

* 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 kr0.0 Mil.
Revenue was kr686.2 Mil.
Gross Profit was kr686.2 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr16,982.2 Mil.
Property, Plant and Equipment(Net PPE) was kr88.1 Mil.
Depreciation, Depletion and Amortization(DDA) was kr8.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr148.6 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr299.0 Mil.
Net Income was kr249.8 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr0.0 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was kr671.6 Mil.
Gross Profit was kr671.6 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr15,052.0 Mil.
Property, Plant and Equipment(Net PPE) was kr82.2 Mil.
Depreciation, Depletion and Amortization(DDA) was kr13.5 Mil.
Selling, General, & Admin. Expense(SGA) was kr138.2 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr273.7 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 / 686.203) / (0 / 671.569)
=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)
=(671.569 / 671.569) / (686.203 / 686.203)
=1 / 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 + 88.126) / 16982.22) / (1 - (0 + 82.189) / 15052.006)
=0.994811 / 0.99454
=1.0003

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
=686.203 / 671.569
=1.0218

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))
=(13.528 / (13.528 + 82.189)) / (8.644 / (8.644 + 88.126))
=0.141333 / 0.089325
=1.5822

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)
=(148.639 / 686.203) / (138.233 / 671.569)
=0.216611 / 0.205836
=1.0523

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)
=((299.04 + 0) / 16982.22) / ((273.736 + 0) / 15052.006)
=0.017609 / 0.018186
=0.9683

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
=(249.841 - 0 - 0) / 16982.22
=0.014712

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.

Djurslands Bank AS has a M-score of -2.32 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 -2.32 mean?
Djurslands Bank AS (LTS:0J8I) has a Beneish M-Score of -2.32 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Djurslands Bank AS and its competitors. According to the industry distribution chart, Djurslands Bank AS ranks #906 out of 1399 companies in the Banks industry, placing it in the top 64.8%.
Is Djurslands Bank AS's Beneish M-Score too high?
Djurslands Bank AS's current Beneish M-Score is -2.32. Based on the distribution chart, Djurslands Bank AS ranks #906 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Djurslands Bank AS has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Djurslands Bank AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Djurslands Bank AS ranks #906 out of 1399 companies for Beneish M-Score. This places Djurslands 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 Djurslands Bank AS and its competitors. Djurslands Bank AS's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Djurslands Bank AS stock overvalued right now?
Based on GuruFocus' analysis, Djurslands Bank AS (LTS:0J8I) is currently considered Significantly Overvalued. The stock's GF Value™ is kr593.27, compared to a current price of kr974.00 — trading 64.2% above its estimated fair value. The current Beneish M-Score is -2.32. Djurslands Bank AS's overall GF Score™ is 65/100 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 Djurslands Bank AS (LTS:0J8I), the current Beneish M-Score is -2.32 as of Jun. 30, 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 Djurslands Bank AS (LTS:0J8I) Overvalued in 2026?

Based on GuruFocus' analysis, Djurslands Bank AS stock appears to be overvalued. The current stock price of kr974.00 is trading 64.2% above its estimated GF Value™ of kr593.27. GuruFocus considers Djurslands Bank AS to be Significantly Overvalued.

Key valuation signals for LTS:0J8I:

  • Beneish M-Score: -2.32
  • GF Value™: kr593.27 vs. price of kr974.00 (64.2% above fair value)
  • GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the LTS:0J8I stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Djurslands Bank AS Business Description

Other Exchanges DJUR:Denmark
Address Torvet 5, Grenaa, DNK, 8500
Djurslands Bank AS provides banking products and financial services to private customers, small and medium sized enterprises as well as to public institutions. It product and service offerings include loans, mortgage, pension funds, and insurance. It also provide consultation services for private and professional banking.
65GF Score

Get the complete analysis for LTS:0J8I

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

kr974.00
Price
kr593.27
GF Value