CIG Pannonia Life Insurance OJSC (LTS:0P2E) Beneish M-Score: 6.48 (As of Jul. 14, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

LTS:0P2E CIG Pannonia Life Insurance OJSC LTS:0P2E
52 GF Score
Price Ft133.34
GF Value Ft137.92
! 4 Warning Signs
View Full Analysis

What is CIG Pannonia Life Insurance OJSC Beneish M-Score?

CIG Pannonia Life Insurance OJSC LTS:0P2E 52 Beneish M-Score is 6.48 as of Jul. 14, 2026. GuruFocus rates LTS:0P2E with a GF Score™ of 52/100 and a GF Value™ of Ft137.92. The stock has 4 warning signs investors should review. Among 399 Insurance companies, CIG Pannonia Life Insurance OJSC ranks worse than 98.5% 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.

Warning Sign:

Beneish M-Score 6.48 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for CIG Pannonia Life Insurance OJSC's Beneish M-Score or its related term are showing as below:

LTS:0P2E' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.11   Max: 6.48
Current: 6.48

During the past 13 years, the highest Beneish M-Score of CIG Pannonia Life Insurance OJSC was 6.48. The lowest was -3.38. And the median was -2.11.

LTS:0P2E
52GF Score
CIG Pannonia Life Insurance OJSC LTS:0P2E
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CIG Pannonia Life Insurance OJSC 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 CIG Pannonia Life Insurance OJSC 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 * 11.0334+0.528 * 1+0.404 * 0.9996+0.892 * 0.6092+0.115 * 1.0533
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.024573-0.327 * 1.1359
=6.48

* 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 Ft316 Mil.
Revenue was Ft25,145 Mil.
Gross Profit was Ft25,145 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft192,936 Mil.
Property, Plant and Equipment(Net PPE) was Ft651 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft531 Mil.
Selling, General, & Admin. Expense(SGA) was Ft0 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft563 Mil.
Net Income was Ft3,958 Mil.
Gross Profit was Ft151 Mil.
Cash Flow from Operations was Ft-934 Mil.
 Total Receivables was Ft47 Mil.
Revenue was Ft41,278 Mil.
Gross Profit was Ft41,278 Mil.
Total Current Assets was Ft0 Mil.
Total Assets was Ft182,922 Mil.
Property, Plant and Equipment(Net PPE) was Ft540 Mil.
Depreciation, Depletion and Amortization(DDA) was Ft485 Mil.
Selling, General, & Admin. Expense(SGA) was Ft0 Mil.
Total Current Liabilities was Ft0 Mil.
Long-Term Debt & Capital Lease Obligation was Ft470 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)
=(316 / 25145) / (47 / 41278)
=0.012567 / 0.001139
=11.0334

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)
=(41278 / 41278) / (25145 / 25145)
=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 + 651) / 192936) / (1 - (0 + 540) / 182922)
=0.996626 / 0.997048
=0.9996

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
=25145 / 41278
=0.6092

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))
=(485 / (485 + 540)) / (531 / (531 + 651))
=0.473171 / 0.449239
=1.0533

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 / 25145) / (0 / 41278)
=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)
=((563 + 0) / 192936) / ((470 + 0) / 182922)
=0.002918 / 0.002569
=1.1359

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
=(3958 - 151 - -934) / 192936
=0.024573

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.

CIG Pannonia Life Insurance OJSC has a M-score of 6.48 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 6.48 mean?
CIG Pannonia Life Insurance OJSC (LTS:0P2E) has a Beneish M-Score of 6.48 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CIG Pannonia Life Insurance OJSC and its competitors. According to the industry distribution chart, CIG Pannonia Life Insurance OJSC ranks #393 out of 399 companies in the Insurance industry, placing it in the top 98.5%.
Is CIG Pannonia Life Insurance OJSC's Beneish M-Score too high?
CIG Pannonia Life Insurance OJSC's current Beneish M-Score is 6.48. Based on the distribution chart, CIG Pannonia Life Insurance OJSC ranks #393 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, CIG Pannonia Life Insurance OJSC has a GF Score™ of 52/100, reflecting its overall financial health beyond just this single metric.
How does CIG Pannonia Life Insurance OJSC's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, CIG Pannonia Life Insurance OJSC ranks #393 out of 399 companies for Beneish M-Score. This places CIG Pannonia Life Insurance OJSC 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 CIG Pannonia Life Insurance OJSC and its competitors. CIG Pannonia Life Insurance OJSC's current Beneish M-Score is 6.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CIG Pannonia Life Insurance OJSC stock overvalued right now?
CIG Pannonia Life Insurance OJSC (LTS:0P2E) has a current Beneish M-Score of 6.48. The stock's GF Value™ is Ft137.92, compared to a current price of Ft133.34 — trading 3.3% below its estimated fair value. The current Beneish M-Score is 6.48. CIG Pannonia Life Insurance OJSC's overall GF Score™ is 52/100 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 CIG Pannonia Life Insurance OJSC (LTS:0P2E), the current Beneish M-Score is 6.48 as of Jul. 14, 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 CIG Pannonia Life Insurance OJSC (LTS:0P2E) Overvalued in 2026?

Based on GuruFocus' analysis, CIG Pannonia Life Insurance OJSC stock appears to be undervalued. The current stock price of Ft133.34 is trading 3.3% below its estimated GF Value™ of Ft137.92.

Key valuation signals for LTS:0P2E:

  • Beneish M-Score: 6.48
  • GF Value™: Ft137.92 vs. price of Ft133.34 (3.3% below fair value)
  • GF Score™: 52/100 with 4 warning signs

No single metric tells the full story. See the LTS:0P2E stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CIG Pannonia Life Insurance OJSC Business Description

Address 11 Konyves Kalman Korut, Building B, Nepliget Center Business Center, Budapest, HUN, 1097
CIG Pannonia Life Insurance OJSC is an insurance company. The company mainly sells various insurance products including unit-linked life insurance, term life insurance, endowment insurance, health insurance, casco, freight liability and suretyship insurance and also offers investment fund management and portfolio management. The company carries its activities in Hungary, Romania, Slovakia, and Italy. In addition, the company sells riders and non-life insurance products.
52GF Score

Get the complete analysis for LTS:0P2E

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

Ft133.34
Price
Ft137.92
GF Value