SJF Bank AS (LTS:0RD0) Beneish M-Score: -2.10 (As of Jul. 29, 2026)

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LTS:0RD0 SJF Bank AS LTS:0RD0
67 GF Score
Price kr415.00
GF Value kr259.99
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is SJF Bank AS Beneish M-Score?

SJF Bank AS LTS:0RD0 -0.36% 67 Beneish M-Score is -2.10 as of Jul. 29, 2026. GuruFocus rates LTS:0RD0 with a GF Score™ of 67/100 and a GF Value™ of kr259.99 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,394 Banks companies, SJF Bank AS ranks worse than 87.09% 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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0RD0' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.48   Max: -1.47
Current: -2.1

During the past 13 years, the highest Beneish M-Score of SJF Bank AS was -1.47. The lowest was -2.89. And the median was -2.48.

LTS:0RD0
67GF Score
SJF Bank AS LTS:0RD0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SJF 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 SJF 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 * 0.9961+0.892 * 1.0159+0.115 * 1.6241
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0595+4.679 * 0.057186-0.327 * 0.8759
=-2.10

* 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 kr0 Mil.
Revenue was 459.478 + 435.439 + 450.854 + 439.507 = kr1,785 Mil.
Gross Profit was 459.478 + 435.439 + 450.854 + 439.507 = kr1,785 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr34,412 Mil.
Property, Plant and Equipment(Net PPE) was kr691 Mil.
Depreciation, Depletion and Amortization(DDA) was kr31 Mil.
Selling, General, & Admin. Expense(SGA) was kr375 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,236 Mil.
Net Income was 184.507 + 133.555 + 156.397 + 131.272 = kr606 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -2422.81 + 548.674 + 303.123 + 208.876 = kr-1,362 Mil.
 Total Receivables was kr0 Mil.
Revenue was 462.979 + 430.823 + 443.906 + 419.648 = kr1,757 Mil.
Gross Profit was 462.979 + 430.823 + 443.906 + 419.648 = kr1,757 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr32,060 Mil.
Property, Plant and Equipment(Net PPE) was kr520 Mil.
Depreciation, Depletion and Amortization(DDA) was kr39 Mil.
Selling, General, & Admin. Expense(SGA) was kr348 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,315 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 / 1785.278) / (0 / 1757.356)
=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)
=(1757.356 / 1757.356) / (1785.278 / 1785.278)
=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 + 690.814) / 34411.551) / (1 - (0 + 519.526) / 32060.327)
=0.979925 / 0.983795
=0.9961

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
=1785.278 / 1757.356
=1.0159

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))
=(39.353 / (39.353 + 519.526)) / (31.308 / (31.308 + 690.814))
=0.070414 / 0.043356
=1.6241

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)
=(375.022 / 1785.278) / (348.442 / 1757.356)
=0.210064 / 0.198276
=1.0595

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)
=((1235.882 + 0) / 34411.551) / ((1314.628 + 0) / 32060.327)
=0.035915 / 0.041005
=0.8759

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
=(605.731 - 0 - -1362.137) / 34411.551
=0.057186

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.

SJF Bank AS has a M-score of -2.10 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 -2.10 mean?
SJF Bank AS (LTS:0RD0) has a Beneish M-Score of -2.10 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SJF Bank AS and its competitors. According to the industry distribution chart, SJF Bank AS ranks #1214 out of 1394 companies in the Banks industry, placing it in the top 87.1%.
Is SJF Bank AS's Beneish M-Score too high?
SJF Bank AS's current Beneish M-Score is -2.10. Based on the distribution chart, SJF Bank AS ranks #1214 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, SJF Bank AS has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SJF Bank AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SJF Bank AS ranks #1214 out of 1394 companies for Beneish M-Score. This places SJF 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 SJF Bank AS and its competitors. SJF Bank AS's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SJF Bank AS stock overvalued right now?
Based on GuruFocus' analysis, SJF Bank AS (LTS:0RD0) is currently considered Significantly Overvalued. The stock's GF Value™ is kr259.99, compared to a current price of kr415.00 — trading 59.6% above its estimated fair value. The current Beneish M-Score is -2.10. SJF Bank AS's overall GF Score™ is 67/100 with 8 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 SJF Bank AS (LTS:0RD0), the current Beneish M-Score is -2.10 as of Jul. 29, 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 SJF Bank AS (LTS:0RD0) Overvalued in 2026?

Based on GuruFocus' analysis, SJF Bank AS stock appears to be overvalued. The current stock price of kr415.00 is trading 59.6% above its estimated GF Value™ of kr259.99. GuruFocus considers SJF Bank AS to be Significantly Overvalued.

Key valuation signals for LTS:0RD0:

  • Beneish M-Score: -2.10
  • GF Value™: kr259.99 vs. price of kr415.00 (59.6% above fair value)
  • GF Score™: 67/100 with 8 warning signs

No single metric tells the full story. See the LTS:0RD0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SJF Bank AS Business Description

Other Exchanges SJF:Denmark4AC:Germany
Address Isefjords Alle 5, Holbaek, DNK, 4300
SJF Bank A/S provides banking products and services in Denmark. Its products and services include net banking, commercial insurance, mobile banking, rental of commercial lease, financing, insurance and pension.
67GF Score

Get the complete analysis for LTS:0RD0

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

kr415.00
Price
kr259.99
GF Value