iGrandiViaggi SpA (MIL:IGV) Beneish M-Score: -2.51 (As of Jul. 01, 2026)


MIL:IGV iGrandiViaggi SpA MIL:IGV
57 GF Score
Price €2.09
GF Value €1.10
Valuation Significantly Overvalued
! 2 Warning Signs
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What is iGrandiViaggi SpA Beneish M-Score?

iGrandiViaggi SpA MIL:IGV -0.24% 57 Beneish M-Score is -2.51 as of Jul. 01, 2026. GuruFocus rates MIL:IGV with a GF Score™ of 57/100 and a GF Value™ of €1.10 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 823 Travel & Leisure companies, iGrandiViaggi SpA ranks worse than 60.63% on this metric.

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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MIL:IGV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24   Med: -2.54   Max: 6.86
Current: -2.51

During the past 13 years, the highest Beneish M-Score of iGrandiViaggi SpA was 6.86. The lowest was -3.24. And the median was -2.54.

iGrandiViaggi SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for iGrandiViaggi SpA's Beneish M-Score can be seen below:

* 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.

iGrandiViaggi SpA Beneish M-Score Chart

iGrandiViaggi SpA Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.16 -1.64 -2.66 -2.58 -2.65

iGrandiViaggi SpA Quarterly Data
Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.68 -1.53 -1.41 -2.65 -2.51

MIL:IGV vs LVS, MGM, WYNN: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, iGrandiViaggi SpA's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

iGrandiViaggi SpA Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, iGrandiViaggi SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where iGrandiViaggi SpA's Beneish M-Score falls into.


MIL:IGV
57GF Score
iGrandiViaggi SpA MIL:IGV
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

iGrandiViaggi SpA 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 iGrandiViaggi SpA 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 * 1.0122+0.528 * 0.8803+0.404 * 0.9757+0.892 * 1.0517+0.115 * 0.9136
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9309+4.679 * -0.00843-0.327 * 0.9371
=-2.51

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was €1.96 Mil.
Revenue was 9.376 + 30.545 + 23.923 + 8.013 = €71.86 Mil.
Gross Profit was 2.77 + 3.515 + 17.777 + 9.844 = €33.91 Mil.
Total Current Assets was €20.94 Mil.
Total Assets was €99.29 Mil.
Property, Plant and Equipment(Net PPE) was €58.56 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.83 Mil.
Selling, General, & Admin. Expense(SGA) was €0.42 Mil.
Total Current Liabilities was €17.62 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was -2.081 + 6.509 + 1.704 + -2.814 = €3.32 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -6.268 + -4.654 + 14.881 + 0.196 = €4.16 Mil.
 Total Receivables was €1.84 Mil.
Revenue was 8.663 + 31.6 + 21.456 + 6.604 = €68.32 Mil.
Gross Profit was 2.145 + 6.398 + 15.992 + 3.845 = €28.38 Mil.
Total Current Assets was €19.02 Mil.
Total Assets was €98.34 Mil.
Property, Plant and Equipment(Net PPE) was €59.23 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.61 Mil.
Selling, General, & Admin. Expense(SGA) was €0.43 Mil.
Total Current Liabilities was €18.62 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(1.962 / 71.857) / (1.843 / 68.323)
=0.027304 / 0.026975
=1.0122

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)
=(28.38 / 68.323) / (33.906 / 71.857)
=0.41538 / 0.471854
=0.8803

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 - (20.94 + 58.561) / 99.294) / (1 - (19.018 + 59.231) / 98.341)
=0.199337 / 0.204309
=0.9757

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
=71.857 / 68.323
=1.0517

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))
=(2.607 / (2.607 + 59.231)) / (2.833 / (2.833 + 58.561))
=0.042159 / 0.046145
=0.9136

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)
=(0.42 / 71.857) / (0.429 / 68.323)
=0.005845 / 0.006279
=0.9309

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 + 17.616) / 99.294) / ((0 + 18.618) / 98.341)
=0.177413 / 0.189321
=0.9371

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
=(3.318 - 0 - 4.155) / 99.294
=-0.00843

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.

iGrandiViaggi SpA has a M-score of -2.51 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 -2.51 mean?
iGrandiViaggi SpA (MIL:IGV) has a Beneish M-Score of -2.51 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on iGrandiViaggi SpA and its competitors. According to the industry distribution chart, iGrandiViaggi SpA ranks #499 out of 823 companies in the Travel & Leisure industry, placing it in the top 60.6%.
Is iGrandiViaggi SpA's Beneish M-Score too high?
iGrandiViaggi SpA's current Beneish M-Score is -2.51. Based on the distribution chart, iGrandiViaggi SpA ranks #499 out of 823 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, iGrandiViaggi SpA has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does iGrandiViaggi SpA's Beneish M-Score compare to LVS and MGM?
According to the Travel & Leisure industry distribution chart, iGrandiViaggi SpA ranks #499 out of 823 companies for Beneish M-Score. This places iGrandiViaggi SpA 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 iGrandiViaggi SpA and its competitors. iGrandiViaggi SpA's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is iGrandiViaggi SpA stock overvalued right now?
Based on GuruFocus' analysis, iGrandiViaggi SpA (MIL:IGV) is currently considered Significantly Overvalued. The stock's GF Value™ is €1.10, compared to a current price of €2.09 — trading 89.5% above its estimated fair value. The current Beneish M-Score is -2.51. iGrandiViaggi SpA's overall GF Score™ is 57/100 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 iGrandiViaggi SpA (MIL:IGV), the current Beneish M-Score is -2.51 as of Jul. 01, 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 iGrandiViaggi SpA (MIL:IGV) Overvalued in 2026?

Based on GuruFocus' analysis, iGrandiViaggi SpA stock appears to be overvalued. The current stock price of €2.09 is trading 89.5% above its estimated GF Value™ of €1.10. GuruFocus considers iGrandiViaggi SpA to be Significantly Overvalued.

Key valuation signals for MIL:IGV:

  • Beneish M-Score: -2.51
  • GF Value™: €1.10 vs. price of €2.09 (89.5% above fair value)
  • GF Score™: 57/100 with 2 warning signs

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

iGrandiViaggi SpA Business Description

Address Via Della Moscova, 36, Milan, ITA, 20121
iGrandiViaggi SpA owns and manages hotels and resorts in Italy. It operates in Mexico, Oman, United States, UAE, Thailand, Qatar, Kenya, Greece, and Zanzibar.
57GF Score

Get the complete analysis for MIL:IGV

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

€2.09
Price
€1.10
GF Value