Bluelake Mineral AB (NGM:BLUE) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


NGM:BLUE Bluelake Mineral AB NGM:BLUE
31 GF Score
Price kr1.97
! 2 Warning Signs
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What is Bluelake Mineral AB Beneish M-Score?

Bluelake Mineral AB NGM:BLUE -2.48% 31 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates NGM:BLUE with a GF Score™ of 31/100. The stock has 2 warning signs investors should review. Among 685 Metals & Mining companies, Bluelake Mineral AB ranks worse than 145985.26% 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.

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

During the past 13 years, the highest Beneish M-Score of Bluelake Mineral AB was 38.86. The lowest was -4.56. And the median was 5.88.

Bluelake Mineral AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bluelake Mineral AB'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.

Bluelake Mineral AB Beneish M-Score Chart

Bluelake Mineral AB Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Bluelake Mineral AB Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.00 0.00 0.00 0.00 0.00

Bluelake Mineral AB Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Bluelake Mineral AB'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.

Bluelake Mineral AB Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Bluelake Mineral AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bluelake Mineral AB's Beneish M-Score falls into.


NGM:BLUE
31GF Score
Bluelake Mineral AB NGM:BLUE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bluelake Mineral AB 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 Bluelake Mineral AB 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 kr2.93 Mil.
Revenue was kr0.00 Mil.
Gross Profit was kr-21.27 Mil.
Total Current Assets was kr34.17 Mil.
Total Assets was kr79.19 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr11.75 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-40.73 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-39.76 Mil.
 Total Receivables was kr1.58 Mil.
Revenue was kr0.00 Mil.
Gross Profit was kr-6.00 Mil.
Total Current Assets was kr6.51 Mil.
Total Assets was kr52.80 Mil.
Property, Plant and Equipment(Net PPE) was kr0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.00 Mil.
Total Current Liabilities was kr19.96 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
=(2.93 / 0) / (1.583 / 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)
=(-5.999 / 0) / (-21.274 / 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 - (34.167 + 0) / 79.186) / (1 - (6.51 + 0) / 52.804)
=0.568522 / 0.876714
=

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
=0 / 0
=

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=

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 / 0) / (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)
=((0 + 11.752) / 79.186) / ((0 + 19.961) / 52.804)
=0.14841 / 0.378021
=

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
=(-40.73 - 0 - -39.755) / 79.186
=-0.012313

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 0.00 mean?
Bluelake Mineral AB (NGM:BLUE) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bluelake Mineral AB and its competitors. According to the industry distribution chart, Bluelake Mineral AB ranks #999999 out of 685 companies in the Metals & Mining industry.
Is Bluelake Mineral AB's Beneish M-Score too high?
Bluelake Mineral AB's current Beneish M-Score is 0.00. Based on the distribution chart, Bluelake Mineral AB ranks #999999 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Bluelake Mineral AB has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Bluelake Mineral AB's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Bluelake Mineral AB ranks #999999 out of 685 companies for Beneish M-Score. This places Bluelake Mineral AB 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Bluelake Mineral AB and its competitors. Bluelake Mineral AB's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bluelake Mineral AB stock overvalued right now?
Bluelake Mineral AB (NGM:BLUE) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Bluelake Mineral AB's overall GF Score™ is 31/100 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 Bluelake Mineral AB (NGM:BLUE), the current Beneish M-Score is 0.00 as of Jun. 25, 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.

Bluelake Mineral AB Business Description

Other Exchanges 5KG0:Germany
Address Brahegatan 29, Stockholm, SWE, 114 37
Bluelake Mineral AB is an independent mining company. It is engaged in mine development of copper and zinc resources as well as the exploration of nickel, gold, and oil. The company also owns the nickel projects Ronnbacken and Orrbacken in Sweden.
31GF Score

Get the complete analysis for NGM:BLUE

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

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