Alm Brand AS (OCSE:ALMB) Beneish M-Score: -3.30 (As of Jun. 24, 2026)


OCSE:ALMB Alm Brand AS OCSE:ALMB
55 GF Score
Price kr15.65
GF Value kr14.15
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Alm Brand AS Beneish M-Score?

Alm Brand AS OCSE:ALMB -1.57% 55 Beneish M-Score is -3.30 as of Jun. 24, 2026. GuruFocus rates OCSE:ALMB with a GF Score™ of 55/100 and a GF Value™ of kr14.15 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 399 Insurance companies, Alm Brand AS ranks better than 90.73% 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 -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:ALMB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.79   Med: -2.52   Max: 140.79
Current: -3.3

During the past 13 years, the highest Beneish M-Score of Alm Brand AS was 140.79. The lowest was -3.79. And the median was -2.52.

OCSE:ALMB
55GF Score
Alm Brand AS OCSE:ALMB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Alm Brand 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 Alm Brand 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 * 0.0766+0.528 * 1+0.404 * 1.003+0.892 * 1.0174+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.017857-0.327 * 0.7144
=-3.30

* 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 kr29 Mil.
Revenue was 2825 + 3556 + 3230 + 3629 = kr13,240 Mil.
Gross Profit was 2825 + 3556 + 3230 + 3629 = kr13,240 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr33,489 Mil.
Property, Plant and Equipment(Net PPE) was kr611 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,032 Mil.
Net Income was 224 + 337 + 327 + 342 = kr1,230 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1870 + -279 + -47 + 284 = kr1,828 Mil.
 Total Receivables was kr372 Mil.
Revenue was 2951 + 3290 + 3582 + 3191 = kr13,014 Mil.
Gross Profit was 2951 + 3290 + 3582 + 3191 = kr13,014 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr33,962 Mil.
Property, Plant and Equipment(Net PPE) was kr719 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr0 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,465 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)
=(29 / 13240) / (372 / 13014)
=0.00219 / 0.028585
=0.0766

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)
=(13014 / 13014) / (13240 / 13240)
=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 + 611) / 33489) / (1 - (0 + 719) / 33962)
=0.981755 / 0.978829
=1.003

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
=13240 / 13014
=1.0174

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 + 719)) / (0 / (0 + 611))
=0 / 0
=1

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 / 13240) / (0 / 13014)
=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)
=((1032 + 0) / 33489) / ((1465 + 0) / 33962)
=0.030816 / 0.043136
=0.7144

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
=(1230 - 0 - 1828) / 33489
=-0.017857

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.

Alm Brand AS has a M-score of -3.30 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 -3.30 mean?
Alm Brand AS (OCSE:ALMB) has a Beneish M-Score of -3.30 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alm Brand AS and its competitors. According to the industry distribution chart, Alm Brand AS ranks #37 out of 399 companies in the Insurance industry, placing it in the top 9.3%.
Is Alm Brand AS's Beneish M-Score too high?
Alm Brand AS's current Beneish M-Score is -3.30. Based on the distribution chart, Alm Brand AS ranks #37 out of 399 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Alm Brand AS has a GF Score™ of 55/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Alm Brand AS's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Alm Brand AS ranks #37 out of 399 companies for Beneish M-Score. This places Alm Brand AS in the top 9% of its industry — outperforming the majority of peers. 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 Alm Brand AS and its competitors. Alm Brand AS's current Beneish M-Score is -3.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alm Brand AS stock overvalued right now?
Based on GuruFocus' analysis, Alm Brand AS (OCSE:ALMB) is currently considered Modestly Overvalued. The stock's GF Value™ is kr14.15, compared to a current price of kr15.65 — trading 10.6% above its estimated fair value. The current Beneish M-Score is -3.30. Alm Brand AS's overall GF Score™ is 55/100 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 Alm Brand AS (OCSE:ALMB), the current Beneish M-Score is -3.30 as of Jun. 24, 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 Alm Brand AS (OCSE:ALMB) Overvalued in 2026?

Based on GuruFocus' analysis, Alm Brand AS stock appears to be overvalued. The current stock price of kr15.65 is trading 10.6% above its estimated GF Value™ of kr14.15. GuruFocus considers Alm Brand AS to be Modestly Overvalued.

Key valuation signals for OCSE:ALMB:

  • Beneish M-Score: -3.30
  • GF Value™: kr14.15 vs. price of kr15.65 (10.6% above fair value)
  • GF Score™: 55/100 with 2 warning signs

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

Alm Brand AS Business Description

Other Exchanges ALMBc:UK0DJI:UK1AM:Germany
Address Midtermolen 7, Copenhagen, DNK, DK-2100
Alm Brand AS is a Danish investment holding company. Along with its subsidiaries, it offers insurance solutions, under various brands, to its customers. Its business segments include the personal Lines segment, which comprises sales of insurance to private households through its own sales channels and partnerships, the Commercial Lines segment, which comprises sales to agricultural and commercial customers through its own sales channels and partnerships, and the Non-life insurance segment, which is also its key revenue-generating segment. Geographically, the company generates the majority of its revenue from Denmark.
55GF Score

Get the complete analysis for OCSE:ALMB

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

kr15.65
Price
kr14.15
GF Value