Danske Andelskassers Bank AS (OCSE:DAB) Beneish M-Score: -2.53 (As of Jun. 25, 2026)


OCSE:DAB Danske Andelskassers Bank AS OCSE:DAB
34 GF Score
Price kr16.35
GF Value kr12.43
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Danske Andelskassers Bank AS Beneish M-Score?

Danske Andelskassers Bank AS OCSE:DAB -1.80% 34 Beneish M-Score is -2.53 as of Jun. 25, 2026. GuruFocus rates OCSE:DAB with a GF Score™ of 34/100 and a GF Value™ of kr12.43 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, Danske Andelskassers Bank AS ranks better than 74.21% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:DAB' s Beneish M-Score Range Over the Past 10 Years
Min: -5.79   Med: -2.52   Max: -1.31
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Danske Andelskassers Bank AS was -1.31. The lowest was -5.79. And the median was -2.52.

OCSE:DAB
34GF Score
Danske Andelskassers Bank AS OCSE:DAB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Danske Andelskassers 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 Danske Andelskassers 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 * 0.9957+0.892 * 0.9316+0.115 * 1.5221
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1578+4.679 * 0.017059-0.327 * 1.2951
=-2.53

* 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 kr0.0 Mil.
Revenue was 200.802 + 205.342 + 209.326 + 218.657 = kr834.1 Mil.
Gross Profit was 200.802 + 205.342 + 209.326 + 218.657 = kr834.1 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr18,689.2 Mil.
Property, Plant and Equipment(Net PPE) was kr179.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr25.1 Mil.
Selling, General, & Admin. Expense(SGA) was kr222.4 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr684.0 Mil.
Net Income was 22.933 + 54.154 + 78.616 + 67.098 = kr222.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 0 + 0 + -353.933 + 257.915 = kr-96.0 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was 219.922 + 215.981 + 239.043 + 220.412 = kr895.4 Mil.
Gross Profit was 219.922 + 215.981 + 239.043 + 220.412 = kr895.4 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr17,590.7 Mil.
Property, Plant and Equipment(Net PPE) was kr93.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr21.5 Mil.
Selling, General, & Admin. Expense(SGA) was kr206.2 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr497.1 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 / 834.127) / (0 / 895.358)
=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)
=(895.358 / 895.358) / (834.127 / 834.127)
=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 + 179.461) / 18689.196) / (1 - (0 + 93.543) / 17590.652)
=0.990398 / 0.994682
=0.9957

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
=834.127 / 895.358
=0.9316

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))
=(21.458 / (21.458 + 93.543)) / (25.074 / (25.074 + 179.461))
=0.18659 / 0.12259
=1.5221

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)
=(222.365 / 834.127) / (206.165 / 895.358)
=0.266584 / 0.23026
=1.1578

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)
=((684.03 + 0) / 18689.196) / ((497.106 + 0) / 17590.652)
=0.0366 / 0.02826
=1.2951

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
=(222.801 - 0 - -96.018) / 18689.196
=0.017059

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.

Danske Andelskassers Bank AS has a M-score of -2.53 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 -2.53 mean?
Danske Andelskassers Bank AS (OCSE:DAB) has a Beneish M-Score of -2.53 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Danske Andelskassers Bank AS and its competitors. According to the industry distribution chart, Danske Andelskassers Bank AS ranks #360 out of 1396 companies in the Banks industry, placing it in the top 25.8%.
Is Danske Andelskassers Bank AS's Beneish M-Score too high?
Danske Andelskassers Bank AS's current Beneish M-Score is -2.53. Based on the distribution chart, Danske Andelskassers Bank AS ranks #360 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Danske Andelskassers Bank AS has a GF Score™ of 34/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Danske Andelskassers Bank AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Danske Andelskassers Bank AS ranks #360 out of 1396 companies for Beneish M-Score. This puts Danske Andelskassers Bank AS in the upper 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 Danske Andelskassers Bank AS and its competitors. Danske Andelskassers Bank AS's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Danske Andelskassers Bank AS stock overvalued right now?
Based on GuruFocus' analysis, Danske Andelskassers Bank AS (OCSE:DAB) is currently considered Significantly Overvalued. The stock's GF Value™ is kr12.43, compared to a current price of kr16.35 — trading 31.5% above its estimated fair value. The current Beneish M-Score is -2.53. Danske Andelskassers Bank AS's overall GF Score™ is 34/100 with 7 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 Danske Andelskassers Bank AS (OCSE:DAB), the current Beneish M-Score is -2.53 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.

Is Danske Andelskassers Bank AS (OCSE:DAB) Overvalued in 2026?

Based on GuruFocus' analysis, Danske Andelskassers Bank AS stock appears to be overvalued. The current stock price of kr16.35 is trading 31.5% above its estimated GF Value™ of kr12.43. GuruFocus considers Danske Andelskassers Bank AS to be Significantly Overvalued.

Key valuation signals for OCSE:DAB:

  • Beneish M-Score: -2.53
  • GF Value™: kr12.43 vs. price of kr16.35 (31.5% above fair value)
  • GF Score™: 34/100 with 7 warning signs

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

Danske Andelskassers Bank AS Business Description

Other Exchanges 0P5C:UK
Address Baneskellet 1, Hammershoj, Tjele, DNK, 8830
Danske Andelskassers Bank AS operates as a regional bank which provides various banking products and services to private, small and medium-sized business, and institutional customers in Denmark. It offers deposit products such as checking, savings and term certificate accounts, credit cards, Mortgages, loans, pensions, self-service facilities, insurance, mobile banking, Net banking, ATMs, debt management and investment advice.
34GF Score

Get the complete analysis for OCSE:DAB

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

kr16.35
Price
kr12.43
GF Value