Skjern Bank AS (OCSE:SKJE) Beneish M-Score: -2.24 (As of Aug. 29, 2026)

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OCSE:SKJE Skjern Bank AS OCSE:SKJE
68 GF Score
Price kr391.00
GF Value kr218.52
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Skjern Bank AS Beneish M-Score?

Skjern Bank AS OCSE:SKJE -0.64% 68 Beneish M-Score is -2.24 as of Aug. 29, 2026. GuruFocus rates OCSE:SKJE with a GF Score™ of 68/100 and a GF Value™ of kr218.52 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,391 Banks companies, Skjern Bank AS ranks worse than 76.78% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OCSE:SKJE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.27   Max: -1.85
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Skjern Bank AS was -1.85. The lowest was -2.66. And the median was -2.27.

OCSE:SKJE
68GF Score
Skjern Bank AS OCSE:SKJE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Skjern 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 Skjern 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 * 1.0012+0.892 * 1.0136+0.115 * 1.5281
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1485+4.679 * 0.015627-0.327 * 0.6209
=-2.24

* 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 kr0.0 Mil.
Revenue was kr687.0 Mil.
Gross Profit was kr687.0 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr15,771.8 Mil.
Property, Plant and Equipment(Net PPE) was kr82.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr8.3 Mil.
Selling, General, & Admin. Expense(SGA) was kr127.0 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr76.0 Mil.
Net Income was kr246.5 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr0.0 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was kr677.8 Mil.
Gross Profit was kr677.8 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr13,249.8 Mil.
Property, Plant and Equipment(Net PPE) was kr85.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr13.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr109.1 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr102.8 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 / 687.042) / (0 / 677.837)
=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)
=(677.837 / 677.837) / (687.042 / 687.042)
=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 + 82.439) / 15771.788) / (1 - (0 + 85.515) / 13249.767)
=0.994773 / 0.993546
=1.0012

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
=687.042 / 677.837
=1.0136

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))
=(13.885 / (13.885 + 85.515)) / (8.294 / (8.294 + 82.439))
=0.139688 / 0.091411
=1.5281

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)
=(127.005 / 687.042) / (109.099 / 677.837)
=0.184858 / 0.160952
=1.1485

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)
=((75.995 + 0) / 15771.788) / ((102.813 + 0) / 13249.767)
=0.004818 / 0.00776
=0.6209

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
=(246.473 - 0 - 0) / 15771.788
=0.015627

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.

Skjern Bank AS has a M-score of -2.24 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 -2.24 mean?
Skjern Bank AS (OCSE:SKJE) has a Beneish M-Score of -2.24 as of Aug. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Skjern Bank AS and its competitors. According to the industry distribution chart, Skjern Bank AS ranks #1068 out of 1391 companies in the Banks industry, placing it in the top 76.8%.
Is Skjern Bank AS's Beneish M-Score too high?
Skjern Bank AS's current Beneish M-Score is -2.24. Based on the distribution chart, Skjern Bank AS ranks #1068 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Skjern Bank AS has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Skjern Bank AS's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Skjern Bank AS ranks #1068 out of 1391 companies for Beneish M-Score. This places Skjern 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 Skjern Bank AS and its competitors. Skjern Bank AS's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Skjern Bank AS stock overvalued right now?
Based on GuruFocus' analysis, Skjern Bank AS (OCSE:SKJE) is currently considered Significantly Overvalued. The stock's GF Value™ is kr218.52, compared to a current price of kr391.00 — trading 78.9% above its estimated fair value. The current Beneish M-Score is -2.24. Skjern Bank AS's overall GF Score™ is 68/100 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 Skjern Bank AS (OCSE:SKJE), the current Beneish M-Score is -2.24 as of Aug. 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 Skjern Bank AS (OCSE:SKJE) Overvalued in 2026?

Based on GuruFocus' analysis, Skjern Bank AS stock appears to be overvalued. The current stock price of kr391.00 is trading 78.9% above its estimated GF Value™ of kr218.52. GuruFocus considers Skjern Bank AS to be Significantly Overvalued.

Key valuation signals for OCSE:SKJE:

  • Beneish M-Score: -2.24
  • GF Value™: kr218.52 vs. price of kr391.00 (78.9% above fair value)
  • GF Score™: 68/100 with 7 warning signs

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

Skjern Bank AS Business Description

Other Exchanges SKJEc:UK0G19:UK
Address Banktorvet 3, Skjern, DNK, 6900
Skjern Bank AS provides various financial services to private customers, corporate and institutional customers, and public companies in Denmark. It offers its customers a full product range combined with professional consultancy services that include credit cards, savings accounts, financing, loans, pension funds, personal and travel insurance, real estate consulting, leasing and investment services, as well as related advisory services, among others.
68GF Score

Get the complete analysis for OCSE:SKJE

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

kr391.00
Price
kr218.52
GF Value