Holand og Setskog Sparebank (OSL:HSPG) Beneish M-Score: -2.52 (As of Jul. 24, 2026)

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OSL:HSPG Holand og Setskog Sparebank OSL:HSPG
53 GF Score
Price kr145.30
GF Value kr139.88
Valuation Fairly Valued
! 4 Warning Signs
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What is Holand og Setskog Sparebank Beneish M-Score?

Holand og Setskog Sparebank OSL:HSPG 53 Beneish M-Score is -2.52 as of Jul. 24, 2026. GuruFocus rates OSL:HSPG with a GF Score™ of 53/100 and a GF Value™ of kr139.88 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,391 Banks companies, Holand og Setskog Sparebank ranks better than 73.11% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Holand og Setskog Sparebank's Beneish M-Score or its related term are showing as below:

OSL:HSPG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.3   Max: -1.89
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Holand og Setskog Sparebank was -1.89. The lowest was -2.87. And the median was -2.30.

OSL:HSPG
53GF Score
Holand og Setskog Sparebank OSL:HSPG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Holand og Setskog Sparebank 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 Holand og Setskog Sparebank 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 * 0.9973+0.892 * 1.0127+0.115 * 0.9837
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9155+4.679 * -0.010062-0.327 * 1.0459
=-2.52

* 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 kr197.6 Mil.
Gross Profit was kr197.6 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr9,157.8 Mil.
Property, Plant and Equipment(Net PPE) was kr81.4 Mil.
Depreciation, Depletion and Amortization(DDA) was kr10.2 Mil.
Selling, General, & Admin. Expense(SGA) was kr8.5 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr3,055.4 Mil.
Net Income was kr47.4 Mil.
Gross Profit was kr0.0 Mil.
Cash Flow from Operations was kr139.6 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was kr195.1 Mil.
Gross Profit was kr195.1 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr8,610.0 Mil.
Property, Plant and Equipment(Net PPE) was kr53.5 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr9.2 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,746.6 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 / 197.606) / (0 / 195.133)
=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)
=(195.133 / 195.133) / (197.606 / 197.606)
=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 + 81.373) / 9157.807) / (1 - (0 + 53.5) / 8609.983)
=0.991114 / 0.993786
=0.9973

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
=197.606 / 195.133
=1.0127

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))
=(6.564 / (6.564 + 53.5)) / (10.17 / (10.17 + 81.373))
=0.109283 / 0.111095
=0.9837

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)
=(8.497 / 197.606) / (9.165 / 195.133)
=0.043 / 0.046968
=0.9155

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)
=((3055.379 + 0) / 9157.807) / ((2746.56 + 0) / 8609.983)
=0.333637 / 0.318997
=1.0459

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
=(47.435 - 0 - 139.583) / 9157.807
=-0.010062

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.

Holand og Setskog Sparebank has a M-score of -2.52 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 -2.52 mean?
Holand og Setskog Sparebank (OSL:HSPG) has a Beneish M-Score of -2.52 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Holand og Setskog Sparebank and its competitors. According to the industry distribution chart, Holand og Setskog Sparebank ranks #374 out of 1391 companies in the Banks industry, placing it in the top 26.9%.
Is Holand og Setskog Sparebank's Beneish M-Score too high?
Holand og Setskog Sparebank's current Beneish M-Score is -2.52. Based on the distribution chart, Holand og Setskog Sparebank ranks #374 out of 1391 companies in the Banks industry, which is above the industry midpoint. Overall, Holand og Setskog Sparebank has a GF Score™ of 53/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Holand og Setskog Sparebank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Holand og Setskog Sparebank ranks #374 out of 1391 companies for Beneish M-Score. This puts Holand og Setskog Sparebank 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 Holand og Setskog Sparebank and its competitors. Holand og Setskog Sparebank's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Holand og Setskog Sparebank stock overvalued right now?
Based on GuruFocus' analysis, Holand og Setskog Sparebank (OSL:HSPG) is currently considered Fairly Valued. The stock's GF Value™ is kr139.88, compared to a current price of kr145.30 — trading 3.9% above its estimated fair value. The current Beneish M-Score is -2.52. Holand og Setskog Sparebank's overall GF Score™ is 53/100 with 4 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 Holand og Setskog Sparebank (OSL:HSPG), the current Beneish M-Score is -2.52 as of Jul. 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 Holand og Setskog Sparebank (OSL:HSPG) Overvalued in 2026?

Based on GuruFocus' analysis, Holand og Setskog Sparebank stock appears to be overvalued. The current stock price of kr145.30 is trading 3.9% above its estimated GF Value™ of kr139.88. GuruFocus considers Holand og Setskog Sparebank to be Fairly Valued.

Key valuation signals for OSL:HSPG:

  • Beneish M-Score: -2.52
  • GF Value™: kr139.88 vs. price of kr145.30 (3.9% above fair value)
  • GF Score™: 53/100 with 4 warning signs

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

Holand og Setskog Sparebank Business Description

Address Postboks 54, Bjorkelangen, NOR
Holand og Setskog Sparebank operates as a savings bank. It offers a range of financial services including loans, savings, advice, insurance and pensions to personal and corporate customers. The Bank also offers credit cards, debit cards, structured products, stock savings, mobile banking and online banking services.
53GF Score

Get the complete analysis for OSL:HSPG

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

kr145.30
Price
kr139.88
GF Value