Melhus Sparebank (OSL:MELG) Beneish M-Score: -2.68 (As of Jul. 11, 2026)


OSL:MELG Melhus Sparebank OSL:MELG
55 GF Score
Price kr187.00
GF Value kr166.82
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Melhus Sparebank Beneish M-Score?

Melhus Sparebank OSL:MELG +0.01% 55 Beneish M-Score is -2.68 as of Jul. 11, 2026. GuruFocus rates OSL:MELG with a GF Score™ of 55/100 and a GF Value™ of kr166.82 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,395 Banks companies, Melhus Sparebank ranks better than 86.09% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:MELG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92   Med: -2.28   Max: -1.7
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Melhus Sparebank was -1.70. The lowest was -2.92. And the median was -2.28.

OSL:MELG
55GF Score
Melhus Sparebank OSL:MELG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Melhus 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 Melhus 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 * 1.0017+0.892 * 0.9887+0.115 * 0.764
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.037329-0.327 * 0.9779
=-2.68

* 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 77.566 + 87.997 + 80.985 + 97.971 = kr344.5 Mil.
Gross Profit was 77.566 + 87.997 + 80.985 + 97.971 = kr344.5 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr12,374.3 Mil.
Property, Plant and Equipment(Net PPE) was kr222.6 Mil.
Depreciation, Depletion and Amortization(DDA) was kr7.9 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,416.6 Mil.
Net Income was 27.1 + 35.072 + 28.494 + 48.099 = kr138.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 621.641 + -72.935 + -170.281 + 222.264 = kr600.7 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was 82.119 + 91.89 + 82.958 + 91.504 = kr348.5 Mil.
Gross Profit was 82.119 + 91.89 + 82.958 + 91.504 = kr348.5 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr11,349.9 Mil.
Property, Plant and Equipment(Net PPE) was kr222.7 Mil.
Depreciation, Depletion and Amortization(DDA) was kr6.0 Mil.
Selling, General, & Admin. Expense(SGA) was kr0.0 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,266.5 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 / 344.519) / (0 / 348.471)
=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)
=(348.471 / 348.471) / (344.519 / 344.519)
=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 + 222.647) / 12374.254) / (1 - (0 + 222.722) / 11349.884)
=0.982007 / 0.980377
=1.0017

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
=344.519 / 348.471
=0.9887

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))
=(6.003 / (6.003 + 222.722)) / (7.921 / (7.921 + 222.647))
=0.026245 / 0.034354
=0.764

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 / 344.519) / (0 / 348.471)
=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)
=((2416.587 + 0) / 12374.254) / ((2266.526 + 0) / 11349.884)
=0.195292 / 0.199696
=0.9779

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
=(138.765 - 0 - 600.689) / 12374.254
=-0.037329

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.

Melhus Sparebank has a M-score of -2.68 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 -2.68 mean?
Melhus Sparebank (OSL:MELG) has a Beneish M-Score of -2.68 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Melhus Sparebank and its competitors. According to the industry distribution chart, Melhus Sparebank ranks #194 out of 1395 companies in the Banks industry, placing it in the top 13.9%.
Is Melhus Sparebank's Beneish M-Score too high?
Melhus Sparebank's current Beneish M-Score is -2.68. Based on the distribution chart, Melhus Sparebank ranks #194 out of 1395 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Melhus Sparebank has a GF Score™ of 55/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Melhus Sparebank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Melhus Sparebank ranks #194 out of 1395 companies for Beneish M-Score. This places Melhus Sparebank in the top 14% 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 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 Melhus Sparebank and its competitors. Melhus Sparebank's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Melhus Sparebank stock overvalued right now?
Based on GuruFocus' analysis, Melhus Sparebank (OSL:MELG) is currently considered Modestly Overvalued. The stock's GF Value™ is kr166.82, compared to a current price of kr187.00 — trading 12.1% above its estimated fair value. The current Beneish M-Score is -2.68. Melhus Sparebank's overall GF Score™ is 55/100 with 6 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 Melhus Sparebank (OSL:MELG), the current Beneish M-Score is -2.68 as of Jul. 11, 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 Melhus Sparebank (OSL:MELG) Overvalued in 2026?

Based on GuruFocus' analysis, Melhus Sparebank stock appears to be overvalued. The current stock price of kr187.00 is trading 12.1% above its estimated GF Value™ of kr166.82. GuruFocus considers Melhus Sparebank to be Modestly Overvalued.

Key valuation signals for OSL:MELG:

  • Beneish M-Score: -2.68
  • GF Value™: kr166.82 vs. price of kr187.00 (12.1% above fair value)
  • GF Score™: 55/100 with 6 warning signs

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

Melhus Sparebank Business Description

Address Melhus Road 439, Melhus, NOR, 7224
Melhus Sparebank is a savings bank that 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.
55GF Score

Get the complete analysis for OSL:MELG

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

kr187.00
Price
kr166.82
GF Value