Sparebanken More (OSL:MORG) Beneish M-Score: -2.27 (As of Jun. 25, 2026)


OSL:MORG Sparebanken More OSL:MORG
68 GF Score
Price kr110.28
GF Value kr96.18
Valuation Modestly Overvalued
! 8 Warning Signs
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What is Sparebanken More Beneish M-Score?

Sparebanken More OSL:MORG -0.65% 68 Beneish M-Score is -2.27 as of Jun. 25, 2026. GuruFocus rates OSL:MORG with a GF Score™ of 68/100 and a GF Value™ of kr96.18 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, Sparebanken More ranks worse than 72.06% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:MORG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.29   Max: -1.87
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Sparebanken More was -1.87. The lowest was -2.70. And the median was -2.29.

OSL:MORG
68GF Score
Sparebanken More OSL:MORG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sparebanken More 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 Sparebanken More 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 * 0.9987+0.892 * 0.9971+0.115 * 1.4017
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8206+4.679 * 0.029649-0.327 * 1.0072
=-2.27

* 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 Mil.
Revenue was 553 + 613 + 613 + 603 = kr2,382 Mil.
Gross Profit was 553 + 613 + 613 + 603 = kr2,382 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr108,873 Mil.
Property, Plant and Equipment(Net PPE) was kr377 Mil.
Depreciation, Depletion and Amortization(DDA) was kr63 Mil.
Selling, General, & Admin. Expense(SGA) was kr36 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr44,097 Mil.
Net Income was 211 + 297 + 258 + 243 = kr1,009 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -276 + 242 + 2590 + -4775 = kr-2,219 Mil.
 Total Receivables was kr0 Mil.
Revenue was 566 + 589 + 626 + 608 = kr2,389 Mil.
Gross Profit was 566 + 589 + 626 + 608 = kr2,389 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr104,345 Mil.
Property, Plant and Equipment(Net PPE) was kr227 Mil.
Depreciation, Depletion and Amortization(DDA) was kr57 Mil.
Selling, General, & Admin. Expense(SGA) was kr44 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr41,962 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 / 2382) / (0 / 2389)
=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)
=(2389 / 2389) / (2382 / 2382)
=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 + 377) / 108873) / (1 - (0 + 227) / 104345)
=0.996537 / 0.997825
=0.9987

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
=2382 / 2389
=0.9971

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))
=(57 / (57 + 227)) / (63 / (63 + 377))
=0.200704 / 0.143182
=1.4017

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)
=(36 / 2382) / (44 / 2389)
=0.015113 / 0.018418
=0.8206

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)
=((44097 + 0) / 108873) / ((41962 + 0) / 104345)
=0.405032 / 0.402147
=1.0072

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
=(1009 - 0 - -2219) / 108873
=0.029649

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.

Sparebanken More has a M-score of -2.27 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 -2.27 mean?
Sparebanken More (OSL:MORG) has a Beneish M-Score of -2.27 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sparebanken More and its competitors. According to the industry distribution chart, Sparebanken More ranks #1006 out of 1396 companies in the Banks industry, placing it in the top 72.1%.
Is Sparebanken More's Beneish M-Score too high?
Sparebanken More's current Beneish M-Score is -2.27. Based on the distribution chart, Sparebanken More ranks #1006 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Sparebanken More has a GF Score™ of 68/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sparebanken More's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Sparebanken More ranks #1006 out of 1396 companies for Beneish M-Score. This places Sparebanken More 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 Sparebanken More and its competitors. Sparebanken More's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sparebanken More stock overvalued right now?
Based on GuruFocus' analysis, Sparebanken More (OSL:MORG) is currently considered Modestly Overvalued. The stock's GF Value™ is kr96.18, compared to a current price of kr110.28 — trading 14.7% above its estimated fair value. The current Beneish M-Score is -2.27. Sparebanken More's overall GF Score™ is 68/100 with 8 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 Sparebanken More (OSL:MORG), the current Beneish M-Score is -2.27 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 Sparebanken More (OSL:MORG) Overvalued in 2026?

Based on GuruFocus' analysis, Sparebanken More stock appears to be overvalued. The current stock price of kr110.28 is trading 14.7% above its estimated GF Value™ of kr96.18. GuruFocus considers Sparebanken More to be Modestly Overvalued.

Key valuation signals for OSL:MORG:

  • Beneish M-Score: -2.27
  • GF Value™: kr96.18 vs. price of kr110.28 (14.7% above fair value)
  • GF Score™: 68/100 with 8 warning signs

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

Sparebanken More Business Description

Other Exchanges 0G40:UKK5X:Germany
Address Kipervikgata 6, Alesund, NOR, 6003
Sparebanken Møre is a Norway-based banking corporation. It engaged in providing retail and commercial banking services to its customers. Products and services provided by the company include deposits, savings accounts, asset management, financial advisory services, payment transfers, foreign exchange and interest trading, insurance, and real estate brokerage. In addition, the company also provides real estate brokerage services for both residential homes and commercial properties. It mainly concentrates on maritime, offshore and supply, real estate, trade, and services, as well as the insurance industries. It firm manages its business into three segments: Corporate, Retail, and Real Estate brokerage. The revenue of the company comprises interest, fees, commission, and other income.
68GF Score

Get the complete analysis for OSL:MORG

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

kr110.28
Price
kr96.18
GF Value