Sparebanken Ost (OSL:SPOG) Beneish M-Score: -2.43 (As of Jul. 14, 2026)

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OSL:SPOG Sparebanken Ost OSL:SPOG
49 GF Score
Price kr73.00
GF Value kr63.09
Valuation Modestly Overvalued
! 3 Warning Signs
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What is Sparebanken Ost Beneish M-Score?

Sparebanken Ost OSL:SPOG -0.68% 49 Beneish M-Score is -2.43 as of Jul. 14, 2026. GuruFocus rates OSL:SPOG with a GF Score™ of 49/100 and a GF Value™ of kr63.09 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,399 Banks companies, Sparebanken Ost ranks better than 56.18% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSL:SPOG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.26   Max: -1.76
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Sparebanken Ost was -1.76. The lowest was -2.76. And the median was -2.26.

OSL:SPOG
49GF Score
Sparebanken Ost OSL:SPOG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sparebanken Ost 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 Ost 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 * 1.0001+0.892 * 0.8563+0.115 * 0.8962
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1037+4.679 * 0.000117-0.327 * 0.9574
=-2.62

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was kr0.0 Mil.
Revenue was 231.2 + 220.1 + 225.3 + 242.7 = kr919.3 Mil.
Gross Profit was 231.2 + 220.1 + 225.3 + 242.7 = kr919.3 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr46,198.5 Mil.
Property, Plant and Equipment(Net PPE) was kr163.0 Mil.
Depreciation, Depletion and Amortization(DDA) was kr30.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr17.2 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr22,863.7 Mil.
Net Income was 112.9 + 92.6 + 90.2 + 102.2 = kr397.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0.0 Mil.
Cash Flow from Operations was 347.1 + 510.7 + -317.8 + -147.5 = kr392.5 Mil.
 Total Receivables was kr0.0 Mil.
Revenue was 329.8 + 240.3 + 242.4 + 261.1 = kr1,073.6 Mil.
Gross Profit was 329.8 + 240.3 + 242.4 + 261.1 = kr1,073.6 Mil.
Total Current Assets was kr0.0 Mil.
Total Assets was kr47,381.9 Mil.
Property, Plant and Equipment(Net PPE) was kr173.3 Mil.
Depreciation, Depletion and Amortization(DDA) was kr28.6 Mil.
Selling, General, & Admin. Expense(SGA) was kr18.2 Mil.
Total Current Liabilities was kr0.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr24,492.6 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 / 919.3) / (0 / 1073.6)
=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)
=(1073.6 / 1073.6) / (919.3 / 919.3)
=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 + 163) / 46198.5) / (1 - (0 + 173.3) / 47381.9)
=0.996472 / 0.996342
=1.0001

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
=919.3 / 1073.6
=0.8563

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))
=(28.6 / (28.6 + 173.3)) / (30.6 / (30.6 + 163))
=0.141654 / 0.158058
=0.8962

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)
=(17.2 / 919.3) / (18.2 / 1073.6)
=0.01871 / 0.016952
=1.1037

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)
=((22863.7 + 0) / 46198.5) / ((24492.6 + 0) / 47381.9)
=0.494901 / 0.516919
=0.9574

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
=(397.9 - 0 - 392.5) / 46198.5
=0.000117

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 Ost has a M-score of -2.62 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 -2.43 mean?
Sparebanken Ost (OSL:SPOG) has a Beneish M-Score of -2.43 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sparebanken Ost and its competitors. According to the industry distribution chart, Sparebanken Ost ranks #613 out of 1399 companies in the Banks industry, placing it in the top 43.8%.
Is Sparebanken Ost's Beneish M-Score too high?
Sparebanken Ost's current Beneish M-Score is -2.43. Based on the distribution chart, Sparebanken Ost ranks #613 out of 1399 companies in the Banks industry, which is above the industry midpoint. Overall, Sparebanken Ost has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sparebanken Ost's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Sparebanken Ost ranks #613 out of 1399 companies for Beneish M-Score. This puts Sparebanken Ost 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 Sparebanken Ost and its competitors. Sparebanken Ost's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sparebanken Ost stock overvalued right now?
Based on GuruFocus' analysis, Sparebanken Ost (OSL:SPOG) is currently considered Modestly Overvalued. The stock's GF Value™ is kr63.09, compared to a current price of kr73.00 — trading 15.7% above its estimated fair value. The current Beneish M-Score is -2.43. Sparebanken Ost's overall GF Score™ is 49/100 with 3 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 Ost (OSL:SPOG), the current Beneish M-Score is -2.43 as of Jul. 14, 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 Ost (OSL:SPOG) Overvalued in 2026?

Based on GuruFocus' analysis, Sparebanken Ost stock appears to be overvalued. The current stock price of kr73.00 is trading 15.7% above its estimated GF Value™ of kr63.09. GuruFocus considers Sparebanken Ost to be Modestly Overvalued.

Key valuation signals for OSL:SPOG:

  • Beneish M-Score: -2.43
  • GF Value™: kr63.09 vs. price of kr73.00 (15.7% above fair value)
  • GF Score™: 49/100 with 3 warning signs

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

Sparebanken Ost Business Description

Other Exchanges 0G45:UK
Address Bragernes Torg 2, PO Box 67, Hokksund, Drammen, NOR, 3301
Sparebanken Øst is a savings bank in Norway. It offers banking products and services to retail and corporate customers in the areas of loans, payment services, insurance products, property management as well as advisory services. Its mission is to be a non-affiliated, independent and locally managed provider of financial services, to enable people in general, along with small and medium-sized enterprises, to exploit their financial resources in the possible manner.
49GF Score

Get the complete analysis for OSL:SPOG

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

kr73.00
Price
kr63.09
GF Value