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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 New Wave Group AB's Beneish M-Score or its related term are showing as below:
OSTO:NEWA B'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.47 Max: -1.47
Current: -2.43
During the past 13 years, the highest Beneish M-Score of New Wave Group AB was -1.47. The lowest was -3.10. And the median was -2.47.
The historical data trend for New Wave Group AB's Beneish M-Score can be seen below:
* 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.
OSTO:NEWA B vs CASY, WSM, ULTA: Beneish M-Score Comparison
For the Specialty Retail subindustry, New Wave Group AB's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
New Wave Group AB Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, New Wave Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Wave Group AB's Beneish M-Score falls into.
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 New Wave Group AB 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 * 1.0492
+
0.528 * 1.0067
+
0.404 * 0.9656
+
0.892 * 1.0459
+
0.115 * 1.0984
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.009622
-
0.327 * 1.2471
=
-2.43
* 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.
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.
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))
=
(315 / (315 + 1772))
/
(353 / (353 + 2216))
=
0.150934
/
0.137408
=
1.0984
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
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
=
(768 - 0
-
645)
/
12783
=
0.009622
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.
New Wave Group AB has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
New Wave Group AB (OSTO:NEWA B) has a Beneish M-Score of -2.43 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New Wave Group AB and its competitors. According to the industry distribution chart, New Wave Group AB ranks #677 out of 1090 companies in the Retail - Cyclical industry, placing it in the top 62.1%.
Is New Wave Group AB's Beneish M-Score too high?
New Wave Group AB's current Beneish M-Score is -2.43. Based on the distribution chart, New Wave Group AB ranks #677 out of 1090 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, New Wave Group AB has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does New Wave Group AB's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, New Wave Group AB ranks #677 out of 1090 companies for Beneish M-Score. This places New Wave Group AB 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 New Wave Group AB and its competitors. New Wave Group AB'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 New Wave Group AB stock overvalued right now?
Based on GuruFocus' analysis, New Wave Group AB (OSTO:NEWA B) is currently considered Modestly Undervalued. The stock's GF Value™ is kr115.70, compared to a current price of kr93.95 — trading 18.8% below its estimated fair value. The current Beneish M-Score is -2.43. New Wave Group AB's overall GF Score™ is 90/100 with 5 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 New Wave Group AB (OSTO:NEWA B), the current Beneish M-Score is -2.43 as of Aug. 10, 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 New Wave Group AB (OSTO:NEWA B) Overvalued in 2026?
Based on GuruFocus' analysis, New Wave Group AB stock appears to be undervalued.
The current stock price of kr93.95 is trading 18.8% below its estimated GF Value™ of kr115.70.
GuruFocus considers New Wave Group AB to be Modestly Undervalued.
Key valuation signals for OSTO:NEWA B:
Beneish M-Score: -2.43
GF Value™: kr115.70 vs. price of kr93.95 (18.8% below fair value)
No single metric tells the full story. See the OSTO:NEWA B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
New Wave Group AB is a Sweden-based company that designs, acquires, and develops brands and products in the corporate promo, gifts, and home furnishings sectors. The group achieves synergies by coordinating the design, purchasing, marketing, warehousing, and distribution of its product range. To ensure good diversification, the Group markets its products in the corporate promo market and the retail market. The group divides its operations into three operating segments: Corporate, Sports and Leisure, and Gifts and Home Furnishings. It derives maximum revenue from the Corporate segment. The firm generates the majority of its revenue from Promo sales channel.
90GF Score
Get the complete analysis for OSTO:NEWA B
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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