Norion Bank AB (OSTO:NORION) Beneish M-Score: -2.37 (As of Jun. 26, 2026)


OSTO:NORION Norion Bank AB OSTO:NORION
65 GF Score
Price kr61.00
GF Value kr45.14
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Norion Bank AB Beneish M-Score?

Norion Bank AB OSTO:NORION -0.33% 65 Beneish M-Score is -2.37 as of Jun. 26, 2026. GuruFocus rates OSTO:NORION with a GF Score™ of 65/100 and a GF Value™ of kr45.14 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Norion Bank AB ranks worse than 55.55% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

OSTO:NORION' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -2.34   Max: -1.83
Current: -2.37

During the past 10 years, the highest Beneish M-Score of Norion Bank AB was -1.83. The lowest was -2.80. And the median was -2.34.

OSTO:NORION
65GF Score
Norion Bank AB OSTO:NORION
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Norion Bank AB 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 Norion Bank 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+0.528 * 1+0.404 * 1.0002+0.892 * 0.9963+0.115 * 0.8382
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9822+4.679 * 0.031051-0.327 * 1.0452
=-2.37

* 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 908 + 923 + 919 + 977 = kr3,727 Mil.
Gross Profit was 908 + 923 + 919 + 977 = kr3,727 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr68,468 Mil.
Property, Plant and Equipment(Net PPE) was kr52 Mil.
Depreciation, Depletion and Amortization(DDA) was kr84 Mil.
Selling, General, & Admin. Expense(SGA) was kr182 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,832 Mil.
Net Income was 301 + 317 + 340 + 370 = kr1,328 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was -1291 + 717 + 129 + -353 = kr-798 Mil.
 Total Receivables was kr0 Mil.
Revenue was 1006 + 905 + 882 + 948 = kr3,741 Mil.
Gross Profit was 1006 + 905 + 882 + 948 = kr3,741 Mil.
Total Current Assets was kr0 Mil.
Total Assets was kr67,647 Mil.
Property, Plant and Equipment(Net PPE) was kr68 Mil.
Depreciation, Depletion and Amortization(DDA) was kr73 Mil.
Selling, General, & Admin. Expense(SGA) was kr186 Mil.
Total Current Liabilities was kr0 Mil.
Long-Term Debt & Capital Lease Obligation was kr2,677 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 / 3727) / (0 / 3741)
=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)
=(3741 / 3741) / (3727 / 3727)
=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 + 52) / 68468) / (1 - (0 + 68) / 67647)
=0.999241 / 0.998995
=1.0002

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
=3727 / 3741
=0.9963

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))
=(73 / (73 + 68)) / (84 / (84 + 52))
=0.51773 / 0.617647
=0.8382

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)
=(182 / 3727) / (186 / 3741)
=0.048833 / 0.049719
=0.9822

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)
=((2832 + 0) / 68468) / ((2677 + 0) / 67647)
=0.041362 / 0.039573
=1.0452

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
=(1328 - 0 - -798) / 68468
=0.031051

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.

Norion Bank AB has a M-score of -2.37 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 -2.37 mean?
Norion Bank AB (OSTO:NORION) has a Beneish M-Score of -2.37 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Norion Bank AB and its competitors. According to the industry distribution chart, Norion Bank AB ranks #776 out of 1397 companies in the Banks industry, placing it in the top 55.5%.
Is Norion Bank AB's Beneish M-Score too high?
Norion Bank AB's current Beneish M-Score is -2.37. Based on the distribution chart, Norion Bank AB ranks #776 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Norion Bank AB has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Norion Bank AB's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Norion Bank AB ranks #776 out of 1397 companies for Beneish M-Score. This places Norion Bank 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 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 Norion Bank AB and its competitors. Norion Bank AB's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Norion Bank AB stock overvalued right now?
Based on GuruFocus' analysis, Norion Bank AB (OSTO:NORION) is currently considered Significantly Overvalued. The stock's GF Value™ is kr45.14, compared to a current price of kr61.00 — trading 35.1% above its estimated fair value. The current Beneish M-Score is -2.37. Norion Bank AB's overall GF Score™ is 65/100 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 Norion Bank AB (OSTO:NORION), the current Beneish M-Score is -2.37 as of Jun. 26, 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 Norion Bank AB (OSTO:NORION) Overvalued in 2026?

Based on GuruFocus' analysis, Norion Bank AB stock appears to be overvalued. The current stock price of kr61.00 is trading 35.1% above its estimated GF Value™ of kr45.14. GuruFocus considers Norion Bank AB to be Significantly Overvalued.

Key valuation signals for OSTO:NORION:

  • Beneish M-Score: -2.37
  • GF Value™: kr45.14 vs. price of kr61.00 (35.1% above fair value)
  • GF Score™: 65/100 with 4 warning signs

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

Norion Bank AB Business Description

Other Exchanges NORIOs:UKFN1:Germany
Address Lilla Bommens Torg 11, Goteborg, SWE, 411 09
Norion Bank AB specializes in financing solutions for corporate and private individuals, with particular focus on small and medium-sized companies. The main business is conducted through four segments namely Corporate, Real estate, Consumer and Payments. The Corporate segment includes corporate loans and factoring directed mainly at small and medium-sized companies in a wide range of industries in Sweden, Norway and Finland. The Real estate segment comprises real estate loans focusing on metropolitan areas and university cities in the Nordic region and the Consumer segment offers unsecured loans to private individuals The Payments segment offers payment and checkout solutions for e-commerce and retail chains.
65GF Score

Get the complete analysis for OSTO:NORION

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

kr61.00
Price
kr45.14
GF Value