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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Viva Wine Group AB's Beneish M-Score or its related term are showing as below:
OSTO:VIVA'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -2.37 Max: -0.78
Current: -2.32
During the past 9 years, the highest Beneish M-Score of Viva Wine Group AB was -0.78. The lowest was -2.67. And the median was -2.37.
Viva Wine Group AB Beneish M-Score Related Terms
Viva Wine Group AB Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Viva Wine 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.
For the Beverages - Wineries & Distilleries subindustry, Viva Wine 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.
Viva Wine Group AB Beneish M-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Viva Wine Group AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viva Wine 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 Viva Wine 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 * 1.0679
+
0.528 * 1.0302
+
0.404 * 0.9639
+
0.892 * 1.3049
+
0.115 * 1.1527
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9842
+
4.679 * -0.0236
-
0.327 * 1.2496
=
-2.32
* 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))
=
(121 / (121 + 82))
/
(136 / (136 + 127))
=
0.596059
/
0.51711
=
1.1527
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
=
(207 - 0
-
325)
/
5000
=
-0.0236
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.
Viva Wine Group AB has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Viva Wine Group AB (OSTO:VIVA) has a Beneish M-Score of -2.32 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Viva Wine Group AB and its competitors. According to the industry distribution chart, Viva Wine Group AB ranks #145 out of 201 companies in the Beverages - Alcoholic industry, placing it in the top 72.1%.
Is Viva Wine Group AB's Beneish M-Score too high?
Viva Wine Group AB's current Beneish M-Score is -2.32. Based on the distribution chart, Viva Wine Group AB ranks #145 out of 201 companies in the Beverages - Alcoholic industry, which is below the industry midpoint. Overall, Viva Wine Group AB has a GF Score™ of 69/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Viva Wine Group AB's Beneish M-Score compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, Viva Wine Group AB ranks #145 out of 201 companies for Beneish M-Score. This places Viva Wine 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 Viva Wine Group AB and its competitors. Viva Wine Group AB's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Viva Wine Group AB stock overvalued right now?
Based on GuruFocus' analysis, Viva Wine Group AB (OSTO:VIVA) is currently considered Significantly Undervalued. The stock's GF Value™ is kr56.09, compared to a current price of kr27.90 — trading 50.3% below its estimated fair value. The current Beneish M-Score is -2.32. Viva Wine Group AB's overall GF Score™ is 69/100 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 Viva Wine Group AB (OSTO:VIVA), the current Beneish M-Score is -2.32 as of Jun. 28, 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 Viva Wine Group AB (OSTO:VIVA) Overvalued in 2026?
Based on GuruFocus' analysis, Viva Wine Group AB stock appears to be undervalued.
The current stock price of kr27.90 is trading 50.3% below its estimated GF Value™ of kr56.09.
GuruFocus considers Viva Wine Group AB to be Significantly Undervalued.
Key valuation signals for OSTO:VIVA:
Beneish M-Score: -2.32
GF Value™: kr56.09 vs. price of kr27.90 (50.3% below fair value)
No single metric tells the full story. See the OSTO:VIVA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Viva Wine Group AB is a Swedish wine company that trades in alcoholic beverages and sells both wholly owned and partner brands in various markets. Its business is divided into two segments, which are Nordics(B2B) and eCom(B2C). The Nordics segment accounts for the majority of revenue and includes customers such as state retail monopolies Systembolaget, Alko, and Vinmonopolet, as well as wholesalers, hotels, and restaurants. The eCom segment focuses on consumer e-commerce sales in Europe, while the Other segment includes the company's pilot sales to B2B customers in the United States. The company's geographical segments include Sweden, Finland, Germany, Norway, and other countries.
69GF Score
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