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 AS Tallinna Vesi's Beneish M-Score or its related term are showing as below:
OTSE:TVE1T'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.97 Med: -2.57 Max: -2.12
Current: -2.32
During the past 13 years, the highest Beneish M-Score of AS Tallinna Vesi was -2.12. The lowest was -2.97. And the median was -2.57.
AS Tallinna Vesi Beneish M-Score Related Terms
AS Tallinna Vesi Beneish M-Score Historical Data
* Premium members only.
The historical data trend for AS Tallinna Vesi'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.
OTSE:TVE1T vs AWK, WTRG, AWR: Beneish M-Score Comparison
For the Utilities - Regulated Water subindustry, AS Tallinna Vesi'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.
AS Tallinna Vesi Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, AS Tallinna Vesi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AS Tallinna Vesi'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 AS Tallinna Vesi 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 * 1.0683
+
0.528 * 1.0059
+
0.404 * 1.4679
+
0.892 * 1.1287
+
0.115 * 0.981
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8115
+
4.679 * -0.042246
-
0.327 * 1.1145
=
-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))
=
(8.71 / (8.71 + 298.798))
/
(9.95 / (9.95 + 334.646))
=
0.028324
/
0.028874
=
0.981
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
=
(15.082 - 0
-
30.518)
/
365.388
=
-0.042246
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.
AS Tallinna Vesi has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
AS Tallinna Vesi (OTSE:TVE1T) has a Beneish M-Score of -2.32 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AS Tallinna Vesi and its competitors. According to the industry distribution chart, AS Tallinna Vesi ranks #374 out of 487 companies in the Utilities - Regulated industry, placing it in the top 76.8%.
Is AS Tallinna Vesi's Beneish M-Score too high?
AS Tallinna Vesi's current Beneish M-Score is -2.32. Based on the distribution chart, AS Tallinna Vesi ranks #374 out of 487 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, AS Tallinna Vesi has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AS Tallinna Vesi's Beneish M-Score compare to AWK and WTRG?
According to the Utilities - Regulated industry distribution chart, AS Tallinna Vesi ranks #374 out of 487 companies for Beneish M-Score. This places AS Tallinna Vesi 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 AS Tallinna Vesi and its competitors. AS Tallinna Vesi'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 AS Tallinna Vesi stock overvalued right now?
Based on GuruFocus' analysis, AS Tallinna Vesi (OTSE:TVE1T) is currently considered Modestly Undervalued. The stock's GF Value™ is €12.54, compared to a current price of €11.15 — trading 11.1% below its estimated fair value. The current Beneish M-Score is -2.32. AS Tallinna Vesi's overall GF Score™ is 86/100 with 7 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 AS Tallinna Vesi (OTSE:TVE1T), the current Beneish M-Score is -2.32 as of Jul. 13, 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 AS Tallinna Vesi (OTSE:TVE1T) Overvalued in 2026?
Based on GuruFocus' analysis, AS Tallinna Vesi stock appears to be undervalued.
The current stock price of €11.15 is trading 11.1% below its estimated GF Value™ of €12.54.
GuruFocus considers AS Tallinna Vesi to be Modestly Undervalued.
Key valuation signals for OTSE:TVE1T:
Beneish M-Score: -2.32
GF Value™: €12.54 vs. price of €11.15 (11.1% below fair value)
No single metric tells the full story. See the OTSE:TVE1T stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AS Tallinna Vesi is a water utility company in Estonia. The business activity of the group is operated through two plants namely Ulemiste Water Treatment Plant and Paljassaare Wastewater Treatment Plant. It is engaged in water services which include the supply of water and treatment of wastewater services to people in Tallinn and in several neighboring municipalities of Tallinn. Further also engaged in construction and other services. In addition, the company also offers other services such as drinking water and waste water analysis, water and sewerage pipeline works, design pipelines and pipeline construction, and others. It has three segments Water services, Construction services, and Other services. It generates the majority of its revenue from Water services segment.
86GF Score
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