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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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ELTA Technology Co's Beneish M-Score or its related term are showing as below:
TPE:8487'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -1.89 Max: 5.61
Current: -2.87
During the past 13 years, the highest Beneish M-Score of ELTA Technology Co was 5.61. The lowest was -2.94. And the median was -1.89.
ELTA Technology Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for ELTA Technology Co'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.
TPE:8487 vs NFLX, DIS, WBD: Beneish M-Score Comparison
For the Entertainment subindustry, ELTA Technology Co'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.
ELTA Technology Co Beneish M-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, ELTA Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ELTA Technology Co'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 ELTA Technology Co 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 * 1.7984
+
0.528 * 0.9766
+
0.404 * 0.7637
+
0.892 * 0.8388
+
0.115 * 3.5031
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1661
+
4.679 * -0.217446
-
0.327 * 1.3534
=
-2.87
* 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))
=
(28.759 / (28.759 + 21.672))
/
(28.601 / (28.601 + 147.094))
=
0.570264
/
0.162788
=
3.5031
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
=
(141.001 - 0
-
417.096)
/
1269.72
=
-0.217446
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.
ELTA Technology Co has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
ELTA Technology Co (TPE:8487) has a Beneish M-Score of -2.87 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ELTA Technology Co and its competitors. According to the industry distribution chart, ELTA Technology Co ranks #286 out of 974 companies in the Media - Diversified industry, placing it in the top 29.4%.
Is ELTA Technology Co's Beneish M-Score too high?
ELTA Technology Co's current Beneish M-Score is -2.87. Based on the distribution chart, ELTA Technology Co ranks #286 out of 974 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, ELTA Technology Co has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ELTA Technology Co's Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, ELTA Technology Co ranks #286 out of 974 companies for Beneish M-Score. This puts ELTA Technology Co 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 ELTA Technology Co and its competitors. ELTA Technology Co's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ELTA Technology Co stock overvalued right now?
Based on GuruFocus' analysis, ELTA Technology Co (TPE:8487) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$89.10, compared to a current price of NT$71.00 — trading 20.3% below its estimated fair value. The current Beneish M-Score is -2.87. ELTA Technology Co's overall GF Score™ is 87/100 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 ELTA Technology Co (TPE:8487), the current Beneish M-Score is -2.87 as of Aug. 20, 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 ELTA Technology Co (TPE:8487) Overvalued in 2026?
Based on GuruFocus' analysis, ELTA Technology Co stock appears to be undervalued.
The current stock price of NT$71.00 is trading 20.3% below its estimated GF Value™ of NT$89.10.
GuruFocus considers ELTA Technology Co to be Modestly Undervalued.
Key valuation signals for TPE:8487:
Beneish M-Score: -2.87
GF Value™: NT$89.10 vs. price of NT$71.00 (20.3% below fair value)
No single metric tells the full story. See the TPE:8487 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ELTA Technology Co is a Taiwan-based company engaged in the provision of digital audio and video content, digital audio and video channel operations, and media ads broadcasting services. The company provides (IPTV) digital multimedia transmission platform (MOD) and over-the-top media service (OTT) platform. The company generates a majority of its revenue from the Content and channel operation departments and the rest from other activities.
87GF Score
Get the complete analysis for TPE:8487
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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