Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Asseco South Eastern Europe's Beneish M-Score or its related term are showing as below:
WAR:ASE'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.62 Max: -2.15
Current: -2.68
During the past 13 years, the highest Beneish M-Score of Asseco South Eastern Europe was -2.15. The lowest was -2.91. And the median was -2.62.
* 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.
WAR:ASE vs QH, SHOP, UBER: Beneish M-Score Comparison
For the Software - Application subindustry, Asseco South Eastern Europe'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.
Asseco South Eastern Europe Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Asseco South Eastern Europe's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asseco South Eastern Europe's Beneish M-Score falls into.
Asseco South Eastern Europe 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 Asseco South Eastern Europe 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 * 1.0532
+
0.528 * 0.9347
+
0.404 * 0.9271
+
0.892 * 1.0408
+
0.115 * 0.9577
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9923
+
4.679 * -0.074639
-
0.327 * 0.9581
=
-2.80
* 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))
=
(104.047 / (104.047 + 259.093))
/
(109.145 / (109.145 + 255.67))
=
0.28652
/
0.299179
=
0.9577
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
=
(214.158 - 0
-
374.894)
/
2153.5
=
-0.074639
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.
Asseco South Eastern Europe has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Asseco South Eastern Europe (WAR:ASE) has a Beneish M-Score of -2.68 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asseco South Eastern Europe and its competitors. According to the industry distribution chart, Asseco South Eastern Europe ranks #1053 out of 2632 companies in the Software industry, placing it in the top 40%.
Is Asseco South Eastern Europe's Beneish M-Score too high?
Asseco South Eastern Europe's current Beneish M-Score is -2.68. Based on the distribution chart, Asseco South Eastern Europe ranks #1053 out of 2632 companies in the Software industry, which is above the industry midpoint. Overall, Asseco South Eastern Europe has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Asseco South Eastern Europe's Beneish M-Score compare to QH and SHOP?
According to the Software industry distribution chart, Asseco South Eastern Europe ranks #1053 out of 2632 companies for Beneish M-Score. This puts Asseco South Eastern Europe 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 Software company?
A good Beneish M-Score depends on the Software 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 Asseco South Eastern Europe and its competitors. Asseco South Eastern Europe's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asseco South Eastern Europe stock overvalued right now?
Based on GuruFocus' analysis, Asseco South Eastern Europe (WAR:ASE) is currently considered Significantly Overvalued. The stock's GF Value™ is zł57.56, compared to a current price of zł75.90 — trading 31.9% above its estimated fair value. The current Beneish M-Score is -2.68. Asseco South Eastern Europe's overall GF Score™ is 73/100 with 6 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 Asseco South Eastern Europe (WAR:ASE), the current Beneish M-Score is -2.68 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 Asseco South Eastern Europe (WAR:ASE) Overvalued in 2026?
Based on GuruFocus' analysis, Asseco South Eastern Europe stock appears to be overvalued.
The current stock price of zł75.90 is trading 31.9% above its estimated GF Value™ of zł57.56.
GuruFocus considers Asseco South Eastern Europe to be Significantly Overvalued.
Key valuation signals for WAR:ASE:
Beneish M-Score: -2.68
GF Value™: zł57.56 vs. price of zł75.90 (31.9% above fair value)
No single metric tells the full story. See the WAR:ASE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Asseco South Eastern Europe SA along with its subsidiaries provides implementation, integration and outsourcing services. It conducts business operations in the markets of Poland, South Eastern Europe, and Turkey. Its business is divided into three operating segments. Banking Solutions segment deals with integrated banking systems based on the Oracle and Microsoft platforms, including primarily core banking systems. Payment Solutions is engaged in the sale and maintenance of ATMs and POS terminals (point of sale) as well as in the provision of related support services. Systems Integration segment is engaged in the development of customized IT systems, integration of third-party software and elements of infrastructure, as well as in the sale and installation of hardware solutions.
73GF Score
Get the complete analysis for WAR:ASE
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
WAR:ASE has been successfully added to your 
