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 -1.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ASTARTA Holding NV's Beneish M-Score or its related term are showing as below:
WAR:AST'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.55 Med: -2.43 Max: 0.04
Current: -1.83
During the past 13 years, the highest Beneish M-Score of ASTARTA Holding NV was 0.04. The lowest was -4.55. And the median was -2.43.
ASTARTA Holding NV Beneish M-Score Related Terms
ASTARTA Holding NV Beneish M-Score Historical Data
* Premium members only.
The historical data trend for ASTARTA Holding NV'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.
WAR:AST vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, ASTARTA Holding NV'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.
ASTARTA Holding NV Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, ASTARTA Holding NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ASTARTA Holding NV'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 ASTARTA Holding NV 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 * 2.1155
+
0.528 * 1.4828
+
0.404 * 0.5986
+
0.892 * 0.9071
+
0.115 * 1.2298
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8396
+
4.679 * -0.056039
-
0.327 * 1.5404
=
-1.83
* 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))
=
(202.674 / (202.674 + 1465.511))
/
(223.478 / (223.478 + 2038.658))
=
0.121494
/
0.098791
=
1.2298
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
=
(3.729 - 0
-
225.215)
/
3952.377
=
-0.056039
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.
ASTARTA Holding NV has a M-score of -1.83 suggests that the company is unlikely to be a manipulator.
ASTARTA Holding NV (WAR:AST) has a Beneish M-Score of -1.83 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASTARTA Holding NV and its competitors. According to the industry distribution chart, ASTARTA Holding NV ranks #1522 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 82.2%.
Is ASTARTA Holding NV's Beneish M-Score too high?
ASTARTA Holding NV's current Beneish M-Score is -1.83. Based on the distribution chart, ASTARTA Holding NV ranks #1522 out of 1851 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, ASTARTA Holding NV has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ASTARTA Holding NV's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, ASTARTA Holding NV ranks #1522 out of 1851 companies for Beneish M-Score. This places ASTARTA Holding NV 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 ASTARTA Holding NV and its competitors. ASTARTA Holding NV's current Beneish M-Score is -1.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASTARTA Holding NV stock overvalued right now?
Based on GuruFocus' analysis, ASTARTA Holding NV (WAR:AST) is currently considered Significantly Overvalued. The stock's GF Value™ is zł28.82, compared to a current price of zł44.75 — trading 55.3% above its estimated fair value. The current Beneish M-Score is -1.83. ASTARTA Holding NV's overall GF Score™ is 64/100 with 10 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 ASTARTA Holding NV (WAR:AST), the current Beneish M-Score is -1.83 as of Jul. 12, 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 ASTARTA Holding NV (WAR:AST) Overvalued in 2026?
Based on GuruFocus' analysis, ASTARTA Holding NV stock appears to be overvalued.
The current stock price of zł44.75 is trading 55.3% above its estimated GF Value™ of zł28.82.
GuruFocus considers ASTARTA Holding NV to be Significantly Overvalued.
Key valuation signals for WAR:AST:
Beneish M-Score: -1.83
GF Value™: zł28.82 vs. price of zł44.75 (55.3% above fair value)
No single metric tells the full story. See the WAR:AST stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ASTARTA Holding NV specializes in sugar production, crop growing, soybean processing and cattle farming. Its operations are vertically integrated, with sugar produced mainly using own-grown sugar beet and soybeans processed from in-house grown crops. Its production includes sugar and sugar by-products, grains and oilseeds, soybean crushing products and others. Its segments include production and wholesale distribution of sugar, growing and selling of grain and oilseeds crops, dairy cattle farming, and soybean processing. The agriculture segment generates maximum revenue. Its croplands, sugar and soybean processing plants, and cattle operations are mainly located in the Poltava, Vinnytsia, Khmelnytsky, Ternopil and Kharkiv oblasts of Ukraine, with maximum revenue generated from Ukraine.
64GF Score
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