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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Arctic Paper's Beneish M-Score or its related term are showing as below:
WAR:ATC'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.75 Max: -1.27
Current: -1.9
During the past 13 years, the highest Beneish M-Score of Arctic Paper was -1.27. The lowest was -3.25. And the median was -2.75.
Arctic Paper Beneish M-Score Related Terms
Arctic Paper Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Arctic Paper'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 Paper & Paper Products subindustry, Arctic Paper'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.
Arctic Paper Beneish M-Score vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Arctic Paper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arctic Paper'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 Arctic Paper 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 * 0.925
+
0.528 * 2.5739
+
0.404 * 1.7661
+
0.892 * 0.9686
+
0.115 * 0.635
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9855
+
4.679 * -0.088233
-
0.327 * 1.0311
=
-1.90
* 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))
=
(119.08 / (119.08 + 1486.258))
/
(199.913 / (199.913 + 1511.38))
=
0.074178
/
0.11682
=
0.635
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
=
(-107.643 - 0
-
129.144)
/
2683.642
=
-0.088233
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.
Arctic Paper has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.
Arctic Paper (WAR:ATC) has a Beneish M-Score of -1.90 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Arctic Paper and its competitors. According to the industry distribution chart, Arctic Paper ranks #233 out of 273 companies in the Forest Products industry, placing it in the top 85.3%.
Is Arctic Paper's Beneish M-Score too high?
Arctic Paper's current Beneish M-Score is -1.90. Based on the distribution chart, Arctic Paper ranks #233 out of 273 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Arctic Paper has a GF Score™ of 58/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Arctic Paper's Beneish M-Score compare to SLVM?
According to the Forest Products industry distribution chart, Arctic Paper ranks #233 out of 273 companies for Beneish M-Score. This places Arctic Paper 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Arctic Paper and its competitors. Arctic Paper's current Beneish M-Score is -1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arctic Paper stock overvalued right now?
Based on GuruFocus' analysis, Arctic Paper (WAR:ATC) is currently considered Possible Value Trap. The stock's GF Value™ is zł14.28, compared to a current price of zł5.80 — trading 59.4% below its estimated fair value. The current Beneish M-Score is -1.90. Arctic Paper's overall GF Score™ is 58/100 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 Arctic Paper (WAR:ATC), the current Beneish M-Score is -1.90 as of Jun. 24, 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 Arctic Paper (WAR:ATC) Overvalued in 2026?
Based on GuruFocus' analysis, Arctic Paper stock appears to be undervalued.
The current stock price of zł5.80 is trading 59.4% below its estimated GF Value™ of zł14.28.
GuruFocus considers Arctic Paper to be Possible Value Trap.
Key valuation signals for WAR:ATC:
Beneish M-Score: -1.90
GF Value™: zł14.28 vs. price of zł5.80 (59.4% below fair value)
No single metric tells the full story. See the WAR:ATC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Arctic Paper SA produces a volume of bulky book paper and produces high-quality graphic paper in Europe. The group produces numerous types of uncoated and coated wood-free paper as well as wood-containing uncoated paper for printing houses, paper distributors, book and magazine publishing houses, and the advertising industry. The company's segment includes Paper and Pulp. The firm derives maximum revenue from the Paper segment. The majority of revenue is generated from Uncoated segment. Geographically, the firm derives revenue from Germany, France, the UK, Scandinavia, Western Europe (other countries), Poland, Central and Eastern Europe (other than Poland), and Outside Europe.
58GF Score
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