Eurohold Bulgaria AD (WAR:EHG) Beneish M-Score: -2.86 (As of Jun. 27, 2026)

What is Eurohold Bulgaria AD Beneish M-Score?

Eurohold Bulgaria AD WAR:EHG -0.87% 55 Beneish M-Score is -2.86 as of Jun. 27, 2026. GuruFocus rates WAR:EHG with a GF Score™ of 55/100 and a GF Value™ of zł7.48 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 486 Utilities - Regulated companies, Eurohold Bulgaria AD ranks better than 80.86% on this metric.

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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Eurohold Bulgaria AD's Beneish M-Score or its related term are showing as below:

WAR:EHG' s Beneish M-Score Range Over the Past 10 Years
Min: -8.97 Med: -2.78 Max: 30.96
Current: -2.86

During the past 13 years, the highest Beneish M-Score of Eurohold Bulgaria AD was 30.96. The lowest was -8.97. And the median was -2.78.

Eurohold Bulgaria AD Beneish M-Score Related Terms

Eurohold Bulgaria AD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eurohold Bulgaria AD'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.

Eurohold Bulgaria AD Beneish M-Score Chart

Eurohold Bulgaria AD Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.20

-3.44

-3.13

-2.78

-2.82

Eurohold Bulgaria AD Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-1.91	-2.46	-2.51	-2.82	-2.86

WAR:EHG vs NEE, SO, DUK: Beneish M-Score Comparison

For the Utilities - Regulated Electric subindustry, Eurohold Bulgaria AD'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.

Eurohold Bulgaria AD Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Eurohold Bulgaria AD's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Eurohold Bulgaria AD's Beneish M-Score falls into.

Save Embed

55GF Score

Eurohold Bulgaria AD WAR:EHG

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Eurohold Bulgaria AD 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 Eurohold Bulgaria AD for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7465

0.528 * 0.8491

0.404 * 1.1473

0.892 * 1.1569

0.115 * 0.9977

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4813

4.679 * -0.062642

0.327 * 0.978

-2.79

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł1,336 Mil.
Revenue was 2246.752 + 2060.855 + 1531.187 + 1363.568 = zł7,202 Mil.
Gross Profit was 338.392 + 352.264 + 323.319 + 254.973 = zł1,269 Mil.
Total Current Assets was zł2,350 Mil.
Total Assets was zł7,192 Mil.
Property, Plant and Equipment(Net PPE) was zł2,267 Mil.
Depreciation, Depletion and Amortization(DDA) was zł274 Mil.
Selling, General, & Admin. Expense(SGA) was zł154 Mil.
Total Current Liabilities was zł1,728 Mil.
Long-Term Debt & Capital Lease Obligation was zł3,048 Mil.
Net Income was 91.216 + 23.149 + 45.264 + 72.365 = zł232 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 18.471 + 268.045 + 48.279 + 347.745 = zł683 Mil.

Total Receivables was zł1,547 Mil.
Revenue was 1889.839 + 1679.074 + 1464.281 + 1192.495 = zł6,226 Mil.
Gross Profit was 235.2 + 262.11 + 230.567 + 203.477 = zł931 Mil.
Total Current Assets was zł2,035 Mil.
Total Assets was zł5,859 Mil.
Property, Plant and Equipment(Net PPE) was zł1,996 Mil.
Depreciation, Depletion and Amortization(DDA) was zł241 Mil.
Selling, General, & Admin. Expense(SGA) was zł276 Mil.
Total Current Liabilities was zł1,108 Mil.
Long-Term Debt & Capital Lease Obligation was zł2,870 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1336.194 / 7202.362)	/	(1547.13 / 6225.689)
	=	0.185522	/	0.248507
	=	0.7465

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(931.354 / 6225.689)	/	(1268.948 / 7202.362)
	=	0.149599	/	0.176185
	=	0.8491

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (2350.121 + 2267.342) / 7192.366)	/	(1 - (2034.619 + 1995.966) / 5858.695)
	=	0.358005	/	0.312034
	=	1.1473

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	7202.362	/	6225.689
	=	1.1569

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
	=	(240.675 / (240.675 + 1995.966))	/	(274.119 / (274.119 + 2267.342))
	=	0.107606	/	0.107859
	=	0.9977

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(153.95 / 7202.362)	/	(276.467 / 6225.689)
	=	0.021375	/	0.044407
	=	0.4813

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((3048.227 + 1728.295) / 7192.366)	/	((2869.771 + 1108.369) / 5858.695)
	=	0.66411	/	0.679015
	=	0.978

8. TATA = Total Accruals to Total Assets

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
	=	(231.994 - 0	-	682.54)	/	7192.366
	=	-0.062642

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.

Eurohold Bulgaria AD has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.86 mean?

Eurohold Bulgaria AD (WAR:EHG) has a Beneish M-Score of -2.86 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eurohold Bulgaria AD and its competitors. According to the industry distribution chart, Eurohold Bulgaria AD ranks #93 out of 486 companies in the Utilities - Regulated industry, placing it in the top 19.1%.

Is Eurohold Bulgaria AD's Beneish M-Score too high?

Eurohold Bulgaria AD's current Beneish M-Score is -2.86. Based on the distribution chart, Eurohold Bulgaria AD ranks #93 out of 486 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Eurohold Bulgaria AD has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Eurohold Bulgaria AD's Beneish M-Score compare to NEE and SO?

According to the Utilities - Regulated industry distribution chart, Eurohold Bulgaria AD ranks #93 out of 486 companies for Beneish M-Score. This places Eurohold Bulgaria AD in the top 19% of its industry — outperforming the majority of peers. 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 Eurohold Bulgaria AD and its competitors. Eurohold Bulgaria AD's current Beneish M-Score is -2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Eurohold Bulgaria AD stock overvalued right now?

Based on GuruFocus' analysis, Eurohold Bulgaria AD (WAR:EHG) is currently considered Possible Value Trap. The stock's GF Value™ is zł7.48, compared to a current price of zł4.58 — trading 38.8% below its estimated fair value. The current Beneish M-Score is -2.86. Eurohold Bulgaria AD's overall GF Score™ is 55/100 with 4 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 Eurohold Bulgaria AD (WAR:EHG), the current Beneish M-Score is -2.86 as of Jun. 27, 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 Eurohold Bulgaria AD (WAR:EHG) Overvalued in 2026?

Based on GuruFocus' analysis, Eurohold Bulgaria AD stock appears to be undervalued. The current stock price of zł4.58 is trading 38.8% below its estimated GF Value™ of zł7.48. GuruFocus considers Eurohold Bulgaria AD to be Possible Value Trap.

Key valuation signals for WAR:EHG:

Beneish M-Score: -2.86
GF Value™: zł7.48 vs. price of zł4.58 (38.8% below fair value)
GF Score™: 55/100 with 4 warning signs

No single metric tells the full story. See the WAR:EHG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Eurohold Bulgaria AD Business Description

Industry Utilities Utilities - Regulated

Comparable Companies XBUL:TPLR NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE BOM:532555 PEG ED WEC PCG XPRA:CEZ AEE DTE BOM:532898

Other Exchanges KZ4:Germany EUBG:Bulgaria

Address 43 Christopher Columbus Boulevard, Eurohold Business Centre, Sofia, BGR, 1592

Website https://www.eurohold.bg

Eurohold Bulgaria AD is a diversified group of companies operating in the fields of energy, insurance and financial services (investment intermediary and asset management). It provides the market with a full range of competitive products and services with future opportunities for rapid growth of the market shares of the companies in the group, optimization of costs, strengthening of competitiveness and increase of consolidated profit. Its segments include Energy consisting of sales of electricity; electricity transmission; electricity generation; information, communication, technological and other services; Insurance consisting of insurance services; and Financial services consisting of asset management and brokerage. It derives the majority of revenue from Energy segment.

55GF Score

Get the complete analysis for WAR:EHG

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

zł4.58

Price

zł7.48

GF Value

View WAR:EHG Analysis

See Beneish M-Score data for all stocks →