Dunav osiguranje a.d (XBEL:DNOS) Beneish M-Score: -2.49 (As of Jul. 01, 2026)


XBEL:DNOS Dunav osiguranje a.d XBEL:DNOS
66 GF Score
Price RSD1,900.00
GF Value RSD1,480.64
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Dunav osiguranje a.d Beneish M-Score?

Dunav osiguranje a.d XBEL:DNOS +2.04% 66 Beneish M-Score is -2.49 as of Jul. 01, 2026. GuruFocus rates XBEL:DNOS with a GF Score™ of 66/100 and a GF Value™ of RSD1,480.64 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 402 Insurance companies, Dunav osiguranje a.d ranks better than 50.5% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dunav osiguranje a.d's Beneish M-Score or its related term are showing as below:

XBEL:DNOS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09   Med: -2.41   Max: -2.2
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Dunav osiguranje a.d was -2.20. The lowest was -3.09. And the median was -2.41.

XBEL:DNOS
66GF Score
Dunav osiguranje a.d XBEL:DNOS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dunav osiguranje a.d 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 Dunav osiguranje a.d 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 * 1.0595+0.528 * 1+0.404 * 1.0214+0.892 * 1.0866+0.115 * 0.5736
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9724+4.679 * -0.028484-0.327 * 0.9327
=-2.49

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was RSD12,046 Mil.
Revenue was RSD43,936 Mil.
Gross Profit was RSD43,936 Mil.
Total Current Assets was RSD0 Mil.
Total Assets was RSD89,207 Mil.
Property, Plant and Equipment(Net PPE) was RSD11,077 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD544 Mil.
Selling, General, & Admin. Expense(SGA) was RSD2,082 Mil.
Total Current Liabilities was RSD0 Mil.
Long-Term Debt & Capital Lease Obligation was RSD251 Mil.
Net Income was RSD4,271 Mil.
Gross Profit was RSD1,221 Mil.
Cash Flow from Operations was RSD5,591 Mil.
 Total Receivables was RSD10,463 Mil.
Revenue was RSD40,435 Mil.
Gross Profit was RSD40,435 Mil.
Total Current Assets was RSD0 Mil.
Total Assets was RSD79,954 Mil.
Property, Plant and Equipment(Net PPE) was RSD11,395 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD314 Mil.
Selling, General, & Admin. Expense(SGA) was RSD1,970 Mil.
Total Current Liabilities was RSD0 Mil.
Long-Term Debt & Capital Lease Obligation was RSD241 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)
=(12045.649 / 43936.441) / (10463.436 / 40434.677)
=0.274161 / 0.258774
=1.0595

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)
=(40434.677 / 40434.677) / (43936.441 / 43936.441)
=1 / 1
=1

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 - (0 + 11077.441) / 89207.291) / (1 - (0 + 11395.214) / 79954.209)
=0.875824 / 0.857478
=1.0214

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
=43936.441 / 40434.677
=1.0866

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))
=(314.271 / (314.271 + 11395.214)) / (543.793 / (543.793 + 11077.441))
=0.026839 / 0.046793
=0.5736

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)
=(2081.733 / 43936.441) / (1970.206 / 40434.677)
=0.047381 / 0.048726
=0.9724

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)
=((250.935 + 0) / 89207.291) / ((241.131 + 0) / 79954.209)
=0.002813 / 0.003016
=0.9327

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
=(4270.774 - 1220.512 - 5591.224) / 89207.291
=-0.028484

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.

Dunav osiguranje a.d has a M-score of -2.49 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 -2.49 mean?
Dunav osiguranje a.d (XBEL:DNOS) has a Beneish M-Score of -2.49 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dunav osiguranje a.d and its competitors. According to the industry distribution chart, Dunav osiguranje a.d ranks #199 out of 402 companies in the Insurance industry, placing it in the top 49.5%.
Is Dunav osiguranje a.d's Beneish M-Score too high?
Dunav osiguranje a.d's current Beneish M-Score is -2.49. Based on the distribution chart, Dunav osiguranje a.d ranks #199 out of 402 companies in the Insurance industry, which is above the industry midpoint. Overall, Dunav osiguranje a.d has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dunav osiguranje a.d's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Dunav osiguranje a.d ranks #199 out of 402 companies for Beneish M-Score. This puts Dunav osiguranje a.d 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Dunav osiguranje a.d and its competitors. Dunav osiguranje a.d's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dunav osiguranje a.d stock overvalued right now?
Based on GuruFocus' analysis, Dunav osiguranje a.d (XBEL:DNOS) is currently considered Modestly Overvalued. The stock's GF Value™ is RSD1,480.64, compared to a current price of RSD1,900.00 — trading 28.3% above its estimated fair value. The current Beneish M-Score is -2.49. Dunav osiguranje a.d's overall GF Score™ is 66/100 with 2 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 Dunav osiguranje a.d (XBEL:DNOS), the current Beneish M-Score is -2.49 as of Jul. 01, 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 Dunav osiguranje a.d (XBEL:DNOS) Overvalued in 2026?

Based on GuruFocus' analysis, Dunav osiguranje a.d stock appears to be overvalued. The current stock price of RSD1,900.00 is trading 28.3% above its estimated GF Value™ of RSD1,480.64. GuruFocus considers Dunav osiguranje a.d to be Modestly Overvalued.

Key valuation signals for XBEL:DNOS:

  • Beneish M-Score: -2.49
  • GF Value™: RSD1,480.64 vs. price of RSD1,900.00 (28.3% above fair value)
  • GF Score™: 66/100 with 2 warning signs

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

Dunav osiguranje a.d Business Description

Address Makedonska 4, Belgrade, SRB
Dunav osiguranje a.d. is an insurance company. The company provides insurance, reinsurance, co-insurance, and other insurance services. It offers motor, property, church houses, accident, good health, transportation, liability, and agriculture insurance.
66GF Score

Get the complete analysis for XBEL:DNOS

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

RSD1,900.00
Price
RSD1,480.64
GF Value