Dunav Re a.d (XBEL:DNREM) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


XBEL:DNREM Dunav Re a.d XBEL:DNREM
13 GF Score
Price RSD10,800.00
! 3 Warning Signs
View Full Analysis

What is Dunav Re a.d Beneish M-Score?

Dunav Re a.d XBEL:DNREM 13 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates XBEL:DNREM with a GF Score™ of 13/100. The stock has 3 warning signs investors should review.

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.

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

During the past 13 years, the highest Beneish M-Score of Dunav Re a.d was 0.00. The lowest was 0.00. And the median was 0.00.

XBEL:DNREM
13GF Score
Dunav Re a.d XBEL:DNREM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dunav Re 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 Re 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 RSD4,749 Mil.
Revenue was RSD7,979 Mil.
Gross Profit was RSD7,979 Mil.
Total Current Assets was RSD0 Mil.
Total Assets was RSD17,575 Mil.
Property, Plant and Equipment(Net PPE) was RSD97 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD29 Mil.
Selling, General, & Admin. Expense(SGA) was RSD100 Mil.
Total Current Liabilities was RSD0 Mil.
Long-Term Debt & Capital Lease Obligation was RSD0 Mil.
Net Income was RSD893 Mil.
Gross Profit was RSD432 Mil.
Cash Flow from Operations was RSD1,691 Mil.
 Total Receivables was RSD3,232 Mil.
Revenue was RSD6,837 Mil.
Gross Profit was RSD6,837 Mil.
Total Current Assets was RSD0 Mil.
Total Assets was RSD14,530 Mil.
Property, Plant and Equipment(Net PPE) was RSD96 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD33 Mil.
Selling, General, & Admin. Expense(SGA) was RSD88 Mil.
Total Current Liabilities was RSD0 Mil.
Long-Term Debt & Capital Lease Obligation was RSD0 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)
=(4749.314 / 7978.585) / (3231.987 / 6836.754)
=0.595258 / 0.472737
=

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)
=(6836.754 / 6836.754) / (7978.585 / 7978.585)
=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 + 97.048) / 17575.284) / (1 - (0 + 95.91) / 14529.703)
=0.994478 / 0.993399
=

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
=7978.585 / 6836.754
=

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))
=(32.899 / (32.899 + 95.91)) / (28.601 / (28.601 + 97.048))
=0.255409 / 0.227626
=

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)
=(99.851 / 7978.585) / (87.987 / 6836.754)
=0.012515 / 0.01287
=

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)
=((0 + 0) / 17575.284) / ((0 + 0) / 14529.703)
=0 / 0
=

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
=(893.29 - 432.021 - 1691.361) / 17575.284
=-0.06999

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Dunav Re a.d (XBEL:DNREM) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dunav Re a.d and its competitors.
Is Dunav Re a.d's Beneish M-Score too high?
Dunav Re a.d's current Beneish M-Score is 0.00. Overall, Dunav Re a.d has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Dunav Re a.d's Beneish M-Score compare to EG and RGA?
Dunav Re a.d's Beneish M-Score of 0.00 can be compared against companies in the Insurance 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 Re a.d and its competitors. Dunav Re a.d's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dunav Re a.d stock overvalued right now?
Dunav Re a.d (XBEL:DNREM) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Dunav Re a.d's overall GF Score™ is 13/100 with 3 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 Re a.d (XBEL:DNREM), the current Beneish M-Score is 0.00 as of Jun. 25, 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.

Dunav Re a.d Business Description

Address Bulevar kralja Aleksandra 18, 1st floor, Beograd, SRB, 11000
Dunav Re a.d is a joint-stock reinsurance company. It provides reinsurance protection. It operates in countries such as Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, Albania, Turkish part of Cyprus, Germany, Russia, Bulgaria, North Africa (Morocco, Algeria), Asia-Emirates.
13GF Score

Get the complete analysis for XBEL:DNREM

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

RSD10,800.00
Price