Impol Seval a.d (XBEL:IMPL) Beneish M-Score: -2.64 (As of Jun. 26, 2026)

What is Impol Seval a.d Beneish M-Score?

Impol Seval a.d XBEL:IMPL -15.83% 86 Beneish M-Score is -2.64 as of Jun. 26, 2026. GuruFocus rates XBEL:IMPL with a GF Score™ of 86/100 and a GF Value™ of RSD7,287.58 (Significantly Undervalued). The stock has 7 warning signs investors should review. Among 685 Metals & Mining companies, Impol Seval a.d ranks better than 67.59% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XBEL:IMPL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.27 Max: -1.98
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Impol Seval a.d was -1.98. The lowest was -2.81. And the median was -2.27.

Impol Seval a.d Beneish M-Score Related Terms

Impol Seval a.d Beneish M-Score Historical Data

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The historical data trend for Impol Seval a.d'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.

Impol Seval a.d Beneish M-Score Chart

Impol Seval a.d Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.07

-2.63

-1.98

-2.23

-2.64

Impol Seval a.d Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-1.98	0.00	-2.23	-2.64

XBEL:IMPL vs AA, CENX, CSTM: Beneish M-Score Comparison

For the Aluminum subindustry, Impol Seval a.d'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.

Impol Seval a.d Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Impol Seval a.d's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Impol Seval a.d's Beneish M-Score falls into.

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86GF Score

Impol Seval a.d XBEL:IMPL

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

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Impol Seval 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 Impol Seval a.d 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 * 0.9818

0.528 * 1.2111

0.404 * 1.1253

0.892 * 0.9758

0.115 * 1.0486

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.118

4.679 * -0.049749

0.327 * 1.1051

-2.64

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was RSD2,510 Mil.
Revenue was RSD19,948 Mil.
Gross Profit was RSD1,686 Mil.
Total Current Assets was RSD8,257 Mil.
Total Assets was RSD15,979 Mil.
Property, Plant and Equipment(Net PPE) was RSD7,694 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD379 Mil.
Selling, General, & Admin. Expense(SGA) was RSD13 Mil.
Total Current Liabilities was RSD6,675 Mil.
Long-Term Debt & Capital Lease Obligation was RSD1,127 Mil.
Net Income was RSD-550 Mil.
Gross Profit was RSD0 Mil.
Cash Flow from Operations was RSD245 Mil.

Total Receivables was RSD2,620 Mil.
Revenue was RSD20,443 Mil.
Gross Profit was RSD2,093 Mil.
Total Current Assets was RSD8,467 Mil.
Total Assets was RSD16,274 Mil.
Property, Plant and Equipment(Net PPE) was RSD7,782 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD403 Mil.
Selling, General, & Admin. Expense(SGA) was RSD12 Mil.
Total Current Liabilities was RSD6,086 Mil.
Long-Term Debt & Capital Lease Obligation was RSD1,105 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)
	=	(2510.103 / 19948.404)	/	(2620.167 / 20443.092)
	=	0.12583	/	0.128169
	=	0.9818

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)
	=	(2093.062 / 20443.092)	/	(1686.452 / 19948.404)
	=	0.102385	/	0.084541
	=	1.2111

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 - (8257.304 + 7693.871) / 15978.583)	/	(1 - (8467.477 + 7781.58) / 16273.853)
	=	0.001715	/	0.001524
	=	1.1253

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
	=	19948.404	/	20443.092
	=	0.9758

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))
	=	(403.104 / (403.104 + 7781.58))	/	(379.179 / (379.179 + 7693.871))
	=	0.049251	/	0.046968
	=	1.0486

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)
	=	(13.234 / 19948.404)	/	(12.122 / 20443.092)
	=	0.000663	/	0.000593
	=	1.118

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)
	=	((1126.885 + 6675.103) / 15978.583)	/	((1104.519 + 6086.173) / 16273.853)
	=	0.488278	/	0.441856
	=	1.1051

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
	=	(-550.101 - 0	-	244.811)	/	15978.583
	=	-0.049749

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.

Impol Seval a.d has a M-score of -2.64 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 -2.64 mean?

Impol Seval a.d (XBEL:IMPL) has a Beneish M-Score of -2.64 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Impol Seval a.d and its competitors. According to the industry distribution chart, Impol Seval a.d ranks #222 out of 685 companies in the Metals & Mining industry, placing it in the top 32.4%.

Is Impol Seval a.d's Beneish M-Score too high?

Impol Seval a.d's current Beneish M-Score is -2.64. Based on the distribution chart, Impol Seval a.d ranks #222 out of 685 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Impol Seval a.d has a GF Score™ of 86/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Impol Seval a.d's Beneish M-Score compare to AA and CENX?

According to the Metals & Mining industry distribution chart, Impol Seval a.d ranks #222 out of 685 companies for Beneish M-Score. This puts Impol Seval 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 a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining 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 Impol Seval a.d and its competitors. Impol Seval a.d's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Impol Seval a.d stock overvalued right now?

Based on GuruFocus' analysis, Impol Seval a.d (XBEL:IMPL) is currently considered Significantly Undervalued. The stock's GF Value™ is RSD7,287.58, compared to a current price of RSD5,050.00 — trading 30.7% below its estimated fair value. The current Beneish M-Score is -2.64. Impol Seval a.d's overall GF Score™ is 86/100 with 7 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 Impol Seval a.d (XBEL:IMPL), the current Beneish M-Score is -2.64 as of Jun. 26, 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 Impol Seval a.d (XBEL:IMPL) Overvalued in 2026?

Based on GuruFocus' analysis, Impol Seval a.d stock appears to be undervalued. The current stock price of RSD5,050.00 is trading 30.7% below its estimated GF Value™ of RSD7,287.58. GuruFocus considers Impol Seval a.d to be Significantly Undervalued.

Key valuation signals for XBEL:IMPL:

Beneish M-Score: -2.64
GF Value™: RSD7,287.58 vs. price of RSD5,050.00 (30.7% below fair value)
GF Score™: 86/100 with 7 warning signs

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

Impol Seval a.d Business Description

Industry Basic Materials Metals & Mining

Comparable Companies SZSE:002379 HKSE:01378 SHSE:601600 NSE:HINDALCO OSL:NHY AA XKLS:8869 SZSE:000807 SZSE:002532 SZSE:000933 SHSE:600219 BOM:532234 CENX HKSE:02788 CSTM SHSE:600595 TSE:5741 SHSE:603876 SHSE:601677 BAH:ALBH

Address Prvomajska bb, Sevojno, SRB, 31205

Website http://www.impol.rs

Impol Seval a.d is engaged in the processing of aluminum. Its products include colored strips and sheets, painted taps, cold and hot rolled strips, hot rolled boards, sheets, and logs. The company products are used in the car, pharmaceutical, food, transport, interior design, electrical and construction industry. It exports its products to Germany, Italy, the USA, Hungary, the Netherlands, the countries of Latin America, France and Austria.

86GF Score

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

RSD5,050.00

Price

RSD7,287.58

GF Value

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