Opportunity Bulgaria Investment AD (XBUL:OPBI) Beneish M-Score: -1.67 (As of Aug. 07, 2026)

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XBUL:OPBI Opportunity Bulgaria Investment AD XBUL:OPBI
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Price €1.50
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What is Opportunity Bulgaria Investment AD Beneish M-Score?

Opportunity Bulgaria Investment AD XBUL:OPBI 3 Beneish M-Score is -1.67 as of Aug. 07, 2026. GuruFocus rates XBUL:OPBI with a GF Score™ of 3/100. The stock has 3 warning signs investors should review. Among 950 Asset Management companies, Opportunity Bulgaria Investment AD ranks worse than 68.84% 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.

Warning Sign:

Beneish M-Score -1.67 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XBUL:OPBI' s Beneish M-Score Range Over the Past 10 Years
Min: -1.67   Med: -1.67   Max: -1.67
Current: -1.67

During the past 2 years, the highest Beneish M-Score of Opportunity Bulgaria Investment AD was -1.67. The lowest was -1.67. And the median was -1.67.

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Opportunity Bulgaria Investment 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 Opportunity Bulgaria Investment AD 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+0.528 * 1+0.404 * 1+0.892 * 1.5859+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9357+4.679 * 0.055436-0.327 * 0.9565
=-1.67

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0.00 Mil.
Revenue was 0.417 + 0.549 + -0.642 + 0.71 = €1.03 Mil.
Gross Profit was 0.417 + 0.549 + -0.642 + 0.71 = €1.03 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €19.46 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.02 Mil.
Selling, General, & Admin. Expense(SGA) was €0.05 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €9.20 Mil.
Net Income was 0.383 + 0.526 + -0.668 + 0.682 = €0.92 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -0.039 + -0.04 + -0.046 + -0.031 = €-0.16 Mil.
 Total Receivables was €0.00 Mil.
Revenue was -0.123 + 0.02 + 0.233 + 0.522 = €0.65 Mil.
Gross Profit was -0.123 + 0.02 + 0.233 + 0.522 = €0.65 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €18.63 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.02 Mil.
Selling, General, & Admin. Expense(SGA) was €0.03 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €9.21 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)
=(0 / 1.034) / (0 / 0.652)
=0 / 0
=1

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)
=(0.652 / 0.652) / (1.034 / 1.034)
=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 + 0) / 19.464) / (1 - (0 + 0) / 18.633)
=1 / 1
=1

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
=1.034 / 0.652
=1.5859

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))
=(0.016 / (0.016 + 0)) / (0.015 / (0.015 + 0))
=1 / 1
=1

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)
=(0.046 / 1.034) / (0.031 / 0.652)
=0.044487 / 0.047546
=0.9357

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)
=((9.202 + 0) / 19.464) / ((9.21 + 0) / 18.633)
=0.47277 / 0.494284
=0.9565

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
=(0.923 - 0 - -0.156) / 19.464
=0.055436

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.

Opportunity Bulgaria Investment AD has a M-score of -1.67 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 -1.67 mean?
Opportunity Bulgaria Investment AD (XBUL:OPBI) has a Beneish M-Score of -1.67 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Opportunity Bulgaria Investment AD and its competitors. According to the industry distribution chart, Opportunity Bulgaria Investment AD ranks #654 out of 950 companies in the Asset Management industry, placing it in the top 68.8%.
Is Opportunity Bulgaria Investment AD's Beneish M-Score too high?
Opportunity Bulgaria Investment AD's current Beneish M-Score is -1.67. Based on the distribution chart, Opportunity Bulgaria Investment AD ranks #654 out of 950 companies in the Asset Management industry, which is below the industry midpoint. Overall, Opportunity Bulgaria Investment AD has a GF Score™ of 3/100, reflecting its overall financial health beyond just this single metric.
How does Opportunity Bulgaria Investment AD's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Opportunity Bulgaria Investment AD ranks #654 out of 950 companies for Beneish M-Score. This places Opportunity Bulgaria Investment AD 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Opportunity Bulgaria Investment AD and its competitors. Opportunity Bulgaria Investment AD's current Beneish M-Score is -1.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Opportunity Bulgaria Investment AD stock overvalued right now?
Opportunity Bulgaria Investment AD (XBUL:OPBI) has a current Beneish M-Score of -1.67. The current Beneish M-Score is -1.67. Opportunity Bulgaria Investment AD's overall GF Score™ is 3/100 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 Opportunity Bulgaria Investment AD (XBUL:OPBI), the current Beneish M-Score is -1.67 as of Aug. 07, 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.

Opportunity Bulgaria Investment AD Business Description

Address Knyaginya Mariya Luiza Boulevard No.19, No. 19, floor 1, apartment 5, Sofia, BGR, 1000
Opportunity Bulgaria Investment AD is a joint-stock company. The main activity of company is Commercial brokerage and representation; acquisition, management and disposal of shares and/or shares in Bulgarian and foreign commercial companies; provision of financing to companies in which the company participates; acquisition, disposal and exchange of real estate; rental and management of real estate; construction of facilities for technical processing of agricultural products in connection with the development, management and operation of energy production projects. Its main financial revenues are from the revaluation of securities and from realized profits or losses from securities transactions, from interest on bank deposits and interest-bearing securities, and from dividends received.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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