Societe Tunisienne de Reassurance (XTUN:TRE) Beneish M-Score: -2.16 (As of Jun. 24, 2026)


XTUN:TRE Societe Tunisienne de Reassurance SA XTUN:TRE
85 GF Score
Price TND12.80
GF Value TND9.27
Valuation Significantly Overvalued
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What is Societe Tunisienne de Reassurance Beneish M-Score?

Societe Tunisienne de Reassurance XTUN:TRE 85 Beneish M-Score is -2.16 as of Jun. 24, 2026. GuruFocus rates XTUN:TRE with a GF Score™ of 85/100 and a GF Value™ of TND9.27 (Significantly Overvalued). Among 399 Insurance companies, Societe Tunisienne de Reassurance ranks worse than 77.69% 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Societe Tunisienne de Reassurance's Beneish M-Score or its related term are showing as below:

XTUN:TRE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.37   Max: -1.31
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Societe Tunisienne de Reassurance was -1.31. The lowest was -2.88. And the median was -2.37.

XTUN:TRE
85GF Score
Societe Tunisienne de Reassurance SA XTUN:TRE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Societe Tunisienne de Reassurance 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 Societe Tunisienne de Reassurance 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 * 1.0223+0.528 * 1+0.404 * 1.0002+0.892 * 1.1394+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5995+4.679 * 0.003521-0.327 * 0.7197
=-2.16

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was TND203.1 Mil.
Revenue was TND235.5 Mil.
Gross Profit was TND235.5 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND1,023.4 Mil.
Property, Plant and Equipment(Net PPE) was TND1.9 Mil.
Depreciation, Depletion and Amortization(DDA) was TND0.0 Mil.
Selling, General, & Admin. Expense(SGA) was TND0.5 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND25.2 Mil.
Net Income was TND21.4 Mil.
Gross Profit was TND12.5 Mil.
Cash Flow from Operations was TND5.3 Mil.
 Total Receivables was TND174.3 Mil.
Revenue was TND206.7 Mil.
Gross Profit was TND206.7 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND926.4 Mil.
Property, Plant and Equipment(Net PPE) was TND1.9 Mil.
Depreciation, Depletion and Amortization(DDA) was TND0.0 Mil.
Selling, General, & Admin. Expense(SGA) was TND0.7 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND31.7 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)
=(203.072 / 235.529) / (174.342 / 206.72)
=0.862195 / 0.843373
=1.0223

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)
=(206.72 / 206.72) / (235.529 / 235.529)
=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 + 1.87) / 1023.35) / (1 - (0 + 1.874) / 926.419)
=0.998173 / 0.997977
=1.0002

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
=235.529 / 206.72
=1.1394

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 / (0 + 1.874)) / (0 / (0 + 1.87))
=0 / 0
=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)
=(0.472 / 235.529) / (0.691 / 206.72)
=0.002004 / 0.003343
=0.5995

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)
=((25.233 + 0) / 1023.35) / ((31.741 + 0) / 926.419)
=0.024657 / 0.034262
=0.7197

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
=(21.406 - 12.518 - 5.285) / 1023.35
=0.003521

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.

Societe Tunisienne de Reassurance has a M-score of -2.16 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 -2.16 mean?
Societe Tunisienne de Reassurance (XTUN:TRE) has a Beneish M-Score of -2.16 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Societe Tunisienne de Reassurance and its competitors. According to the industry distribution chart, Societe Tunisienne de Reassurance ranks #310 out of 399 companies in the Insurance industry, placing it in the top 77.7%.
Is Societe Tunisienne de Reassurance's Beneish M-Score too high?
Societe Tunisienne de Reassurance's current Beneish M-Score is -2.16. Based on the distribution chart, Societe Tunisienne de Reassurance ranks #310 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Societe Tunisienne de Reassurance has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Societe Tunisienne de Reassurance's Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, Societe Tunisienne de Reassurance ranks #310 out of 399 companies for Beneish M-Score. This places Societe Tunisienne de Reassurance 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 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 Societe Tunisienne de Reassurance and its competitors. Societe Tunisienne de Reassurance's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Societe Tunisienne de Reassurance stock overvalued right now?
Based on GuruFocus' analysis, Societe Tunisienne de Reassurance (XTUN:TRE) is currently considered Significantly Overvalued. The stock's GF Value™ is TND9.27, compared to a current price of TND12.80 — trading 38.1% above its estimated fair value. The current Beneish M-Score is -2.16. Societe Tunisienne de Reassurance's overall GF Score™ is 85/100. 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 Societe Tunisienne de Reassurance (XTUN:TRE), the current Beneish M-Score is -2.16 as of Jun. 24, 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 Societe Tunisienne de Reassurance (XTUN:TRE) Overvalued in 2026?

Based on GuruFocus' analysis, Societe Tunisienne de Reassurance stock appears to be overvalued. The current stock price of TND12.80 is trading 38.1% above its estimated GF Value™ of TND9.27. GuruFocus considers Societe Tunisienne de Reassurance to be Significantly Overvalued.

Key valuation signals for XTUN:TRE:

  • Beneish M-Score: -2.16
  • GF Value™: TND9.27 vs. price of TND12.80 (38.1% above fair value)
  • GF Score™: 85/100

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

Societe Tunisienne de Reassurance Business Description

Address Avenue du Japon No. 12, P.O Box 29, Montplaisir, Tunis, TUN, 1073
Societe Tunisienne de Reassurance SA is engaged in the provision of the insurance services. The company offers various insurance products such as Fire, Miscellaneous and Technical Risks, engineering, Agricultural Risks, Marine & Energy, civil liability, accidents, civil and life insurances. In addition, it also provides transport corps, transportation faculties, energy and aviation insurance.
85GF Score

Get the complete analysis for XTUN:TRE

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

TND12.80
Price
TND9.27
GF Value