Bahrain National Holding Co BSC (BAH:BNH) Beneish M-Score: 0.00 (As of Jul. 15, 2026)

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BAH:BNH Bahrain National Holding Co BSC BAH:BNH
41 GF Score
Price BHD0.50
GF Value BHD0.59
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Bahrain National Holding Co BSC Beneish M-Score?

Bahrain National Holding Co BSC BAH:BNH +0.40% 41 Beneish M-Score is 0.00 as of Jul. 15, 2026. GuruFocus rates BAH:BNH with a GF Score™ of 41/100 and a GF Value™ of BHD0.59 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 952 Asset Management companies, Bahrain National Holding Co BSC ranks worse than 105041.91% 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.

The historical rank and industry rank for Bahrain National Holding Co BSC's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Bahrain National Holding Co BSC was 21.78. The lowest was -4.54. And the median was -2.14.

BAH:BNH
41GF Score
Bahrain National Holding Co BSC BAH:BNH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bahrain National Holding Co BSC 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 Bahrain National Holding Co BSC 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was BHD0.00 Mil.
Revenue was 1.41 + 1.554 + 1.125 + 30.533 = BHD34.62 Mil.
Gross Profit was 1.41 + 1.554 + 1.125 + 30.533 = BHD34.62 Mil.
Total Current Assets was BHD0.00 Mil.
Total Assets was BHD85.51 Mil.
Property, Plant and Equipment(Net PPE) was BHD0.35 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.00 Mil.
Selling, General, & Admin. Expense(SGA) was BHD6.61 Mil.
Total Current Liabilities was BHD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.00 Mil.
Net Income was 0.876 + -2.994 + 0.315 + 29.816 = BHD28.01 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BHD0.00 Mil.
Cash Flow from Operations was 2.982 + 0.161 + -1.237 + 8.642 = BHD10.55 Mil.
 Total Receivables was BHD0.00 Mil.
Revenue was 0.396 + 0.268 + 0.327 + 0.302 = BHD1.29 Mil.
Gross Profit was 0.396 + 0.268 + 0.327 + 0.302 = BHD1.29 Mil.
Total Current Assets was BHD0.00 Mil.
Total Assets was BHD121.00 Mil.
Property, Plant and Equipment(Net PPE) was BHD1.78 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.00 Mil.
Selling, General, & Admin. Expense(SGA) was BHD2.97 Mil.
Total Current Liabilities was BHD0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.00 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 / 34.622) / (0 / 1.293)
=0 / 0
=

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)
=(1.293 / 1.293) / (34.622 / 34.622)
=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 + 0.352) / 85.51) / (1 - (0 + 1.783) / 120.995)
=0.995884 / 0.985264
=

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
=34.622 / 1.293
=

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 + 1.783)) / (0 / (0 + 0.352))
=0 / 0
=

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)
=(6.609 / 34.622) / (2.966 / 1.293)
=0.19089 / 2.29389
=

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) / 85.51) / ((0 + 0) / 120.995)
=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
=(28.013 - 0 - 10.548) / 85.51
=0.204245

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?
Bahrain National Holding Co BSC (BAH:BNH) has a Beneish M-Score of 0.00 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bahrain National Holding Co BSC and its competitors. According to the industry distribution chart, Bahrain National Holding Co BSC ranks #999999 out of 952 companies in the Asset Management industry.
Is Bahrain National Holding Co BSC's Beneish M-Score too high?
Bahrain National Holding Co BSC's current Beneish M-Score is 0.00. Based on the distribution chart, Bahrain National Holding Co BSC ranks #999999 out of 952 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Bahrain National Holding Co BSC has a GF Score™ of 41/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bahrain National Holding Co BSC's Beneish M-Score compare to BRK.A and AIG?
According to the Asset Management industry distribution chart, Bahrain National Holding Co BSC ranks #999999 out of 952 companies for Beneish M-Score. This places Bahrain National Holding Co BSC 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 Bahrain National Holding Co BSC and its competitors. Bahrain National Holding Co BSC'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 Bahrain National Holding Co BSC stock overvalued right now?
Based on GuruFocus' analysis, Bahrain National Holding Co BSC (BAH:BNH) is currently considered Modestly Undervalued. The stock's GF Value™ is BHD0.59, compared to a current price of BHD0.50 — trading 14.9% below its estimated fair value. The current Beneish M-Score is 0.00. Bahrain National Holding Co BSC's overall GF Score™ is 41/100 with 4 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 Bahrain National Holding Co BSC (BAH:BNH), the current Beneish M-Score is 0.00 as of Jul. 15, 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 Bahrain National Holding Co BSC (BAH:BNH) Overvalued in 2026?

Based on GuruFocus' analysis, Bahrain National Holding Co BSC stock appears to be undervalued. The current stock price of BHD0.50 is trading 14.9% below its estimated GF Value™ of BHD0.59. GuruFocus considers Bahrain National Holding Co BSC to be Modestly Undervalued.

Key valuation signals for BAH:BNH:

  • Beneish M-Score: 0.00
  • GF Value™: BHD0.59 vs. price of BHD0.50 (14.9% below fair value)
  • GF Score™: 41/100 with 4 warning signs

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

Bahrain National Holding Co BSC Business Description

Address BNH Tower, P.O. Box 843, 9th floor, Seef Business District, Manama, BHR
Bahrain National Holding Co BSC is a Bahrain-based company engaged in asset management activities. The group operates through a single reportable segment, Asset Management, which comprises marketable portfolio investments, direct investments, and treasury activities.
41GF Score

Get the complete analysis for BAH:BNH

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

BHD0.50
Price
BHD0.59
GF Value