Bac Holding International (BOG:BHI) Beneish M-Score: -2.54 (As of Jun. 27, 2026)


BOG:BHI Bac Holding International Corp BOG:BHI
13 GF Score
Price COP383.00
GF Value COP320.71
Valuation Modestly Overvalued
! 1 Warning Sign
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What is Bac Holding International Beneish M-Score?

Bac Holding International BOG:BHI 13 Beneish M-Score is -2.54 as of Jun. 27, 2026. GuruFocus rates BOG:BHI with a GF Score™ of 13/100 and a GF Value™ of COP320.71 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 1,397 Banks companies, Bac Holding International ranks better than 75.38% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bac Holding International's Beneish M-Score or its related term are showing as below:

BOG:BHI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.54   Med: -2.33   Max: -2.29
Current: -2.54

During the past 5 years, the highest Beneish M-Score of Bac Holding International was -2.29. The lowest was -2.54. And the median was -2.33.

BOG:BHI
13GF Score
Bac Holding International Corp BOG:BHI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bac Holding International 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 Bac Holding International 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 * 1.001+0.892 * 0.9961+0.115 * 1.1651
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9479+4.679 * -0.015546-0.327 * 1.0496
=-2.54

* 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 COP0 Mil.
Revenue was 2982956.811 + 2546138.574 + 3345086.416 + 3521965.905 = COP12,396,148 Mil.
Gross Profit was 2982956.811 + 2546138.574 + 3345086.416 + 3521965.905 = COP12,396,148 Mil.
Total Current Assets was COP0 Mil.
Total Assets was COP175,416,848 Mil.
Property, Plant and Equipment(Net PPE) was COP2,447,441 Mil.
Depreciation, Depletion and Amortization(DDA) was COP512,990 Mil.
Selling, General, & Admin. Expense(SGA) was COP751,284 Mil.
Total Current Liabilities was COP0 Mil.
Long-Term Debt & Capital Lease Obligation was COP8,539,802 Mil.
Net Income was 523354.127 + 724942.285 + 741349.492 + 825743.681 = COP2,815,390 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = COP0 Mil.
Cash Flow from Operations was 3481929.398 + 2721210.802 + 706607.552 + -1367247.165 = COP5,542,501 Mil.
 Total Receivables was COP0 Mil.
Revenue was 3312178.83 + 2765521.795 + 3147528.208 + 3219041.262 = COP12,444,270 Mil.
Gross Profit was 3312178.83 + 2765521.795 + 3147528.208 + 3219041.262 = COP12,444,270 Mil.
Total Current Assets was COP0 Mil.
Total Assets was COP163,388,049 Mil.
Property, Plant and Equipment(Net PPE) was COP2,433,451 Mil.
Depreciation, Depletion and Amortization(DDA) was COP615,546 Mil.
Selling, General, & Admin. Expense(SGA) was COP795,637 Mil.
Total Current Liabilities was COP0 Mil.
Long-Term Debt & Capital Lease Obligation was COP7,578,617 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 / 12396147.706) / (0 / 12444270.095)
=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)
=(12444270.095 / 12444270.095) / (12396147.706 / 12396147.706)
=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 + 2447441.317) / 175416847.519) / (1 - (0 + 2433451.401) / 163388048.71)
=0.986048 / 0.985106
=1.001

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
=12396147.706 / 12444270.095
=0.9961

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))
=(615546.358 / (615546.358 + 2433451.401)) / (512990.283 / (512990.283 + 2447441.317))
=0.201885 / 0.173282
=1.1651

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)
=(751284.02 / 12396147.706) / (795636.76 / 12444270.095)
=0.060606 / 0.063936
=0.9479

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)
=((8539801.559 + 0) / 175416847.519) / ((7578616.651 + 0) / 163388048.71)
=0.048683 / 0.046384
=1.0496

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
=(2815389.585 - 0 - 5542500.587) / 175416847.519
=-0.015546

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.

Bac Holding International has a M-score of -2.54 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 -2.54 mean?
Bac Holding International (BOG:BHI) has a Beneish M-Score of -2.54 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bac Holding International and its competitors. According to the industry distribution chart, Bac Holding International ranks #344 out of 1397 companies in the Banks industry, placing it in the top 24.6%.
Is Bac Holding International's Beneish M-Score too high?
Bac Holding International's current Beneish M-Score is -2.54. Based on the distribution chart, Bac Holding International ranks #344 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bac Holding International has a GF Score™ of 13/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bac Holding International's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Bac Holding International ranks #344 out of 1397 companies for Beneish M-Score. This places Bac Holding International in the top 25% of its industry — outperforming the majority of peers. 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bac Holding International and its competitors. Bac Holding International's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bac Holding International stock overvalued right now?
Based on GuruFocus' analysis, Bac Holding International (BOG:BHI) is currently considered Modestly Overvalued. The stock's GF Value™ is COP320.71, compared to a current price of COP383.00 — trading 19.4% above its estimated fair value. The current Beneish M-Score is -2.54. Bac Holding International's overall GF Score™ is 13/100 with 1 warning sign 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 Bac Holding International (BOG:BHI), the current Beneish M-Score is -2.54 as of Jun. 27, 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 Bac Holding International (BOG:BHI) Overvalued in 2026?

Based on GuruFocus' analysis, Bac Holding International stock appears to be overvalued. The current stock price of COP383.00 is trading 19.4% above its estimated GF Value™ of COP320.71. GuruFocus considers Bac Holding International to be Modestly Overvalued.

Key valuation signals for BOG:BHI:

  • Beneish M-Score: -2.54
  • GF Value™: COP320.71 vs. price of COP383.00 (19.4% above fair value)
  • GF Score™: 13/100 with 1 warning sign

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

Bac Holding International Business Description

Address 42nd and 43rd Streets, Balboa Avenue, BAC Tower Building, ground floor, rooms C and D, Bella Vista District, Panama, PAN
Bac Holding International Corp is engaged in providing banking and financial related services through its subsidiary.
13GF Score

Get the complete analysis for BOG:BHI

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

COP383.00
Price
COP320.71
GF Value