Investec (BOT:INVESTEC) Beneish M-Score: -2.34 (As of Jun. 26, 2026)


BOT:INVESTEC Investec Ltd BOT:INVESTEC
80 GF Score
Price BWP119.10
GF Value BWP129.09
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Investec Beneish M-Score?

Investec BOT:INVESTEC 80 Beneish M-Score is -2.34 as of Jun. 26, 2026. GuruFocus rates BOT:INVESTEC with a GF Score™ of 80/100 and a GF Value™ of BWP129.09 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, Investec ranks worse than 60.49% 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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOT:INVESTEC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -2.39   Max: -0.88
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Investec was -0.88. The lowest was -2.80. And the median was -2.39.

BOT:INVESTEC
80GF Score
Investec Ltd BOT:INVESTEC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Investec 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 Investec 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 * 1.0006+0.892 * 1.1765+0.115 * 1.0378
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9609+4.679 * 0.00066-0.327 * 0.8364
=-2.25

* 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 BWP0 Mil.
Revenue was BWP20,330 Mil.
Gross Profit was BWP20,330 Mil.
Total Current Assets was BWP0 Mil.
Total Assets was BWP590,239 Mil.
Property, Plant and Equipment(Net PPE) was BWP3,027 Mil.
Depreciation, Depletion and Amortization(DDA) was BWP195 Mil.
Selling, General, & Admin. Expense(SGA) was BWP547 Mil.
Total Current Liabilities was BWP0 Mil.
Long-Term Debt & Capital Lease Obligation was BWP15,304 Mil.
Net Income was BWP7,222 Mil.
Gross Profit was BWP0 Mil.
Cash Flow from Operations was BWP6,832 Mil.
 Total Receivables was BWP0 Mil.
Revenue was BWP17,280 Mil.
Gross Profit was BWP17,280 Mil.
Total Current Assets was BWP0 Mil.
Total Assets was BWP506,853 Mil.
Property, Plant and Equipment(Net PPE) was BWP2,901 Mil.
Depreciation, Depletion and Amortization(DDA) was BWP195 Mil.
Selling, General, & Admin. Expense(SGA) was BWP484 Mil.
Total Current Liabilities was BWP0 Mil.
Long-Term Debt & Capital Lease Obligation was BWP15,712 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 / 20330.313) / (0 / 17279.627)
=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)
=(17279.627 / 17279.627) / (20330.313 / 20330.313)
=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 + 3027.316) / 590239.115) / (1 - (0 + 2901.106) / 506852.709)
=0.994871 / 0.994276
=1.0006

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
=20330.313 / 17279.627
=1.1765

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))
=(194.595 / (194.595 + 2901.106)) / (195.18 / (195.18 + 3027.316))
=0.06286 / 0.060568
=1.0378

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)
=(547.476 / 20330.313) / (484.26 / 17279.627)
=0.026929 / 0.028025
=0.9609

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)
=((15304.223 + 0) / 590239.115) / ((15711.722 + 0) / 506852.709)
=0.025929 / 0.030999
=0.8364

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
=(7221.663 - 0 - 6832.112) / 590239.115
=0.00066

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.

Investec has a M-score of -2.25 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 -2.34 mean?
Investec (BOT:INVESTEC) has a Beneish M-Score of -2.34 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Investec and its competitors. According to the industry distribution chart, Investec ranks #845 out of 1397 companies in the Banks industry, placing it in the top 60.5%.
Is Investec's Beneish M-Score too high?
Investec's current Beneish M-Score is -2.34. Based on the distribution chart, Investec ranks #845 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Investec has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Investec's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Investec ranks #845 out of 1397 companies for Beneish M-Score. This places Investec 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 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 Investec and its competitors. Investec's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Investec stock overvalued right now?
Based on GuruFocus' analysis, Investec (BOT:INVESTEC) is currently considered Fairly Valued. The stock's GF Value™ is BWP129.09, compared to a current price of BWP119.10 — trading 7.7% below its estimated fair value. The current Beneish M-Score is -2.34. Investec's overall GF Score™ is 80/100 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 Investec (BOT:INVESTEC), the current Beneish M-Score is -2.34 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 Investec (BOT:INVESTEC) Overvalued in 2026?

Based on GuruFocus' analysis, Investec stock appears to be undervalued. The current stock price of BWP119.10 is trading 7.7% below its estimated GF Value™ of BWP129.09. GuruFocus considers Investec to be Fairly Valued.

Key valuation signals for BOT:INVESTEC:

  • Beneish M-Score: -2.34
  • GF Value™: BWP129.09 vs. price of BWP119.10 (7.7% below fair value)
  • GF Score™: 80/100 with 4 warning signs

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

Investec Business Description

Address 100 Grayston Drive, Sandown, Sandton, ZAF, 2196
Investec Ltd offers specialist banking and wealth & investment services. It provides Investment advisory services, financial planning, stockbroking, lending, treasury solutions, transactional banking, investment activities, and deposit-raising activities.
80GF Score

Get the complete analysis for BOT:INVESTEC

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

BWP119.10
Price
BWP129.09
GF Value