BPCGF (Banco Comercial Portugues) Beneish M-Score: -2.37 (As of Jun. 25, 2026)


BPCGF Banco Comercial Portugues SA BPCGF
47 GF Score
Price $1.05
GF Value $0.51
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Banco Comercial Portugues Beneish M-Score?

Banco Comercial Portugues BPCGF 47 Beneish M-Score is -2.37 as of Jun. 25, 2026. GuruFocus rates BPCGF with a GF Score™ of 47/100 and a GF Value™ of $0.51 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, Banco Comercial Portugues ranks worse than 55.59% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BPCGF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -2.5   Max: -1.97
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Banco Comercial Portugues was -1.97. The lowest was -2.90. And the median was -2.50.

BPCGF
47GF Score
Banco Comercial Portugues SA BPCGF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banco Comercial Portugues 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 Banco Comercial Portugues 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 * 1.1288+0.115 * 0.9101
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0056+4.679 * 0.012018-0.327 * 0.9544
=-2.31

* 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 Mil.
Revenue was 1163.801 + 1076.423 + 2247.281 + 1111.022 = $5,599 Mil.
Gross Profit was 1163.801 + 1076.423 + 2247.281 + 1111.022 = $5,599 Mil.
Total Current Assets was $0 Mil.
Total Assets was $128,404 Mil.
Property, Plant and Equipment(Net PPE) was $661 Mil.
Depreciation, Depletion and Amortization(DDA) was $228 Mil.
Selling, General, & Admin. Expense(SGA) was $672 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $6,039 Mil.
Net Income was 353.501 + 284.23 + 606.914 + 298.528 = $1,543 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
 Total Receivables was $0 Mil.
Revenue was 1026.579 + 923.86 + 2045.082 + 964.004 = $4,960 Mil.
Gross Profit was 1026.579 + 923.86 + 2045.082 + 964.004 = $4,960 Mil.
Total Current Assets was $0 Mil.
Total Assets was $112,751 Mil.
Property, Plant and Equipment(Net PPE) was $652 Mil.
Depreciation, Depletion and Amortization(DDA) was $199 Mil.
Selling, General, & Admin. Expense(SGA) was $592 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,556 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 / 5598.527) / (0 / 4959.525)
=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)
=(4959.525 / 4959.525) / (5598.527 / 5598.527)
=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 + 661.192) / 128404.173) / (1 - (0 + 652.299) / 112750.548)
=0.994851 / 0.994215
=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
=5598.527 / 4959.525
=1.1288

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))
=(198.887 / (198.887 + 652.299)) / (228.392 / (228.392 + 661.192))
=0.233659 / 0.25674
=0.9101

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)
=(671.802 / 5598.527) / (591.778 / 4959.525)
=0.119996 / 0.119322
=1.0056

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)
=((6038.748 + 0) / 128404.173) / ((5555.921 + 0) / 112750.548)
=0.047029 / 0.049276
=0.9544

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
=(1543.173 - 0 - 0) / 128404.173
=0.012018

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.

Banco Comercial Portugues has a M-score of -2.31 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 -2.37 mean?
Banco Comercial Portugues (BPCGF) has a Beneish M-Score of -2.37 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Comercial Portugues and its competitors. According to the industry distribution chart, Banco Comercial Portugues ranks #776 out of 1396 companies in the Banks industry, placing it in the top 55.6%.
Is Banco Comercial Portugues' Beneish M-Score too high?
Banco Comercial Portugues' current Beneish M-Score is -2.37. Based on the distribution chart, Banco Comercial Portugues ranks #776 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Banco Comercial Portugues has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banco Comercial Portugues' Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Comercial Portugues ranks #776 out of 1396 companies for Beneish M-Score. This places Banco Comercial Portugues 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 Banco Comercial Portugues and its competitors. Banco Comercial Portugues's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Comercial Portugues stock overvalued right now?
Based on GuruFocus' analysis, Banco Comercial Portugues (BPCGF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.51, compared to a current price of $1.05 — trading 105.1% above its estimated fair value. The current Beneish M-Score is -2.37. Banco Comercial Portugues' overall GF Score™ is 47/100 with 6 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 Banco Comercial Portugues (BPCGF), the current Beneish M-Score is -2.37 as of Jun. 25, 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 Banco Comercial Portugues (BPCGF) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Comercial Portugues stock appears to be overvalued. The current stock price of $1.05 is trading 105.1% above its estimated GF Value™ of $0.51. GuruFocus considers Banco Comercial Portugues to be Significantly Overvalued.

Key valuation signals for BPCGF:

  • Beneish M-Score: -2.37
  • GF Value™: $0.51 vs. price of $1.05 (105.1% above fair value)
  • GF Score™: 47/100 with 6 warning signs

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

Banco Comercial Portugues Business Description

Address Praca D. Joao I, 28, Porto, PRT, 4000-295
Banco Comercial Portugues SA is a Portuguese private sector bank operating in Portugal, as well as Poland, Mozambique, Macau, and Angola. The bank offers a wide range of retail and corporate banking products and services. Its distribution network includes traditional branches, as well as online banking, call centers, mobile banking, ATMs, and point of sale systems. Along with its subsidiaries, it operates in the following segments: Retail Banking, Companies and Corporate, Private Banking, International Businesses, and Other. Maximum revenue is generated from the Retail Banking segment, which serves individuals, small businesses, and SMEs through a mix of mass-market services, personalized relationship management for higher-value customers, and includes the operations of ActivoBank.
47GF Score

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

$1.05
Price
$0.51
GF Value