BB Seguridade Participacoes (BSP:BBSE3) Beneish M-Score: 0.00 (As of Jul. 13, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BSP:BBSE3 BB Seguridade Participacoes SA BSP:BBSE3
73 GF Score
Price R$40.35
GF Value R$48.44
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is BB Seguridade Participacoes Beneish M-Score?

BB Seguridade Participacoes BSP:BBSE3 +2.72% 73 Beneish M-Score is 0.00 as of Jul. 13, 2026. GuruFocus rates BSP:BBSE3 with a GF Score™ of 73/100 and a GF Value™ of R$48.44 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 399 Insurance companies, BB Seguridade Participacoes ranks worse than 250626.32% 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 BB Seguridade Participacoes's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of BB Seguridade Participacoes was 0.00. The lowest was 0.00. And the median was 0.00.

BSP:BBSE3
73GF Score
BB Seguridade Participacoes SA BSP:BBSE3
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BB Seguridade Participacoes 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 BB Seguridade Participacoes 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 R$2,823 Mil.
Revenue was 1601.383 + 1510.679 + 1631.299 + 1498.211 = R$6,242 Mil.
Gross Profit was 1601.383 + 1510.679 + 1631.299 + 1498.211 = R$6,242 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$19,619 Mil.
Property, Plant and Equipment(Net PPE) was R$0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1 Mil.
Selling, General, & Admin. Expense(SGA) was R$208 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$0 Mil.
Net Income was 2139.437 + 2302.803 + 2334.345 + 2415.912 = R$9,192 Mil.
Non Operating Income was 0 + 0 + 0 + 0.031 = R$0 Mil.
Cash Flow from Operations was 97.427 + 1128.215 + 1232.666 + 1174.672 = R$3,633 Mil.
 Total Receivables was R$2,757 Mil.
Revenue was 1489.172 + 1449.038 + 1425.464 + 1318.449 = R$5,682 Mil.
Gross Profit was 1489.172 + 1449.038 + 1425.464 + 1318.449 = R$5,682 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$18,524 Mil.
Property, Plant and Equipment(Net PPE) was R$0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1 Mil.
Selling, General, & Admin. Expense(SGA) was R$197 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$0 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)
=(2823.148 / 6241.572) / (2757.394 / 5682.123)
=0.452314 / 0.485275
=

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)
=(5682.123 / 5682.123) / (6241.572 / 6241.572)
=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 + 0.005) / 19619.021) / (1 - (0 + 0.011) / 18524.267)
=1 / 0.999999
=

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
=6241.572 / 5682.123
=

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))
=(1.257 / (1.257 + 0.011)) / (1.364 / (1.364 + 0.005))
=0.991325 / 0.996348
=

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)
=(207.902 / 6241.572) / (197.109 / 5682.123)
=0.033309 / 0.034689
=

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) / 19619.021) / ((0 + 0) / 18524.267)
=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
=(9192.497 - 0.031 - 3632.98) / 19619.021
=0.283372

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?
BB Seguridade Participacoes (BSP:BBSE3) has a Beneish M-Score of 0.00 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BB Seguridade Participacoes and its competitors. According to the industry distribution chart, BB Seguridade Participacoes ranks #999999 out of 399 companies in the Insurance industry.
Is BB Seguridade Participacoes' Beneish M-Score too high?
BB Seguridade Participacoes' current Beneish M-Score is 0.00. Based on the distribution chart, BB Seguridade Participacoes ranks #999999 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, BB Seguridade Participacoes has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BB Seguridade Participacoes' Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, BB Seguridade Participacoes ranks #999999 out of 399 companies for Beneish M-Score. This places BB Seguridade Participacoes 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 BB Seguridade Participacoes and its competitors. BB Seguridade Participacoes'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 BB Seguridade Participacoes stock overvalued right now?
Based on GuruFocus' analysis, BB Seguridade Participacoes (BSP:BBSE3) is currently considered Modestly Undervalued. The stock's GF Value™ is R$48.44, compared to a current price of R$40.35 — trading 16.7% below its estimated fair value. The current Beneish M-Score is 0.00. BB Seguridade Participacoes' overall GF Score™ is 73/100 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 BB Seguridade Participacoes (BSP:BBSE3), the current Beneish M-Score is 0.00 as of Jul. 13, 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 BB Seguridade Participacoes (BSP:BBSE3) Overvalued in 2026?

Based on GuruFocus' analysis, BB Seguridade Participacoes stock appears to be undervalued. The current stock price of R$40.35 is trading 16.7% below its estimated GF Value™ of R$48.44. GuruFocus considers BB Seguridade Participacoes to be Modestly Undervalued.

Key valuation signals for BSP:BBSE3:

  • Beneish M-Score: 0.00
  • GF Value™: R$48.44 vs. price of R$40.35 (16.7% below fair value)
  • GF Score™: 73/100 with 4 warning signs

No single metric tells the full story. See the BSP:BBSE3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BB Seguridade Participacoes Business Description

Other Exchanges BBSEY:USA
Address Northern Local Government Sector, Quadra 05, Lote B, 3rd Floor, Banco do Brasil Building, Torre Sul, Asa Norte, Brasilia, DF, BRA, 70040-912
BB Seguridade Participacoes SA is a diversified insurance company that operates two segments: insurance and brokerage. The revenue generation is mostly split between these two segments. Its insurance segment focuses on life, property, vehicle, and special-risk insurance. It also provides capitalization plans as well as reinsurance. The company's brokerage segment operates the facilitation of business insurance and reinsurance. BB Seguridade generates its maximum revenue from Insurance Segment. The company considers mergers and acquisitions as a component of its operational growth plan.
73GF Score

Get the complete analysis for BSP:BBSE3

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

R$40.35
Price
R$48.44
GF Value