Banestes Banco Estado Espirito (BSP:BEES4) Beneish M-Score: -2.46 (As of Jun. 26, 2026)


BSP:BEES4 Banestes SA Banco Estado Espirito BSP:BEES4
59 GF Score
Price R$8.67
GF Value R$7.97
Valuation Fairly Valued
! 7 Warning Signs
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What is Banestes Banco Estado Espirito Beneish M-Score?

Banestes Banco Estado Espirito BSP:BEES4 -1.70% 59 Beneish M-Score is -2.46 as of Jun. 26, 2026. GuruFocus rates BSP:BEES4 with a GF Score™ of 59/100 and a GF Value™ of R$7.97 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,397 Banks companies, Banestes Banco Estado Espirito ranks better than 62.35% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:BEES4' s Beneish M-Score Range Over the Past 10 Years
Min: -8.46   Med: -2.58   Max: -1.18
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Banestes Banco Estado Espirito was -1.18. The lowest was -8.46. And the median was -2.58.

BSP:BEES4
59GF Score
Banestes SA Banco Estado Espirito BSP:BEES4
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banestes Banco Estado Espirito 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 Banestes Banco Estado Espirito 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 * 1.0004+0.892 * 0.9587+0.115 * 0.8351
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2018+4.679 * 0.026594-0.327 * 1.0497
=-2.46

* 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$0 Mil.
Revenue was 513.847 + 486.775 + 442.182 + 220.896 = R$1,664 Mil.
Gross Profit was 513.847 + 486.775 + 442.182 + 220.896 = R$1,664 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$39,930 Mil.
Property, Plant and Equipment(Net PPE) was R$213 Mil.
Depreciation, Depletion and Amortization(DDA) was R$130 Mil.
Selling, General, & Admin. Expense(SGA) was R$369 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,541 Mil.
Net Income was 97.856 + 115.154 + 105.972 + 7.138 = R$326 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -402.655 + 4001.223 + -4275.143 + -59.192 = R$-736 Mil.
 Total Receivables was R$0 Mil.
Revenue was 442.495 + 420.343 + 479.468 + 393.076 = R$1,735 Mil.
Gross Profit was 442.495 + 420.343 + 479.468 + 393.076 = R$1,735 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$38,111 Mil.
Property, Plant and Equipment(Net PPE) was R$217 Mil.
Depreciation, Depletion and Amortization(DDA) was R$101 Mil.
Selling, General, & Admin. Expense(SGA) was R$320 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,401 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 / 1663.7) / (0 / 1735.382)
=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)
=(1735.382 / 1735.382) / (1663.7 / 1663.7)
=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 + 213.026) / 39929.821) / (1 - (0 + 217.274) / 38111.468)
=0.994665 / 0.994299
=1.0004

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
=1663.7 / 1735.382
=0.9587

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))
=(100.831 / (100.831 + 217.274)) / (130.318 / (130.318 + 213.026))
=0.316974 / 0.379555
=0.8351

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)
=(369.052 / 1663.7) / (320.325 / 1735.382)
=0.221826 / 0.184585
=1.2018

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)
=((1541.008 + 0) / 39929.821) / ((1401.203 + 0) / 38111.468)
=0.038593 / 0.036766
=1.0497

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
=(326.12 - 0 - -735.767) / 39929.821
=0.026594

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.

Banestes Banco Estado Espirito has a M-score of -2.46 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 -2.46 mean?
Banestes Banco Estado Espirito (BSP:BEES4) has a Beneish M-Score of -2.46 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banestes Banco Estado Espirito and its competitors. According to the industry distribution chart, Banestes Banco Estado Espirito ranks #526 out of 1397 companies in the Banks industry, placing it in the top 37.7%.
Is Banestes Banco Estado Espirito's Beneish M-Score too high?
Banestes Banco Estado Espirito's current Beneish M-Score is -2.46. Based on the distribution chart, Banestes Banco Estado Espirito ranks #526 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Banestes Banco Estado Espirito has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Banestes Banco Estado Espirito's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Banestes Banco Estado Espirito ranks #526 out of 1397 companies for Beneish M-Score. This puts Banestes Banco Estado Espirito in the upper 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 Banestes Banco Estado Espirito and its competitors. Banestes Banco Estado Espirito's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banestes Banco Estado Espirito stock overvalued right now?
Based on GuruFocus' analysis, Banestes Banco Estado Espirito (BSP:BEES4) is currently considered Fairly Valued. The stock's GF Value™ is R$7.97, compared to a current price of R$8.67 — trading 8.8% above its estimated fair value. The current Beneish M-Score is -2.46. Banestes Banco Estado Espirito's overall GF Score™ is 59/100 with 7 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 Banestes Banco Estado Espirito (BSP:BEES4), the current Beneish M-Score is -2.46 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 Banestes Banco Estado Espirito (BSP:BEES4) Overvalued in 2026?

Based on GuruFocus' analysis, Banestes Banco Estado Espirito stock appears to be overvalued. The current stock price of R$8.67 is trading 8.8% above its estimated GF Value™ of R$7.97. GuruFocus considers Banestes Banco Estado Espirito to be Fairly Valued.

Key valuation signals for BSP:BEES4:

  • Beneish M-Score: -2.46
  • GF Value™: R$7.97 vs. price of R$8.67 (8.8% above fair value)
  • GF Score™: 59/100 with 7 warning signs

No single metric tells the full story. See the BSP:BEES4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banestes Banco Estado Espirito Business Description

Other Exchanges BEES3:Brazil
Address Avenue Princesa Isabel, 574, Bloco B - 9th floor - Ed. Palas, Centro, Vitoria, ES, BRA, 29010-031
Banestes SA Banco Estado Espirito operates as a bank. Its activities are focused on the credit operations. It also operates in foreign exchange market, offering products geared mainly to finance imports and exports like letter of credit. The Bank offers credit, securities brokerage services, foreign exchange, and other financial services.
59GF Score

Get the complete analysis for BSP:BEES4

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

R$8.67
Price
R$7.97
GF Value