BRB Banco de Brasilia (BSP:BSLI4) Beneish M-Score: -2.54 (As of Jun. 26, 2026)


BSP:BSLI4 BRB Banco de Brasilia SA BSP:BSLI4
46 GF Score
Price R$3.25
GF Value R$16.73
Valuation Significantly Undervalued
! 3 Warning Signs
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What is BRB Banco de Brasilia Beneish M-Score?

BRB Banco de Brasilia BSP:BSLI4 +1.56% 46 Beneish M-Score is -2.54 as of Jun. 26, 2026. GuruFocus rates BSP:BSLI4 with a GF Score™ of 46/100 and a GF Value™ of R$16.73 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, BRB Banco de Brasilia 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 BRB Banco de Brasilia's Beneish M-Score or its related term are showing as below:

BSP:BSLI4' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74   Med: -2.48   Max: -2.04
Current: -2.54

During the past 13 years, the highest Beneish M-Score of BRB Banco de Brasilia was -2.04. The lowest was -2.74. And the median was -2.48.

BSP:BSLI4
46GF Score
BRB Banco de Brasilia SA BSP:BSLI4
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BRB Banco de Brasilia 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 BRB Banco de Brasilia 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 * 1.002+0.892 * 1.0432+0.115 * 1.1218
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1585+4.679 * -0.018649-0.327 * 1.0035
=-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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was R$0 Mil.
Revenue was R$3,967 Mil.
Gross Profit was R$3,967 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$62,504 Mil.
Property, Plant and Equipment(Net PPE) was R$524 Mil.
Depreciation, Depletion and Amortization(DDA) was R$186 Mil.
Selling, General, & Admin. Expense(SGA) was R$985 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,687 Mil.
Net Income was R$311 Mil.
Gross Profit was R$0 Mil.
Cash Flow from Operations was R$1,477 Mil.
 Total Receivables was R$0 Mil.
Revenue was R$3,803 Mil.
Gross Profit was R$3,803 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$49,947 Mil.
Property, Plant and Equipment(Net PPE) was R$517 Mil.
Depreciation, Depletion and Amortization(DDA) was R$215 Mil.
Selling, General, & Admin. Expense(SGA) was R$815 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,140 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 / 3966.776) / (0 / 3802.644)
=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)
=(3802.644 / 3802.644) / (3966.776 / 3966.776)
=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 + 523.943) / 62504.412) / (1 - (0 + 516.565) / 49947.019)
=0.991618 / 0.989658
=1.002

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
=3966.776 / 3802.644
=1.0432

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))
=(214.955 / (214.955 + 516.565)) / (185.942 / (185.942 + 523.943))
=0.293847 / 0.261933
=1.1218

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)
=(984.866 / 3966.776) / (814.942 / 3802.644)
=0.248279 / 0.214309
=1.1585

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)
=((2687.15 + 0) / 62504.412) / ((2139.75 + 0) / 49947.019)
=0.042991 / 0.04284
=1.0035

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
=(311.023 - 0 - 1476.678) / 62504.412
=-0.018649

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.

BRB Banco de Brasilia 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?
BRB Banco de Brasilia (BSP:BSLI4) has a Beneish M-Score of -2.54 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BRB Banco de Brasilia and its competitors. According to the industry distribution chart, BRB Banco de Brasilia ranks #344 out of 1397 companies in the Banks industry, placing it in the top 24.6%.
Is BRB Banco de Brasilia's Beneish M-Score too high?
BRB Banco de Brasilia's current Beneish M-Score is -2.54. Based on the distribution chart, BRB Banco de Brasilia ranks #344 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, BRB Banco de Brasilia has a GF Score™ of 46/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BRB Banco de Brasilia's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, BRB Banco de Brasilia ranks #344 out of 1397 companies for Beneish M-Score. This places BRB Banco de Brasilia 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 BRB Banco de Brasilia and its competitors. BRB Banco de Brasilia'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 BRB Banco de Brasilia stock overvalued right now?
Based on GuruFocus' analysis, BRB Banco de Brasilia (BSP:BSLI4) is currently considered Significantly Undervalued. The stock's GF Value™ is R$16.73, compared to a current price of R$3.25 — trading 80.6% below its estimated fair value. The current Beneish M-Score is -2.54. BRB Banco de Brasilia's overall GF Score™ is 46/100 with 3 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 BRB Banco de Brasilia (BSP:BSLI4), the current Beneish M-Score is -2.54 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 BRB Banco de Brasilia (BSP:BSLI4) Overvalued in 2026?

Based on GuruFocus' analysis, BRB Banco de Brasilia stock appears to be undervalued. The current stock price of R$3.25 is trading 80.6% below its estimated GF Value™ of R$16.73. GuruFocus considers BRB Banco de Brasilia to be Significantly Undervalued.

Key valuation signals for BSP:BSLI4:

  • Beneish M-Score: -2.54
  • GF Value™: R$16.73 vs. price of R$3.25 (80.6% below fair value)
  • GF Score™: 46/100 with 3 warning signs

No single metric tells the full story. See the BSP:BSLI4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BRB Banco de Brasilia Business Description

Other Exchanges BSLI3:Brazil
Address Sbs Q.1, Bloco E/ed.brasilia, 4 A, Brasilia, DF, BRA, 70072900
BRB Banco de Brasilia SA provides commercial banking products and solutions to individuals and corporates. The company offers current accounts, loans and financing facilities, investment products, and debit and prepaid cards. It also offers insurance products, such as company, car, residence, life, and condominium insurance.
46GF Score

Get the complete analysis for BSP:BSLI4

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

R$3.25
Price
R$16.73
GF Value