Banco Pine (BSP:PINE3) Beneish M-Score: -1.40 (As of Jul. 14, 2026)

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BSP:PINE3 Banco Pine SA BSP:PINE3
70 GF Score
Price R$11.99
GF Value R$12.69
Valuation Fairly Valued
! 2 Warning Signs
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What is Banco Pine Beneish M-Score?

Banco Pine BSP:PINE3 -0.08% 70 Beneish M-Score is -1.40 as of Jul. 14, 2026. GuruFocus rates BSP:PINE3 with a GF Score™ of 70/100 and a GF Value™ of R$12.69 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,399 Banks companies, Banco Pine ranks worse than 96.64% 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.

Warning Sign:

Beneish M-Score -1.4 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BSP:PINE3' s Beneish M-Score Range Over the Past 10 Years
Min: -4.48   Med: -2.11   Max: -0.94
Current: -1.4

During the past 13 years, the highest Beneish M-Score of Banco Pine was -0.94. The lowest was -4.48. And the median was -2.11.

BSP:PINE3
70GF Score
Banco Pine SA BSP:PINE3
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Banco Pine 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 Pine 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 * 0.9991+0.892 * 2.3036+0.115 * 2.7557
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9311+4.679 * -0.051399-0.327 * 1.1787
=-1.40

* 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 690.095 + 603.642 + 558.133 + 307.141 = R$2,159 Mil.
Gross Profit was 690.095 + 603.642 + 558.133 + 307.141 = R$2,159 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$33,735 Mil.
Property, Plant and Equipment(Net PPE) was R$86 Mil.
Depreciation, Depletion and Amortization(DDA) was R$9 Mil.
Selling, General, & Admin. Expense(SGA) was R$455 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$7,820 Mil.
Net Income was 149.9 + 183.491 + 103.631 + 83.02 = R$520 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 345.649 + 1876.445 + -587.664 + 619.577 = R$2,254 Mil.
 Total Receivables was R$0 Mil.
Revenue was 309.976 + 197.044 + 200.43 + 229.794 = R$937 Mil.
Gross Profit was 309.976 + 197.044 + 200.43 + 229.794 = R$937 Mil.
Total Current Assets was R$0 Mil.
Total Assets was R$27,745 Mil.
Property, Plant and Equipment(Net PPE) was R$45 Mil.
Depreciation, Depletion and Amortization(DDA) was R$16 Mil.
Selling, General, & Admin. Expense(SGA) was R$212 Mil.
Total Current Liabilities was R$0 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,457 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 / 2159.011) / (0 / 937.244)
=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)
=(937.244 / 937.244) / (2159.011 / 2159.011)
=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 + 86.068) / 33735.377) / (1 - (0 + 45.151) / 27745.44)
=0.997449 / 0.998373
=0.9991

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
=2159.011 / 937.244
=2.3036

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))
=(16.462 / (16.462 + 45.151)) / (9.241 / (9.241 + 86.068))
=0.267184 / 0.096958
=2.7557

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)
=(454.82 / 2159.011) / (212.045 / 937.244)
=0.210661 / 0.226243
=0.9311

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)
=((7820.194 + 0) / 33735.377) / ((5456.714 + 0) / 27745.44)
=0.23181 / 0.196671
=1.1787

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
=(520.042 - 0 - 2254.007) / 33735.377
=-0.051399

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 Pine has a M-score of -1.40 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 -1.40 mean?
Banco Pine (BSP:PINE3) has a Beneish M-Score of -1.40 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco Pine and its competitors. According to the industry distribution chart, Banco Pine ranks #1352 out of 1399 companies in the Banks industry, placing it in the top 96.6%.
Is Banco Pine's Beneish M-Score too high?
Banco Pine's current Beneish M-Score is -1.40. Based on the distribution chart, Banco Pine ranks #1352 out of 1399 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Banco Pine has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Banco Pine's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco Pine ranks #1352 out of 1399 companies for Beneish M-Score. This places Banco Pine 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 Pine and its competitors. Banco Pine's current Beneish M-Score is -1.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco Pine stock overvalued right now?
Based on GuruFocus' analysis, Banco Pine (BSP:PINE3) is currently considered Fairly Valued. The stock's GF Value™ is R$12.69, compared to a current price of R$11.99 — trading 5.5% below its estimated fair value. The current Beneish M-Score is -1.40. Banco Pine's overall GF Score™ is 70/100 with 2 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 Pine (BSP:PINE3), the current Beneish M-Score is -1.40 as of Jul. 14, 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 Pine (BSP:PINE3) Overvalued in 2026?

Based on GuruFocus' analysis, Banco Pine stock appears to be undervalued. The current stock price of R$11.99 is trading 5.5% below its estimated GF Value™ of R$12.69. GuruFocus considers Banco Pine to be Fairly Valued.

Key valuation signals for BSP:PINE3:

  • Beneish M-Score: -1.40
  • GF Value™: R$12.69 vs. price of R$11.99 (5.5% below fair value)
  • GF Score™: 70/100 with 2 warning signs

No single metric tells the full story. See the BSP:PINE3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banco Pine Business Description

Other Exchanges PINE4:Brazil
Address Avenida Presidente Juscelino Kubitschek, n° 1.830 - 4th Floor, Itaim Bibi, Pinheiros, SP, BRA, 4543900
Banco Pine SA is a banking company. It operates commercial, credit and financing and foreign exchange portfolios. The company's operations are conducted in the context of a group of institutions which act jointly, and certain transactions involve the co-participation or intermediation of member companies of the Pine financial conglomerate. The benefits from the intercompany services and the costs for the operating and administrative structures are absorbed, either jointly or individually, by these companies as is practicable and reasonable in the circumstances.
70GF Score

Get the complete analysis for BSP:PINE3

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

R$11.99
Price
R$12.69
GF Value