Attijariwafa Bank (CAS:ATW) Beneish M-Score: -2.45 (As of Jun. 25, 2026)


CAS:ATW Attijariwafa Bank SA CAS:ATW
72 GF Score
Price MAD689.00
GF Value MAD641.03
Valuation Fairly Valued
! 2 Warning Signs
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What is Attijariwafa Bank Beneish M-Score?

Attijariwafa Bank CAS:ATW +0.16% 72 Beneish M-Score is -2.45 as of Jun. 25, 2026. GuruFocus rates CAS:ATW with a GF Score™ of 72/100 and a GF Value™ of MAD641.03 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, Attijariwafa Bank ranks better than 60.67% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:ATW' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56   Med: -2.45   Max: -1.96
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Attijariwafa Bank was -1.96. The lowest was -2.56. And the median was -2.45.

CAS:ATW
72GF Score
Attijariwafa Bank SA CAS:ATW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Attijariwafa Bank 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 Attijariwafa Bank 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 * 0.998+0.892 * 0.9803+0.115 * 1.1911
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1088+4.679 * 0.005628-0.327 * 0.9309
=-2.45

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was MAD0 Mil.
Revenue was MAD34,698 Mil.
Gross Profit was MAD34,698 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD795,461 Mil.
Property, Plant and Equipment(Net PPE) was MAD10,275 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD1,512 Mil.
Selling, General, & Admin. Expense(SGA) was MAD3,865 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD35,855 Mil.
Net Income was MAD10,645 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD6,168 Mil.
 Total Receivables was MAD0 Mil.
Revenue was MAD35,395 Mil.
Gross Profit was MAD35,395 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD726,493 Mil.
Property, Plant and Equipment(Net PPE) was MAD7,913 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD1,428 Mil.
Selling, General, & Admin. Expense(SGA) was MAD3,555 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD35,176 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 / 34698.39) / (0 / 35394.72)
=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)
=(35394.72 / 35394.72) / (34698.39 / 34698.39)
=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 + 10274.829) / 795461.302) / (1 - (0 + 7913.26) / 726492.948)
=0.987083 / 0.989108
=0.998

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
=34698.39 / 35394.72
=0.9803

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))
=(1427.531 / (1427.531 + 7913.26)) / (1512.466 / (1512.466 + 10274.829))
=0.152828 / 0.128313
=1.1911

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)
=(3864.55 / 34698.39) / (3555.11 / 35394.72)
=0.111375 / 0.100442
=1.1088

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)
=((35855.079 + 0) / 795461.302) / ((35175.968 + 0) / 726492.948)
=0.045075 / 0.048419
=0.9309

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
=(10644.852 - 0 - 6167.922) / 795461.302
=0.005628

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.

Attijariwafa Bank has a M-score of -2.45 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 -2.45 mean?
Attijariwafa Bank (CAS:ATW) has a Beneish M-Score of -2.45 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Attijariwafa Bank and its competitors. According to the industry distribution chart, Attijariwafa Bank ranks #549 out of 1396 companies in the Banks industry, placing it in the top 39.3%.
Is Attijariwafa Bank's Beneish M-Score too high?
Attijariwafa Bank's current Beneish M-Score is -2.45. Based on the distribution chart, Attijariwafa Bank ranks #549 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, Attijariwafa Bank has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Attijariwafa Bank's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Attijariwafa Bank ranks #549 out of 1396 companies for Beneish M-Score. This puts Attijariwafa Bank 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 Attijariwafa Bank and its competitors. Attijariwafa Bank's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Attijariwafa Bank stock overvalued right now?
Based on GuruFocus' analysis, Attijariwafa Bank (CAS:ATW) is currently considered Fairly Valued. The stock's GF Value™ is MAD641.03, compared to a current price of MAD689.00 — trading 7.5% above its estimated fair value. The current Beneish M-Score is -2.45. Attijariwafa Bank's overall GF Score™ is 72/100 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 Attijariwafa Bank (CAS:ATW), the current Beneish M-Score is -2.45 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 Attijariwafa Bank (CAS:ATW) Overvalued in 2026?

Based on GuruFocus' analysis, Attijariwafa Bank stock appears to be overvalued. The current stock price of MAD689.00 is trading 7.5% above its estimated GF Value™ of MAD641.03. GuruFocus considers Attijariwafa Bank to be Fairly Valued.

Key valuation signals for CAS:ATW:

  • Beneish M-Score: -2.45
  • GF Value™: MAD641.03 vs. price of MAD689.00 (7.5% above fair value)
  • GF Score™: 72/100 with 2 warning signs

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

Attijariwafa Bank Business Description

Address 2, Boulevard Moulay Youssef, PO Box No. 20000, Casablanca, MAR
Attijariwafa Bank SA is a Morrocan based financial and banking group. It is engaged in the provision of banking and insurance products and services. The company's banking activities include personal and professional banking, corporate banking, investment banking and international banking.
72GF Score

Get the complete analysis for CAS:ATW

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

MAD689.00
Price
MAD641.03
GF Value