Banque Centrale Populaire (CAS:BCP) Beneish M-Score: -2.25 (As of Jun. 26, 2026)


CAS:BCP Banque Centrale Populaire SA CAS:BCP
52 GF Score
Price MAD250.00
GF Value MAD352.84
Valuation Modestly Undervalued
! 1 Warning Sign
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What is Banque Centrale Populaire Beneish M-Score?

Banque Centrale Populaire CAS:BCP +1.26% 52 Beneish M-Score is -2.25 as of Jun. 26, 2026. GuruFocus rates CAS:BCP with a GF Score™ of 52/100 and a GF Value™ of MAD352.84 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, Banque Centrale Populaire ranks worse than 74.79% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:BCP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73   Med: -2.41   Max: -2.16
Current: -2.25

During the past 13 years, the highest Beneish M-Score of Banque Centrale Populaire was -2.16. The lowest was -2.73. And the median was -2.41.

CAS:BCP
52GF Score
Banque Centrale Populaire SA CAS:BCP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Banque Centrale Populaire 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 Banque Centrale Populaire 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 * 0.9997+0.892 * 1.2542+0.115 * 1.0214
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8308+4.679 * -0.010213-0.327 * 0.9304
=-2.25

* 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 MAD27,318 Mil.
Gross Profit was MAD27,318 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD571,244 Mil.
Property, Plant and Equipment(Net PPE) was MAD11,204 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD1,467 Mil.
Selling, General, & Admin. Expense(SGA) was MAD10,578 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD24,267 Mil.
Net Income was MAD4,503 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD10,337 Mil.
 Total Receivables was MAD0 Mil.
Revenue was MAD21,781 Mil.
Gross Profit was MAD21,781 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD542,279 Mil.
Property, Plant and Equipment(Net PPE) was MAD10,471 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD1,405 Mil.
Selling, General, & Admin. Expense(SGA) was MAD10,152 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD24,760 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 / 27317.954) / (0 / 21780.686)
=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)
=(21780.686 / 21780.686) / (27317.954 / 27317.954)
=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 + 11204.494) / 571244.21) / (1 - (0 + 10471.36) / 542278.56)
=0.980386 / 0.98069
=0.9997

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
=27317.954 / 21780.686
=1.2542

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))
=(1404.562 / (1404.562 + 10471.36)) / (1467.315 / (1467.315 + 11204.494))
=0.11827 / 0.115794
=1.0214

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)
=(10578.464 / 27317.954) / (10151.569 / 21780.686)
=0.387235 / 0.466081
=0.8308

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)
=((24267.03 + 0) / 571244.21) / ((24760.458 + 0) / 542278.56)
=0.042481 / 0.04566
=0.9304

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
=(4503.361 - 0 - 10337.451) / 571244.21
=-0.010213

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.

Banque Centrale Populaire has a M-score of -2.25 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 -2.25 mean?
Banque Centrale Populaire (CAS:BCP) has a Beneish M-Score of -2.25 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banque Centrale Populaire and its competitors. According to the industry distribution chart, Banque Centrale Populaire ranks #1044 out of 1396 companies in the Banks industry, placing it in the top 74.8%.
Is Banque Centrale Populaire's Beneish M-Score too high?
Banque Centrale Populaire's current Beneish M-Score is -2.25. Based on the distribution chart, Banque Centrale Populaire ranks #1044 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Banque Centrale Populaire has a GF Score™ of 52/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Banque Centrale Populaire's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banque Centrale Populaire ranks #1044 out of 1396 companies for Beneish M-Score. This places Banque Centrale Populaire 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 Banque Centrale Populaire and its competitors. Banque Centrale Populaire's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banque Centrale Populaire stock overvalued right now?
Based on GuruFocus' analysis, Banque Centrale Populaire (CAS:BCP) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD352.84, compared to a current price of MAD250.00 — trading 29.1% below its estimated fair value. The current Beneish M-Score is -2.25. Banque Centrale Populaire's overall GF Score™ is 52/100 with 1 warning sign 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 Banque Centrale Populaire (CAS:BCP), the current Beneish M-Score is -2.25 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 Banque Centrale Populaire (CAS:BCP) Overvalued in 2026?

Based on GuruFocus' analysis, Banque Centrale Populaire stock appears to be undervalued. The current stock price of MAD250.00 is trading 29.1% below its estimated GF Value™ of MAD352.84. GuruFocus considers Banque Centrale Populaire to be Modestly Undervalued.

Key valuation signals for CAS:BCP:

  • Beneish M-Score: -2.25
  • GF Value™: MAD352.84 vs. price of MAD250.00 (29.1% below fair value)
  • GF Score™: 52/100 with 1 warning sign

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

Banque Centrale Populaire Business Description

Address 101, Boulevard Mohamed Zerktouni, BP: 10 622, Casablanca, MAR, 21100
Banque Centrale Populaire SA is a Malaysia-based company. The company is a credit establishment. It carries all banking transaction and is also a central banking body for Banques Populaires Regionales. The bank services include private banking, transaction banking, business banking, asset management, and others. The bank receives maximum revenue in the form of interest income. Geographically, the company offers its services to Morocco, Africa, Europe, and Other regions.
52GF Score

Get the complete analysis for CAS:BCP

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

MAD250.00
Price
MAD352.84
GF Value