Credit Immobilier et Hotelier (CAS:CIH) Beneish M-Score: -2.29 (As of Jun. 27, 2026)


CAS:CIH Credit Immobilier et Hotelier SA CAS:CIH
34 GF Score
Price MAD351.00
GF Value MAD414.49
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Credit Immobilier et Hotelier Beneish M-Score?

Credit Immobilier et Hotelier CAS:CIH +0.03% 34 Beneish M-Score is -2.29 as of Jun. 27, 2026. GuruFocus rates CAS:CIH with a GF Score™ of 34/100 and a GF Value™ of MAD414.49 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Credit Immobilier et Hotelier ranks worse than 68.58% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Credit Immobilier et Hotelier's Beneish M-Score or its related term are showing as below:

CAS:CIH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51   Med: -2.28   Max: -1.57
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Credit Immobilier et Hotelier was -1.57. The lowest was -2.51. And the median was -2.28.

CAS:CIH
34GF Score
Credit Immobilier et Hotelier SA CAS:CIH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Credit Immobilier et Hotelier 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 Credit Immobilier et Hotelier 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 * 1.0016+0.892 * 1.1645+0.115 * 0.9518
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9768+4.679 * 0.01102-0.327 * 1.0302
=-2.29

* 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 MAD5,896 Mil.
Gross Profit was MAD5,896 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD163,688 Mil.
Property, Plant and Equipment(Net PPE) was MAD3,991 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD305 Mil.
Selling, General, & Admin. Expense(SGA) was MAD988 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD32,648 Mil.
Net Income was MAD1,089 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD-714 Mil.
 Total Receivables was MAD0 Mil.
Revenue was MAD5,063 Mil.
Gross Profit was MAD5,063 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD140,971 Mil.
Property, Plant and Equipment(Net PPE) was MAD3,659 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD265 Mil.
Selling, General, & Admin. Expense(SGA) was MAD868 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD27,292 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 / 5896.409) / (0 / 5063.269)
=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)
=(5063.269 / 5063.269) / (5896.409 / 5896.409)
=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 + 3991.476) / 163688.195) / (1 - (0 + 3658.718) / 140971.389)
=0.975615 / 0.974046
=1.0016

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
=5896.409 / 5063.269
=1.1645

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))
=(265.212 / (265.212 + 3658.718)) / (305.118 / (305.118 + 3991.476))
=0.067588 / 0.071014
=0.9518

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)
=(987.519 / 5896.409) / (868.122 / 5063.269)
=0.167478 / 0.171455
=0.9768

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)
=((32648.346 + 0) / 163688.195) / ((27292.241 + 0) / 140971.389)
=0.199454 / 0.193601
=1.0302

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
=(1089.362 - 0 - -714.499) / 163688.195
=0.01102

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.

Credit Immobilier et Hotelier has a M-score of -2.29 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 -2.29 mean?
Credit Immobilier et Hotelier (CAS:CIH) has a Beneish M-Score of -2.29 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Credit Immobilier et Hotelier and its competitors. According to the industry distribution chart, Credit Immobilier et Hotelier ranks #958 out of 1397 companies in the Banks industry, placing it in the top 68.6%.
Is Credit Immobilier et Hotelier's Beneish M-Score too high?
Credit Immobilier et Hotelier's current Beneish M-Score is -2.29. Based on the distribution chart, Credit Immobilier et Hotelier ranks #958 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Credit Immobilier et Hotelier has a GF Score™ of 34/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Credit Immobilier et Hotelier's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Credit Immobilier et Hotelier ranks #958 out of 1397 companies for Beneish M-Score. This places Credit Immobilier et Hotelier 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 Credit Immobilier et Hotelier and its competitors. Credit Immobilier et Hotelier's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Credit Immobilier et Hotelier stock overvalued right now?
Based on GuruFocus' analysis, Credit Immobilier et Hotelier (CAS:CIH) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD414.49, compared to a current price of MAD351.00 — trading 15.3% below its estimated fair value. The current Beneish M-Score is -2.29. Credit Immobilier et Hotelier's overall GF Score™ is 34/100 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 Credit Immobilier et Hotelier (CAS:CIH), the current Beneish M-Score is -2.29 as of Jun. 27, 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 Credit Immobilier et Hotelier (CAS:CIH) Overvalued in 2026?

Based on GuruFocus' analysis, Credit Immobilier et Hotelier stock appears to be undervalued. The current stock price of MAD351.00 is trading 15.3% below its estimated GF Value™ of MAD414.49. GuruFocus considers Credit Immobilier et Hotelier to be Modestly Undervalued.

Key valuation signals for CAS:CIH:

  • Beneish M-Score: -2.29
  • GF Value™: MAD414.49 vs. price of MAD351.00 (15.3% below fair value)
  • GF Score™: 34/100 with 2 warning signs

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

Credit Immobilier et Hotelier Business Description

Address 187, Avenue Hassan II, Casablanca, MAR, 20019
Credit Immobilier et Hotelier SA provides various banking products and services. It accepts checking, currency, and current accounts; and offers funding solutions. The company also provides bank cards; saving and investment products; and bancassurance, payment, transfer, international operation, and specialized services.
34GF Score

Get the complete analysis for CAS:CIH

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

MAD351.00
Price
MAD414.49
GF Value