Maroc Leasing (CAS:MLE) Beneish M-Score: -2.39 (As of Aug. 10, 2026)

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CAS:MLE Maroc Leasing SA CAS:MLE
33 GF Score
Price MAD365.00
GF Value MAD429.19
Valuation Modestly Undervalued
View Full Analysis

What is Maroc Leasing Beneish M-Score?

Maroc Leasing CAS:MLE 33 Beneish M-Score is -2.39 as of Aug. 10, 2026. GuruFocus rates CAS:MLE with a GF Score™ of 33/100 and a GF Value™ of MAD429.19 (Modestly Undervalued). Among 1,394 Banks companies, Maroc Leasing ranks worse than 52.01% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:MLE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.58   Med: -2.39   Max: -1.82
Current: -2.39

During the past 13 years, the highest Beneish M-Score of Maroc Leasing was -1.82. The lowest was -2.58. And the median was -2.39.

CAS:MLE
33GF Score
Maroc Leasing SA CAS:MLE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Maroc Leasing 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 Maroc Leasing 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 * 0.9963+0.892 * 1.0764+0.115 * 1.1667
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1051+4.679 * 0.00429-0.327 * 1.0022
=-2.39

* 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 MAD3,954 Mil.
Gross Profit was MAD3,954 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD14,299 Mil.
Property, Plant and Equipment(Net PPE) was MAD13,280 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD10 Mil.
Selling, General, & Admin. Expense(SGA) was MAD3 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD11,339 Mil.
Net Income was MAD107 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD46 Mil.
 Total Receivables was MAD0 Mil.
Revenue was MAD3,673 Mil.
Gross Profit was MAD3,673 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD13,259 Mil.
Property, Plant and Equipment(Net PPE) was MAD12,312 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD11 Mil.
Selling, General, & Admin. Expense(SGA) was MAD3 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD10,492 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 / 3953.772) / (0 / 3673.071)
=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)
=(3673.071 / 3673.071) / (3953.772 / 3953.772)
=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 + 13280.48) / 14298.867) / (1 - (0 + 12311.553) / 13259.462)
=0.071222 / 0.071489
=0.9963

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
=3953.772 / 3673.071
=1.0764

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))
=(10.955 / (10.955 + 12311.553)) / (10.121 / (10.121 + 13280.48))
=0.000889 / 0.000762
=1.1667

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)
=(3.158 / 3953.772) / (2.655 / 3673.071)
=0.000799 / 0.000723
=1.1051

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)
=((11338.877 + 0) / 14298.867) / ((10492.031 + 0) / 13259.462)
=0.792991 / 0.791286
=1.0022

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
=(107.295 - 0 - 45.948) / 14298.867
=0.00429

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.

Maroc Leasing has a M-score of -2.39 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 -2.39 mean?
Maroc Leasing (CAS:MLE) has a Beneish M-Score of -2.39 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Maroc Leasing and its competitors. According to the industry distribution chart, Maroc Leasing ranks #725 out of 1394 companies in the Banks industry, placing it in the top 52%.
Is Maroc Leasing's Beneish M-Score too high?
Maroc Leasing's current Beneish M-Score is -2.39. Based on the distribution chart, Maroc Leasing ranks #725 out of 1394 companies in the Banks industry, which is below the industry midpoint. Overall, Maroc Leasing has a GF Score™ of 33/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Maroc Leasing's Beneish M-Score compare to RKT and FNMA?
According to the Banks industry distribution chart, Maroc Leasing ranks #725 out of 1394 companies for Beneish M-Score. This places Maroc Leasing 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 Maroc Leasing and its competitors. Maroc Leasing's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maroc Leasing stock overvalued right now?
Based on GuruFocus' analysis, Maroc Leasing (CAS:MLE) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD429.19, compared to a current price of MAD365.00 — trading 15% below its estimated fair value. The current Beneish M-Score is -2.39. Maroc Leasing's overall GF Score™ is 33/100. 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 Maroc Leasing (CAS:MLE), the current Beneish M-Score is -2.39 as of Aug. 10, 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 Maroc Leasing (CAS:MLE) Overvalued in 2026?

Based on GuruFocus' analysis, Maroc Leasing stock appears to be undervalued. The current stock price of MAD365.00 is trading 15% below its estimated GF Value™ of MAD429.19. GuruFocus considers Maroc Leasing to be Modestly Undervalued.

Key valuation signals for CAS:MLE:

  • Beneish M-Score: -2.39
  • GF Value™: MAD429.19 vs. price of MAD365.00 (15% below fair value)
  • GF Score™: 33/100

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

Maroc Leasing Business Description

Address 57. Angle Boulevard Abdelmoumen et Rue Pinel, Casablanca, MAR
Maroc Leasing SA provides lease financing for real estate and furniture. It also helps in financing lease for movable and immovable property professional, commercial and industrial.
33GF Score

Get the complete analysis for CAS:MLE

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

MAD365.00
Price
MAD429.19
GF Value