Sanlam Maroc (CAS:SAH) Beneish M-Score: -4.55 (As of Jun. 27, 2026)


CAS:SAH Sanlam Maroc CAS:SAH
65 GF Score
Price MAD2,990.00
GF Value MAD1,862.26
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Sanlam Maroc Beneish M-Score?

Sanlam Maroc CAS:SAH 65 Beneish M-Score is -4.55 as of Jun. 27, 2026. GuruFocus rates CAS:SAH with a GF Score™ of 65/100 and a GF Value™ of MAD1,862.26 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 397 Insurance companies, Sanlam Maroc ranks better than 94.46% 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 -4.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:SAH' s Beneish M-Score Range Over the Past 10 Years
Min: -4.55   Med: -4.44   Max: -3.49
Current: -4.55

During the past 13 years, the highest Beneish M-Score of Sanlam Maroc was -3.49. The lowest was -4.55. And the median was -4.44.

CAS:SAH
65GF Score
Sanlam Maroc CAS:SAH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sanlam Maroc 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 Sanlam Maroc 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 * 1.0987+0.528 * 1+0.404 * 1.0018+0.892 * 1.1405+0.115 * 0.3471
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.496087-0.327 * 0.657
=-4.55

* 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 MAD1,821 Mil.
Revenue was MAD7,930 Mil.
Gross Profit was MAD7,930 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD24,385 Mil.
Property, Plant and Equipment(Net PPE) was MAD267 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD315 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD21 Mil.
Net Income was MAD677 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD12,774 Mil.
 Total Receivables was MAD1,453 Mil.
Revenue was MAD6,953 Mil.
Gross Profit was MAD6,953 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD22,253 Mil.
Property, Plant and Equipment(Net PPE) was MAD283 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD66 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD30 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)
=(1821.11 / 7930.433) / (1453.268 / 6953.429)
=0.229636 / 0.209
=1.0987

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)
=(6953.429 / 6953.429) / (7930.433 / 7930.433)
=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 + 266.824) / 24385.015) / (1 - (0 + 283.122) / 22252.831)
=0.989058 / 0.987277
=1.0018

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
=7930.433 / 6953.429
=1.1405

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))
=(65.527 / (65.527 + 283.122)) / (315.044 / (315.044 + 266.824))
=0.187945 / 0.541436
=0.3471

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)
=(0 / 7930.433) / (0 / 6953.429)
=0 / 0
=1

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)
=((21.476 + 0) / 24385.015) / ((29.83 + 0) / 22252.831)
=0.000881 / 0.001341
=0.657

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
=(676.523 - 0 - 12773.624) / 24385.015
=-0.496087

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.

Sanlam Maroc has a M-score of -4.55 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 -4.55 mean?
Sanlam Maroc (CAS:SAH) has a Beneish M-Score of -4.55 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sanlam Maroc and its competitors. According to the industry distribution chart, Sanlam Maroc ranks #22 out of 397 companies in the Insurance industry, placing it in the top 5.5%.
Is Sanlam Maroc's Beneish M-Score too high?
Sanlam Maroc's current Beneish M-Score is -4.55. Based on the distribution chart, Sanlam Maroc ranks #22 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, Sanlam Maroc has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sanlam Maroc's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Sanlam Maroc ranks #22 out of 397 companies for Beneish M-Score. This places Sanlam Maroc in the top 6% of its industry — outperforming the majority of peers. 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Sanlam Maroc and its competitors. Sanlam Maroc's current Beneish M-Score is -4.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sanlam Maroc stock overvalued right now?
Based on GuruFocus' analysis, Sanlam Maroc (CAS:SAH) is currently considered Significantly Overvalued. The stock's GF Value™ is MAD1,862.26, compared to a current price of MAD2,990.00 — trading 60.6% above its estimated fair value. The current Beneish M-Score is -4.55. Sanlam Maroc's overall GF Score™ is 65/100 with 5 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 Sanlam Maroc (CAS:SAH), the current Beneish M-Score is -4.55 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 Sanlam Maroc (CAS:SAH) Overvalued in 2026?

Based on GuruFocus' analysis, Sanlam Maroc stock appears to be overvalued. The current stock price of MAD2,990.00 is trading 60.6% above its estimated GF Value™ of MAD1,862.26. GuruFocus considers Sanlam Maroc to be Significantly Overvalued.

Key valuation signals for CAS:SAH:

  • Beneish M-Score: -4.55
  • GF Value™: MAD1,862.26 vs. price of MAD2,990.00 (60.6% above fair value)
  • GF Score™: 65/100 with 5 warning signs

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

Sanlam Maroc Business Description

Address 216, Boulevard Zerktoun, Casablanca, MAR, 20000
Sanlam Maroc offers insurance services.
65GF Score

Get the complete analysis for CAS:SAH

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

MAD2,990.00
Price
MAD1,862.26
GF Value