SALAFIN (Groupe BMCE) (CAS:SLF) Beneish M-Score: -2.68 (As of Jun. 24, 2026)


CAS:SLF SALAFIN (Groupe BMCE) CAS:SLF
47 GF Score
Price MAD440.00
GF Value MAD578.38
Valuation Modestly Undervalued
! 2 Warning Signs
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What is SALAFIN (Groupe BMCE) Beneish M-Score?

SALAFIN (Groupe BMCE) CAS:SLF 47 Beneish M-Score is -2.68 as of Jun. 24, 2026. GuruFocus rates CAS:SLF with a GF Score™ of 47/100 and a GF Value™ of MAD578.38 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 483 Credit Services companies, SALAFIN (Groupe BMCE) ranks better than 77.23% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SALAFIN (Groupe BMCE)'s Beneish M-Score or its related term are showing as below:

CAS:SLF' s Beneish M-Score Range Over the Past 10 Years
Min: -21.08   Med: -2.68   Max: -0.3
Current: -2.68

During the past 13 years, the highest Beneish M-Score of SALAFIN (Groupe BMCE) was -0.30. The lowest was -21.08. And the median was -2.68.

CAS:SLF
47GF Score
SALAFIN (Groupe BMCE) CAS:SLF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SALAFIN (Groupe BMCE) 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 SALAFIN (Groupe BMCE) 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 * 1.0017+0.892 * 1.0105+0.115 * 1.0693
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9699+4.679 * -0.036769-0.327 * 1.1571
=-2.68

* 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 MAD0.0 Mil.
Revenue was MAD396.3 Mil.
Gross Profit was MAD396.3 Mil.
Total Current Assets was MAD0.0 Mil.
Total Assets was MAD3,813.4 Mil.
Property, Plant and Equipment(Net PPE) was MAD70.9 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD9.5 Mil.
Selling, General, & Admin. Expense(SGA) was MAD61.2 Mil.
Total Current Liabilities was MAD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD1,580.1 Mil.
Net Income was MAD96.1 Mil.
Gross Profit was MAD0.0 Mil.
Cash Flow from Operations was MAD236.3 Mil.
 Total Receivables was MAD0.0 Mil.
Revenue was MAD392.2 Mil.
Gross Profit was MAD392.2 Mil.
Total Current Assets was MAD0.0 Mil.
Total Assets was MAD3,726.3 Mil.
Property, Plant and Equipment(Net PPE) was MAD75.4 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD10.9 Mil.
Selling, General, & Admin. Expense(SGA) was MAD62.5 Mil.
Total Current Liabilities was MAD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD1,334.4 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 / 396.333) / (0 / 392.198)
=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)
=(392.198 / 392.198) / (396.333 / 396.333)
=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 + 70.864) / 3813.381) / (1 - (0 + 75.391) / 3726.279)
=0.981417 / 0.979768
=1.0017

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
=396.333 / 392.198
=1.0105

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))
=(10.874 / (10.874 + 75.391)) / (9.47 / (9.47 + 70.864))
=0.126053 / 0.117883
=1.0693

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)
=(61.22 / 396.333) / (62.461 / 392.198)
=0.154466 / 0.159259
=0.9699

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)
=((1580.056 + 0) / 3813.381) / ((1334.375 + 0) / 3726.279)
=0.414345 / 0.358099
=1.1571

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
=(96.117 - 0 - 236.333) / 3813.381
=-0.036769

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.

SALAFIN (Groupe BMCE) has a M-score of -2.68 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 -2.68 mean?
SALAFIN (Groupe BMCE) (CAS:SLF) has a Beneish M-Score of -2.68 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SALAFIN (Groupe BMCE) and its competitors. According to the industry distribution chart, SALAFIN (Groupe BMCE) ranks #110 out of 483 companies in the Credit Services industry, placing it in the top 22.8%.
Is SALAFIN (Groupe BMCE)'s Beneish M-Score too high?
SALAFIN (Groupe BMCE)'s current Beneish M-Score is -2.68. Based on the distribution chart, SALAFIN (Groupe BMCE) ranks #110 out of 483 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, SALAFIN (Groupe BMCE) has a GF Score™ of 47/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SALAFIN (Groupe BMCE)'s Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, SALAFIN (Groupe BMCE) ranks #110 out of 483 companies for Beneish M-Score. This places SALAFIN (Groupe BMCE) in the top 23% 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 a Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 SALAFIN (Groupe BMCE) and its competitors. SALAFIN (Groupe BMCE)'s current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SALAFIN (Groupe BMCE) stock overvalued right now?
Based on GuruFocus' analysis, SALAFIN (Groupe BMCE) (CAS:SLF) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD578.38, compared to a current price of MAD440.00 — trading 23.9% below its estimated fair value. The current Beneish M-Score is -2.68. SALAFIN (Groupe BMCE)'s overall GF Score™ is 47/100 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 SALAFIN (Groupe BMCE) (CAS:SLF), the current Beneish M-Score is -2.68 as of Jun. 24, 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 SALAFIN (Groupe BMCE) (CAS:SLF) Overvalued in 2026?

Based on GuruFocus' analysis, SALAFIN (Groupe BMCE) stock appears to be undervalued. The current stock price of MAD440.00 is trading 23.9% below its estimated GF Value™ of MAD578.38. GuruFocus considers SALAFIN (Groupe BMCE) to be Modestly Undervalued.

Key valuation signals for CAS:SLF:

  • Beneish M-Score: -2.68
  • GF Value™: MAD578.38 vs. price of MAD440.00 (23.9% below fair value)
  • GF Score™: 47/100 with 2 warning signs

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

SALAFIN (Groupe BMCE) Business Description

Address Immeuble Zenith Millenium 8, Sidi Maarouf, Casablanca, MAR
SALAFIN (Groupe BMCE) is a Morocco-based company. It is a finance company. It offers consumer credit services. The company operates through various business segments that are Personal Credit, which include personal loan, and mortgage credit; Auto Financing, which provides car loans; and Revolving Credit.
47GF Score

Get the complete analysis for CAS:SLF

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

MAD440.00
Price
MAD578.38
GF Value