Wafa Assurance (CAS:WAA) Beneish M-Score: -2.07 (As of Jun. 24, 2026)


CAS:WAA Wafa Assurance SA CAS:WAA
69 GF Score
Price MAD5,620.00
GF Value MAD6,395.89
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Wafa Assurance Beneish M-Score?

Wafa Assurance CAS:WAA 69 Beneish M-Score is -2.07 as of Jun. 24, 2026. GuruFocus rates CAS:WAA with a GF Score™ of 69/100 and a GF Value™ of MAD6,395.89 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, Wafa Assurance ranks worse than 82.21% 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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CAS:WAA' s Beneish M-Score Range Over the Past 10 Years
Min: -96.28   Med: -2.6   Max: -2.07
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Wafa Assurance was -2.07. The lowest was -96.28. And the median was -2.60.

CAS:WAA
69GF Score
Wafa Assurance SA CAS:WAA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Wafa Assurance 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 Wafa Assurance 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 * 1.0595+0.528 * 1+0.404 * 0.9939+0.892 * 1.101+0.115 * 1.3526
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.057228-0.327 * 0
=-2.07

* 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 MAD2,762 Mil.
Revenue was MAD9,198 Mil.
Gross Profit was MAD9,198 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD75,534 Mil.
Property, Plant and Equipment(Net PPE) was MAD744 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD192 Mil.
Selling, General, & Admin. Expense(SGA) was MAD0 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD0 Mil.
Net Income was MAD1,026 Mil.
Gross Profit was MAD0 Mil.
Cash Flow from Operations was MAD5,349 Mil.
 Total Receivables was MAD2,367 Mil.
Revenue was MAD8,354 Mil.
Gross Profit was MAD8,354 Mil.
Total Current Assets was MAD0 Mil.
Total Assets was MAD65,162 Mil.
Property, Plant and Equipment(Net PPE) was MAD244 Mil.
Depreciation, Depletion and Amortization(DDA) was MAD94 Mil.
Selling, General, & Admin. Expense(SGA) was MAD1,136 Mil.
Total Current Liabilities was MAD0 Mil.
Long-Term Debt & Capital Lease Obligation was MAD2,100 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)
=(2761.605 / 9198.228) / (2367.376 / 8354.183)
=0.300232 / 0.283376
=1.0595

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)
=(8354.183 / 8354.183) / (9198.228 / 9198.228)
=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 + 743.988) / 75534.168) / (1 - (0 + 243.757) / 65162.161)
=0.99015 / 0.996259
=0.9939

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
=9198.228 / 8354.183
=1.101

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))
=(93.866 / (93.866 + 243.757)) / (192.492 / (192.492 + 743.988))
=0.27802 / 0.205548
=1.3526

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 / 9198.228) / (1136.184 / 8354.183)
=0 / 0.136002
=0

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)
=((0 + 0) / 75534.168) / ((2100.062 + 0) / 65162.161)
=0 / 0.032228
=0

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
=(1026.035 - 0 - 5348.726) / 75534.168
=-0.057228

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.

Wafa Assurance has a M-score of -2.07 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 -2.07 mean?
Wafa Assurance (CAS:WAA) has a Beneish M-Score of -2.07 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wafa Assurance and its competitors. According to the industry distribution chart, Wafa Assurance ranks #328 out of 399 companies in the Insurance industry, placing it in the top 82.2%.
Is Wafa Assurance's Beneish M-Score too high?
Wafa Assurance's current Beneish M-Score is -2.07. Based on the distribution chart, Wafa Assurance ranks #328 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Wafa Assurance has a GF Score™ of 69/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Wafa Assurance's Beneish M-Score compare to FNF and AXS?
According to the Insurance industry distribution chart, Wafa Assurance ranks #328 out of 399 companies for Beneish M-Score. This places Wafa Assurance 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 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 Wafa Assurance and its competitors. Wafa Assurance's current Beneish M-Score is -2.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wafa Assurance stock overvalued right now?
Based on GuruFocus' analysis, Wafa Assurance (CAS:WAA) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD6,395.89, compared to a current price of MAD5,620.00 — trading 12.1% below its estimated fair value. The current Beneish M-Score is -2.07. Wafa Assurance's overall GF Score™ is 69/100 with 3 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 Wafa Assurance (CAS:WAA), the current Beneish M-Score is -2.07 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 Wafa Assurance (CAS:WAA) Overvalued in 2026?

Based on GuruFocus' analysis, Wafa Assurance stock appears to be undervalued. The current stock price of MAD5,620.00 is trading 12.1% below its estimated GF Value™ of MAD6,395.89. GuruFocus considers Wafa Assurance to be Modestly Undervalued.

Key valuation signals for CAS:WAA:

  • Beneish M-Score: -2.07
  • GF Value™: MAD6,395.89 vs. price of MAD5,620.00 (12.1% below fair value)
  • GF Score™: 69/100 with 3 warning signs

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

Wafa Assurance Business Description

Address 1 bd Abdelmoumen, Casablanca, MAR, 20100
Wafa Assurance SA is a Morocco-based company engaged in the provision of the insurance services. The company offers fire and explosion insurance, theft, and sabotage insurance, water damage insurance, machine breakage insurance, and information and electronic equipment insurance. In addition, it also provides insurance to multiple risks, health, professionals, general accidents, property damage and many more.
69GF Score

Get the complete analysis for CAS:WAA

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

MAD5,620.00
Price
MAD6,395.89
GF Value