BFF Bank SpA (FRA:2BF) Beneish M-Score: -2.57 (As of Jun. 26, 2026)


FRA:2BF BFF Bank SpA FRA:2BF
51 GF Score
Price €3.07
GF Value €8.29
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is BFF Bank SpA Beneish M-Score?

BFF Bank SpA FRA:2BF -0.90% 51 Beneish M-Score is -2.57 as of Jun. 26, 2026. GuruFocus rates FRA:2BF with a GF Score™ of 51/100 and a GF Value™ of €8.29 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 483 Credit Services companies, BFF Bank SpA ranks better than 72.46% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:2BF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.33   Max: -1.89
Current: -2.57

During the past 13 years, the highest Beneish M-Score of BFF Bank SpA was -1.89. The lowest was -3.16. And the median was -2.33.

FRA:2BF
51GF Score
BFF Bank SpA FRA:2BF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BFF Bank SpA 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 BFF Bank SpA 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 * 1.0001+0.892 * 0.9428+0.115 * 0.8118
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2122+4.679 * 0.007137-0.327 * 1.0381
=-2.57

* 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 €0.0 Mil.
Revenue was €376.6 Mil.
Gross Profit was €376.6 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €12,290.9 Mil.
Property, Plant and Equipment(Net PPE) was €104.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €17.5 Mil.
Selling, General, & Admin. Expense(SGA) was €105.6 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €788.3 Mil.
Net Income was €70.2 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €-17.5 Mil.
 Total Receivables was €0.0 Mil.
Revenue was €399.4 Mil.
Gross Profit was €399.4 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €12,145.8 Mil.
Property, Plant and Equipment(Net PPE) was €104.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.9 Mil.
Selling, General, & Admin. Expense(SGA) was €92.4 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €750.3 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 / 376.588) / (0 / 399.416)
=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)
=(399.416 / 399.416) / (376.588 / 376.588)
=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 + 104.212) / 12290.904) / (1 - (0 + 104.75) / 12145.806)
=0.991521 / 0.991376
=1.0001

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
=376.588 / 399.416
=0.9428

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))
=(13.853 / (13.853 + 104.75)) / (17.514 / (17.514 + 104.212))
=0.116801 / 0.143881
=0.8118

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)
=(105.627 / 376.588) / (92.421 / 399.416)
=0.280484 / 0.23139
=1.2122

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)
=((788.268 + 0) / 12290.904) / ((750.348 + 0) / 12145.806)
=0.064134 / 0.061778
=1.0381

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
=(70.174 - 0 - -17.542) / 12290.904
=0.007137

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.

BFF Bank SpA has a M-score of -2.57 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 -2.57 mean?
BFF Bank SpA (FRA:2BF) has a Beneish M-Score of -2.57 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BFF Bank SpA and its competitors. According to the industry distribution chart, BFF Bank SpA ranks #133 out of 483 companies in the Credit Services industry, placing it in the top 27.5%.
Is BFF Bank SpA's Beneish M-Score too high?
BFF Bank SpA's current Beneish M-Score is -2.57. Based on the distribution chart, BFF Bank SpA ranks #133 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, BFF Bank SpA has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does BFF Bank SpA's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, BFF Bank SpA ranks #133 out of 483 companies for Beneish M-Score. This puts BFF Bank SpA in the upper 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 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 BFF Bank SpA and its competitors. BFF Bank SpA's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BFF Bank SpA stock overvalued right now?
Based on GuruFocus' analysis, BFF Bank SpA (FRA:2BF) is currently considered Possible Value Trap. The stock's GF Value™ is €8.29, compared to a current price of €3.07 — trading 62.9% below its estimated fair value. The current Beneish M-Score is -2.57. BFF Bank SpA's overall GF Score™ is 51/100 with 4 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 BFF Bank SpA (FRA:2BF), the current Beneish M-Score is -2.57 as of Jun. 26, 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 BFF Bank SpA (FRA:2BF) Overvalued in 2026?

Based on GuruFocus' analysis, BFF Bank SpA stock appears to be undervalued. The current stock price of €3.07 is trading 62.9% below its estimated GF Value™ of €8.29. GuruFocus considers BFF Bank SpA to be Possible Value Trap.

Key valuation signals for FRA:2BF:

  • Beneish M-Score: -2.57
  • GF Value™: €8.29 vs. price of €3.07 (62.9% below fair value)
  • GF Score™: 51/100 with 4 warning signs

No single metric tells the full story. See the FRA:2BF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BFF Bank SpA Business Description

Address Viale Lodovico Scarampo, 15, Milan, ITA, 20148
BFF Bank SpA is an independent specialty finance company engaged in three business units; Factoring & Lending BU, which offers products such as non-recourse factoring, lending, and credit management mainly to public sector suppliers and public administration bodies, Securities Services BU, which deals with custodian banking for investment funds and related services such as fund accounting, and transfer agents for national managers and banks and for various investment funds such as pension funds, mutual funds and alternative funds, and Payments BU, which deals with payment processing, corporate payments, and cheques and bills and has as customers medium-small Italian banks, medium-large companies and boasts a partnership with Nexi.
51GF Score

Get the complete analysis for FRA:2BF

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

€3.07
Price
€8.29
GF Value