Banco del Bajio (FRA:5NT) Beneish M-Score: -2.66 (As of Jun. 26, 2026)


FRA:5NT Banco del Bajio SA FRA:5NT
74 GF Score
Price €2.66
GF Value €2.71
! 8 Warning Signs
View Full Analysis

What is Banco del Bajio Beneish M-Score?

Banco del Bajio FRA:5NT +0.76% 74 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates FRA:5NT with a GF Score™ of 74/100 and a GF Value™ of €2.71. The stock has 8 warning signs investors should review. Among 1,397 Banks companies, Banco del Bajio ranks better than 84.47% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:5NT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.3   Max: -1.91
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Banco del Bajio was -1.91. The lowest was -2.69. And the median was -2.30.

FRA:5NT
74GF Score
Banco del Bajio SA FRA:5NT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Banco del Bajio 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 Banco del Bajio 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 * 0.9452+0.115 * 1.0514
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1691+4.679 * -0.023828-0.327 * 0.9713
=-2.65

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €0 Mil.
Revenue was 293.944 + 322.992 + 301.571 + 292.665 = €1,211 Mil.
Gross Profit was 293.944 + 322.992 + 301.571 + 292.665 = €1,211 Mil.
Total Current Assets was €0 Mil.
Total Assets was €19,441 Mil.
Property, Plant and Equipment(Net PPE) was €297 Mil.
Depreciation, Depletion and Amortization(DDA) was €45 Mil.
Selling, General, & Admin. Expense(SGA) was €567 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,624 Mil.
Net Income was 97.93 + 102.208 + 105.293 + 99.735 = €405 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -258.363 + 695.935 + 235.149 + 195.693 = €868 Mil.
 Total Receivables was €0 Mil.
Revenue was 297.241 + 320.116 + 318.854 + 345.178 = €1,281 Mil.
Gross Profit was 297.241 + 320.116 + 318.854 + 345.178 = €1,281 Mil.
Total Current Assets was €0 Mil.
Total Assets was €16,955 Mil.
Property, Plant and Equipment(Net PPE) was €260 Mil.
Depreciation, Depletion and Amortization(DDA) was €42 Mil.
Selling, General, & Admin. Expense(SGA) was €513 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,356 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 / 1211.172) / (0 / 1281.389)
=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)
=(1281.389 / 1281.389) / (1211.172 / 1211.172)
=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 + 296.76) / 19441.401) / (1 - (0 + 259.693) / 16954.777)
=0.984736 / 0.984683
=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
=1211.172 / 1281.389
=0.9452

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))
=(41.794 / (41.794 + 259.693)) / (45.072 / (45.072 + 296.76))
=0.138626 / 0.131854
=1.0514

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)
=(567.396 / 1211.172) / (513.467 / 1281.389)
=0.468469 / 0.400711
=1.1691

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)
=((2623.632 + 0) / 19441.401) / ((2355.608 + 0) / 16954.777)
=0.134951 / 0.138935
=0.9713

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
=(405.166 - 0 - 868.414) / 19441.401
=-0.023828

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.

Banco del Bajio has a M-score of -2.65 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 -2.66 mean?
Banco del Bajio (FRA:5NT) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Banco del Bajio and its competitors. According to the industry distribution chart, Banco del Bajio ranks #217 out of 1397 companies in the Banks industry, placing it in the top 15.5%.
Is Banco del Bajio's Beneish M-Score too high?
Banco del Bajio's current Beneish M-Score is -2.66. Based on the distribution chart, Banco del Bajio ranks #217 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Banco del Bajio has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Banco del Bajio's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Banco del Bajio ranks #217 out of 1397 companies for Beneish M-Score. This places Banco del Bajio in the top 16% 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 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 Banco del Bajio and its competitors. Banco del Bajio's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banco del Bajio stock overvalued right now?
Banco del Bajio (FRA:5NT) has a current Beneish M-Score of -2.66. The stock's GF Value™ is €2.71, compared to a current price of €2.66 — trading 1.8% below its estimated fair value. The current Beneish M-Score is -2.66. Banco del Bajio's overall GF Score™ is 74/100 with 8 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 Banco del Bajio (FRA:5NT), the current Beneish M-Score is -2.66 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 Banco del Bajio (FRA:5NT) Overvalued in 2026?

Based on GuruFocus' analysis, Banco del Bajio stock appears to be undervalued. The current stock price of €2.66 is trading 1.8% below its estimated GF Value™ of €2.71.

Key valuation signals for FRA:5NT:

  • Beneish M-Score: -2.66
  • GF Value™: €2.71 vs. price of €2.66 (1.8% below fair value)
  • GF Score™: 74/100 with 8 warning signs

No single metric tells the full story. See the FRA:5NT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Banco del Bajio Business Description

Other Exchanges BBAJF:USABBAJIOO:Mexico
Address Avenida Manuel J. Clouthier No. 402, Col. Jardines del Campestre, Leon, GTO, MEX, 37128
Banco del Bajio SA is a Mexico based company engaged in the provision of full-banking services. Its activities include receiving deposits, accepting loans, granting loans, operations with securities, trust agreements, and financial factoring and leasing operations. The business segments of the company are Banking and credit transactions, Rediscounted transactions, Treasury transactions and other segments. It derives a majority of the revenue from the Banking and credit transactions activities segment. The bank operates majorly in Mexico.
74GF Score

Get the complete analysis for FRA:5NT

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

€2.66
Price
€2.71
GF Value