Bank of Africa (LSE:BOAR) Beneish M-Score: -2.38 (As of Jun. 26, 2026)


LSE:BOAR Bank of Africa LSE:BOAR
50 GF Score
Price $7.37
GF Value $8.41
! 2 Warning Signs
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What is Bank of Africa Beneish M-Score?

Bank of Africa LSE:BOAR 50 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates LSE:BOAR with a GF Score™ of 50/100 and a GF Value™ of $8.41. The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Bank of Africa ranks worse than 53.19% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:BOAR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.4   Max: -1.43
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Bank of Africa was -1.43. The lowest was -2.81. And the median was -2.40.

LSE:BOAR
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Bank of Africa LSE:BOAR
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Bank of Africa 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 Bank of Africa 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 * 0.9993+0.892 * 1.0945+0.115 * 0.8791
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9744+4.679 * 0.00893-0.327 * 1.0357
=-2.38

* 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 Mil.
Revenue was $2,199 Mil.
Gross Profit was $2,199 Mil.
Total Current Assets was $0 Mil.
Total Assets was $47,209 Mil.
Property, Plant and Equipment(Net PPE) was $1,002 Mil.
Depreciation, Depletion and Amortization(DDA) was $96 Mil.
Selling, General, & Admin. Expense(SGA) was $364 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,763 Mil.
Net Income was $411 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-10 Mil.
 Total Receivables was $0 Mil.
Revenue was $2,009 Mil.
Gross Profit was $2,009 Mil.
Total Current Assets was $0 Mil.
Total Assets was $45,655 Mil.
Property, Plant and Equipment(Net PPE) was $938 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $341 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,381 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 / 2198.975) / (0 / 2009.141)
=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)
=(2009.141 / 2009.141) / (2198.975 / 2198.975)
=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 + 1002.468) / 47208.591) / (1 - (0 + 937.714) / 45655.496)
=0.978765 / 0.979461
=0.9993

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
=2198.975 / 2009.141
=1.0945

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))
=(78.317 / (78.317 + 937.714)) / (96.343 / (96.343 + 1002.468))
=0.077081 / 0.087679
=0.8791

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)
=(364.116 / 2198.975) / (341.422 / 2009.141)
=0.165584 / 0.169934
=0.9744

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)
=((5762.934 + 0) / 47208.591) / ((5381.204 + 0) / 45655.496)
=0.122074 / 0.117865
=1.0357

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
=(411.336 - 0 - -10.234) / 47208.591
=0.00893

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.

Bank of Africa has a M-score of -2.38 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 -2.38 mean?
Bank of Africa (LSE:BOAR) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of Africa and its competitors. According to the industry distribution chart, Bank of Africa ranks #743 out of 1397 companies in the Banks industry, placing it in the top 53.2%.
Is Bank of Africa's Beneish M-Score too high?
Bank of Africa's current Beneish M-Score is -2.38. Based on the distribution chart, Bank of Africa ranks #743 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Bank of Africa has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.
How does Bank of Africa's Beneish M-Score compare to JPM and BAC?
According to the Banks industry distribution chart, Bank of Africa ranks #743 out of 1397 companies for Beneish M-Score. This places Bank of Africa 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 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 Bank of Africa and its competitors. Bank of Africa's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Africa stock overvalued right now?
Bank of Africa (LSE:BOAR) has a current Beneish M-Score of -2.38. The stock's GF Value™ is $8.41, compared to a current price of $7.37 — trading 12.4% below its estimated fair value. The current Beneish M-Score is -2.38. Bank of Africa's overall GF Score™ is 50/100 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 Bank of Africa (LSE:BOAR), the current Beneish M-Score is -2.38 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 Bank of Africa (LSE:BOAR) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of Africa stock appears to be undervalued. The current stock price of $7.37 is trading 12.4% below its estimated GF Value™ of $8.41.

Key valuation signals for LSE:BOAR:

  • Beneish M-Score: -2.38
  • GF Value™: $8.41 vs. price of $7.37 (12.4% below fair value)
  • GF Score™: 50/100 with 2 warning signs

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

Bank of Africa Business Description

Other Exchanges BOA:Morocco
Address Lotissement Mandarona Lot N 1, Imm. Promoffice Sidi Maarouf, Casablanca, MAR, 20000
Bank of Africa is a commercial bank operating in Morocco and multiple African countries, with additional offices in Europe, China, and Canada. It provides financial services to individuals, businesses, and public institutions, including banking, insurance, asset management, leasing, and investment services. Its offerings include accounts, cards, loans, and savings products. The bank operates through a network of subsidiaries and focuses on expanding its services to small and medium-sized enterprises and developing digital banking channels across its markets.
50GF Score

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

$7.37
Price
$8.41
GF Value