Bank Millennium (LTS:0DRH) Beneish M-Score: -2.79 (As of Jun. 26, 2026)


LTS:0DRH Bank Millennium SA LTS:0DRH
64 GF Score
Price zł8.89
GF Value zł4.54
! 6 Warning Signs
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What is Bank Millennium Beneish M-Score?

Bank Millennium LTS:0DRH 64 Beneish M-Score is -2.79 as of Jun. 26, 2026. GuruFocus rates LTS:0DRH with a GF Score™ of 64/100 and a GF Value™ of zł4.54. The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Bank Millennium ranks better than 88.98% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0DRH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.6   Max: -2.13
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Bank Millennium was -2.13. The lowest was -3.42. And the median was -2.60.

LTS:0DRH
64GF Score
Bank Millennium SA LTS:0DRH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank Millennium 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 Millennium 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 * 1.0005+0.892 * 1.037+0.115 * 0.9857
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1215+4.679 * -0.071979-0.327 * 0.9631
=-2.79

* 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 zł0 Mil.
Revenue was 1703.623 + 1815.941 + 1840.073 + 1873.299 = zł7,233 Mil.
Gross Profit was 1703.623 + 1815.941 + 1840.073 + 1873.299 = zł7,233 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł161,899 Mil.
Property, Plant and Equipment(Net PPE) was zł550 Mil.
Depreciation, Depletion and Amortization(DDA) was zł229 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,225 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł9,210 Mil.
Net Income was 300.792 + 346.537 + 344.506 + 331.477 = zł1,323 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 3158.796 + 773.127 + 6663.503 + 2381.248 = zł12,977 Mil.
 Total Receivables was zł0 Mil.
Revenue was 1737.886 + 1853.799 + 1852.862 + 1530.162 = zł6,975 Mil.
Gross Profit was 1737.886 + 1853.799 + 1852.862 + 1530.162 = zł6,975 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł142,764 Mil.
Property, Plant and Equipment(Net PPE) was zł561 Mil.
Depreciation, Depletion and Amortization(DDA) was zł229 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,054 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł8,433 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 / 7232.936) / (0 / 6974.709)
=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)
=(6974.709 / 6974.709) / (7232.936 / 7232.936)
=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 + 550.017) / 161899.148) / (1 - (0 + 560.587) / 142763.893)
=0.996603 / 0.996073
=1.0005

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
=7232.936 / 6974.709
=1.037

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))
=(228.595 / (228.595 + 560.587)) / (228.891 / (228.891 + 550.017))
=0.289661 / 0.293861
=0.9857

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)
=(1225.432 / 7232.936) / (1053.648 / 6974.709)
=0.169424 / 0.151067
=1.1215

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)
=((9210.081 + 0) / 161899.148) / ((8433.05 + 0) / 142763.893)
=0.056888 / 0.05907
=0.9631

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
=(1323.312 - 0 - 12976.674) / 161899.148
=-0.071979

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 Millennium has a M-score of -2.79 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 -2.79 mean?
Bank Millennium (LTS:0DRH) has a Beneish M-Score of -2.79 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank Millennium and its competitors. According to the industry distribution chart, Bank Millennium ranks #154 out of 1397 companies in the Banks industry, placing it in the top 11%.
Is Bank Millennium's Beneish M-Score too high?
Bank Millennium's current Beneish M-Score is -2.79. Based on the distribution chart, Bank Millennium ranks #154 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bank Millennium has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Bank Millennium's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Bank Millennium ranks #154 out of 1397 companies for Beneish M-Score. This places Bank Millennium in the top 11% 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 Bank Millennium and its competitors. Bank Millennium's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank Millennium stock overvalued right now?
Bank Millennium (LTS:0DRH) has a current Beneish M-Score of -2.79. The stock's GF Value™ is zł4.54, compared to a current price of zł8.89 — trading 95.8% above its estimated fair value. The current Beneish M-Score is -2.79. Bank Millennium's overall GF Score™ is 64/100 with 6 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 Millennium (LTS:0DRH), the current Beneish M-Score is -2.79 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 Millennium (LTS:0DRH) Overvalued in 2026?

Based on GuruFocus' analysis, Bank Millennium stock appears to be overvalued. The current stock price of zł8.89 is trading 95.8% above its estimated GF Value™ of zł4.54.

Key valuation signals for LTS:0DRH:

  • Beneish M-Score: -2.79
  • GF Value™: zł4.54 vs. price of zł8.89 (95.8% above fair value)
  • GF Score™: 64/100 with 6 warning signs

No single metric tells the full story. See the LTS:0DRH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bank Millennium Business Description

Other Exchanges MIL:Poland1HN:Germany
Address ul. Stanis?awa ?aryna 2A, Warsaw, POL, 02-593
Bank Millennium SA is a commercial bank group operating in Poland. The bank's operating segments include retail, corporate, FX mortgage loans, treasury operations, assets/liabilities management and other segment. The company derives the majority of its revenue from the retail segment which comprises the banking products and services provided to individual customers on the mass market, affluent customers, sole traders as well as services to small companies.
64GF Score

Get the complete analysis for LTS:0DRH

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

zł8.89
Price
zł4.54
GF Value