National Bank of Greece (MEX:ETEGN) Beneish M-Score: -2.70 (As of Jun. 26, 2026)


MEX:ETEGN National Bank of Greece SA MEX:ETEGN
56 GF Score
Price MXN56.00
GF Value MXN28.51
! 8 Warning Signs
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What is National Bank of Greece Beneish M-Score?

National Bank of Greece MEX:ETEGN 56 Beneish M-Score is -2.70 as of Jun. 26, 2026. GuruFocus rates MEX:ETEGN with a GF Score™ of 56/100 and a GF Value™ of MXN28.51. The stock has 8 warning signs investors should review. Among 1,396 Banks companies, National Bank of Greece ranks better than 86.46% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:ETEGN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.6   Max: -1.56
Current: -2.7

During the past 13 years, the highest Beneish M-Score of National Bank of Greece was -1.56. The lowest was -3.35. And the median was -2.60.

MEX:ETEGN
56GF Score
National Bank of Greece SA MEX:ETEGN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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National Bank of Greece 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 National Bank of Greece 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 * 0.9988+0.892 * 0.9641+0.115 * 1.002
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1824+4.679 * -0.026673-0.327 * 1.1125
=-2.71

* 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 MXN0 Mil.
Revenue was 14884.795 + 11174.498 + 13887.335 + 14854.871 = MXN54,801 Mil.
Gross Profit was 14884.795 + 11174.498 + 13887.335 + 14854.871 = MXN54,801 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,724,030 Mil.
Property, Plant and Equipment(Net PPE) was MXN31,708 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,470 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,706 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN93,728 Mil.
Net Income was 5670.398 + 5903.508 + 5899.426 + 6732.471 = MXN24,206 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 38692.129 + 8391.415 + -9904.146 + 33010.824 = MXN70,190 Mil.
 Total Receivables was MXN0 Mil.
Revenue was 14973.191 + 12557.097 + 15603.634 + 13705.567 = MXN56,839 Mil.
Gross Profit was 14973.191 + 12557.097 + 15603.634 + 13705.567 = MXN56,839 Mil.
Total Current Assets was MXN0 Mil.
Total Assets was MXN1,665,895 Mil.
Property, Plant and Equipment(Net PPE) was MXN28,641 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN4,047 Mil.
Selling, General, & Admin. Expense(SGA) was MXN5,883 Mil.
Total Current Liabilities was MXN0 Mil.
Long-Term Debt & Capital Lease Obligation was MXN81,413 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 / 54801.499) / (0 / 56839.489)
=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)
=(56839.489 / 56839.489) / (54801.499 / 54801.499)
=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 + 31708.366) / 1724030.355) / (1 - (0 + 28641.48) / 1665894.638)
=0.981608 / 0.982807
=0.9988

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
=54801.499 / 56839.489
=0.9641

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))
=(4046.502 / (4046.502 + 28641.48)) / (4469.783 / (4469.783 + 31708.366))
=0.123792 / 0.123549
=1.002

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)
=(6706.259 / 54801.499) / (5882.544 / 56839.489)
=0.122374 / 0.103494
=1.1824

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)
=((93728.346 + 0) / 1724030.355) / ((81412.578 + 0) / 1665894.638)
=0.054366 / 0.04887
=1.1125

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
=(24205.803 - 0 - 70190.222) / 1724030.355
=-0.026673

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.

National Bank of Greece has a M-score of -2.71 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 -2.70 mean?
National Bank of Greece (MEX:ETEGN) has a Beneish M-Score of -2.70 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Bank of Greece and its competitors. According to the industry distribution chart, National Bank of Greece ranks #189 out of 1396 companies in the Banks industry, placing it in the top 13.5%.
Is National Bank of Greece's Beneish M-Score too high?
National Bank of Greece's current Beneish M-Score is -2.70. Based on the distribution chart, National Bank of Greece ranks #189 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, National Bank of Greece has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does National Bank of Greece's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, National Bank of Greece ranks #189 out of 1396 companies for Beneish M-Score. This places National Bank of Greece in the top 14% 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 National Bank of Greece and its competitors. National Bank of Greece's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Bank of Greece stock overvalued right now?
National Bank of Greece (MEX:ETEGN) has a current Beneish M-Score of -2.70. The stock's GF Value™ is MXN28.51, compared to a current price of MXN56.00 — trading 96.4% above its estimated fair value. The current Beneish M-Score is -2.70. National Bank of Greece's overall GF Score™ is 56/100 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 National Bank of Greece (MEX:ETEGN), the current Beneish M-Score is -2.70 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 National Bank of Greece (MEX:ETEGN) Overvalued in 2026?

Based on GuruFocus' analysis, National Bank of Greece stock appears to be overvalued. The current stock price of MXN56.00 is trading 96.4% above its estimated GF Value™ of MXN28.51.

Key valuation signals for MEX:ETEGN:

  • Beneish M-Score: -2.70
  • GF Value™: MXN28.51 vs. price of MXN56.00 (96.4% above fair value)
  • GF Score™: 56/100 with 8 warning signs

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

National Bank of Greece Business Description

Address 86 Eolou Street, Athens, GRC, 10559
National Bank of Greece SA consists of several subsidiaries offering diverse financial services, including retail, corporate, and investment banking, specialized asset solutions, transactional banking, leasing, factoring, brokerage, asset management, real estate management, and bancassurance-related services. Its segments include Retail Banking, Corporate and Investment Banking, Trouble Assets Units, Global Markets and Asset Management, International Banking Operations, and Other. The group generates maximum revenue from the Retail Banking segment, which, through its branch network and digital business, offers various types of loans (mortgage, consumer, and small business lending), cards (debit, credit, and prepaid cards), deposits, investment, bancassurance, and other products.
56GF Score

Get the complete analysis for MEX:ETEGN

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

MXN56.00
Price
MXN28.51
GF Value