PPERF (PT Bank Mandiri (Persero) Tbk) Beneish M-Score: -2.60 (As of Jun. 26, 2026)


PPERF PT Bank Mandiri (Persero) Tbk PPERF
58 GF Score
Price $0.24
GF Value $0.46
Valuation Significantly Undervalued
! 4 Warning Signs
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What is PT Bank Mandiri (Persero) Tbk Beneish M-Score?

PT Bank Mandiri (Persero) Tbk PPERF 58 Beneish M-Score is -2.60 as of Jun. 26, 2026. GuruFocus rates PPERF with a GF Score™ of 58/100 and a GF Value™ of $0.46 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 1,397 Banks companies, PT Bank Mandiri (Persero) Tbk ranks better than 80.6% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Bank Mandiri (Persero) Tbk's Beneish M-Score or its related term are showing as below:

PPERF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -2.43   Max: -2.18
Current: -2.6

During the past 13 years, the highest Beneish M-Score of PT Bank Mandiri (Persero) Tbk was -2.18. The lowest was -2.80. And the median was -2.43.

PPERF
58GF Score
PT Bank Mandiri (Persero) Tbk PPERF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Mandiri (Persero) Tbk 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 PT Bank Mandiri (Persero) Tbk 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 * 1.0008+0.892 * 0.9822+0.115 * 0.7764
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0323+4.679 * -0.018361-0.327 * 1.0785
=-2.64

* 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 2025.913 + 2311.347 + 2127.006 + 1960.678 = $8,425 Mil.
Gross Profit was 2025.913 + 2311.347 + 2127.006 + 1960.678 = $8,425 Mil.
Total Current Assets was $0 Mil.
Total Assets was $143,692 Mil.
Property, Plant and Equipment(Net PPE) was $3,568 Mil.
Depreciation, Depletion and Amortization(DDA) was $374 Mil.
Selling, General, & Admin. Expense(SGA) was $1,285 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $12,468 Mil.
Net Income was 908.725 + 1111.131 + 804.15 + 690.277 = $3,514 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -5119.89 + 5776.284 + 770.451 + 4725.822 = $6,153 Mil.
 Total Receivables was $0 Mil.
Revenue was 2092.884 + 2250.836 + 2216.548 + 2017.071 = $8,577 Mil.
Gross Profit was 2092.884 + 2250.836 + 2216.548 + 2017.071 = $8,577 Mil.
Total Current Assets was $0 Mil.
Total Assets was $149,596 Mil.
Property, Plant and Equipment(Net PPE) was $3,826 Mil.
Depreciation, Depletion and Amortization(DDA) was $304 Mil.
Selling, General, & Admin. Expense(SGA) was $1,268 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $12,036 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 / 8424.944) / (0 / 8577.339)
=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)
=(8577.339 / 8577.339) / (8424.944 / 8424.944)
=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 + 3568.153) / 143692.397) / (1 - (0 + 3825.975) / 149596.315)
=0.975168 / 0.974425
=1.0008

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
=8424.944 / 8577.339
=0.9822

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))
=(304.25 / (304.25 + 3825.975)) / (374.027 / (374.027 + 3568.153))
=0.073664 / 0.094878
=0.7764

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)
=(1285.294 / 8424.944) / (1267.622 / 8577.339)
=0.152558 / 0.147787
=1.0323

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)
=((12468.066 + 0) / 143692.397) / ((12035.62 + 0) / 149596.315)
=0.086769 / 0.080454
=1.0785

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
=(3514.283 - 0 - 6152.667) / 143692.397
=-0.018361

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.

PT Bank Mandiri (Persero) Tbk has a M-score of -2.64 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 -2.60 mean?
PT Bank Mandiri (Persero) Tbk (PPERF) has a Beneish M-Score of -2.60 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Mandiri (Persero) Tbk and its competitors. According to the industry distribution chart, PT Bank Mandiri (Persero) Tbk ranks #271 out of 1397 companies in the Banks industry, placing it in the top 19.4%.
Is PT Bank Mandiri (Persero) Tbk's Beneish M-Score too high?
PT Bank Mandiri (Persero) Tbk's current Beneish M-Score is -2.60. Based on the distribution chart, PT Bank Mandiri (Persero) Tbk ranks #271 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Mandiri (Persero) Tbk has a GF Score™ of 58/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Mandiri (Persero) Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Mandiri (Persero) Tbk ranks #271 out of 1397 companies for Beneish M-Score. This places PT Bank Mandiri (Persero) Tbk in the top 19% 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 PT Bank Mandiri (Persero) Tbk and its competitors. PT Bank Mandiri (Persero) Tbk's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Mandiri (Persero) Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Mandiri (Persero) Tbk (PPERF) is currently considered Significantly Undervalued. The stock's GF Value™ is $0.46, compared to a current price of $0.24 — trading 48.6% below its estimated fair value. The current Beneish M-Score is -2.60. PT Bank Mandiri (Persero) Tbk's overall GF Score™ is 58/100 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 PT Bank Mandiri (Persero) Tbk (PPERF), the current Beneish M-Score is -2.60 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 PT Bank Mandiri (Persero) Tbk (PPERF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Mandiri (Persero) Tbk stock appears to be undervalued. The current stock price of $0.24 is trading 48.6% below its estimated GF Value™ of $0.46. GuruFocus considers PT Bank Mandiri (Persero) Tbk to be Significantly Undervalued.

Key valuation signals for PPERF:

  • Beneish M-Score: -2.60
  • GF Value™: $0.46 vs. price of $0.24 (48.6% below fair value)
  • GF Score™: 58/100 with 4 warning signs

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

PT Bank Mandiri (Persero) Tbk Business Description

Address Jl. Jenderal Sudirman Kav.54-55, Menara Mandiri 1, Jakarta, IDN, 12190
PT Bank Mandiri (Persero) Tbk is engaged in the provision of banking services. Its services include collecting funds from the public in forms of current accounts, term deposits, deposit certificates, savings, and/or other equivalent forms; Lending; Issuing promissory notes; Purchasing, selling, or guaranteeing on own risk or for the interest of and upon orders of the customers; and money transfer for self- interest or customers' interest. Its segments include the Wholesale segment and the Retail segment. Geographically, it operates in Indonesia, Asia (Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia), Western Europe (United Kingdom), and the Cayman Islands.
58GF Score

Get the complete analysis for PPERF

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

$0.24
Price
$0.46
GF Value