Bank Handlowy w Warszawie (WAR:BHW) Beneish M-Score: -3.25 (As of Sep. 05, 2026)

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WAR:BHW Bank Handlowy w Warszawie SA WAR:BHW
72 GF Score
Price zł114.80
GF Value zł96.75
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Bank Handlowy w Warszawie Beneish M-Score?

Bank Handlowy w Warszawie WAR:BHW -0.35% 72 Beneish M-Score is -3.25 as of Sep. 05, 2026. GuruFocus rates WAR:BHW with a GF Score™ of 72/100 and a GF Value™ of zł96.75 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,388 Banks companies, Bank Handlowy w Warszawie ranks better than 95.68% 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 -3.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

WAR:BHW' s Beneish M-Score Range Over the Past 10 Years
Min: -33.29   Med: -2.35   Max: -0.69
Current: -3.25

During the past 13 years, the highest Beneish M-Score of Bank Handlowy w Warszawie was -0.69. The lowest was -33.29. And the median was -2.35.

WAR:BHW
72GF Score
Bank Handlowy w Warszawie SA WAR:BHW
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank Handlowy w Warszawie 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 Handlowy w Warszawie 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 * 0.9604+0.115 * 0.8502
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9497+4.679 * -0.052348-0.327 * 2.4604
=-3.25

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was zł0 Mil.
Revenue was 728.921 + 977.996 + 732.412 + 752.015 = zł3,191 Mil.
Gross Profit was 728.921 + 977.996 + 732.412 + 752.015 = zł3,191 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł72,572 Mil.
Property, Plant and Equipment(Net PPE) was zł330 Mil.
Depreciation, Depletion and Amortization(DDA) was zł43 Mil.
Selling, General, & Admin. Expense(SGA) was zł-223 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł2,432 Mil.
Net Income was 320.799 + 385.604 + 596.403 + 469.411 = zł1,772 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was 949.307 + 4541.05 + 1511.534 + -1430.682 = zł5,571 Mil.
 Total Receivables was zł0 Mil.
Revenue was 848.249 + 783.813 + 900.116 + 790.893 = zł3,323 Mil.
Gross Profit was 848.249 + 783.813 + 900.116 + 790.893 = zł3,323 Mil.
Total Current Assets was zł0 Mil.
Total Assets was zł84,297 Mil.
Property, Plant and Equipment(Net PPE) was zł455 Mil.
Depreciation, Depletion and Amortization(DDA) was zł49 Mil.
Selling, General, & Admin. Expense(SGA) was zł-245 Mil.
Total Current Liabilities was zł0 Mil.
Long-Term Debt & Capital Lease Obligation was zł1,148 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 / 3191.344) / (0 / 3323.071)
=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)
=(3323.071 / 3323.071) / (3191.344 / 3191.344)
=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 + 330.193) / 72571.643) / (1 - (0 + 454.724) / 84297.327)
=0.99545 / 0.994606
=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
=3191.344 / 3323.071
=0.9604

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))
=(49.038 / (49.038 + 454.724)) / (42.691 / (42.691 + 330.193))
=0.097344 / 0.114489
=0.8502

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)
=(-223.302 / 3191.344) / (-244.825 / 3323.071)
=-0.069971 / -0.073674
=0.9497

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)
=((2431.712 + 0) / 72571.643) / ((1148.024 + 0) / 84297.327)
=0.033508 / 0.013619
=2.4604

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
=(1772.217 - 0 - 5571.209) / 72571.643
=-0.052348

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 Handlowy w Warszawie has a M-score of -3.25 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 -3.25 mean?
Bank Handlowy w Warszawie (WAR:BHW) has a Beneish M-Score of -3.25 as of Sep. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank Handlowy w Warszawie and its competitors. According to the industry distribution chart, Bank Handlowy w Warszawie ranks #60 out of 1388 companies in the Banks industry, placing it in the top 4.3%.
Is Bank Handlowy w Warszawie's Beneish M-Score too high?
Bank Handlowy w Warszawie's current Beneish M-Score is -3.25. Based on the distribution chart, Bank Handlowy w Warszawie ranks #60 out of 1388 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bank Handlowy w Warszawie has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank Handlowy w Warszawie's Beneish M-Score compare to USB?
According to the Banks industry distribution chart, Bank Handlowy w Warszawie ranks #60 out of 1388 companies for Beneish M-Score. This places Bank Handlowy w Warszawie in the top 4% 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 Handlowy w Warszawie and its competitors. Bank Handlowy w Warszawie's current Beneish M-Score is -3.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank Handlowy w Warszawie stock overvalued right now?
Based on GuruFocus' analysis, Bank Handlowy w Warszawie (WAR:BHW) is currently considered Modestly Overvalued. The stock's GF Value™ is zł96.75, compared to a current price of zł114.80 — trading 18.7% above its estimated fair value. The current Beneish M-Score is -3.25. Bank Handlowy w Warszawie's overall GF Score™ is 72/100 with 5 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 Handlowy w Warszawie (WAR:BHW), the current Beneish M-Score is -3.25 as of Sep. 05, 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 Handlowy w Warszawie (WAR:BHW) Overvalued in 2026?

Based on GuruFocus' analysis, Bank Handlowy w Warszawie stock appears to be overvalued. The current stock price of zł114.80 is trading 18.7% above its estimated GF Value™ of zł96.75. GuruFocus considers Bank Handlowy w Warszawie to be Modestly Overvalued.

Key valuation signals for WAR:BHW:

  • Beneish M-Score: -3.25
  • GF Value™: zł96.75 vs. price of zł114.80 (18.7% above fair value)
  • GF Score™: 72/100 with 5 warning signs

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

Bank Handlowy w Warszawie Business Description

Other Exchanges 6HW:Germany
Address Senatorska 16 Street, Warsaw, POL, 00-923
Bank Handlowy w Warszawie SA is a Poland-based bank and the parent company of the Bank Handlowy Group. It is a subsidiary of Citigroup, through Citibank Overseas Investment Corporation. The group provides retail, corporate, and investment banking services, as well as leasing and other financial services.
72GF Score

Get the complete analysis for WAR:BHW

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

zł114.80
Price
zł96.75
GF Value