Pavlovic International Bank a.d (XBLB:PIBB-R-D) Beneish M-Score: -2.56 (As of Jul. 15, 2026)

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XBLB:PIBB-R-D Pavlovic International Bank a.d XBLB:PIBB-R-D
2 GF Score
Price BAM0.80
! 4 Warning Signs
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What is Pavlovic International Bank a.d Beneish M-Score?

Pavlovic International Bank a.d XBLB:PIBB-R-D 2 Beneish M-Score is -2.56 as of Jul. 15, 2026. GuruFocus rates XBLB:PIBB-R-D with a GF Score™ of 2/100. The stock has 4 warning signs investors should review.

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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pavlovic International Bank a.d's Beneish M-Score or its related term are showing as below:

XBLB:PIBB-R-D' s Beneish M-Score Range Over the Past 10 Years
Min: -7.8   Med: -2.62   Max: -1.95
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Pavlovic International Bank a.d was -1.95. The lowest was -7.80. And the median was -2.62.

XBLB:PIBB-R-D
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Pavlovic International Bank a.d XBLB:PIBB-R-D
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Pavlovic International Bank a.d 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 Pavlovic International Bank a.d 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 * 0.9937+0.892 * 1.16+0.115 * 1.4138
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8652+4.679 * -0.052706-0.327 * 1.1363
=-2.56

* 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 BAM0.00 Mil.
Revenue was BAM20.57 Mil.
Gross Profit was BAM20.57 Mil.
Total Current Assets was BAM0.00 Mil.
Total Assets was BAM418.45 Mil.
Property, Plant and Equipment(Net PPE) was BAM11.14 Mil.
Depreciation, Depletion and Amortization(DDA) was BAM1.79 Mil.
Selling, General, & Admin. Expense(SGA) was BAM0.28 Mil.
Total Current Liabilities was BAM0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BAM30.98 Mil.
Net Income was BAM2.43 Mil.
Gross Profit was BAM0.00 Mil.
Cash Flow from Operations was BAM24.49 Mil.
 Total Receivables was BAM0.00 Mil.
Revenue was BAM17.74 Mil.
Gross Profit was BAM17.74 Mil.
Total Current Assets was BAM0.00 Mil.
Total Assets was BAM336.01 Mil.
Property, Plant and Equipment(Net PPE) was BAM6.87 Mil.
Depreciation, Depletion and Amortization(DDA) was BAM1.67 Mil.
Selling, General, & Admin. Expense(SGA) was BAM0.28 Mil.
Total Current Liabilities was BAM0.00 Mil.
Long-Term Debt & Capital Lease Obligation was BAM21.89 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 / 20.574) / (0 / 17.736)
=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)
=(17.736 / 17.736) / (20.574 / 20.574)
=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 + 11.139) / 418.454) / (1 - (0 + 6.87) / 336.012)
=0.973381 / 0.979554
=0.9937

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
=20.574 / 17.736
=1.16

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))
=(1.67 / (1.67 + 6.87)) / (1.788 / (1.788 + 11.139))
=0.19555 / 0.138315
=1.4138

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)
=(0.278 / 20.574) / (0.277 / 17.736)
=0.013512 / 0.015618
=0.8652

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)
=((30.975 + 0) / 418.454) / ((21.889 + 0) / 336.012)
=0.074022 / 0.065144
=1.1363

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
=(2.433 - 0 - 24.488) / 418.454
=-0.052706

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.

Pavlovic International Bank a.d has a M-score of -2.56 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 -2.56 mean?
Pavlovic International Bank a.d (XBLB:PIBB-R-D) has a Beneish M-Score of -2.56 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pavlovic International Bank a.d and its competitors.
Is Pavlovic International Bank a.d's Beneish M-Score too high?
Pavlovic International Bank a.d's current Beneish M-Score is -2.56. Overall, Pavlovic International Bank a.d has a GF Score™ of 2/100, reflecting its overall financial health beyond just this single metric.
How does Pavlovic International Bank a.d's Beneish M-Score compare to BKESF and TCNB?
Pavlovic International Bank a.d's Beneish M-Score of -2.56 can be compared against companies in the Banks 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 Pavlovic International Bank a.d and its competitors. Pavlovic International Bank a.d's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pavlovic International Bank a.d stock overvalued right now?
Pavlovic International Bank a.d (XBLB:PIBB-R-D) has a current Beneish M-Score of -2.56. The current Beneish M-Score is -2.56. Pavlovic International Bank a.d's overall GF Score™ is 2/100 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 Pavlovic International Bank a.d (XBLB:PIBB-R-D), the current Beneish M-Score is -2.56 as of Jul. 15, 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.

Pavlovic International Bank a.d Business Description

Address Ivana Franje Jukiya 1, Bijelina, BIH, 78000
Pavlovic International Bank a.d provides banking services. It provides retail and corporate banking services including loans, overdrafts, consumer loans, housing loans, savings accounts, payment cards, short term loans, and other banking services.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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