CB Bulgarian American Credit Bank AD (XBUL:BACB) Beneish M-Score: -2.36 (As of Jul. 01, 2026)


XBUL:BACB CB Bulgarian American Credit Bank AD XBUL:BACB
65 GF Score
Price €6.45
GF Value €10.11
Valuation Significantly Undervalued
! 2 Warning Signs
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What is CB Bulgarian American Credit Bank AD Beneish M-Score?

CB Bulgarian American Credit Bank AD XBUL:BACB 65 Beneish M-Score is -2.36 as of Jul. 01, 2026. GuruFocus rates XBUL:BACB with a GF Score™ of 65/100 and a GF Value™ of €10.11 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, CB Bulgarian American Credit Bank AD ranks worse than 56.76% 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CB Bulgarian American Credit Bank AD's Beneish M-Score or its related term are showing as below:

XBUL:BACB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -2.36   Max: -0.27
Current: -2.36

During the past 13 years, the highest Beneish M-Score of CB Bulgarian American Credit Bank AD was -0.27. The lowest was -3.02. And the median was -2.36.

XBUL:BACB
65GF Score
CB Bulgarian American Credit Bank AD XBUL:BACB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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CB Bulgarian American Credit Bank AD 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 CB Bulgarian American Credit Bank AD 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 * 0.9999+0.892 * 1.0132+0.115 * 1.1007
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0589+4.679 * 0.008-0.327 * 0.8014
=-2.36

* 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 €0.00 Mil.
Revenue was 17.19 + 13.785 + 13.89 + 14.603 = €59.47 Mil.
Gross Profit was 17.19 + 13.785 + 13.89 + 14.603 = €59.47 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €1,929.21 Mil.
Property, Plant and Equipment(Net PPE) was €7.74 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.80 Mil.
Selling, General, & Admin. Expense(SGA) was €7.78 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €34.30 Mil.
Net Income was 6.826 + 0.702 + 4.767 + 6.423 = €18.72 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 163.113 + 5.241 + -28.173 + -136.896 = €3.29 Mil.
 Total Receivables was €0.00 Mil.
Revenue was 14.071 + 13.744 + 15.074 + 15.805 = €58.69 Mil.
Gross Profit was 14.071 + 13.744 + 15.074 + 15.805 = €58.69 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €1,549.70 Mil.
Property, Plant and Equipment(Net PPE) was €5.99 Mil.
Depreciation, Depletion and Amortization(DDA) was €2.47 Mil.
Selling, General, & Admin. Expense(SGA) was €7.25 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €34.38 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 / 59.468) / (0 / 58.694)
=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)
=(58.694 / 58.694) / (59.468 / 59.468)
=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 + 7.738) / 1929.207) / (1 - (0 + 5.994) / 1549.701)
=0.995989 / 0.996132
=0.9999

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
=59.468 / 58.694
=1.0132

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))
=(2.473 / (2.473 + 5.994)) / (2.795 / (2.795 + 7.738))
=0.292075 / 0.265356
=1.1007

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)
=(7.776 / 59.468) / (7.248 / 58.694)
=0.130759 / 0.123488
=1.0589

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)
=((34.297 + 0) / 1929.207) / ((34.378 + 0) / 1549.701)
=0.017778 / 0.022184
=0.8014

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
=(18.718 - 0 - 3.285) / 1929.207
=0.008

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.

CB Bulgarian American Credit Bank AD has a M-score of -2.36 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 -2.36 mean?
CB Bulgarian American Credit Bank AD (XBUL:BACB) has a Beneish M-Score of -2.36 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CB Bulgarian American Credit Bank AD and its competitors. According to the industry distribution chart, CB Bulgarian American Credit Bank AD ranks #793 out of 1397 companies in the Banks industry, placing it in the top 56.8%.
Is CB Bulgarian American Credit Bank AD's Beneish M-Score too high?
CB Bulgarian American Credit Bank AD's current Beneish M-Score is -2.36. Based on the distribution chart, CB Bulgarian American Credit Bank AD ranks #793 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, CB Bulgarian American Credit Bank AD has a GF Score™ of 65/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CB Bulgarian American Credit Bank AD's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, CB Bulgarian American Credit Bank AD ranks #793 out of 1397 companies for Beneish M-Score. This places CB Bulgarian American Credit Bank AD in the lower half of its 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 CB Bulgarian American Credit Bank AD and its competitors. CB Bulgarian American Credit Bank AD's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CB Bulgarian American Credit Bank AD stock overvalued right now?
Based on GuruFocus' analysis, CB Bulgarian American Credit Bank AD (XBUL:BACB) is currently considered Significantly Undervalued. The stock's GF Value™ is €10.11, compared to a current price of €6.45 — trading 36.2% below its estimated fair value. The current Beneish M-Score is -2.36. CB Bulgarian American Credit Bank AD's overall GF Score™ is 65/100 with 2 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 CB Bulgarian American Credit Bank AD (XBUL:BACB), the current Beneish M-Score is -2.36 as of Jul. 01, 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 CB Bulgarian American Credit Bank AD (XBUL:BACB) Overvalued in 2026?

Based on GuruFocus' analysis, CB Bulgarian American Credit Bank AD stock appears to be undervalued. The current stock price of €6.45 is trading 36.2% below its estimated GF Value™ of €10.11. GuruFocus considers CB Bulgarian American Credit Bank AD to be Significantly Undervalued.

Key valuation signals for XBUL:BACB:

  • Beneish M-Score: -2.36
  • GF Value™: €10.11 vs. price of €6.45 (36.2% below fair value)
  • GF Score™: 65/100 with 2 warning signs

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

CB Bulgarian American Credit Bank AD Business Description

Address 2 Slavyanska Street, Sofia, BGR, 1000
CB Bulgarian American Credit Bank AD is engaged in providing secured finance to small and medium-sized businesses in Bulgaria. The company has three segments: Construction, Real estate investments and land development, and Electricity production.
65GF Score

Get the complete analysis for XBUL:BACB

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

€6.45
Price
€10.11
GF Value