Crcam Loire Haute Loire (XPAR:CRLO) Beneish M-Score: -2.48 (As of Jul. 23, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XPAR:CRLO Crcam Loire Haute Loire XPAR:CRLO
55 GF Score
Price €97.60
GF Value €62.52
Valuation Significantly Overvalued
! 1 Warning Sign
View Full Analysis

What is Crcam Loire Haute Loire Beneish M-Score?

Crcam Loire Haute Loire XPAR:CRLO -0.91% 55 Beneish M-Score is -2.48 as of Jul. 23, 2026. GuruFocus rates XPAR:CRLO with a GF Score™ of 55/100 and a GF Value™ of €62.52 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,391 Banks companies, Crcam Loire Haute Loire ranks better than 66.21% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Crcam Loire Haute Loire's Beneish M-Score or its related term are showing as below:

XPAR:CRLO' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.5   Max: -2.28
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Crcam Loire Haute Loire was -2.28. The lowest was -3.00. And the median was -2.50.

XPAR:CRLO
55GF Score
Crcam Loire Haute Loire XPAR:CRLO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Crcam Loire Haute Loire 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 Crcam Loire Haute Loire 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 * 0.9997+0.892 * 0.9782+0.115 * 0.8643
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.001514-0.327 * 0.8579
=-2.48

* 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 €0.0 Mil.
Revenue was €385.4 Mil.
Gross Profit was €385.4 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €15,571.0 Mil.
Property, Plant and Equipment(Net PPE) was €125.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €16.9 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €53.9 Mil.
Net Income was €63.2 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €86.7 Mil.
 Total Receivables was €0.0 Mil.
Revenue was €394.0 Mil.
Gross Profit was €394.0 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €15,238.9 Mil.
Property, Plant and Equipment(Net PPE) was €118.5 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.6 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €61.4 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 / 385.37) / (0 / 393.973)
=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)
=(393.973 / 393.973) / (385.37 / 385.37)
=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 + 125.081) / 15571.021) / (1 - (0 + 118.471) / 15238.861)
=0.991967 / 0.992226
=0.9997

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
=385.37 / 393.973
=0.9782

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))
=(13.6 / (13.6 + 118.471)) / (16.919 / (16.919 + 125.081))
=0.102975 / 0.119148
=0.8643

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 / 385.37) / (0 / 393.973)
=0 / 0
=1

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)
=((53.861 + 0) / 15571.021) / ((61.44 + 0) / 15238.861)
=0.003459 / 0.004032
=0.8579

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
=(63.158 - 0 - 86.725) / 15571.021
=-0.001514

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.

Crcam Loire Haute Loire has a M-score of -2.48 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 -2.48 mean?
Crcam Loire Haute Loire (XPAR:CRLO) has a Beneish M-Score of -2.48 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Crcam Loire Haute Loire and its competitors. According to the industry distribution chart, Crcam Loire Haute Loire ranks #470 out of 1391 companies in the Banks industry, placing it in the top 33.8%.
Is Crcam Loire Haute Loire's Beneish M-Score too high?
Crcam Loire Haute Loire's current Beneish M-Score is -2.48. Based on the distribution chart, Crcam Loire Haute Loire ranks #470 out of 1391 companies in the Banks industry, which is above the industry midpoint. Overall, Crcam Loire Haute Loire has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Crcam Loire Haute Loire's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Crcam Loire Haute Loire ranks #470 out of 1391 companies for Beneish M-Score. This puts Crcam Loire Haute Loire in the upper 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 Crcam Loire Haute Loire and its competitors. Crcam Loire Haute Loire's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Crcam Loire Haute Loire stock overvalued right now?
Based on GuruFocus' analysis, Crcam Loire Haute Loire (XPAR:CRLO) is currently considered Significantly Overvalued. The stock's GF Value™ is €62.52, compared to a current price of €97.60 — trading 56.1% above its estimated fair value. The current Beneish M-Score is -2.48. Crcam Loire Haute Loire's overall GF Score™ is 55/100 with 1 warning sign 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 Crcam Loire Haute Loire (XPAR:CRLO), the current Beneish M-Score is -2.48 as of Jul. 23, 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 Crcam Loire Haute Loire (XPAR:CRLO) Overvalued in 2026?

Based on GuruFocus' analysis, Crcam Loire Haute Loire stock appears to be overvalued. The current stock price of €97.60 is trading 56.1% above its estimated GF Value™ of €62.52. GuruFocus considers Crcam Loire Haute Loire to be Significantly Overvalued.

Key valuation signals for XPAR:CRLO:

  • Beneish M-Score: -2.48
  • GF Value™: €62.52 vs. price of €97.60 (56.1% above fair value)
  • GF Score™: 55/100 with 1 warning sign

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

Crcam Loire Haute Loire Business Description

Other Exchanges 0ITP:UK
Address 94 Rue Bergson, BP 524, Saint-Etienne, FRA, 42007
Crcam Loire Haute Loire is a regional bank belonging to the Credit Agricole Group. The Bank provides loans and financing to individuals and businesses through local branches in the Loire Region of France.
55GF Score

Get the complete analysis for XPAR:CRLO

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

€97.60
Price
€62.52
GF Value