BH Bank (XTUN:BH) Beneish M-Score: -2.57 (As of Jun. 25, 2026)


XTUN:BH BH Bank XTUN:BH
81 GF Score
Price TND10.20
GF Value TND13.03
Valuation Modestly Undervalued
! 1 Warning Sign
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What is BH Bank Beneish M-Score?

BH Bank XTUN:BH 81 Beneish M-Score is -2.57 as of Jun. 25, 2026. GuruFocus rates XTUN:BH with a GF Score™ of 81/100 and a GF Value™ of TND13.03 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, BH Bank ranks better than 78.15% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XTUN:BH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01   Med: -2.5   Max: -2.03
Current: -2.57

During the past 11 years, the highest Beneish M-Score of BH Bank was -2.03. The lowest was -3.01. And the median was -2.50.

XTUN:BH
81GF Score
BH Bank XTUN:BH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BH Bank 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 BH Bank 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 * 1.0015+0.892 * 1.1118+0.115 * 0.9711
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1987+4.679 * -0.02076-0.327 * 1.1579
=-2.57

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was TND0.0 Mil.
Revenue was TND981.8 Mil.
Gross Profit was TND981.8 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND15,471.0 Mil.
Property, Plant and Equipment(Net PPE) was TND166.1 Mil.
Depreciation, Depletion and Amortization(DDA) was TND23.2 Mil.
Selling, General, & Admin. Expense(SGA) was TND102.4 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND4,097.2 Mil.
Net Income was TND71.0 Mil.
Gross Profit was TND0.0 Mil.
Cash Flow from Operations was TND392.2 Mil.
 Total Receivables was TND0.0 Mil.
Revenue was TND883.0 Mil.
Gross Profit was TND883.0 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND14,254.0 Mil.
Property, Plant and Equipment(Net PPE) was TND174.4 Mil.
Depreciation, Depletion and Amortization(DDA) was TND23.5 Mil.
Selling, General, & Admin. Expense(SGA) was TND76.8 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND3,260.2 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 / 981.778) / (0 / 883.019)
=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)
=(883.019 / 883.019) / (981.778 / 981.778)
=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 + 166.08) / 15471.043) / (1 - (0 + 174.439) / 14253.975)
=0.989265 / 0.987762
=1.0015

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
=981.778 / 883.019
=1.1118

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))
=(23.519 / (23.519 + 174.439)) / (23.152 / (23.152 + 166.08))
=0.118808 / 0.122347
=0.9711

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)
=(102.397 / 981.778) / (76.832 / 883.019)
=0.104298 / 0.087011
=1.1987

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)
=((4097.18 + 0) / 15471.043) / ((3260.219 + 0) / 14253.975)
=0.264829 / 0.228723
=1.1579

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
=(71.028 - 0 - 392.214) / 15471.043
=-0.02076

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.

BH Bank has a M-score of -2.57 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 -2.57 mean?
BH Bank (XTUN:BH) has a Beneish M-Score of -2.57 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BH Bank and its competitors. According to the industry distribution chart, BH Bank ranks #305 out of 1396 companies in the Banks industry, placing it in the top 21.8%.
Is BH Bank's Beneish M-Score too high?
BH Bank's current Beneish M-Score is -2.57. Based on the distribution chart, BH Bank ranks #305 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, BH Bank has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BH Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, BH Bank ranks #305 out of 1396 companies for Beneish M-Score. This places BH Bank in the top 22% 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 BH Bank and its competitors. BH Bank's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BH Bank stock overvalued right now?
Based on GuruFocus' analysis, BH Bank (XTUN:BH) is currently considered Modestly Undervalued. The stock's GF Value™ is TND13.03, compared to a current price of TND10.20 — trading 21.7% below its estimated fair value. The current Beneish M-Score is -2.57. BH Bank's overall GF Score™ is 81/100 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 BH Bank (XTUN:BH), the current Beneish M-Score is -2.57 as of Jun. 25, 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 BH Bank (XTUN:BH) Overvalued in 2026?

Based on GuruFocus' analysis, BH Bank stock appears to be undervalued. The current stock price of TND10.20 is trading 21.7% below its estimated GF Value™ of TND13.03. GuruFocus considers BH Bank to be Modestly Undervalued.

Key valuation signals for XTUN:BH:

  • Beneish M-Score: -2.57
  • GF Value™: TND13.03 vs. price of TND10.20 (21.7% below fair value)
  • GF Score™: 81/100 with 1 warning sign

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

BH Bank Business Description

Address 67 Rue Alain Savary, See X2 Residence Les Jardins II Block A, 7th floor, Tunis, TUN, 1002
BH Bank is engaged in the banking business. It provides loans, accounts, and credit card services, among others.
81GF Score

Get the complete analysis for XTUN:BH

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

TND10.20
Price
TND13.03
GF Value