Societe Tunisienne de Banque (XTUN:STB) Beneish M-Score: -2.94 (As of Jul. 03, 2026)


XTUN:STB Societe Tunisienne de Banque SA XTUN:STB
81 GF Score
Price TND6.03
GF Value TND3.59
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Societe Tunisienne de Banque Beneish M-Score?

Societe Tunisienne de Banque XTUN:STB +14.42% 81 Beneish M-Score is -2.94 as of Jul. 03, 2026. GuruFocus rates XTUN:STB with a GF Score™ of 81/100 and a GF Value™ of TND3.59 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,397 Banks companies, Societe Tunisienne de Banque ranks better than 92.7% 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 -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Societe Tunisienne de Banque's Beneish M-Score or its related term are showing as below:

XTUN:STB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.37   Max: -1.87
Current: -2.94

During the past 10 years, the highest Beneish M-Score of Societe Tunisienne de Banque was -1.87. The lowest was -2.94. And the median was -2.37.

XTUN:STB
81GF Score
Societe Tunisienne de Banque SA XTUN:STB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Societe Tunisienne de Banque 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 Societe Tunisienne de Banque 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 * 1.0005+0.892 * 0.9852+0.115 * 0.8529
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.106048-0.327 * 0.8015
=-2.94

* 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 TND717.8 Mil.
Gross Profit was TND717.8 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND15,273.3 Mil.
Property, Plant and Equipment(Net PPE) was TND160.6 Mil.
Depreciation, Depletion and Amortization(DDA) was TND19.0 Mil.
Selling, General, & Admin. Expense(SGA) was TND0.0 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND882.8 Mil.
Net Income was TND103.3 Mil.
Gross Profit was TND0.0 Mil.
Cash Flow from Operations was TND1,723.0 Mil.
 Total Receivables was TND0.0 Mil.
Revenue was TND728.6 Mil.
Gross Profit was TND728.6 Mil.
Total Current Assets was TND0.0 Mil.
Total Assets was TND14,917.5 Mil.
Property, Plant and Equipment(Net PPE) was TND164.2 Mil.
Depreciation, Depletion and Amortization(DDA) was TND16.3 Mil.
Selling, General, & Admin. Expense(SGA) was TND0.0 Mil.
Total Current Liabilities was TND0.0 Mil.
Long-Term Debt & Capital Lease Obligation was TND1,075.8 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 / 717.837) / (0 / 728.62)
=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)
=(728.62 / 728.62) / (717.837 / 717.837)
=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 + 160.596) / 15273.341) / (1 - (0 + 164.16) / 14917.48)
=0.989485 / 0.988995
=1.0005

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
=717.837 / 728.62
=0.9852

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))
=(16.281 / (16.281 + 164.16)) / (19 / (19 + 160.596))
=0.090229 / 0.105793
=0.8529

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 / 717.837) / (0 / 728.62)
=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)
=((882.814 + 0) / 15273.341) / ((1075.818 + 0) / 14917.48)
=0.057801 / 0.072118
=0.8015

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
=(103.304 - 0 - 1723.009) / 15273.341
=-0.106048

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.

Societe Tunisienne de Banque has a M-score of -2.94 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 -2.94 mean?
Societe Tunisienne de Banque (XTUN:STB) has a Beneish M-Score of -2.94 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Societe Tunisienne de Banque and its competitors. According to the industry distribution chart, Societe Tunisienne de Banque ranks #102 out of 1397 companies in the Banks industry, placing it in the top 7.3%.
Is Societe Tunisienne de Banque's Beneish M-Score too high?
Societe Tunisienne de Banque's current Beneish M-Score is -2.94. Based on the distribution chart, Societe Tunisienne de Banque ranks #102 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Societe Tunisienne de Banque has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Societe Tunisienne de Banque's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Societe Tunisienne de Banque ranks #102 out of 1397 companies for Beneish M-Score. This places Societe Tunisienne de Banque in the top 7% 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 Societe Tunisienne de Banque and its competitors. Societe Tunisienne de Banque's current Beneish M-Score is -2.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Societe Tunisienne de Banque stock overvalued right now?
Based on GuruFocus' analysis, Societe Tunisienne de Banque (XTUN:STB) is currently considered Significantly Overvalued. The stock's GF Value™ is TND3.59, compared to a current price of TND6.03 — trading 68% above its estimated fair value. The current Beneish M-Score is -2.94. Societe Tunisienne de Banque's overall GF Score™ is 81/100 with 8 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 Societe Tunisienne de Banque (XTUN:STB), the current Beneish M-Score is -2.94 as of Jul. 03, 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 Societe Tunisienne de Banque (XTUN:STB) Overvalued in 2026?

Based on GuruFocus' analysis, Societe Tunisienne de Banque stock appears to be overvalued. The current stock price of TND6.03 is trading 68% above its estimated GF Value™ of TND3.59. GuruFocus considers Societe Tunisienne de Banque to be Significantly Overvalued.

Key valuation signals for XTUN:STB:

  • Beneish M-Score: -2.94
  • GF Value™: TND3.59 vs. price of TND6.03 (68% above fair value)
  • GF Score™: 81/100 with 8 warning signs

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

Societe Tunisienne de Banque Business Description

Address Rue Hedi Nouira, Tunis, TUN, 1001
Societe Tunisienne de Banque SA is engaged in providing banking services. Its activities include accepting deposits, lending money, manage cash among others.
81GF Score

Get the complete analysis for XTUN:STB

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

TND6.03
Price
TND3.59
GF Value