Hrvatska Postanska Banka DD (ZAG:HPB) Beneish M-Score: -1.04 (As of Jul. 03, 2026)


ZAG:HPB Hrvatska Postanska Banka DD ZAG:HPB
62 GF Score
Price €314.00
GF Value €248.97
Valuation Modestly Overvalued
! 9 Warning Signs
View Full Analysis

What is Hrvatska Postanska Banka DD Beneish M-Score?

Hrvatska Postanska Banka DD ZAG:HPB -1.88% 62 Beneish M-Score is -1.04 as of Jul. 03, 2026. GuruFocus rates ZAG:HPB with a GF Score™ of 62/100 and a GF Value™ of €248.97 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 1,397 Banks companies, Hrvatska Postanska Banka DD ranks worse than 97.28% 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.

Warning Sign:

Beneish M-Score -1.04 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Hrvatska Postanska Banka DD's Beneish M-Score or its related term are showing as below:

ZAG:HPB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05   Med: -2.53   Max: -1.04
Current: -1.04

During the past 13 years, the highest Beneish M-Score of Hrvatska Postanska Banka DD was -1.04. The lowest was -3.05. And the median was -2.53.

ZAG:HPB
62GF Score
Hrvatska Postanska Banka DD ZAG:HPB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Hrvatska Postanska Banka DD 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 Hrvatska Postanska Banka DD 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 * 0.9992+0.892 * 0.9472+0.115 * 1.0733
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2591+4.679 * 0.255603-0.327 * 0
=-1.04

* 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 (Dec24) TTM:
Total Receivables was €0.0 Mil.
Revenue was 50.157 + 45.042 + 56.747 + 47.661 = €199.6 Mil.
Gross Profit was 50.157 + 45.042 + 56.747 + 47.661 = €199.6 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €7,934.6 Mil.
Property, Plant and Equipment(Net PPE) was €58.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.9 Mil.
Selling, General, & Admin. Expense(SGA) was €48.2 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €0.0 Mil.
Net Income was 15.236 + 7.104 + 20.94 + 15.332 = €58.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was -342.857 + 0 + -138.486 + -1488.168 = €-1,969.5 Mil.
 Total Receivables was €0.0 Mil.
Revenue was 51.304 + 47.872 + 56.271 + 55.286 = €210.7 Mil.
Gross Profit was 51.304 + 47.872 + 56.271 + 55.286 = €210.7 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €7,881.8 Mil.
Property, Plant and Equipment(Net PPE) was €51.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €13.4 Mil.
Selling, General, & Admin. Expense(SGA) was €40.4 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €456.9 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 / 199.607) / (0 / 210.733)
=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)
=(210.733 / 210.733) / (199.607 / 199.607)
=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 + 58.101) / 7934.645) / (1 - (0 + 51.301) / 7881.787)
=0.992678 / 0.993491
=0.9992

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
=199.607 / 210.733
=0.9472

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))
=(13.371 / (13.371 + 51.301)) / (13.863 / (13.863 + 58.101))
=0.206751 / 0.192638
=1.0733

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)
=(48.158 / 199.607) / (40.381 / 210.733)
=0.241264 / 0.191622
=1.2591

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)
=((0 + 0) / 7934.645) / ((456.928 + 0) / 7881.787)
=0 / 0.057973
=0

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
=(58.612 - 0 - -1969.511) / 7934.645
=0.255603

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.

Hrvatska Postanska Banka DD has a M-score of -1.04 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.04 mean?
Hrvatska Postanska Banka DD (ZAG:HPB) has a Beneish M-Score of -1.04 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hrvatska Postanska Banka DD and its competitors. According to the industry distribution chart, Hrvatska Postanska Banka DD ranks #1359 out of 1397 companies in the Banks industry, placing it in the top 97.3%.
Is Hrvatska Postanska Banka DD's Beneish M-Score too high?
Hrvatska Postanska Banka DD's current Beneish M-Score is -1.04. Based on the distribution chart, Hrvatska Postanska Banka DD ranks #1359 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Hrvatska Postanska Banka DD has a GF Score™ of 62/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hrvatska Postanska Banka DD's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Hrvatska Postanska Banka DD ranks #1359 out of 1397 companies for Beneish M-Score. This places Hrvatska Postanska Banka DD 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 Hrvatska Postanska Banka DD and its competitors. Hrvatska Postanska Banka DD's current Beneish M-Score is -1.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hrvatska Postanska Banka DD stock overvalued right now?
Based on GuruFocus' analysis, Hrvatska Postanska Banka DD (ZAG:HPB) is currently considered Modestly Overvalued. The stock's GF Value™ is €248.97, compared to a current price of €314.00 — trading 26.1% above its estimated fair value. The current Beneish M-Score is -1.04. Hrvatska Postanska Banka DD's overall GF Score™ is 62/100 with 9 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 Hrvatska Postanska Banka DD (ZAG:HPB), the current Beneish M-Score is -1.04 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 Hrvatska Postanska Banka DD (ZAG:HPB) Overvalued in 2026?

Based on GuruFocus' analysis, Hrvatska Postanska Banka DD stock appears to be overvalued. The current stock price of €314.00 is trading 26.1% above its estimated GF Value™ of €248.97. GuruFocus considers Hrvatska Postanska Banka DD to be Modestly Overvalued.

Key valuation signals for ZAG:HPB:

  • Beneish M-Score: -1.04
  • GF Value™: €248.97 vs. price of €314.00 (26.1% above fair value)
  • GF Score™: 62/100 with 9 warning signs

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

Hrvatska Postanska Banka DD Business Description

Address Jurisiceva ulica 4, Zagreb, HRV, 10000
Hrvatska Postanska Banka DD offers loans, deposits, and other transactions and balances to its customers. The company operates in segments including Corporate Banking, Retail Banking, Financial Market, and Other. The firm generates key revenue from the Financial Market segment. It offers HRK and foreign currency savings and savings for children, HPB Combination packages of products for employed persons, retired persons, and students, a wide range of loans for citizens, modern card products, and electronic banking services. The company offers its corporate clients the services of financial consulting, cash management, and asset management.
62GF Score

Get the complete analysis for ZAG:HPB

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

€314.00
Price
€248.97
GF Value