Noval Property Real Estate Investment Co (ATH:NOVAL) Beneish M-Score: -2.09 (As of Jul. 09, 2026)


ATH:NOVAL Noval Property Real Estate Investment Co ATH:NOVAL
17 GF Score
Price €2.54
! 3 Warning Signs
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What is Noval Property Real Estate Investment Co Beneish M-Score?

Noval Property Real Estate Investment Co ATH:NOVAL -0.39% 17 Beneish M-Score is -2.09 as of Jul. 09, 2026. GuruFocus rates ATH:NOVAL with a GF Score™ of 17/100. The stock has 3 warning signs investors should review. Among 761 REITs companies, Noval Property Real Estate Investment Co ranks worse than 77.79% on this metric.

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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Noval Property Real Estate Investment Co's Beneish M-Score or its related term are showing as below:

ATH:NOVAL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.22   Med: -2.09   Max: -1.89
Current: -2.09

During the past 5 years, the highest Beneish M-Score of Noval Property Real Estate Investment Co was -1.89. The lowest was -2.22. And the median was -2.09.

Noval Property Real Estate Investment Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Noval Property Real Estate Investment Co's Beneish M-Score can be seen below:

* 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.

Noval Property Real Estate Investment Co Beneish M-Score Chart

Noval Property Real Estate Investment Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.22 -1.89 -2.09

Noval Property Real Estate Investment Co Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.22 0.00 -1.89 0.00 -2.09

ATH:NOVAL vs VICI, WPC, BNL: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Noval Property Real Estate Investment Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Noval Property Real Estate Investment Co Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Noval Property Real Estate Investment Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Noval Property Real Estate Investment Co's Beneish M-Score falls into.


ATH:NOVAL
17GF Score
Noval Property Real Estate Investment Co ATH:NOVAL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Noval Property Real Estate Investment Co 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 Noval Property Real Estate Investment Co 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 * 0.9197+0.528 * 0.9567+0.404 * 1.0353+0.892 * 1.1308+0.115 * 1.8344
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7023+4.679 * 0.039206-0.327 * 0.9084
=-2.09

* 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 €6.43 Mil.
Revenue was €37.79 Mil.
Gross Profit was €32.64 Mil.
Total Current Assets was €54.50 Mil.
Total Assets was €767.34 Mil.
Property, Plant and Equipment(Net PPE) was €7.60 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.43 Mil.
Selling, General, & Admin. Expense(SGA) was €0.30 Mil.
Total Current Liabilities was €15.49 Mil.
Long-Term Debt & Capital Lease Obligation was €194.03 Mil.
Net Income was €40.99 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €10.91 Mil.
 Total Receivables was €6.18 Mil.
Revenue was €33.42 Mil.
Gross Profit was €27.62 Mil.
Total Current Assets was €80.18 Mil.
Total Assets was €746.23 Mil.
Property, Plant and Equipment(Net PPE) was €3.57 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.39 Mil.
Selling, General, & Admin. Expense(SGA) was €0.38 Mil.
Total Current Liabilities was €26.01 Mil.
Long-Term Debt & Capital Lease Obligation was €198.29 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)
=(6.426 / 37.788) / (6.179 / 33.417)
=0.170054 / 0.184906
=0.9197

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)
=(27.618 / 33.417) / (32.643 / 37.788)
=0.826466 / 0.863846
=0.9567

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 - (54.497 + 7.602) / 767.341) / (1 - (80.177 + 3.572) / 746.23)
=0.919072 / 0.887771
=1.0353

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
=37.788 / 33.417
=1.1308

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))
=(0.389 / (0.389 + 3.572)) / (0.43 / (0.43 + 7.602))
=0.098208 / 0.053536
=1.8344

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)
=(0.301 / 37.788) / (0.379 / 33.417)
=0.007965 / 0.011342
=0.7023

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)
=((194.031 + 15.49) / 767.341) / ((198.291 + 26.005) / 746.23)
=0.273048 / 0.300572
=0.9084

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
=(40.993 - 0 - 10.909) / 767.341
=0.039206

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.

Noval Property Real Estate Investment Co has a M-score of -2.09 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 -2.09 mean?
Noval Property Real Estate Investment Co (ATH:NOVAL) has a Beneish M-Score of -2.09 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Noval Property Real Estate Investment Co and its competitors. According to the industry distribution chart, Noval Property Real Estate Investment Co ranks #592 out of 761 companies in the REITs industry, placing it in the top 77.8%.
Is Noval Property Real Estate Investment Co's Beneish M-Score too high?
Noval Property Real Estate Investment Co's current Beneish M-Score is -2.09. Based on the distribution chart, Noval Property Real Estate Investment Co ranks #592 out of 761 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Noval Property Real Estate Investment Co has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Noval Property Real Estate Investment Co's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Noval Property Real Estate Investment Co ranks #592 out of 761 companies for Beneish M-Score. This places Noval Property Real Estate Investment Co 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 REITs company?
A good Beneish M-Score depends on the REITs 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 Noval Property Real Estate Investment Co and its competitors. Noval Property Real Estate Investment Co's current Beneish M-Score is -2.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noval Property Real Estate Investment Co stock overvalued right now?
Noval Property Real Estate Investment Co (ATH:NOVAL) has a current Beneish M-Score of -2.09. The current Beneish M-Score is -2.09. Noval Property Real Estate Investment Co's overall GF Score™ is 17/100 with 3 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 Noval Property Real Estate Investment Co (ATH:NOVAL), the current Beneish M-Score is -2.09 as of Jul. 09, 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.

Noval Property Real Estate Investment Co Business Description

Industry Real EstateREITs
Address Leof. Mesogeion 2-4, Athens, GRC, 115 27
Noval Property Real Estate Investment Co is a well-diversified Real Estate Investment Company (REIC) engaged in sourcing, evaluating, and acquiring attractive investment opportunities mainly in the Greek real estate market. The company's investment portfolio includes various real estate properties comprising office buildings, commercial spaces, retail stores, hospitality properties, logistics, industrial buildings, and warehouses, as well as land and buildings for future development. Its operating segments are Retail, which derives maximum revenue, Offices, Industrial properties, Hospitality, and Other. Geographically, the company derives a majority of its revenue from Greece in the form of rental income, and the rest from Bulgaria.
17GF Score

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

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