Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio (BSP:HDEL11) Beneish M-Score: 0.00 (As of Jul. 16, 2026)

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BSP:HDEL11 Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio BSP:HDEL11
24 GF Score
Price R$3.30
! 2 Warning Signs
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What is Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Beneish M-Score?

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio BSP:HDEL11 24 Beneish M-Score is 0.00 as of Jul. 16, 2026. GuruFocus rates BSP:HDEL11 with a GF Score™ of 24/100. The stock has 2 warning signs investors should review. Among 757 REITs companies, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio ranks worse than 132100.26% 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.

The historical rank and industry rank for Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio was 0.00. The lowest was 0.00. And the median was 0.00.

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio'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.

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Beneish M-Score Chart

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00

BSP:HDEL11 vs VICI, WPC: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio'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.

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's Beneish M-Score falls into.


BSP:HDEL11
24GF Score
Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio BSP:HDEL11
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio 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 Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 R$3.38 Mil.
Revenue was R$6.52 Mil.
Gross Profit was R$6.52 Mil.
Total Current Assets was R$264.31 Mil.
Total Assets was R$272.21 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$1.32 Mil.
Total Current Liabilities was R$89.51 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$68.86 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$28.60 Mil.
 Total Receivables was R$1.83 Mil.
Revenue was R$-17.07 Mil.
Gross Profit was R$-17.07 Mil.
Total Current Assets was R$9.14 Mil.
Total Assets was R$196.96 Mil.
Property, Plant and Equipment(Net PPE) was R$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was R$1.17 Mil.
Total Current Liabilities was R$33.81 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 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)
=(3.376 / 6.523) / (1.829 / -17.066)
=0.517553 /
=

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)
=(-17.066 / -17.066) / (6.523 / 6.523)
= / 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 - (264.312 + 0) / 272.209) / (1 - (9.137 + 0) / 196.963)
=0.029011 / 0.953611
=

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
=6.523 / -17.066
=

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 / (0 + 0)) / (0 / (0 + 0))
= /
=

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)
=(1.32 / 6.523) / (1.173 / -17.066)
=0.202361 /
=

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 + 89.507) / 272.209) / ((0 + 33.813) / 196.963)
=0.328817 / 0.171672
=

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
=(68.855 - 0 - 28.603) / 272.209
=0.147872

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio (BSP:HDEL11) has a Beneish M-Score of 0.00 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio and its competitors. According to the industry distribution chart, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio ranks #999999 out of 757 companies in the REITs industry.
Is Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's Beneish M-Score too high?
Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's current Beneish M-Score is 0.00. Based on the distribution chart, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio ranks #999999 out of 757 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio ranks #999999 out of 757 companies for Beneish M-Score. This places Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio 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 Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio and its competitors. Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio stock overvalued right now?
Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio (BSP:HDEL11) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio's overall GF Score™ is 24/100 with 2 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 Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio (BSP:HDEL11), the current Beneish M-Score is 0.00 as of Jul. 16, 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.

Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio Business Description

Industry Real EstateREITs
Address Avenida Brigadeiro Faria Lima 3600, 11th Floor, cjto 112 (parte), Sao Paulo, SP, BRA, 4538132
Hedge Desenvolvimento Logistico Fundo DE Investimento Imobilirio is a closed-end fund. The fund's objective is to provide its shareholders with appreciation and profitability of their shares in the long term, aiming to obtain capital gains through the investment of its assets.
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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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