Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario (BSP:KIVO11) Beneish M-Score: 0.00 (As of Jul. 21, 2026)

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BSP:KIVO11 Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario BSP:KIVO11
47 GF Score
Price R$57.83
GF Value R$110.52
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario Beneish M-Score?

Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario BSP:KIVO11 -1.82% 47 Beneish M-Score is 0.00 as of Jul. 21, 2026. GuruFocus rates BSP:KIVO11 with a GF Score™ of 47/100 and a GF Value™ of R$110.52 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 754 REITs companies, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario ranks worse than 132625.86% 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.

The historical rank and industry rank for Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario was 0.00. The lowest was 0.00. And the median was 0.00.

BSP:KIVO11
47GF Score
Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario BSP:KIVO11
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario 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 Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario 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$0.00 Mil.
Revenue was R$26.28 Mil.
Gross Profit was R$26.28 Mil.
Total Current Assets was R$0.00 Mil.
Total Assets was R$191.89 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$0.28 Mil.
Total Current Liabilities was R$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Net Income was R$19.89 Mil.
Gross Profit was R$0.00 Mil.
Cash Flow from Operations was R$0.05 Mil.
 Total Receivables was R$0.00 Mil.
Revenue was R$16.83 Mil.
Gross Profit was R$16.83 Mil.
Total Current Assets was R$0.00 Mil.
Total Assets was R$197.94 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$0.28 Mil.
Total Current Liabilities was R$0.00 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)
=(0 / 26.282) / (0 / 16.826)
=0 / 0
=

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)
=(16.826 / 16.826) / (26.282 / 26.282)
=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 + 0) / 191.888) / (1 - (0 + 0) / 197.943)
=1 / 1
=

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
=26.282 / 16.826
=

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)
=(0.276 / 26.282) / (0.277 / 16.826)
=0.010501 / 0.016463
=

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) / 191.888) / ((0 + 0) / 197.943)
=0 / 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
=(19.885 - 0 - 0.049) / 191.888
=0.103373

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?
Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario (BSP:KIVO11) has a Beneish M-Score of 0.00 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario and its competitors. According to the industry distribution chart, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario ranks #999999 out of 754 companies in the REITs industry.
Is Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario's Beneish M-Score too high?
Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario's current Beneish M-Score is 0.00. Based on the distribution chart, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario ranks #999999 out of 754 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario has a GF Score™ of 47/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario ranks #999999 out of 754 companies for Beneish M-Score. This places Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario 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 Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario and its competitors. Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario'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 Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario stock overvalued right now?
Based on GuruFocus' analysis, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario (BSP:KIVO11) is currently considered Significantly Undervalued. The stock's GF Value™ is R$110.52, compared to a current price of R$57.83 — trading 47.7% below its estimated fair value. The current Beneish M-Score is 0.00. Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario's overall GF Score™ is 47/100 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 Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario (BSP:KIVO11), the current Beneish M-Score is 0.00 as of Jul. 21, 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 Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario (BSP:KIVO11) Overvalued in 2026?

Based on GuruFocus' analysis, Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario stock appears to be undervalued. The current stock price of R$57.83 is trading 47.7% below its estimated GF Value™ of R$110.52. GuruFocus considers Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario to be Significantly Undervalued.

Key valuation signals for BSP:KIVO11:

  • Beneish M-Score: 0.00
  • GF Value™: R$110.52 vs. price of R$57.83 (47.7% below fair value)
  • GF Score™: 47/100 with 1 warning sign

No single metric tells the full story. See the BSP:KIVO11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario Business Description

Industry Real EstateREITs
Address Iguatemi, 151 - 19th Floor, São Paulo, SP, BRA, CEP: 1451011
Kilima Volkano Recebiveis Imobiliarios Fundo De Investimen Imobiliario its objective is to obtain income, through the investment of resources.
47GF Score

Get the complete analysis for BSP:KIVO11

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

R$57.83
Price
R$110.52
GF Value