ABgax (CHIX:SAGAAS) Beneish M-Score: -2.69 (As of Jun. 24, 2026)


CHIX:SAGAAS AB Sagax CHIX:SAGAAS
76 GF Score
Price kr170.00
GF Value kr308.31
! 4 Warning Signs
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What is ABgax Beneish M-Score?

ABgax CHIX:SAGAAS 76 Beneish M-Score is -2.69 as of Jun. 24, 2026. GuruFocus rates CHIX:SAGAAS with a GF Score™ of 76/100 and a GF Value™ of kr308.31. The stock has 4 warning signs investors should review. Among 1,681 Real Estate companies, ABgax ranks better than 72.1% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHIX:SAGAAs' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.09   Max: 3.77
Current: -2.69

During the past 13 years, the highest Beneish M-Score of ABgax was 3.77. The lowest was -2.75. And the median was -2.09.

ABgax Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ABgax'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.

ABgax Beneish M-Score Chart

ABgax Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.57 -2.17 -2.06 -2.40 -2.75

ABgax Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.67 -2.13 3.77 -2.75 -2.69

CHIX:SAGAAS vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, ABgax'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.

ABgax Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, ABgax's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ABgax's Beneish M-Score falls into.


CHIX:SAGAAS
76GF Score
AB Sagax CHIX:SAGAAS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ABgax 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 ABgax 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 * 0.678+0.528 * 1.0045+0.404 * 0.9881+0.892 * 1.0512+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9513+4.679 * 0.011489-0.327 * 1.0551
=-2.69

* 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 (Mar25) TTM:
Total Receivables was kr692 Mil.
Revenue was 1353 + 1397 + 1374 + 1321 = kr5,445 Mil.
Gross Profit was 1240 + 1273 + 1268 + 1216 = kr4,997 Mil.
Total Current Assets was kr3,263 Mil.
Total Assets was kr91,481 Mil.
Property, Plant and Equipment(Net PPE) was kr656 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr192 Mil.
Total Current Liabilities was kr9,572 Mil.
Long-Term Debt & Capital Lease Obligation was kr32,613 Mil.
Net Income was 1376 + 1799 + 895 + 476 = kr4,546 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 599 + 996 + 1010 + 890 = kr3,495 Mil.
 Total Receivables was kr971 Mil.
Revenue was 1311 + 1317 + 1339 + 1213 = kr5,180 Mil.
Gross Profit was 1208 + 1207 + 1233 + 1127 = kr4,775 Mil.
Total Current Assets was kr2,047 Mil.
Total Assets was kr82,545 Mil.
Property, Plant and Equipment(Net PPE) was kr535 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr192 Mil.
Total Current Liabilities was kr7,005 Mil.
Long-Term Debt & Capital Lease Obligation was kr29,070 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)
=(692 / 5445) / (971 / 5180)
=0.127089 / 0.187452
=0.678

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)
=(4775 / 5180) / (4997 / 5445)
=0.921815 / 0.917723
=1.0045

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 - (3263 + 656) / 91481) / (1 - (2047 + 535) / 82545)
=0.957161 / 0.96872
=0.9881

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
=5445 / 5180
=1.0512

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 + 535)) / (0 / (0 + 656))
=0 / 0
=1

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)
=(192 / 5445) / (192 / 5180)
=0.035262 / 0.037066
=0.9513

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)
=((32613 + 9572) / 91481) / ((29070 + 7005) / 82545)
=0.461134 / 0.437034
=1.0551

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
=(4546 - 0 - 3495) / 91481
=0.011489

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.

ABgax has a M-score of -2.69 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 -2.69 mean?
ABgax (CHIX:SAGAAS) has a Beneish M-Score of -2.69 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ABgax and its competitors. According to the industry distribution chart, ABgax ranks #469 out of 1681 companies in the Real Estate industry, placing it in the top 27.9%.
Is ABgax's Beneish M-Score too high?
ABgax's current Beneish M-Score is -2.69. Based on the distribution chart, ABgax ranks #469 out of 1681 companies in the Real Estate industry, which is above the industry midpoint. Overall, ABgax has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does ABgax's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, ABgax ranks #469 out of 1681 companies for Beneish M-Score. This puts ABgax in the upper 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 ABgax and its competitors. ABgax's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ABgax stock overvalued right now?
ABgax (CHIX:SAGAAS) has a current Beneish M-Score of -2.69. The stock's GF Value™ is kr308.31, compared to a current price of kr170.00 — trading 44.9% below its estimated fair value. The current Beneish M-Score is -2.69. ABgax's overall GF Score™ is 76/100 with 4 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 ABgax (CHIX:SAGAAS), the current Beneish M-Score is -2.69 as of Jun. 24, 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 ABgax (CHIX:SAGAAS) Overvalued in 2026?

Based on GuruFocus' analysis, ABgax stock appears to be undervalued. The current stock price of kr170.00 is trading 44.9% below its estimated GF Value™ of kr308.31.

Key valuation signals for CHIX:SAGAAS:

  • Beneish M-Score: -2.69
  • GF Value™: kr308.31 vs. price of kr170.00 (44.9% below fair value)
  • GF Score™: 76/100 with 4 warning signs

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

ABgax Business Description

Address Engelbrektsplan 1, Stockholm, SWE, SE-114 34
AB Sagax is a property company that invests in commercial properties with a focus on the warehouse and light industry segment. The company owns properties in Sweden, Finland, Germany, and Denmark, with a total rental space of more than 3 million square metres. A proportion of the company's real estate portfolio is located in the Stockholm and Helsinki regions. The company's revenue consists of rental income for the provision of premises, of which the majority is derived from the government, municipalities, or companies with sales.
76GF Score

Get the complete analysis for CHIX:SAGAAS

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

kr170.00
Price
kr308.31
GF Value