Emirates REIT (CEIC) (DIFX:REIT) Beneish M-Score: -2.06 (As of Jul. 15, 2026)

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Emirates REIT (CEIC) PLC DIFX:REIT

49 GF Score

Price $0.63

GF Value $0.26

Valuation Significantly Overvalued

4 Warning Signs

View Full Analysis

What is Emirates REIT (CEIC) Beneish M-Score?

Emirates REIT (CEIC) DIFX:REIT 49 Beneish M-Score is -2.06 as of Jul. 15, 2026. GuruFocus rates DIFX:REIT with a GF Score™ of 49/100 and a GF Value™ of $0.26 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 757 REITs companies, Emirates REIT (CEIC) ranks worse than 79.13% 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 -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Emirates REIT (CEIC)'s Beneish M-Score or its related term are showing as below:

DIFX:REIT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.33 Max: -1.64
Current: -2.06

During the past 13 years, the highest Beneish M-Score of Emirates REIT (CEIC) was -1.64. The lowest was -3.51. And the median was -2.33.

Emirates REIT (CEIC) Beneish M-Score Related Terms

Emirates REIT (CEIC) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Emirates REIT (CEIC)'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.

Emirates REIT (CEIC) Beneish M-Score Chart

Emirates REIT (CEIC) Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.64

-2.23

-2.48

-2.91

-2.06

Emirates REIT (CEIC) Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.48	0.00	-2.91	0.00	-2.06

DIFX:REIT vs VICI, WPC, BNL: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Emirates REIT (CEIC)'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.

Emirates REIT (CEIC) Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Emirates REIT (CEIC)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Emirates REIT (CEIC)'s Beneish M-Score falls into.

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49GF Score

Emirates REIT (CEIC) PLC DIFX:REIT

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Emirates REIT (CEIC) 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 Emirates REIT (CEIC) for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.704

0.528 * 0.9988

0.404 * 0.9989

0.892 * 1.016

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.137097

0.327 * 0.8724

-2.06

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $3.17 Mil.
Revenue was $80.46 Mil.
Gross Profit was $45.75 Mil.
Total Current Assets was $37.43 Mil.
Total Assets was $1,245.12 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $55.41 Mil.
Long-Term Debt & Capital Lease Obligation was $293.54 Mil.
Net Income was $216.38 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $45.67 Mil.

Total Receivables was $4.43 Mil.
Revenue was $79.20 Mil.
Gross Profit was $44.97 Mil.
Total Current Assets was $30.16 Mil.
Total Assets was $1,041.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $39.27 Mil.
Long-Term Debt & Capital Lease Obligation was $295.21 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)
	=	(3.17 / 80.464)	/	(4.432 / 79.198)
	=	0.039397	/	0.055961
	=	0.704

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)
	=	(44.973 / 79.198)	/	(45.747 / 80.464)
	=	0.567855	/	0.56854
	=	0.9988

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 - (37.433 + 0) / 1245.121)	/	(1 - (30.164 + 0) / 1041.212)
	=	0.969936	/	0.97103
	=	0.9989

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
	=	80.464	/	79.198
	=	1.016

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))
	=		/
	=	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)
	=	(0 / 80.464)	/	(0 / 79.198)
	=	0	/	0
	=	1

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)
	=	((293.54 + 55.411) / 1245.121)	/	((295.21 + 39.265) / 1041.212)
	=	0.280255	/	0.321236
	=	0.8724

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
	=	(216.375 - 0	-	45.673)	/	1245.121
	=	0.137097

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.

Emirates REIT (CEIC) has a M-score of -2.06 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 -2.06 mean?

Emirates REIT (CEIC) (DIFX:REIT) has a Beneish M-Score of -2.06 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Emirates REIT (CEIC) and its competitors. According to the industry distribution chart, Emirates REIT (CEIC) ranks #599 out of 757 companies in the REITs industry, placing it in the top 79.1%.

Is Emirates REIT (CEIC)'s Beneish M-Score too high?

Emirates REIT (CEIC)'s current Beneish M-Score is -2.06. Based on the distribution chart, Emirates REIT (CEIC) ranks #599 out of 757 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Emirates REIT (CEIC) has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Emirates REIT (CEIC)'s Beneish M-Score compare to VICI and WPC?

According to the REITs industry distribution chart, Emirates REIT (CEIC) ranks #599 out of 757 companies for Beneish M-Score. This places Emirates REIT (CEIC) 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 Emirates REIT (CEIC) and its competitors. Emirates REIT (CEIC)'s current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Emirates REIT (CEIC) stock overvalued right now?

Based on GuruFocus' analysis, Emirates REIT (CEIC) (DIFX:REIT) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.26, compared to a current price of $0.63 — trading 142.7% above its estimated fair value. The current Beneish M-Score is -2.06. Emirates REIT (CEIC)'s overall GF Score™ is 49/100 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 Emirates REIT (CEIC) (DIFX:REIT), the current Beneish M-Score is -2.06 as of Jul. 15, 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 Emirates REIT (CEIC) (DIFX:REIT) Overvalued in 2026?

Based on GuruFocus' analysis, Emirates REIT (CEIC) stock appears to be overvalued. The current stock price of $0.63 is trading 142.7% above its estimated GF Value™ of $0.26. GuruFocus considers Emirates REIT (CEIC) to be Significantly Overvalued.

Key valuation signals for DIFX:REIT:

Beneish M-Score: -2.06
GF Value™: $0.26 vs. price of $0.63 (142.7% above fair value)
GF Score™: 49/100 with 4 warning signs

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

Emirates REIT (CEIC) Business Description

Industry Real Estate REITs

Comparable Companies DFM:AMCREIT ASX:GMG VICI WPC BSP:HSRE11 ASX:CHC ASX:SGP XPAR:COV ASX:GPT LSE:LAND MEX:FUNO11 LSE:BLND ASX:MGR BNL XKLS:5235SS TSE:8972 JSE:GRT LSE:UTG TSE:8984 SGX:T82U

Address Dubai International Financial Centre, Po Box 482015, Index Tower - East Entrance, Level 23, Dubai, ARE

Website https://www.reit.ae

Emirates REIT (CEIC) PLC is a closed-ended investment company with a mandate to invest in a diversified portfolio of Shari'a-compliant real estate properties. The Investment objective of the company is to provide shareholders with a Shari'a-compliant income by maintaining a stable dividend distribution and increasing shareholder value through accretive acquisitions, active asset management, and capital appreciation. The property portfolio of the company Index Tower, Loft Offices, Building 24, Indigo 7, European Business Centre, Index Mall, Lycee Francais Jean Mermoz, GEMS World Academy, and Durham School Dubai.

49GF Score

Get the complete analysis for DIFX:REIT

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

$0.63

Price

$0.26

GF Value

View DIFX:REIT Analysis

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