TMM Real Estate Development (FRA:TR61) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


FRA:TR61 TMM Real Estate Development PLC FRA:TR61
39 GF Score
Price €0.06
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What is TMM Real Estate Development Beneish M-Score?

TMM Real Estate Development FRA:TR61 39 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates FRA:TR61 with a GF Score™ of 39/100.

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 TMM Real Estate Development's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of TMM Real Estate Development was 0.00. The lowest was 0.00. And the median was 0.00.

TMM Real Estate Development Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TMM Real Estate Development'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.

TMM Real Estate Development Beneish M-Score Chart

TMM Real Estate Development Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.61 -2.90 -1.95 -3.71 2.83

TMM Real Estate Development Semi-Annual Data
Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
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 -1.61 -2.90 -1.95 -3.71 2.83

TMM Real Estate Development Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, TMM Real Estate Development'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.

TMM Real Estate Development Beneish M-Score vs Real Estate Industry

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

* The bar in red indicates where TMM Real Estate Development's Beneish M-Score falls into.


FRA:TR61
39GF Score
TMM Real Estate Development PLC FRA:TR61
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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TMM Real Estate Development 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 TMM Real Estate Development 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 * 1.4443+0.528 * 1.0303+0.404 * 0.5833+0.892 * 5.9558+0.115 * 1.1847
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2011+4.679 * 0.09421-0.327 * 0.9027
=2.83

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was €6.42 Mil.
Revenue was €17.52 Mil.
Gross Profit was €3.67 Mil.
Total Current Assets was €11.21 Mil.
Total Assets was €20.10 Mil.
Property, Plant and Equipment(Net PPE) was €2.40 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.08 Mil.
Selling, General, & Admin. Expense(SGA) was €0.11 Mil.
Total Current Liabilities was €17.96 Mil.
Long-Term Debt & Capital Lease Obligation was €0.25 Mil.
Net Income was €1.98 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €0.09 Mil.
 Total Receivables was €0.75 Mil.
Revenue was €2.94 Mil.
Gross Profit was €0.63 Mil.
Total Current Assets was €5.54 Mil.
Total Assets was €16.00 Mil.
Property, Plant and Equipment(Net PPE) was €1.61 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.07 Mil.
Selling, General, & Admin. Expense(SGA) was €0.09 Mil.
Total Current Liabilities was €15.81 Mil.
Long-Term Debt & Capital Lease Obligation was €0.24 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)
=(6.417 / 17.516) / (0.746 / 2.941)
=0.366351 / 0.253655
=1.4443

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)
=(0.634 / 2.941) / (3.665 / 17.516)
=0.215573 / 0.209237
=1.0303

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 - (11.213 + 2.401) / 20.104) / (1 - (5.539 + 1.606) / 15.999)
=0.322821 / 0.55341
=0.5833

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
=17.516 / 2.941
=5.9558

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))
=(0.067 / (0.067 + 1.606)) / (0.084 / (0.084 + 2.401))
=0.040048 / 0.033803
=1.1847

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)
=(0.109 / 17.516) / (0.091 / 2.941)
=0.006223 / 0.030942
=0.2011

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)
=((0.249 + 17.955) / 20.104) / ((0.239 + 15.81) / 15.999)
=0.905491 / 1.003125
=0.9027

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
=(1.981 - 0 - 0.087) / 20.104
=0.09421

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.

TMM Real Estate Development has a M-score of 2.83 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?
TMM Real Estate Development (FRA:TR61) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TMM Real Estate Development and its competitors.
Is TMM Real Estate Development's Beneish M-Score too high?
TMM Real Estate Development's current Beneish M-Score is 0.00. Overall, TMM Real Estate Development has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does TMM Real Estate Development's Beneish M-Score compare to competitors?
TMM Real Estate Development's Beneish M-Score of 0.00 can be compared against companies in the Real Estate 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 TMM Real Estate Development and its competitors. TMM Real Estate Development'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 TMM Real Estate Development stock overvalued right now?
TMM Real Estate Development (FRA:TR61) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. TMM Real Estate Development's overall GF Score™ is 39/100. 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 TMM Real Estate Development (FRA:TR61), the current Beneish M-Score is 0.00 as of Jun. 26, 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.

TMM Real Estate Development Business Description

Address 49A, Volodymyrska Street, Kyiv, UKR, 04116
TMM Real Estate Development PLC operates as a real estate development and construction company and develops the construction of residential complexes on a turnkey basis, which covers all complex construction and fine finishing works as well as post-construction utility services for the completed projects. It operates in the following segments: Investment Property; Property Development & Construction; Utility and Management Services; and Air Mobility Solutions. The Investment Property segment leases residential and commercial property owned by the group. The Property Development & Construction segment builds and sells residential and commercial property and renders construction services. The Air Mobility Solutions segment earns the majority of revenue.
39GF Score

Get the complete analysis for FRA:TR61

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

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