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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 -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for GAG Immobilien AG's Beneish M-Score or its related term are showing as below:
HAM:GWK3'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.57 Max: -1.04
Current: -3.13
During the past 13 years, the highest Beneish M-Score of GAG Immobilien AG was -1.04. The lowest was -3.28. And the median was -2.57.
GAG Immobilien AG Beneish M-Score Related Terms
GAG Immobilien AG Beneish M-Score Historical Data
* Premium members only.
The historical data trend for GAG Immobilien AG'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.
HAM:GWK3 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, GAG Immobilien AG'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.
GAG Immobilien AG Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, GAG Immobilien AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GAG Immobilien AG's Beneish M-Score falls into.
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 GAG Immobilien AG 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 * 0.7419
+
0.528 * 0.9975
+
0.404 * 0.3373
+
0.892 * 1.0318
+
0.115 * 0.9879
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.161
+
4.679 * -0.029314
-
0.327 * 1.0118
=
-3.13
* 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.
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.
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))
=
(85.701 / (85.701 + 3502.333))
/
(88.656 / (88.656 + 3578.333))
=
0.023885
/
0.024177
=
0.9879
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
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
=
(34.995 - 0
-
147.691)
/
3844.418
=
-0.029314
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.
GAG Immobilien AG has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
GAG Immobilien AG (HAM:GWK3) has a Beneish M-Score of -3.13 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GAG Immobilien AG and its competitors. According to the industry distribution chart, GAG Immobilien AG ranks #218 out of 1680 companies in the Real Estate industry, placing it in the top 13%.
Is GAG Immobilien AG's Beneish M-Score too high?
GAG Immobilien AG's current Beneish M-Score is -3.13. Based on the distribution chart, GAG Immobilien AG ranks #218 out of 1680 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, GAG Immobilien AG has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does GAG Immobilien AG's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, GAG Immobilien AG ranks #218 out of 1680 companies for Beneish M-Score. This places GAG Immobilien AG in the top 13% of its industry — outperforming the majority of peers. 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 GAG Immobilien AG and its competitors. GAG Immobilien AG's current Beneish M-Score is -3.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GAG Immobilien AG stock overvalued right now?
Based on GuruFocus' analysis, GAG Immobilien AG (HAM:GWK3) is currently considered Modestly Undervalued. The stock's GF Value™ is €54.70, compared to a current price of €47.00 — trading 14.1% below its estimated fair value. The current Beneish M-Score is -3.13. GAG Immobilien AG's overall GF Score™ is 66/100 with 6 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 GAG Immobilien AG (HAM:GWK3), the current Beneish M-Score is -3.13 as of Jul. 29, 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 GAG Immobilien AG (HAM:GWK3) Overvalued in 2026?
Based on GuruFocus' analysis, GAG Immobilien AG stock appears to be undervalued.
The current stock price of €47.00 is trading 14.1% below its estimated GF Value™ of €54.70.
GuruFocus considers GAG Immobilien AG to be Modestly Undervalued.
Key valuation signals for HAM:GWK3:
Beneish M-Score: -3.13
GF Value™: €54.70 vs. price of €47.00 (14.1% below fair value)
No single metric tells the full story. See the HAM:GWK3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
GAG Immobilien AG is a Germany based provider of real-estate services and consultation in the city of Cologne. The company operates as a landlord, and is focused on the business of Leasing, Selling and Managing properties. In the leasing business, the company focuses on leasing the properties it owns. The organization apart from being involved in the provision of leasing services, also sells homes, condominiums, flats and buildings. In the Managing business, the entity undertakes the management and administration of third-party apartments for their owners or owner associations.
66GF Score
Get the complete analysis for HAM:GWK3
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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