Fairvest (JSE:FTB) Beneish M-Score: 3.14 (As of Jun. 24, 2026) — 614% Above Median


JSE:FTB Fairvest Ltd JSE:FTB
47 GF Score
Price R7.63
GF Value R4.68
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Fairvest Beneish M-Score?

Fairvest JSE:FTB +1.06% 47 Beneish M-Score is 3.14 as of Jun. 24, 2026, which is 614% above its 10-year median of 0.44. GuruFocus rates JSE:FTB with a GF Score™ of 47/100 and a GF Value™ of R4.68 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 765 REITs companies, Fairvest ranks worse than 97.12% 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.

Warning Sign:

Beneish M-Score 3.14 higher than -1.78, which implies that the company might have manipulated its financial results.

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

JSE:FTB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.27   Med: 0.44   Max: 3.14
Current: 3.14

During the past 4 years, the highest Beneish M-Score of Fairvest was 3.14. The lowest was -2.27. And the median was 0.44.

Fairvest Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fairvest'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.

Fairvest Beneish M-Score Chart

Fairvest Annual Data
Trend Jun21 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.27 3.14

Fairvest Semi-Annual Data
Jun21 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.27 0.00 3.14 0.00

JSE:FTB vs SPG, O, KIM: Beneish M-Score Comparison

For the REIT - Retail subindustry, Fairvest'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.

Fairvest Beneish M-Score vs REITs Industry

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

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


JSE:FTB
47GF Score
Fairvest Ltd JSE:FTB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fairvest 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 Fairvest 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 * 0.9335+0.528 * 1+0.404 * 0.9629+0.892 * 1.0681+0.115 * 45.8348
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0249+4.679 * 0.087676-0.327 * 0.7748
=3.14

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was R214 Mil.
Revenue was R2,179 Mil.
Gross Profit was R2,179 Mil.
Total Current Assets was R326 Mil.
Total Assets was R15,864 Mil.
Property, Plant and Equipment(Net PPE) was R629 Mil.
Depreciation, Depletion and Amortization(DDA) was R8 Mil.
Selling, General, & Admin. Expense(SGA) was R140 Mil.
Total Current Liabilities was R1,485 Mil.
Long-Term Debt & Capital Lease Obligation was R3,079 Mil.
Net Income was R1,466 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R75 Mil.
 Total Receivables was R215 Mil.
Revenue was R2,040 Mil.
Gross Profit was R2,040 Mil.
Total Current Assets was R308 Mil.
Total Assets was R12,902 Mil.
Property, Plant and Equipment(Net PPE) was R2 Mil.
Depreciation, Depletion and Amortization(DDA) was R2 Mil.
Selling, General, & Admin. Expense(SGA) was R128 Mil.
Total Current Liabilities was R2,055 Mil.
Long-Term Debt & Capital Lease Obligation was R2,736 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)
=(214.026 / 2179.164) / (214.651 / 2040.21)
=0.098215 / 0.10521
=0.9335

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)
=(2040.21 / 2040.21) / (2179.164 / 2179.164)
=1 / 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 - (326.42 + 629.026) / 15863.986) / (1 - (308.421 + 1.842) / 12901.74)
=0.939773 / 0.975952
=0.9629

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
=2179.164 / 2040.21
=1.0681

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))
=(2.249 / (2.249 + 1.842)) / (7.636 / (7.636 + 629.026))
=0.549743 / 0.011994
=45.8348

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)
=(139.717 / 2179.164) / (127.635 / 2040.21)
=0.064115 / 0.06256
=1.0249

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)
=((3079.387 + 1485.203) / 15863.986) / ((2736.244 + 2055.233) / 12901.74)
=0.287733 / 0.371382
=0.7748

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
=(1466.138 - 0 - 75.254) / 15863.986
=0.087676

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.

Fairvest has a M-score of 3.14 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 3.14 mean?
Fairvest (JSE:FTB) has a Beneish M-Score of 3.14 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fairvest and its competitors. This is 614% above median its historical median of 0.44. According to the industry distribution chart, Fairvest ranks #743 out of 765 companies in the REITs industry, placing it in the top 97.1%.
Is Fairvest's Beneish M-Score too high?
Fairvest's current Beneish M-Score of 3.14 is 614% above median its 10-year median of 0.44. Based on the distribution chart, Fairvest ranks #743 out of 765 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Fairvest has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fairvest's Beneish M-Score compare to SPG and O?
According to the REITs industry distribution chart, Fairvest ranks #743 out of 765 companies for Beneish M-Score. This places Fairvest 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 Fairvest and its competitors. Fairvest's current Beneish M-Score is 3.14, which is 614% above median its own 10-year median of 0.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fairvest stock overvalued right now?
Based on GuruFocus' analysis, Fairvest (JSE:FTB) is currently considered Significantly Overvalued. The stock's GF Value™ is R4.68, compared to a current price of R7.63 — trading 63% above its estimated fair value. The current Beneish M-Score is 3.14, which is 614% above median its 10-year median of 0.44. Fairvest's overall GF Score™ is 47/100 with 7 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 Fairvest (JSE:FTB), the current Beneish M-Score is 3.14 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 Fairvest (JSE:FTB) Overvalued in 2026?

Based on GuruFocus' analysis, Fairvest stock appears to be overvalued. The current stock price of R7.63 is trading 63% above its estimated GF Value™ of R4.68. GuruFocus considers Fairvest to be Significantly Overvalued.

Key valuation signals for JSE:FTB:

  • Beneish M-Score: 3.14 (614% above median its 10-year median of 0.44)
  • GF Value™: R4.68 vs. price of R7.63 (63% above fair value)
  • GF Score™: 47/100 with 7 warning signs

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

Fairvest Business Description

Industry Real EstateREITs
Address 1 Sturdee Avenue, Rosebank, 3rd Floor, Upper Building, Johannesburg, GT, ZAF, 2196
Fairvest Ltd is a diversified real estate investment trust investing in the quality retail asset. The fairvest property portfolio consists of properties across South Africa. It has five operating segments Office, Industrial and Retail, Residential and overheads. The majority is from the Retail segment. Geographically, it is located in South Africa but its geographic segments ranges in Gauteng, Western Cape, KwaZuluNatal, Eastern Cape, Limpopo, Mpumalanga, North West Northern Cape,Free State and Other. The key revenue here is observed in the western cape region.
47GF Score

Get the complete analysis for JSE:FTB

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

R7.63
Price
R4.68
GF Value