Growthpoint Properties (JSE:GRT) Beneish M-Score: -2.48 (As of Jun. 27, 2026)

What is Growthpoint Properties Beneish M-Score?

Growthpoint Properties JSE:GRT +1.14% 54 Beneish M-Score is -2.48 as of Jun. 27, 2026. GuruFocus rates JSE:GRT with a GF Score™ of 54/100 and a GF Value™ of R8.72 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 764 REITs companies, Growthpoint Properties ranks worse than 51.05% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:GRT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.48 Med: -2.28 Max: -1.46
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Growthpoint Properties was -1.46. The lowest was -2.48. And the median was -2.28.

Growthpoint Properties Beneish M-Score Related Terms

Growthpoint Properties Beneish M-Score Historical Data

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The historical data trend for Growthpoint Properties'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.

Growthpoint Properties Beneish M-Score Chart

Growthpoint Properties Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.36

-2.46

-2.42

-2.39

-2.48

Growthpoint Properties 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															0.00	-2.39	0.00	-2.48	0.00

JSE:GRT vs VICI, WPC: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Growthpoint Properties'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.

Growthpoint Properties Beneish M-Score vs REITs Industry

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

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

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54GF Score

Growthpoint Properties Ltd JSE:GRT

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

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Growthpoint Properties 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 Growthpoint Properties 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 * 0.7625

0.528 * 0.9936

0.404 * 1.0023

0.892 * 1.052

0.115 * 0.9926

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.926

4.679 * 0.030964

0.327 * 0.949

-2.48

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was R1,103 Mil.
Revenue was R13,568 Mil.
Gross Profit was R9,682 Mil.
Total Current Assets was R3,156 Mil.
Total Assets was R152,179 Mil.
Property, Plant and Equipment(Net PPE) was R1,353 Mil.
Depreciation, Depletion and Amortization(DDA) was R16 Mil.
Selling, General, & Admin. Expense(SGA) was R302 Mil.
Total Current Liabilities was R12,711 Mil.
Long-Term Debt & Capital Lease Obligation was R53,479 Mil.
Net Income was R5,458 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R746 Mil.

Total Receivables was R1,375 Mil.
Revenue was R12,897 Mil.
Gross Profit was R9,144 Mil.
Total Current Assets was R3,582 Mil.
Total Assets was R165,737 Mil.
Property, Plant and Equipment(Net PPE) was R1,704 Mil.
Depreciation, Depletion and Amortization(DDA) was R20 Mil.
Selling, General, & Admin. Expense(SGA) was R310 Mil.
Total Current Liabilities was R10,145 Mil.
Long-Term Debt & Capital Lease Obligation was R65,818 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)
	=	(1103 / 13568)	/	(1375 / 12897)
	=	0.081294	/	0.106614
	=	0.7625

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)
	=	(9144 / 12897)	/	(9682 / 13568)
	=	0.709002	/	0.713591
	=	0.9936

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 - (3156 + 1353) / 152179)	/	(1 - (3582 + 1704) / 165737)
	=	0.97037	/	0.968106
	=	1.0023

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
	=	13568	/	12897
	=	1.052

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))
	=	(20 / (20 + 1704))	/	(16 / (16 + 1353))
	=	0.011601	/	0.011687
	=	0.9926

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)
	=	(302 / 13568)	/	(310 / 12897)
	=	0.022258	/	0.024037
	=	0.926

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)
	=	((53479 + 12711) / 152179)	/	((65818 + 10145) / 165737)
	=	0.434948	/	0.458335
	=	0.949

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
	=	(5458 - 0	-	746)	/	152179
	=	0.030964

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.

Growthpoint Properties has a M-score of -2.48 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 -2.48 mean?

Growthpoint Properties (JSE:GRT) has a Beneish M-Score of -2.48 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Growthpoint Properties and its competitors. According to the industry distribution chart, Growthpoint Properties ranks #390 out of 764 companies in the REITs industry, placing it in the top 51%.

Is Growthpoint Properties' Beneish M-Score too high?

Growthpoint Properties' current Beneish M-Score is -2.48. Based on the distribution chart, Growthpoint Properties ranks #390 out of 764 companies in the REITs industry, which is below the industry midpoint. Overall, Growthpoint Properties has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Growthpoint Properties' Beneish M-Score compare to VICI and WPC?

According to the REITs industry distribution chart, Growthpoint Properties ranks #390 out of 764 companies for Beneish M-Score. This places Growthpoint Properties 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 Growthpoint Properties and its competitors. Growthpoint Properties's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Growthpoint Properties stock overvalued right now?

Based on GuruFocus' analysis, Growthpoint Properties (JSE:GRT) is currently considered Significantly Overvalued. The stock's GF Value™ is R8.72, compared to a current price of R17.67 — trading 102.6% above its estimated fair value. The current Beneish M-Score is -2.48. Growthpoint Properties' overall GF Score™ is 54/100 with 10 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 Growthpoint Properties (JSE:GRT), the current Beneish M-Score is -2.48 as of Jun. 27, 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 Growthpoint Properties (JSE:GRT) Overvalued in 2026?

Based on GuruFocus' analysis, Growthpoint Properties stock appears to be overvalued. The current stock price of R17.67 is trading 102.6% above its estimated GF Value™ of R8.72. GuruFocus considers Growthpoint Properties to be Significantly Overvalued.

Key valuation signals for JSE:GRT:

Beneish M-Score: -2.48
GF Value™: R8.72 vs. price of R17.67 (102.6% above fair value)
GF Score™: 54/100 with 10 warning signs

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

Growthpoint Properties Business Description

Industry Real Estate REITs

Comparable Companies JSE:RDF JSE:ATT JSE:SAC JSE:BTN JSE:HET JSE:EMI JSE:SEA JSE:OCT JSE:OAS JSE:NRL ASX:GMG VICI WPC BSP:HSRE11 ASX:SGP XPAR:COV ASX:CHC ASX:GPT MEX:FUNO11 LSE:LAND

Other Exchanges G5JA:Germany

Address 1 Sandton Drive, The Place, Sandown, Sandton, Johannesburg, GT, ZAF, 2196

Website https://www.growthpoint.co.za

Growthpoint Properties Ltd is an international property company mainly engaged in owning and managing property assets in South Africa, Eastern Europe, Australia, and the UK. Its portfolio comprises various kinds of properties such as office parks, office warehouses, motor outlets, logistics and industrial parks, shopping centres, etc. The group's operating segments are Retail, Office, Logistics and Industrial, Trading and Development, V&A Waterfront, GHPH, GSAH, Lango, GOZ, and GWI. Maximum revenue is generated from its Retail segment, which includes income generated from a portfolio of properties, comprising shopping centres, with the balance being standalone, single-tenanted properties. It includes regional, community, neighbourhood, retail warehouses and speciality centres.

54GF Score

Get the complete analysis for JSE:GRT

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

R17.67

Price

R8.72

GF Value

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