Conygar Investment Co (The) (LSE:CIC) Beneish M-Score: -2.84 (As of Jun. 24, 2026)


LSE:CIC Conygar Investment Co (The) PLC LSE:CIC
50 GF Score
Price £0.24
GF Value £2.10
Valuation Possible Value Trap
! 4 Warning Signs
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What is Conygar Investment Co (The) Beneish M-Score?

Conygar Investment Co (The) LSE:CIC 50 Beneish M-Score is -2.84 as of Jun. 24, 2026. GuruFocus rates LSE:CIC with a GF Score™ of 50/100 and a GF Value™ of £2.10 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 1,681 Real Estate companies, Conygar Investment Co (The) ranks better than 78.94% 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Conygar Investment Co (The)'s Beneish M-Score or its related term are showing as below:

LSE:CIC' s Beneish M-Score Range Over the Past 10 Years
Min: -8.55   Med: -2.89   Max: -0.03
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Conygar Investment Co (The) was -0.03. The lowest was -8.55. And the median was -2.89.

Conygar Investment Co (The) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Conygar Investment Co (The)'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.

Conygar Investment Co (The) Beneish M-Score Chart

Conygar Investment Co (The) Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -5.59 -0.06 -8.55 -0.03 -2.84

Conygar Investment Co (The) Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 0.00 -0.03 0.00 -2.84 0.00

Conygar Investment Co (The) Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Conygar Investment Co (The)'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.

Conygar Investment Co (The) Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Conygar Investment Co (The)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Conygar Investment Co (The)'s Beneish M-Score falls into.


LSE:CIC
50GF Score
Conygar Investment Co (The) PLC LSE:CIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Conygar Investment Co (The) 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 Conygar Investment Co (The) 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 * 0.3605+0.528 * -0.1813+0.404 * 0.8717+0.892 * 3.6844+0.115 * 0.315
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3133+4.679 * -0.318931-0.327 * 1.1141
=-2.84

* 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 £4.17 Mil.
Revenue was £21.89 Mil.
Gross Profit was £8.60 Mil.
Total Current Assets was £11.03 Mil.
Total Assets was £101.05 Mil.
Property, Plant and Equipment(Net PPE) was £72.27 Mil.
Depreciation, Depletion and Amortization(DDA) was £1.77 Mil.
Selling, General, & Admin. Expense(SGA) was £5.27 Mil.
Total Current Liabilities was £53.92 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-19.55 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £12.68 Mil.
 Total Receivables was £3.14 Mil.
Revenue was £5.94 Mil.
Gross Profit was £-0.42 Mil.
Total Current Assets was £18.64 Mil.
Total Assets was £126.79 Mil.
Property, Plant and Equipment(Net PPE) was £82.60 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.63 Mil.
Selling, General, & Admin. Expense(SGA) was £4.57 Mil.
Total Current Liabilities was £49.11 Mil.
Long-Term Debt & Capital Lease Obligation was £11.61 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)
=(4.171 / 21.889) / (3.14 / 5.941)
=0.190552 / 0.528531
=0.3605

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)
=(-0.423 / 5.941) / (8.598 / 21.889)
=-0.0712 / 0.3928
=-0.1813

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 - (11.029 + 72.271) / 101.05) / (1 - (18.638 + 82.599) / 126.787)
=0.175656 / 0.201519
=0.8717

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
=21.889 / 5.941
=3.6844

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))
=(0.628 / (0.628 + 82.599)) / (1.774 / (1.774 + 72.271))
=0.007546 / 0.023958
=0.315

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)
=(5.27 / 21.889) / (4.565 / 5.941)
=0.24076 / 0.768389
=0.3133

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 + 53.92) / 101.05) / ((11.614 + 49.112) / 126.787)
=0.533597 / 0.478961
=1.1141

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
=(-19.548 - 0 - 12.68) / 101.05
=-0.318931

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.

Conygar Investment Co (The) has a M-score of -2.84 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 -2.84 mean?
Conygar Investment Co (The) (LSE:CIC) has a Beneish M-Score of -2.84 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Conygar Investment Co (The) and its competitors. According to the industry distribution chart, Conygar Investment Co (The) ranks #354 out of 1681 companies in the Real Estate industry, placing it in the top 21.1%.
Is Conygar Investment Co (The)'s Beneish M-Score too high?
Conygar Investment Co (The)'s current Beneish M-Score is -2.84. Based on the distribution chart, Conygar Investment Co (The) ranks #354 out of 1681 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Conygar Investment Co (The) has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Conygar Investment Co (The)'s Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Conygar Investment Co (The) ranks #354 out of 1681 companies for Beneish M-Score. This places Conygar Investment Co (The) in the top 21% 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 Conygar Investment Co (The) and its competitors. Conygar Investment Co (The)'s current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Conygar Investment Co (The) stock overvalued right now?
Based on GuruFocus' analysis, Conygar Investment Co (The) (LSE:CIC) is currently considered Possible Value Trap. The stock's GF Value™ is £2.10, compared to a current price of £0.24 — trading 88.8% below its estimated fair value. The current Beneish M-Score is -2.84. Conygar Investment Co (The)'s overall GF Score™ is 50/100 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 Conygar Investment Co (The) (LSE:CIC), the current Beneish M-Score is -2.84 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 Conygar Investment Co (The) (LSE:CIC) Overvalued in 2026?

Based on GuruFocus' analysis, Conygar Investment Co (The) stock appears to be undervalued. The current stock price of £0.24 is trading 88.8% below its estimated GF Value™ of £2.10. GuruFocus considers Conygar Investment Co (The) to be Possible Value Trap.

Key valuation signals for LSE:CIC:

  • Beneish M-Score: -2.84
  • GF Value™: £2.10 vs. price of £0.24 (88.8% below fair value)
  • GF Score™: 50/100 with 4 warning signs

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

Conygar Investment Co (The) Business Description

Address 19 Langham Street, Fora - Brock House, London, GBR, W1W 7NY
Conygar Investment Co (The) PLC is a property investment and property development company. It is engaged in property trading, property investment, acquiring property assets with development and investment potential, and investing in companies with property assets. The company's business segments include Property, Development Properties, Food beverage and events, and Others. The company generates the majority of its revenue from the Development properties segment.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£0.24
Price
£2.10
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