ICG Enterprise Trust (LSE:ICGT) Beneish M-Score: -13.90 (As of Jun. 27, 2026)


LSE:ICGT ICG Enterprise Trust PLC LSE:ICGT
44 GF Score
Price £13.96
GF Value £0.59
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is ICG Enterprise Trust Beneish M-Score?

ICG Enterprise Trust LSE:ICGT -0.29% 44 Beneish M-Score is -13.90 as of Jun. 27, 2026. GuruFocus rates LSE:ICGT with a GF Score™ of 44/100 and a GF Value™ of £0.59 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 954 Asset Management companies, ICG Enterprise Trust ranks better than 99.16% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -13.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:ICGT' s Beneish M-Score Range Over the Past 10 Years
Min: -13.9   Med: -4.05   Max: -0.38
Current: -13.9

During the past 13 years, the highest Beneish M-Score of ICG Enterprise Trust was -0.38. The lowest was -13.90. And the median was -4.05.

LSE:ICGT
44GF Score
ICG Enterprise Trust PLC LSE:ICGT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ICG Enterprise Trust 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 ICG Enterprise Trust 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+0.528 * 1+0.404 * 1+0.892 * 0.0253+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 59.7791+4.679 * -0.124575-0.327 * 0.5539
=-13.90

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was £0.00 Mil.
Revenue was £2.98 Mil.
Gross Profit was £2.98 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £1,344.22 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £2.27 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £66.57 Mil.
Net Income was £-8.43 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £159.03 Mil.
 Total Receivables was £0.00 Mil.
Revenue was £117.70 Mil.
Gross Profit was £117.70 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £1,475.49 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £1.50 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £131.93 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)
=(0 / 2.981) / (0 / 117.704)
=0 / 0
=1

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)
=(117.704 / 117.704) / (2.981 / 2.981)
=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 - (0 + 0) / 1344.223) / (1 - (0 + 0) / 1475.494)
=1 / 1
=1

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
=2.981 / 117.704
=0.0253

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 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(2.271 / 2.981) / (1.5 / 117.704)
=0.761825 / 0.012744
=59.7791

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)
=((66.57 + 0) / 1344.223) / ((131.931 + 0) / 1475.494)
=0.049523 / 0.089415
=0.5539

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
=(-8.429 - 0 - 159.028) / 1344.223
=-0.124575

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.

ICG Enterprise Trust has a M-score of -13.90 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 -13.90 mean?
ICG Enterprise Trust (LSE:ICGT) has a Beneish M-Score of -13.90 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ICG Enterprise Trust and its competitors. According to the industry distribution chart, ICG Enterprise Trust ranks #8 out of 954 companies in the Asset Management industry, placing it in the top 0.8%.
Is ICG Enterprise Trust's Beneish M-Score too high?
ICG Enterprise Trust's current Beneish M-Score is -13.90. Based on the distribution chart, ICG Enterprise Trust ranks #8 out of 954 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, ICG Enterprise Trust has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ICG Enterprise Trust's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, ICG Enterprise Trust ranks #8 out of 954 companies for Beneish M-Score. This places ICG Enterprise Trust in the top 1% 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 ICG Enterprise Trust and its competitors. ICG Enterprise Trust's current Beneish M-Score is -13.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ICG Enterprise Trust stock overvalued right now?
Based on GuruFocus' analysis, ICG Enterprise Trust (LSE:ICGT) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.59, compared to a current price of £13.96 — trading 2266.1% above its estimated fair value. The current Beneish M-Score is -13.90. ICG Enterprise Trust's overall GF Score™ is 44/100 with 2 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 ICG Enterprise Trust (LSE:ICGT), the current Beneish M-Score is -13.90 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 ICG Enterprise Trust (LSE:ICGT) Overvalued in 2026?

Based on GuruFocus' analysis, ICG Enterprise Trust stock appears to be overvalued. The current stock price of £13.96 is trading 2266.1% above its estimated GF Value™ of £0.59. GuruFocus considers ICG Enterprise Trust to be Significantly Overvalued.

Key valuation signals for LSE:ICGT:

  • Beneish M-Score: -13.90
  • GF Value™: £0.59 vs. price of £13.96 (2266.1% above fair value)
  • GF Score™: 44/100 with 2 warning signs

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

ICG Enterprise Trust Business Description

Address 55 Ludgate Hill, Procession House, London, GBR, EC4M 7JW
ICG Enterprise Trust PLC is a UK-listed investor in private equity-backed companies. Its objective is to provide long-term growth by investing in private companies managed by private equity managers. The company invests mainly in profitable, cash-generative private companies in Europe and the United States to generate resilient growth over the long term. It has a flexible investment mandate, enabling it to invest in companies indirectly (through funds managed by ICG and other private equity managers) as well as directly alongside other managers. The company focuses exclusively on investing in cross-border buyouts. Its portfolio is weighted across different sectors, such as Technology, Business Services, Healthcare, Education, Financials, and others.
44GF Score

Get the complete analysis for LSE:ICGT

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

£13.96
Price
£0.59
GF Value