Phoenix Spree Deutschland (LSE:PSDL) Beneish M-Score: -2.28 (As of Jun. 25, 2026)


LSE:PSDL Phoenix Spree Deutschland Ltd LSE:PSDL
36 GF Score
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What is Phoenix Spree Deutschland Beneish M-Score?

Phoenix Spree Deutschland LSE:PSDL 36 Beneish M-Score is -2.28 as of Jun. 25, 2026. GuruFocus rates LSE:PSDL with a GF Score™ of 36/100. The stock has 3 warning signs investors should review. Among 1,681 Real Estate companies, Phoenix Spree Deutschland ranks worse than 55.44% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:PSDL' s Beneish M-Score Range Over the Past 10 Years
Min: -7.44   Med: -2.29   Max: -0.03
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Phoenix Spree Deutschland was -0.03. The lowest was -7.44. And the median was -2.29.

LSE:PSDL
36GF Score
Phoenix Spree Deutschland Ltd LSE:PSDL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Phoenix Spree Deutschland 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 Phoenix Spree Deutschland 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 * 0.9998+0.892 * 0.9519+0.115 * 3.8055
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.061+4.679 * -0.016697-0.327 * 0.9848
=-2.28

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was £0.00 Mil.
Revenue was £4.53 Mil.
Gross Profit was £4.53 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £513.02 Mil.
Property, Plant and Equipment(Net PPE) was £0.09 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.03 Mil.
Selling, General, & Admin. Expense(SGA) was £16.36 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £220.95 Mil.
Net Income was £-5.61 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £2.95 Mil.
 Total Receivables was £0.00 Mil.
Revenue was £4.76 Mil.
Gross Profit was £4.76 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £507.32 Mil.
Property, Plant and Equipment(Net PPE) was £0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.05 Mil.
Selling, General, & Admin. Expense(SGA) was £16.20 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £221.86 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 / 4.532) / (0 / 4.761)
=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)
=(4.761 / 4.761) / (4.532 / 4.532)
=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 + 0.088) / 513.022) / (1 - (0 + 0.007) / 507.323)
=0.999828 / 0.999986
=0.9998

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
=4.532 / 4.761
=0.9519

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))
=(0.046 / (0.046 + 0.007)) / (0.026 / (0.026 + 0.088))
=0.867925 / 0.22807
=3.8055

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)
=(16.36 / 4.532) / (16.199 / 4.761)
=3.609885 / 3.402436
=1.061

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)
=((220.951 + 0) / 513.022) / ((221.861 + 0) / 507.323)
=0.430685 / 0.437317
=0.9848

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
=(-5.612 - 0 - 2.954) / 513.022
=-0.016697

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.

Phoenix Spree Deutschland has a M-score of -2.28 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 -2.28 mean?
Phoenix Spree Deutschland (LSE:PSDL) has a Beneish M-Score of -2.28 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phoenix Spree Deutschland and its competitors. According to the industry distribution chart, Phoenix Spree Deutschland ranks #932 out of 1681 companies in the Real Estate industry, placing it in the top 55.4%.
Is Phoenix Spree Deutschland's Beneish M-Score too high?
Phoenix Spree Deutschland's current Beneish M-Score is -2.28. Based on the distribution chart, Phoenix Spree Deutschland ranks #932 out of 1681 companies in the Real Estate industry, which is below the industry midpoint. Overall, Phoenix Spree Deutschland has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Phoenix Spree Deutschland's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Phoenix Spree Deutschland ranks #932 out of 1681 companies for Beneish M-Score. This places Phoenix Spree Deutschland 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 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 Phoenix Spree Deutschland and its competitors. Phoenix Spree Deutschland's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phoenix Spree Deutschland stock overvalued right now?
Phoenix Spree Deutschland (LSE:PSDL) has a current Beneish M-Score of -2.28. The current Beneish M-Score is -2.28. Phoenix Spree Deutschland's overall GF Score™ is 36/100 with 3 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 Phoenix Spree Deutschland (LSE:PSDL), the current Beneish M-Score is -2.28 as of Jun. 25, 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.

Phoenix Spree Deutschland Business Description

Address IFC 5, Saint Helier, JEY, JE1 1ST
Phoenix Spree Deutschland Ltd is an investment trust. The Group invests in residential and commercial property in Berlin, Germany. The Group is mainly invested in the residential market in Berlin, supplemented with selective investments in commercial property. The majority of commercial property within the Portfolio is located within residential and mixed-use properties. It has two operating segments Investment property - Rental; and Investment property - Disposals. It generates majority of revenue from Investment property - Rental comprises properties held and operated for medium term rental purposes. These assets generate recurring rental income and are held for capital appreciation.
36GF Score

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