Coeli Fastighet I AB (NGM:CF1PREFP2) Beneish M-Score: -1.82 (As of Jul. 21, 2026)

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NGM:CF1PREFP2 Coeli Fastighet I AB NGM:CF1PREFP2
22 GF Score
Price kr214.00
! 1 Warning Sign
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What is Coeli Fastighet I AB Beneish M-Score?

Coeli Fastighet I AB NGM:CF1PREFP2 22 Beneish M-Score is -1.82 as of Jul. 21, 2026. GuruFocus rates NGM:CF1PREFP2 with a GF Score™ of 22/100. The stock has 1 warning sign investors should review. Among 952 Asset Management companies, Coeli Fastighet I AB ranks worse than 65.02% 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 -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGM:CF1PREFP2' s Beneish M-Score Range Over the Past 10 Years
Min: -1.82   Med: -0.95   Max: 1.33
Current: -1.82

During the past 8 years, the highest Beneish M-Score of Coeli Fastighet I AB was 1.33. The lowest was -1.82. And the median was -0.95.

NGM:CF1PREFP2
22GF Score
Coeli Fastighet I AB NGM:CF1PREFP2
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Coeli Fastighet I AB 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 Coeli Fastighet I AB 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 * 0.9988+0.892 * 1.7636+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6353+4.679 * -0.018007-0.327 * 1.0015
=-1.82

* 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 kr0.00 Mil.
Revenue was kr13.95 Mil.
Gross Profit was kr13.95 Mil.
Total Current Assets was kr0.00 Mil.
Total Assets was kr557.49 Mil.
Property, Plant and Equipment(Net PPE) was kr19.69 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr22.00 Mil.
Total Current Liabilities was kr0.00 Mil.
Long-Term Debt & Capital Lease Obligation was kr177.96 Mil.
Net Income was kr-8.26 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr1.78 Mil.
 Total Receivables was kr0.00 Mil.
Revenue was kr7.91 Mil.
Gross Profit was kr7.91 Mil.
Total Current Assets was kr0.00 Mil.
Total Assets was kr576.17 Mil.
Property, Plant and Equipment(Net PPE) was kr19.69 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.00 Mil.
Selling, General, & Admin. Expense(SGA) was kr19.63 Mil.
Total Current Liabilities was kr0.00 Mil.
Long-Term Debt & Capital Lease Obligation was kr183.65 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 / 13.95) / (0 / 7.91)
=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)
=(7.91 / 7.91) / (13.95 / 13.95)
=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 + 19.692) / 557.491) / (1 - (0 + 19.692) / 576.171)
=0.964677 / 0.965823
=0.9988

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
=13.95 / 7.91
=1.7636

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 + 19.692)) / (0 / (0 + 19.692))
=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)
=(21.998 / 13.95) / (19.633 / 7.91)
=1.576918 / 2.482048
=0.6353

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)
=((177.964 + 0) / 557.491) / ((183.65 + 0) / 576.171)
=0.319223 / 0.318742
=1.0015

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
=(-8.261 - 0 - 1.778) / 557.491
=-0.018007

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.

Coeli Fastighet I AB has a M-score of -1.82 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 -1.82 mean?
Coeli Fastighet I AB (NGM:CF1PREFP2) has a Beneish M-Score of -1.82 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Coeli Fastighet I AB and its competitors. According to the industry distribution chart, Coeli Fastighet I AB ranks #619 out of 952 companies in the Asset Management industry, placing it in the top 65%.
Is Coeli Fastighet I AB's Beneish M-Score too high?
Coeli Fastighet I AB's current Beneish M-Score is -1.82. Based on the distribution chart, Coeli Fastighet I AB ranks #619 out of 952 companies in the Asset Management industry, which is below the industry midpoint. Overall, Coeli Fastighet I AB has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Coeli Fastighet I AB's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Coeli Fastighet I AB ranks #619 out of 952 companies for Beneish M-Score. This places Coeli Fastighet I AB 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 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 Coeli Fastighet I AB and its competitors. Coeli Fastighet I AB's current Beneish M-Score is -1.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Coeli Fastighet I AB stock overvalued right now?
Coeli Fastighet I AB (NGM:CF1PREFP2) has a current Beneish M-Score of -1.82. The current Beneish M-Score is -1.82. Coeli Fastighet I AB's overall GF Score™ is 22/100 with 1 warning sign 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 Coeli Fastighet I AB (NGM:CF1PREFP2), the current Beneish M-Score is -1.82 as of Jul. 21, 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.

Coeli Fastighet I AB Business Description

Address Sveavagen 24-26, Stockholm, SWE, 111 57
Coeli Fastighet I AB is an asset management firm. The company specializes in actively managed funds in equities, interest rates, hedge, real estate, and private equity.
22GF Score

Get the complete analysis for NGM:CF1PREFP2

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

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