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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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pandox AB's Beneish M-Score or its related term are showing as below:
PNDXF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.34 Max: -1.48
Current: -2.81
During the past 13 years, the highest Beneish M-Score of Pandox AB was -1.48. The lowest was -3.00. And the median was -2.34.
The historical data trend for Pandox AB'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.
PNDXF vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, Pandox AB'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.
Pandox AB Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Pandox AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pandox AB's Beneish M-Score falls into.
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 Pandox 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 * 0.6753
+
0.528 * 0.9118
+
0.404 * 0.9198
+
0.892 * 1.1978
+
0.115 * 0.8926
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0192
+
4.679 * -0.005615
-
0.327 * 1.1874
=
-2.78
* 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.
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.
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))
=
(30.528 / (30.528 + 1606.271))
/
(34.898 / (34.898 + 1635.332))
=
0.018651
/
0.020894
=
0.8926
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
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
=
(341.405 - 0
-
409.602)
/
12144.501
=
-0.005615
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.
Pandox AB has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Pandox AB (PNDXF) has a Beneish M-Score of -2.81 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pandox AB and its competitors. According to the industry distribution chart, Pandox AB ranks #377 out of 1677 companies in the Real Estate industry, placing it in the top 22.5%.
Is Pandox AB's Beneish M-Score too high?
Pandox AB's current Beneish M-Score is -2.81. Based on the distribution chart, Pandox AB ranks #377 out of 1677 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Pandox AB has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Pandox AB's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Pandox AB ranks #377 out of 1677 companies for Beneish M-Score. This places Pandox AB in the top 23% 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 Pandox AB and its competitors. Pandox AB's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pandox AB stock overvalued right now?
Pandox AB (PNDXF) has a current Beneish M-Score of -2.81. The stock's GF Value™ is $21.25, compared to a current price of $19.22 — trading 9.5% below its estimated fair value. The current Beneish M-Score is -2.81. Pandox AB's overall GF Score™ is 71/100 with 7 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 Pandox AB (PNDXF), the current Beneish M-Score is -2.81 as of Aug. 15, 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 Pandox AB (PNDXF) Overvalued in 2026?
Based on GuruFocus' analysis, Pandox AB stock appears to be undervalued.
The current stock price of $19.22 is trading 9.5% below its estimated GF Value™ of $21.25.
Key valuation signals for PNDXF:
Beneish M-Score: -2.81
GF Value™: $21.25 vs. price of $19.22 (9.5% below fair value)
No single metric tells the full story. See the PNDXF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pandox AB is a hotel property company focused on owning, developing, and leasing hotel properties to hotel operators, with its business concept based on long-term, revenue-based leases with guaranteed minimum levels. It also operates certain hotels itself as part of its ownership. Its activities include property management, property development, and portfolio optimisation, along with leasing hotel properties and operating hotels under its Own Operations segment. The Company operates through two main segments, namely Leases, which contributes the maximum revenue and is the core business with long-term revenue-based lease agreements, and Own Operations, where the Company operates hotels in its own properties. Geographically, Pandox has a presence across Europe.
71GF Score
Get the complete analysis for PNDXF
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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