Elkop Estonia SE (WAR:EKP) Beneish M-Score: 0.00 (As of Jul. 01, 2026)


WAR:EKP Elkop Estonia SE WAR:EKP
52 GF Score
Price zł1.90
GF Value zł1.04
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Elkop Estonia SE Beneish M-Score?

Elkop Estonia SE WAR:EKP 52 Beneish M-Score is 0.00 as of Jul. 01, 2026. GuruFocus rates WAR:EKP with a GF Score™ of 52/100 and a GF Value™ of zł1.04 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,682 Real Estate companies, Elkop Estonia SE ranks worse than 59452.97% 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.

The historical rank and industry rank for Elkop Estonia SE's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Elkop Estonia SE was 128.23. The lowest was -10.52. And the median was -2.26.

Elkop Estonia SE Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Elkop Estonia SE'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.

Elkop Estonia SE Beneish M-Score Chart

Elkop Estonia SE Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -10.02 -2.37 -2.13 -2.74 -2.35

Elkop Estonia SE Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Sep25 Dec25 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 -3.06 -3.34 128.23 0.00 0.00

WAR:EKP vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Elkop Estonia SE'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.

Elkop Estonia SE Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Elkop Estonia SE's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Elkop Estonia SE's Beneish M-Score falls into.


WAR:EKP
52GF Score
Elkop Estonia SE WAR:EKP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Elkop Estonia SE 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 Elkop Estonia SE 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Dec24) TTM:
Total Receivables was zł3.66 Mil.
Revenue was 0 + 0 + 0 + 0 = zł0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = zł0.00 Mil.
Total Current Assets was zł4.59 Mil.
Total Assets was zł4.59 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.07 Mil.
Total Current Liabilities was zł0.09 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.004 + -0.022 + -0.009 + 0 = zł-0.04 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.126 + 0.199 + 0.5 + 0 = zł0.57 Mil.
 Total Receivables was zł0.15 Mil.
Revenue was 0 + 0.666 + 4.628 + 4.964 = zł10.26 Mil.
Gross Profit was 0 + 0.657 + 2.61 + 2.046 = zł5.31 Mil.
Total Current Assets was zł0.19 Mil.
Total Assets was zł125.40 Mil.
Property, Plant and Equipment(Net PPE) was zł0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.07 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.86 Mil.
Total Current Liabilities was zł0.02 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
=(3.658 / 0) / (0.15 / 10.258)
= / 0.014623
=

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)
=(5.313 / 10.258) / (0 / 0)
=0.517937 /
=

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 - (4.591 + 0) / 4.591) / (1 - (0.186 + 0) / 125.402)
=0 / 0.998517
=

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
=0 / 10.258
=

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))
=(0.066 / (0.066 + 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)
=(0.066 / 0) / (1.863 / 10.258)
= / 0.181614
=

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 + 0.092) / 4.591) / ((0 + 0.02) / 125.402)
=0.020039 / 0.000159
=

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
=(-0.035 - 0 - 0.573) / 4.591
=-0.132433

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Elkop Estonia SE (WAR:EKP) has a Beneish M-Score of 0.00 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Elkop Estonia SE and its competitors. According to the industry distribution chart, Elkop Estonia SE ranks #999999 out of 1682 companies in the Real Estate industry.
Is Elkop Estonia SE's Beneish M-Score too high?
Elkop Estonia SE's current Beneish M-Score is 0.00. Based on the distribution chart, Elkop Estonia SE ranks #999999 out of 1682 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Elkop Estonia SE has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Elkop Estonia SE's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Elkop Estonia SE ranks #999999 out of 1682 companies for Beneish M-Score. This places Elkop Estonia SE 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 Elkop Estonia SE and its competitors. Elkop Estonia SE's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Elkop Estonia SE stock overvalued right now?
Based on GuruFocus' analysis, Elkop Estonia SE (WAR:EKP) is currently considered Significantly Overvalued. The stock's GF Value™ is zł1.04, compared to a current price of zł1.90 — trading 82.7% above its estimated fair value. The current Beneish M-Score is 0.00. Elkop Estonia SE's overall GF Score™ is 52/100 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 Elkop Estonia SE (WAR:EKP), the current Beneish M-Score is 0.00 as of Jul. 01, 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 Elkop Estonia SE (WAR:EKP) Overvalued in 2026?

Based on GuruFocus' analysis, Elkop Estonia SE stock appears to be overvalued. The current stock price of zł1.90 is trading 82.7% above its estimated GF Value™ of zł1.04. GuruFocus considers Elkop Estonia SE to be Significantly Overvalued.

Key valuation signals for WAR:EKP:

  • Beneish M-Score: 0.00
  • GF Value™: zł1.04 vs. price of zł1.90 (82.7% above fair value)
  • GF Score™: 52/100 with 1 warning sign

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

Elkop Estonia SE Business Description

Address Tornimae tn 5, Harju Maakond, Kesklinna linnaosa, Tallinn, EST, 10145
Elkop Estonia SE operates in the commercial real estate rental sector and owns office, production, warehouse, and retail spaces. Its registered activity in Estonia is the rental and management of its own or leased real estate.
52GF Score

Get the complete analysis for WAR:EKP

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

zł1.90
Price
zł1.04
GF Value