Intercapital Property Development REIT (WAR:ICD) Beneish M-Score: -3.31 (As of Jun. 27, 2026)

What is Intercapital Property Development REIT Beneish M-Score?

Intercapital Property Development REIT WAR:ICD 28 Beneish M-Score is -3.31 as of Jun. 27, 2026. GuruFocus rates WAR:ICD with a GF Score™ of 28/100 and a GF Value™ of zł0.59 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 764 REITs companies, Intercapital Property Development REIT ranks better than 93.59% 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.

Good Sign:

Beneish M-Score -3.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Intercapital Property Development REIT's Beneish M-Score or its related term are showing as below:

WAR:ICD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42 Med: -2 Max: 48.01
Current: -3.31

During the past 13 years, the highest Beneish M-Score of Intercapital Property Development REIT was 48.01. The lowest was -3.42. And the median was -2.00.

Intercapital Property Development REIT Beneish M-Score Related Terms

Intercapital Property Development REIT Beneish M-Score Historical Data

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The historical data trend for Intercapital Property Development REIT'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.

Intercapital Property Development REIT Beneish M-Score Chart

Intercapital Property Development REIT Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.51

0.04

5.51

-2.20

-1.87

Intercapital Property Development REIT Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.43	-1.88	19.15	-1.87	-3.31

WAR:ICD vs VICI, WPC, BNL: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Intercapital Property Development REIT'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.

Intercapital Property Development REIT Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Intercapital Property Development REIT's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Intercapital Property Development REIT's Beneish M-Score falls into.

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28GF Score

Intercapital Property Development REIT WAR:ICD

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Intercapital Property Development REIT 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 Intercapital Property Development REIT for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9738

0.528 * 0.9989

0.404 * 1.0318

0.892 * 0.3779

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.5652

4.679 * 0.001727

0.327 * 0.991

-3.30

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was zł1.70 Mil.
Revenue was 0 + -0.007 + 0.352 + 0.345 = zł0.69 Mil.
Gross Profit was 0 + 1.782 + -1.437 + 0.345 = zł0.69 Mil.
Total Current Assets was zł1.70 Mil.
Total Assets was zł59.06 Mil.
Property, Plant and Equipment(Net PPE) was zł10.59 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.16 Mil.
Total Current Liabilities was zł21.64 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was -0.255 + 3.481 + -0.242 + -2.126 = zł0.86 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -0.002 + 0.783 + -0.007 + -0.018 = zł0.76 Mil.

Total Receivables was zł4.63 Mil.
Revenue was 0 + 1.824 + 0 + 0.002 = zł1.83 Mil.
Gross Profit was 0 + 1.824 + 0 + 0 = zł1.82 Mil.
Total Current Assets was zł7.10 Mil.
Total Assets was zł112.47 Mil.
Property, Plant and Equipment(Net PPE) was zł19.06 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.16 Mil.
Total Current Liabilities was zł15.81 Mil.
Long-Term Debt & Capital Lease Obligation was zł25.78 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)
	=	(1.703 / 0.69)	/	(4.628 / 1.826)
	=	2.468116	/	2.534502
	=	0.9738

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)
	=	(1.824 / 1.826)	/	(0.69 / 0.69)
	=	0.998905	/	1
	=	0.9989

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 - (1.703 + 10.589) / 59.059)	/	(1 - (7.099 + 19.056) / 112.466)
	=	0.791869	/	0.767441
	=	1.0318

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
	=	0.69	/	1.826
	=	0.3779

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 + 19.056))	/	(0 / (0 + 10.589))
	=	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)
	=	(0.158 / 0.69)	/	(0.163 / 1.826)
	=	0.228986	/	0.089266
	=	2.5652

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 + 21.644) / 59.059)	/	((25.779 + 15.81) / 112.466)
	=	0.366481	/	0.369792
	=	0.991

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
	=	(0.858 - 0	-	0.756)	/	59.059
	=	0.001727

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.

Intercapital Property Development REIT has a M-score of -3.30 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 -3.31 mean?

Intercapital Property Development REIT (WAR:ICD) has a Beneish M-Score of -3.31 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Intercapital Property Development REIT and its competitors. According to the industry distribution chart, Intercapital Property Development REIT ranks #49 out of 764 companies in the REITs industry, placing it in the top 6.4%.

Is Intercapital Property Development REIT's Beneish M-Score too high?

Intercapital Property Development REIT's current Beneish M-Score is -3.31. Based on the distribution chart, Intercapital Property Development REIT ranks #49 out of 764 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Intercapital Property Development REIT has a GF Score™ of 28/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Intercapital Property Development REIT's Beneish M-Score compare to VICI and WPC?

According to the REITs industry distribution chart, Intercapital Property Development REIT ranks #49 out of 764 companies for Beneish M-Score. This places Intercapital Property Development REIT in the top 6% 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 REITs company?

A good Beneish M-Score depends on the REITs 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 Intercapital Property Development REIT and its competitors. Intercapital Property Development REIT's current Beneish M-Score is -3.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Intercapital Property Development REIT stock overvalued right now?

Based on GuruFocus' analysis, Intercapital Property Development REIT (WAR:ICD) is currently considered Significantly Overvalued. The stock's GF Value™ is zł0.59, compared to a current price of zł0.93 — trading 56.8% above its estimated fair value. The current Beneish M-Score is -3.31. Intercapital Property Development REIT's overall GF Score™ is 28/100 with 5 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 Intercapital Property Development REIT (WAR:ICD), the current Beneish M-Score is -3.31 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 Intercapital Property Development REIT (WAR:ICD) Overvalued in 2026?

Based on GuruFocus' analysis, Intercapital Property Development REIT stock appears to be overvalued. The current stock price of zł0.93 is trading 56.8% above its estimated GF Value™ of zł0.59. GuruFocus considers Intercapital Property Development REIT to be Significantly Overvalued.

Key valuation signals for WAR:ICD:

Beneish M-Score: -3.31
GF Value™: zł0.59 vs. price of zł0.93 (56.8% above fair value)
GF Score™: 28/100 with 5 warning signs

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

Intercapital Property Development REIT Business Description

Industry Real Estate REITs

Comparable Companies XBUL:LAND XBUL:XBT XBUL:FUES XBUL:BPF XBUL:FPP ASX:GMG VICI WPC BSP:HSRE11 ASX:SGP XPAR:COV ASX:CHC ASX:GPT MEX:FUNO11 LSE:LAND LSE:BLND ASX:MGR TSE:8972 XKLS:5235SS BNL

Other Exchanges ICPD:Bulgaria

Address 6 Dobrudzha Street, 1st Floor, Sofia, BGR, 1000

Website http://www.icpd.bg

Intercapital Property Development REIT is an investment company for real estate securitization. The company functions as a collective investment scheme for real estate investments, and its investment projects include Marina Cape and Grand Borovetz. Its operations are conducted throughout Bulgaria.

28GF Score

Get the complete analysis for WAR:ICD

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

zł0.93

Price

zł0.59

GF Value

View WAR:ICD Analysis

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