Phoenix Capital Holding AD (XBUL:PCH) Beneish M-Score: 0.00 (As of Jul. 04, 2026)


XBUL:PCH Phoenix Capital Holding AD XBUL:PCH
15 GF Score
Price €900.00
GF Value €1,495.81
Valuation Possible Value Trap
! 7 Warning Signs
View Full Analysis

What is Phoenix Capital Holding AD Beneish M-Score?

Phoenix Capital Holding AD XBUL:PCH 15 Beneish M-Score is 0.00 as of Jul. 04, 2026. GuruFocus rates XBUL:PCH with a GF Score™ of 15/100 and a GF Value™ of €1,495.81 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 1,680 Real Estate companies, Phoenix Capital Holding AD ranks worse than 59523.75% 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 Phoenix Capital Holding AD's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Phoenix Capital Holding AD was 239.96. The lowest was -47.51. And the median was 0.13.

Phoenix Capital Holding AD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Phoenix Capital Holding AD'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.

Phoenix Capital Holding AD Beneish M-Score Chart

Phoenix Capital Holding AD Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -5.82 0.70 2.44 -1.87 -2.44

Phoenix Capital Holding AD 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 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 -1.92 -2.21 -2.17 -2.44 0.00

XBUL:PCH vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Phoenix Capital Holding AD'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.

Phoenix Capital Holding AD Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Phoenix Capital Holding AD's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phoenix Capital Holding AD's Beneish M-Score falls into.


XBUL:PCH
15GF Score
Phoenix Capital Holding AD XBUL:PCH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Phoenix Capital Holding AD 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 Capital Holding AD 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 (Mar25) TTM:
Total Receivables was €7.19 Mil.
Revenue was 0.161 + -0.313 + 0.929 + 0.445 = €1.22 Mil.
Gross Profit was 0.161 + -0.313 + 0.929 + 0.445 = €1.22 Mil.
Total Current Assets was €15.05 Mil.
Total Assets was €33.91 Mil.
Property, Plant and Equipment(Net PPE) was €0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.07 Mil.
Total Current Liabilities was €3.36 Mil.
Long-Term Debt & Capital Lease Obligation was €15.98 Mil.
Net Income was 0.34 + 0.527 + 0.388 + 0.31 = €1.57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 0.279 + 1.561 + -0.508 + 0.788 = €2.12 Mil.
 Total Receivables was €0.00 Mil.
Revenue was 0.166 + 0.288 + 0.302 + 0.289 = €1.05 Mil.
Gross Profit was 0.166 + 0.288 + 0.302 + 0.289 = €1.05 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €0.00 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.00 Mil.
Selling, General, & Admin. Expense(SGA) was €0.06 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(7.185 / 1.222) / (0 / 1.045)
=5.879705 / 0
=

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)
=(1.045 / 1.045) / (1.222 / 1.222)
=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 - (15.054 + 0.005) / 33.913) / (1 - (0 + 0) / 0)
=0.555952 /
=

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
=1.222 / 1.045
=

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))
=(0.001 / (0.001 + 0)) / (0.003 / (0.003 + 0.005))
=1 / 0.375
=

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)
=(0.069 / 1.222) / (0.061 / 1.045)
=0.056465 / 0.058373
=

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)
=((15.979 + 3.361) / 33.913) / ((0 + 0) / 0)
=0.570283 /
=

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
=(1.565 - 0 - 2.12) / 33.913
=-0.016365

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?
Phoenix Capital Holding AD (XBUL:PCH) has a Beneish M-Score of 0.00 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phoenix Capital Holding AD and its competitors. According to the industry distribution chart, Phoenix Capital Holding AD ranks #999999 out of 1680 companies in the Real Estate industry.
Is Phoenix Capital Holding AD's Beneish M-Score too high?
Phoenix Capital Holding AD's current Beneish M-Score is 0.00. Based on the distribution chart, Phoenix Capital Holding AD ranks #999999 out of 1680 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Phoenix Capital Holding AD has a GF Score™ of 15/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Phoenix Capital Holding AD's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Phoenix Capital Holding AD ranks #999999 out of 1680 companies for Beneish M-Score. This places Phoenix Capital Holding AD 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 Capital Holding AD and its competitors. Phoenix Capital Holding AD'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 Phoenix Capital Holding AD stock overvalued right now?
Based on GuruFocus' analysis, Phoenix Capital Holding AD (XBUL:PCH) is currently considered Possible Value Trap. The stock's GF Value™ is €1,495.81, compared to a current price of €900.00 — trading 39.8% below its estimated fair value. The current Beneish M-Score is 0.00. Phoenix Capital Holding AD's overall GF Score™ is 15/100 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 Phoenix Capital Holding AD (XBUL:PCH), the current Beneish M-Score is 0.00 as of Jul. 04, 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 Phoenix Capital Holding AD (XBUL:PCH) Overvalued in 2026?

Based on GuruFocus' analysis, Phoenix Capital Holding AD stock appears to be undervalued. The current stock price of €900.00 is trading 39.8% below its estimated GF Value™ of €1,495.81. GuruFocus considers Phoenix Capital Holding AD to be Possible Value Trap.

Key valuation signals for XBUL:PCH:

  • Beneish M-Score: 0.00
  • GF Value™: €1,495.81 vs. price of €900.00 (39.8% below fair value)
  • GF Score™: 15/100 with 7 warning signs

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

Phoenix Capital Holding AD Business Description

Address 47A Tsarigradsko shose Boulevard, Floor 3, Sofia, BGR, 1124
Phoenix Capital Holding AD is engaged in the acquisition of real estate, its management (including rental and construction works and improvements) and sale of the property. The company focuses on residential properties, office buildings, and holiday properties and hotels.
15GF Score

Get the complete analysis for XBUL:PCH

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

€900.00
Price
€1,495.81
GF Value