Ktesios Real Estate SOCIMI (XLIS:MLKTS) Beneish M-Score : -2.10 (As of Jun. 22, 2024)

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What is Ktesios Real Estate SOCIMI Beneish M-Score?

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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ktesios Real Estate SOCIMI's Beneish M-Score or its related term are showing as below:

XLIS:MLKTS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.1 Med: -1.86 Max: -0.61
Current: -2.1

During the past 5 years, the highest Beneish M-Score of Ktesios Real Estate SOCIMI was -0.61. The lowest was -2.10. And the median was -1.86.

Ktesios Real Estate SOCIMI Beneish M-Score Historical Data

The historical data trend for Ktesios Real Estate SOCIMI'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.

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Ktesios Real Estate SOCIMI Beneish M-Score Chart

Ktesios Real Estate SOCIMI Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-0.61

-1.86

-2.10

Ktesios Real Estate SOCIMI Semi-Annual Data
	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-0.61	-	-1.86	-	-2.10

Competitive Comparison of Ktesios Real Estate SOCIMI's Beneish M-Score

For the REIT - Residential subindustry, Ktesios Real Estate SOCIMI'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.

Ktesios Real Estate SOCIMI's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Ktesios Real Estate SOCIMI's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ktesios Real Estate SOCIMI's Beneish M-Score falls into.

Ktesios Real Estate SOCIMI 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 Ktesios Real Estate SOCIMI 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 * 0.7131

0.528 * 1.0892

0.404 * 1.3166

0.892 * 1.5803

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9081

4.679 * -0.008018

0.327 * 1.075

-2.10

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €0.95 Mil.
Revenue was €1.78 Mil.
Gross Profit was €1.55 Mil.
Total Current Assets was €1.59 Mil.
Total Assets was €34.67 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.15 Mil.
Selling, General, & Admin. Expense(SGA) was €0.97 Mil.
Total Current Liabilities was €2.92 Mil.
Long-Term Debt & Capital Lease Obligation was €5.33 Mil.
Net Income was €-1.03 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €-0.75 Mil.

Total Receivables was €0.84 Mil.
Revenue was €1.13 Mil.
Gross Profit was €1.07 Mil.
Total Current Assets was €5.74 Mil.
Total Assets was €20.86 Mil.
Property, Plant and Equipment(Net PPE) was €0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.11 Mil.
Selling, General, & Admin. Expense(SGA) was €0.68 Mil.
Total Current Liabilities was €1.32 Mil.
Long-Term Debt & Capital Lease Obligation was €3.30 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)
	=	(0.95 / 1.781)	/	(0.843 / 1.127)
	=	0.533408	/	0.748004
	=	0.7131

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)
	=	(1.069 / 1.127)	/	(1.551 / 1.781)
	=	0.948536	/	0.870859
	=	1.0892

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 - (1.586 + 0) / 34.67)	/	(1 - (5.739 + 0) / 20.855)
	=	0.954254	/	0.724814
	=	1.3166

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
	=	1.781	/	1.127
	=	1.5803

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))
	=	(0.108 / (0.108 + 0))	/	(0.153 / (0.153 + 0))
	=	1	/	1
	=	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)
	=	(0.973 / 1.781)	/	(0.678 / 1.127)
	=	0.546322	/	0.601597
	=	0.9081

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)
	=	((5.333 + 2.92) / 34.67)	/	((3.296 + 1.322) / 20.855)
	=	0.238044	/	0.221434
	=	1.075

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
	=	(-1.025 - 0	-	-0.747)	/	34.67
	=	-0.008018

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.

Ktesios Real Estate SOCIMI has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.

Ktesios Real Estate SOCIMI Beneish M-Score Related Terms

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Ktesios Real Estate SOCIMI (XLIS:MLKTS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Ktesios Real Estate SOCIMI SA (XLIS:MLKTS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Calle Sagasta Street 15, 7th Floor Left, Madrid, ESP, 28004

Website

https://www.ktesios-socimi.es

Ktesios Real Estate SOCIMI SA is a classic real estate company, specializing in investing at discounted prices in residential assets for long-term rent, located in small municipalities in Spain and Portugal with a favorable economic environment. It aims to professionalize the sector by investing in such locations and by offering quality housing at affordable rents, offering to all types of investors a sustainable and stable investment.

Ktesios Real Estate SOCIMI (XLIS:MLKTS) Headlines

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