CTP NV (XPRA:CTP) Beneish M-Score: -1.95 (As of Jul. 03, 2026)

What is CTP NV Beneish M-Score?

CTP NV XPRA:CTP +3.41% 93 Beneish M-Score is -1.95 as of Jul. 03, 2026. GuruFocus rates XPRA:CTP with a GF Score™ of 93/100 and a GF Value™ of Kč461.41 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 1,681 Real Estate companies, CTP NV ranks worse than 69.19% 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPRA:CTP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.3 Med: -2.04 Max: -0.6
Current: -1.95

During the past 8 years, the highest Beneish M-Score of CTP NV was -0.60. The lowest was -2.30. And the median was -2.04.

CTP NV Beneish M-Score Related Terms

CTP NV Beneish M-Score Historical Data

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The historical data trend for CTP NV'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.

CTP NV Beneish M-Score Chart

CTP NV Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.04

-1.69

-1.12

-1.97

-2.18

CTP NV 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															-2.22	-2.26	-2.21	-2.18	-1.95

CTP NV Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, CTP NV'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.

CTP NV Beneish M-Score vs Real Estate Industry

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

* The bar in red indicates where CTP NV's Beneish M-Score falls into.

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93GF Score

CTP NV XPRA:CTP

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

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CTP NV 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 CTP NV 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 * 1.2262

0.528 * 0.982

0.404 * 1.0671

0.892 * 1.0887

0.115 * 0.985

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.039616

0.327 * 0.9383

-1.97

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Kč9,437 Mil.
Revenue was 6156.645 + 6764.369 + 5875.094 + 5741.376 = Kč24,537 Mil.
Gross Profit was 5003.038 + 5005.972 + 4774.122 + 4812.222 = Kč19,595 Mil.
Total Current Assets was Kč27,863 Mil.
Total Assets was Kč495,614 Mil.
Property, Plant and Equipment(Net PPE) was Kč6,907 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč431 Mil.
Selling, General, & Admin. Expense(SGA) was Kč0 Mil.
Total Current Liabilities was Kč30,595 Mil.
Long-Term Debt & Capital Lease Obligation was Kč207,622 Mil.
Net Income was 5193.676 + 5311.569 + 5772.791 + 10670.363 = Kč26,948 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Kč0 Mil.
Cash Flow from Operations was -1102.281 + 1649.254 + 3624.436 + 3142.726 = Kč7,314 Mil.

Total Receivables was Kč7,069 Mil.
Revenue was 5532.983 + 6632.63 + 5126.647 + 5246.074 = Kč22,538 Mil.
Gross Profit was 4574.967 + 4684.075 + 4171.044 + 4244.461 = Kč17,675 Mil.
Total Current Assets was Kč54,217 Mil.
Total Assets was Kč470,036 Mil.
Property, Plant and Equipment(Net PPE) was Kč6,228 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč383 Mil.
Selling, General, & Admin. Expense(SGA) was Kč0 Mil.
Total Current Liabilities was Kč33,293 Mil.
Long-Term Debt & Capital Lease Obligation was Kč207,474 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)
	=	(9436.605 / 24537.484)	/	(7068.812 / 22538.334)
	=	0.384579	/	0.313635
	=	1.2262

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)
	=	(17674.547 / 22538.334)	/	(19595.354 / 24537.484)
	=	0.784199	/	0.798589
	=	0.982

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 - (27862.547 + 6906.979) / 495613.6)	/	(1 - (54216.735 + 6228.358) / 470035.953)
	=	0.929845	/	0.871403
	=	1.0671

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
	=	24537.484	/	22538.334
	=	1.0887

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))
	=	(382.63 / (382.63 + 6228.358))	/	(431.193 / (431.193 + 6906.979))
	=	0.057878	/	0.05876
	=	0.985

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 / 24537.484)	/	(0 / 22538.334)
	=	0	/	0
	=	1

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)
	=	((207622.409 + 30595.031) / 495613.6)	/	((207474.374 + 33292.952) / 470035.953)
	=	0.480652	/	0.512232
	=	0.9383

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
	=	(26948.399 - 0	-	7314.135)	/	495613.6
	=	0.039616

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.

CTP NV has a M-score of -1.97 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 -1.95 mean?

CTP NV (XPRA:CTP) has a Beneish M-Score of -1.95 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CTP NV and its competitors. According to the industry distribution chart, CTP NV ranks #1163 out of 1681 companies in the Real Estate industry, placing it in the top 69.2%.

Is CTP NV's Beneish M-Score too high?

CTP NV's current Beneish M-Score is -1.95. Based on the distribution chart, CTP NV ranks #1163 out of 1681 companies in the Real Estate industry, which is below the industry midpoint. Overall, CTP NV has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does CTP NV's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, CTP NV ranks #1163 out of 1681 companies for Beneish M-Score. This places CTP NV 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 CTP NV and its competitors. CTP NV's current Beneish M-Score is -1.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CTP NV stock overvalued right now?

Based on GuruFocus' analysis, CTP NV (XPRA:CTP) is currently considered Modestly Undervalued. The stock's GF Value™ is Kč461.41, compared to a current price of Kč400.40 — trading 13.2% below its estimated fair value. The current Beneish M-Score is -1.95. CTP NV's overall GF Score™ is 93/100 with 8 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 CTP NV (XPRA:CTP), the current Beneish M-Score is -1.95 as of Jul. 03, 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 CTP NV (XPRA:CTP) Overvalued in 2026?

Based on GuruFocus' analysis, CTP NV stock appears to be undervalued. The current stock price of Kč400.40 is trading 13.2% below its estimated GF Value™ of Kč461.41. GuruFocus considers CTP NV to be Modestly Undervalued.

Key valuation signals for XPRA:CTP:

Beneish M-Score: -1.95
GF Value™: Kč461.41 vs. price of Kč400.40 (13.2% below fair value)
GF Score™: 93/100 with 8 warning signs

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

CTP NV Business Description

Industry Real Estate Real Estate

Comparable Companies XAMS:AGIL HKSE:00016 DFM:EMAAR HKSE:01109 STC:VHM HKSE:01113 ADX:ALDAR TSE:1925 HKSE:00688 BOM:532868 DFM:EMAARDEV SGX:H78 HKSE:00083 BOM:543287 SZSE:001979 SHSE:600048 SHSE:600895 HKSE:00004 BOM:533273 ISX:PANI

Other Exchanges CTPNV:Netherlands CTPNVa:UK 3YZ:Germany

Address Apollolaan 151, Amsterdam, NH, NLD, 1077

Website https://www.ctp.eu

CTP NV is the full-service commercial real estate developer managing and delivering custom-built, high-tech business parks throughout Central and Eastern Europe, the Netherlands, Austria and Germany A vast majority of its revenue is earned through rental income. The Group reports operating segments based on geographical segmentation: the Czech Republic, Romania, Hungary, Slovakia, the Netherlands, Germany, Poland, and other markets.

93GF Score

Get the complete analysis for XPRA:CTP

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

Kč400.40

Price

Kč461.41

GF Value

View XPRA:CTP Analysis

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