Hagag Group Real Estate Development (XTAE:HGG) Beneish M-Score: -1.73 (As of Aug. 02, 2026)

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XTAE:HGG Hagag Group Real Estate Development Ltd XTAE:HGG
70 GF Score
Price ₪21.68
GF Value ₪19.20
Valuation Modestly Overvalued
! 9 Warning Signs
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What is Hagag Group Real Estate Development Beneish M-Score?

Hagag Group Real Estate Development XTAE:HGG +1.17% 70 Beneish M-Score is -1.73 as of Aug. 02, 2026. GuruFocus rates XTAE:HGG with a GF Score™ of 70/100 and a GF Value™ of ₪19.20 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 1,678 Real Estate companies, Hagag Group Real Estate Development ranks worse than 75.33% 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.

Warning Sign:

Beneish M-Score -1.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XTAE:HGG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.49   Med: -1.39   Max: 0.95
Current: -1.73

During the past 13 years, the highest Beneish M-Score of Hagag Group Real Estate Development was 0.95. The lowest was -2.49. And the median was -1.39.

Hagag Group Real Estate Development Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hagag Group Real Estate Development'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.

Hagag Group Real Estate Development Beneish M-Score Chart

Hagag Group Real Estate Development 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 -0.92 -1.11 -0.65 -2.20 -1.69

Hagag Group Real Estate Development 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 -0.61 -1.45 -1.69 -1.73

XTAE:HGG vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Hagag Group Real Estate Development'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.

Hagag Group Real Estate Development Beneish M-Score vs Real Estate Industry

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

* The bar in red indicates where Hagag Group Real Estate Development's Beneish M-Score falls into.


XTAE:HGG
70GF Score
Hagag Group Real Estate Development Ltd XTAE:HGG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hagag Group Real Estate Development 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 Hagag Group Real Estate Development 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 * 0.9616+0.528 * 1.1953+0.404 * 1.531+0.892 * 0.9225+0.115 * 0.8578
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.7933+4.679 * 0.151894-0.327 * 1.05
=-1.73

* 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 ₪604.2 Mil.
Revenue was 175.221 + 101.016 + 63.701 + 90.298 = ₪430.2 Mil.
Gross Profit was 52.509 + 35.32 + 25.964 + 30.352 = ₪144.1 Mil.
Total Current Assets was ₪2,749.1 Mil.
Total Assets was ₪5,315.7 Mil.
Property, Plant and Equipment(Net PPE) was ₪172.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪6.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₪24.1 Mil.
Total Current Liabilities was ₪2,530.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₪1,085.6 Mil.
Net Income was 14.739 + 18.535 + 10.13 + 9.455 = ₪52.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was -54.327 + -73.021 + 228.125 + -855.342 = ₪-754.6 Mil.
 Total Receivables was ₪681.1 Mil.
Revenue was 133.599 + 104.428 + 114.977 + 113.356 = ₪466.4 Mil.
Gross Profit was 67.706 + 26.305 + 40.829 + 51.916 = ₪186.8 Mil.
Total Current Assets was ₪3,070.7 Mil.
Total Assets was ₪4,605.1 Mil.
Property, Plant and Equipment(Net PPE) was ₪179.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪6.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₪14.6 Mil.
Total Current Liabilities was ₪2,396.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₪586.5 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)
=(604.196 / 430.236) / (681.093 / 466.36)
=1.404336 / 1.460445
=0.9616

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)
=(186.756 / 466.36) / (144.145 / 430.236)
=0.400455 / 0.335037
=1.1953

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 - (2749.069 + 172.516) / 5315.694) / (1 - (3070.735 + 179.644) / 4605.084)
=0.450385 / 0.294176
=1.531

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
=430.236 / 466.36
=0.9225

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))
=(5.956 / (5.956 + 179.644)) / (6.705 / (6.705 + 172.516))
=0.032091 / 0.037412
=0.8578

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)
=(24.084 / 430.236) / (14.558 / 466.36)
=0.055979 / 0.031216
=1.7933

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)
=((1085.638 + 2530.303) / 5315.694) / ((586.521 + 2396.83) / 4605.084)
=0.680239 / 0.647839
=1.05

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
=(52.859 - 0 - -754.565) / 5315.694
=0.151894

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.

Hagag Group Real Estate Development has a M-score of -1.73 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 -1.73 mean?
Hagag Group Real Estate Development (XTAE:HGG) has a Beneish M-Score of -1.73 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hagag Group Real Estate Development and its competitors. According to the industry distribution chart, Hagag Group Real Estate Development ranks #1264 out of 1678 companies in the Real Estate industry, placing it in the top 75.3%.
Is Hagag Group Real Estate Development's Beneish M-Score too high?
Hagag Group Real Estate Development's current Beneish M-Score is -1.73. Based on the distribution chart, Hagag Group Real Estate Development ranks #1264 out of 1678 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Hagag Group Real Estate Development has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hagag Group Real Estate Development's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Hagag Group Real Estate Development ranks #1264 out of 1678 companies for Beneish M-Score. This places Hagag Group Real Estate Development 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 Hagag Group Real Estate Development and its competitors. Hagag Group Real Estate Development's current Beneish M-Score is -1.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hagag Group Real Estate Development stock overvalued right now?
Based on GuruFocus' analysis, Hagag Group Real Estate Development (XTAE:HGG) is currently considered Modestly Overvalued. The stock's GF Value™ is ₪19.20, compared to a current price of ₪21.68 — trading 12.9% above its estimated fair value. The current Beneish M-Score is -1.73. Hagag Group Real Estate Development's overall GF Score™ is 70/100 with 9 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 Hagag Group Real Estate Development (XTAE:HGG), the current Beneish M-Score is -1.73 as of Aug. 02, 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 Hagag Group Real Estate Development (XTAE:HGG) Overvalued in 2026?

Based on GuruFocus' analysis, Hagag Group Real Estate Development stock appears to be overvalued. The current stock price of ₪21.68 is trading 12.9% above its estimated GF Value™ of ₪19.20. GuruFocus considers Hagag Group Real Estate Development to be Modestly Overvalued.

Key valuation signals for XTAE:HGG:

  • Beneish M-Score: -1.73
  • GF Value™: ₪19.20 vs. price of ₪21.68 (12.9% above fair value)
  • GF Score™: 70/100 with 9 warning signs

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

Hagag Group Real Estate Development Business Description

Address 30 Ha\'arba\'a Street, Ha\'arba\'a Towers (Southern Tower), Tel Aviv, ISR, 67021
Hagag Group Real Estate Development Ltd. is engaged in the development, management and marketing of residential and commercial real estates. The company's projects include North Star - Meir Yaari 11, Master Piece - Netanya, Port TLV, H - Shadal, H-Tower Recital, Ha'gush Ha'gadol Einstein BLVD and H Bar Kohva Tower.
70GF Score

Get the complete analysis for XTAE:HGG

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

₪21.68
Price
₪19.20
GF Value