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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Mar. 2026, Bulgarian Real Estate Fund REIT has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Bulgarian Real Estate Fund REIT (XBUL:BREF) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Bulgarian Real Estate Fund REIT has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Bulgarian Real Estate Fund REIT Sloan Ratio % Related Terms
Bulgarian Real Estate Fund REIT Sloan Ratio % Historical Data
* 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.
Bulgarian Real Estate Fund REIT Sloan Ratio % Chart
For the REIT - Diversified subindustry, Bulgarian Real Estate Fund REIT's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Bulgarian Real Estate Fund REIT Sloan Ratio % vs REITs Industry
For the REITs industry and Real Estate sector, Bulgarian Real Estate Fund REIT's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Bulgarian Real Estate Fund REIT's Sloan Ratio % falls into.
Bulgarian Real Estate Fund REIT Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Bulgarian Real Estate Fund REIT's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 0.933 (Jun. 2025 ) + 0.975 (Sep. 2025 ) + 9.703 (Dec. 2025 ) + 0.943 (Mar. 2026 ) = €12.55 Mil.
Bulgarian Real Estate Fund REIT's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 1.382 (Jun. 2025 ) + 1.154 (Sep. 2025 ) + 0 (Dec. 2025 ) + 1.104 (Mar. 2026 ) = €3.64 Mil.
Bulgarian Real Estate Fund REIT's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -0.014 (Jun. 2025 ) + -0.516 (Sep. 2025 ) + 17.971 (Dec. 2025 ) + 2.293 (Mar. 2026 ) = €19.73 Mil.
* 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.
Bulgarian Real Estate Fund REIT (XBUL:BREF) has a Sloan Ratio % of 0.00% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Bulgarian Real Estate Fund REIT and its competitors.
Is Bulgarian Real Estate Fund REIT's Sloan Ratio % too high?
Bulgarian Real Estate Fund REIT's current Sloan Ratio % is 0.00%. Overall, Bulgarian Real Estate Fund REIT has a GF Score™ of 74/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bulgarian Real Estate Fund REIT's Sloan Ratio % compare to VICI and WPC?
Bulgarian Real Estate Fund REIT's Sloan Ratio % of 0.00% can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a REITs company?
A good Sloan Ratio % depends on the REITs industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Bulgarian Real Estate Fund REIT and its competitors. Bulgarian Real Estate Fund REIT's current Sloan Ratio % 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 Bulgarian Real Estate Fund REIT stock overvalued right now?
Based on GuruFocus' analysis, Bulgarian Real Estate Fund REIT (XBUL:BREF) is currently considered Possible Value Trap. The stock's GF Value™ is €15.96, compared to a current price of €2.62 — trading 83.6% below its estimated fair value. The current Sloan Ratio % is 0.00%. Bulgarian Real Estate Fund REIT's overall GF Score™ is 74/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Bulgarian Real Estate Fund REIT (XBUL:BREF), the current Sloan Ratio % is 0.00% as of Mar. 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 Bulgarian Real Estate Fund REIT (XBUL:BREF) Overvalued in 2026?
Based on GuruFocus' analysis, Bulgarian Real Estate Fund REIT stock appears to be undervalued.
The current stock price of €2.62 is trading 83.6% below its estimated GF Value™ of €15.96.
GuruFocus considers Bulgarian Real Estate Fund REIT to be Possible Value Trap.
Key valuation signals for XBUL:BREF:
Sloan Ratio %: 0.00%
GF Value™: €15.96 vs. price of €2.62 (83.6% below fair value)
No single metric tells the full story. See the XBUL:BREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bulgarian Real Estate Fund REIT Business Description
Bulgarian Real Estate Fund REIT is a special investment purpose joint-stock entity seated in the Republic of Bulgaria. The main activity of the fund is investing the cash funds raised through securities issuance in real property /securitization of real property/ through the purchase of ownership rights and other real rights over real property, carrying out construction and improvements therein for the purpose of making it available for management, renting, leasing and/or sale. Its investment objective is to achieve capital appreciation by means of diversified investments in business buildings, residential and other high-class properties, retail premises and agricultural land on the territory of Bulgaria.
74GF Score
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