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The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 4.39 is strong.
Bulgarian Real Estate Fund REIT has a Altman Z-Score of 4.14, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Bulgarian Real Estate Fund REIT's Altman Z-Score or its related term are showing as below:
LTS:0I43'
s Altman Z-Score Range Over the Past 10 Years
Min: 2.28 Med: 4.78 Max: 9.97
Current: 4.39
During the past 13 years, Bulgarian Real Estate Fund REIT's highest Altman Z-Score was 9.97. The lowest was 2.28. And the median was 4.78.
Bulgarian Real Estate Fund REIT (LTS:0I43) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* 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 Altman Z-Score Chart
For the REIT - Diversified subindustry, Bulgarian Real Estate Fund REIT's Altman Z-Score, along with its competitors' market caps and Altman Z-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.
Bulgarian Real Estate Fund REIT Altman Z-Score vs REITs Industry
For the REITs industry and Real Estate sector, Bulgarian Real Estate Fund REIT's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Bulgarian Real Estate Fund REIT's Altman Z-Score falls into.
Bulgarian Real Estate Fund REIT Altman Z-Score Calculation
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Bulgarian Real Estate Fund REIT (LTS:0I43) has a Altman Z-Score of 4.14 as of Aug. 21, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Bulgarian Real Estate Fund REIT and its competitors. This is 13% below median its historical median of 4.78. Over the past decade, Bulgarian Real Estate Fund REIT's Altman Z-Score has ranged from 2.28 to 9.97. According to the industry distribution chart, Bulgarian Real Estate Fund REIT ranks #95 out of 721 companies in the REITs industry, placing it in the top 13.2%.
Is Bulgarian Real Estate Fund REIT's Altman Z-Score too high?
Bulgarian Real Estate Fund REIT's current Altman Z-Score of 4.14 is 13% below median its 10-year median of 4.78. Over the past 10 years, this metric has ranged from a low of 2.28 to a high of 9.97. The REITs industry median Altman Z-Score is 1.07. Bulgarian Real Estate Fund REIT's value of 4.14 is 286.9% above this industry median. Based on the distribution chart, Bulgarian Real Estate Fund REIT ranks #95 out of 721 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Bulgarian Real Estate Fund REIT has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Bulgarian Real Estate Fund REIT's Altman Z-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Bulgarian Real Estate Fund REIT ranks #95 out of 721 companies for Altman Z-Score. This places Bulgarian Real Estate Fund REIT in the top 13% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 1.07. Bulgarian Real Estate Fund REIT's value of 4.14 is 286.9% above this benchmark. Historically, Bulgarian Real Estate Fund REIT's own Altman Z-Score has ranged from 2.28 to 9.97 over the past decade. While the company's 10-year median is 4.78 vs. the industry median of 1.07, Bulgarian Real Estate Fund REIT has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a REITs company?
The median Altman Z-Score among REITs companies is 1.07, based on 721 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bulgarian Real Estate Fund REIT's current Altman Z-Score of 4.14 is 286.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Bulgarian Real Estate Fund REIT and its competitors. For the REITs industry, the median Altman Z-Score is 1.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bulgarian Real Estate Fund REIT's current Altman Z-Score is 4.14, which is 13% below median its own 10-year median of 4.78. 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?
Bulgarian Real Estate Fund REIT (LTS:0I43) has a current Altman Z-Score of 4.14. The stock's GF Value™ is лв19.25, compared to a current price of лв1.92 — trading 90% below its estimated fair value. The current Altman Z-Score is 4.14, which is 13% below median its 10-year median of 4.78 and 286.9% above the REITs industry median of 1.07. Bulgarian Real Estate Fund REIT's overall GF Score™ is 74/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Bulgarian Real Estate Fund REIT (LTS:0I43), the current Altman Z-Score is 4.14 as of Aug. 21, 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 (LTS:0I43) Overvalued in 2026?
Based on GuruFocus' analysis, Bulgarian Real Estate Fund REIT stock appears to be undervalued.
The current stock price of лв1.92 is trading 90% below its estimated GF Value™ of лв19.25.
Key valuation signals for LTS:0I43:
Altman Z-Score: 4.14 (13% below median its 10-year median of 4.78)
GF Value™: лв19.25 vs. price of лв1.92 (90% below fair value)
Industry Position: 286.9% above the REITs median (#95 of 721)
No single metric tells the full story. See the LTS:0I43 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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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