Pegasus Hava Tasimaciligi AS (IST:PGSUS) Beneish M-Score : -1.00 (As of Jun. 05, 2024)

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What is Pegasus Hava Tasimaciligi AS 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.

Warning Sign:

Beneish M-Score -1 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Pegasus Hava Tasimaciligi AS's Beneish M-Score or its related term are showing as below:

IST:PGSUS' s Beneish M-Score Range Over the Past 10 Years
Min: -15.1 Med: -2.4 Max: -0.61
Current: -1

During the past 12 years, the highest Beneish M-Score of Pegasus Hava Tasimaciligi AS was -0.61. The lowest was -15.10. And the median was -2.40.

Pegasus Hava Tasimaciligi AS Beneish M-Score Historical Data

The historical data trend for Pegasus Hava Tasimaciligi AS'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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Pegasus Hava Tasimaciligi AS Beneish M-Score Chart

Pegasus Hava Tasimaciligi AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-4.23

-15.10

-0.76

-1.79

Pegasus Hava Tasimaciligi AS Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.64	-2.02	-2.38	-1.79	-1.00

Competitive Comparison of Pegasus Hava Tasimaciligi AS's Beneish M-Score

For the Airlines subindustry, Pegasus Hava Tasimaciligi AS'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.

Pegasus Hava Tasimaciligi AS's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Pegasus Hava Tasimaciligi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pegasus Hava Tasimaciligi AS's Beneish M-Score falls into.

Pegasus Hava Tasimaciligi AS 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 Pegasus Hava Tasimaciligi AS 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 * 1.5454

0.528 * 1.2671

0.404 * 1.7727

0.892 * 1.6672

0.115 * 1.0569

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9864

4.679 * -0.02303

0.327 * 0.9121

-1.00

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₺2,946 Mil.
Revenue was 17390.801 + 18556.543 + 28072.54 + 15109.008 = ₺79,129 Mil.
Gross Profit was -561.76 + 1905.546 + 10763.776 + 3906.362 = ₺16,014 Mil.
Total Current Assets was ₺57,334 Mil.
Total Assets was ₺223,182 Mil.
Property, Plant and Equipment(Net PPE) was ₺133,598 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺9,095 Mil.
Selling, General, & Admin. Expense(SGA) was ₺2,202 Mil.
Total Current Liabilities was ₺50,073 Mil.
Long-Term Debt & Capital Lease Obligation was ₺106,808 Mil.
Net Income was -3500.974 + 11861.362 + 7719.239 + 1925.02 = ₺18,005 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 5147.653 + 1341.97 + 11460.936 + 5193.965 = ₺23,145 Mil.

Total Receivables was ₺1,143 Mil.
Revenue was 8793.441 + 12477.122 + 17840.091 + 8351 = ₺47,462 Mil.
Gross Profit was 242.716 + 3419.1 + 7752.551 + 756.286 = ₺12,171 Mil.
Total Current Assets was ₺25,526 Mil.
Total Assets was ₺102,625 Mil.
Property, Plant and Equipment(Net PPE) was ₺68,733 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺4,965 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,339 Mil.
Total Current Liabilities was ₺23,719 Mil.
Long-Term Debt & Capital Lease Obligation was ₺55,367 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)
	=	(2945.63 / 79128.892)	/	(1143.324 / 47461.654)
	=	0.037226	/	0.024089
	=	1.5454

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)
	=	(12170.653 / 47461.654)	/	(16013.924 / 79128.892)
	=	0.256431	/	0.202378
	=	1.2671

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 - (57334.194 + 133597.885) / 223182.371)	/	(1 - (25525.504 + 68733.498) / 102624.71)
	=	0.144502	/	0.081517
	=	1.7727

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
	=	79128.892	/	47461.654
	=	1.6672

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))
	=	(4964.789 / (4964.789 + 68733.498))	/	(9095.123 / (9095.123 + 133597.885))
	=	0.067366	/	0.063739
	=	1.0569

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)
	=	(2201.595 / 79128.892)	/	(1338.785 / 47461.654)
	=	0.027823	/	0.028208
	=	0.9864

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)
	=	((106807.701 + 50073.337) / 223182.371)	/	((55367.476 + 23718.552) / 102624.71)
	=	0.702928	/	0.770633
	=	0.9121

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
	=	(18004.647 - 0	-	23144.524)	/	223182.371
	=	-0.02303

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.

Pegasus Hava Tasimaciligi AS has a M-score of -1.00 signals that the company is likely to be a manipulator.

Pegasus Hava Tasimaciligi AS Beneish M-Score Related Terms

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Pegasus Hava Tasimaciligi AS (IST:PGSUS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Pegasus Hava Tasimaciligi AS (IST:PGSUS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Aeropark, Yeni?ehir Mahallesi, Osmanl? Bulvar?, No: 11/A, Kurtkoy-Pendik, Istanbul, TUR, 34912

Website

https://www.flypgs.com

Pegasus Hava Tasimaciligi AS is one of the leading airlines in Turkey. It provides domestic and international routes and focuses on providing high-frequency services on short- and medium-haul flights. Scheduled and chartered flights are offered, and the company generates additional revenues by providing ancillary services. In-flight beverages and food, excess baggage, reservation changes, seat selection, and other services are provided to customers at an extra charge. The company is managed as a single business unit, and resource-allocation decisions are based on the entire route network. Approximately half of the total revenue is derived from international scheduled flights. Destinations across Europe make up the majority of international flights.

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