Kartonsan Kartonnayi ve Ticaret AS (IST:KARTN) Beneish M-Score : 11.48 (As of May. 26, 2024)

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What is Kartonsan Kartonnayi ve Ticaret 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 11.48 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Kartonsan Kartonnayi ve Ticaret AS's Beneish M-Score or its related term are showing as below:

IST:KARTN' s Beneish M-Score Range Over the Past 10 Years
Min: -25.79 Med: -2.41 Max: 11.48
Current: 11.48

During the past 13 years, the highest Beneish M-Score of Kartonsan Kartonnayi ve Ticaret AS was 11.48. The lowest was -25.79. And the median was -2.41.

Kartonsan Kartonnayi ve Ticaret AS Beneish M-Score Historical Data

The historical data trend for Kartonsan Kartonnayi ve Ticaret 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.

* Premium members only.

Kartonsan Kartonnayi ve Ticaret AS Beneish M-Score Chart

Kartonsan Kartonnayi ve Ticaret AS Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.19

-2.12

-2.57

-2.14

-0.44

Kartonsan Kartonnayi ve Ticaret AS Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-1.00	-0.44	-1.69	-0.63	11.48

Competitive Comparison of Kartonsan Kartonnayi ve Ticaret AS's Beneish M-Score

For the Packaging & Containers subindustry, Kartonsan Kartonnayi ve Ticaret 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.

Kartonsan Kartonnayi ve Ticaret AS's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Kartonsan Kartonnayi ve Ticaret AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kartonsan Kartonnayi ve Ticaret AS's Beneish M-Score falls into.

Kartonsan Kartonnayi ve Ticaret 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 Kartonsan Kartonnayi ve Ticaret 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 * 1.2422

0.528 * 26.2277

0.404 * 2.9642

0.892 * 0.6717

0.115 * 0.9371

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7756

4.679 * 0.008118

0.327 * 0.9553

11.48

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₺195 Mil.
Revenue was 601.047 + 366.787 + 326.424 + 807.357 = ₺2,102 Mil.
Gross Profit was -18.779 + -53.907 + 72.015 + 25.007 = ₺24 Mil.
Total Current Assets was ₺895 Mil.
Total Assets was ₺1,599 Mil.
Property, Plant and Equipment(Net PPE) was ₺557 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺69 Mil.
Selling, General, & Admin. Expense(SGA) was ₺70 Mil.
Total Current Liabilities was ₺381 Mil.
Long-Term Debt & Capital Lease Obligation was ₺7 Mil.
Net Income was -44.127 + 45.929 + -49.055 + 38.499 = ₺-9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -103.566 + 119.669 + 74.21 + -112.051 = ₺-22 Mil.

Total Receivables was ₺234 Mil.
Revenue was 785.986 + 928.461 + 842.552 + 571.699 = ₺3,129 Mil.
Gross Profit was 144.012 + 308.336 + 313.704 + 184.187 = ₺950 Mil.
Total Current Assets was ₺1,422 Mil.
Total Assets was ₺1,899 Mil.
Property, Plant and Equipment(Net PPE) was ₺418 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺48 Mil.
Selling, General, & Admin. Expense(SGA) was ₺58 Mil.
Total Current Liabilities was ₺479 Mil.
Long-Term Debt & Capital Lease Obligation was ₺4 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)
	=	(195.395 / 2101.615)	/	(234.163 / 3128.698)
	=	0.092974	/	0.074844
	=	1.2422

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)
	=	(950.239 / 3128.698)	/	(24.336 / 2101.615)
	=	0.303717	/	0.01158
	=	26.2277

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 - (894.561 + 557.044) / 1599.464)	/	(1 - (1421.645 + 417.773) / 1898.629)
	=	0.092443	/	0.031186
	=	2.9642

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
	=	2101.615	/	3128.698
	=	0.6717

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))
	=	(48.078 / (48.078 + 417.773))	/	(68.943 / (68.943 + 557.044))
	=	0.103205	/	0.110135
	=	0.9371

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)
	=	(69.629 / 2101.615)	/	(58.379 / 3128.698)
	=	0.033131	/	0.018659
	=	1.7756

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)
	=	((7.181 + 381.456) / 1599.464)	/	((3.921 + 478.988) / 1898.629)
	=	0.24298	/	0.254346
	=	0.9553

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
	=	(-8.754 - 0	-	-21.738)	/	1599.464
	=	0.008118

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.

Kartonsan Kartonnayi ve Ticaret AS has a M-score of 11.48 signals that the company is likely to be a manipulator.

Kartonsan Kartonnayi ve Ticaret AS Beneish M-Score Related Terms

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Kartonsan Kartonnayi ve Ticaret AS (IST:KARTN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Kartonsan Karton Sanayi ve Ticaret AS (IST:KARTN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Prof. Dr. Bulent Tarcan Caddesi, No: 5 Pak Is Merkezi, Kat: 3, Gayrettepe, Istanbul, TUR, 34349

Website

https://www.kartonsan.com

Kartonsan Karton Sanayi ve Ticaret AS is a Turkey-based company engaged in producing and trading of coated cardboard from recycled paper. Business activity of the group is operated through Ukraine, Bulgaria, Spain, Greece, Portugal, and Italy. Its portfolio includes product such as Normprint, Exprint and Luxtriplex, Normprint is multi-coated grey-backside cardboard with a blade top coat, which is used as a packaging material; Exprint, used in all types of packaging and detailed graphic printing and Luxtriplex, multi-coated cardboard with white backside which is ideal for all types of packaging, especially for food, cosmetics, pharmaceuticals. Kartonsan derives revenue through the sale of the products.

Kartonsan Kartonnayi ve Ticaret AS (IST:KARTN) Headlines

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