Europap Tezol Kagit Beneish M-Score Historical Data
The historical data trend for Europap Tezol Kagit'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.
Europap Tezol Kagit Beneish M-Score Chart
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Europap Tezol Kagit Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.78 |
2.12 |
-1.04 |
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Europap Tezol Kagit Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.55 |
2.12 |
1.46 |
1.16 |
-1.04 |
Competitive Comparison of Europap Tezol Kagit's Beneish M-Score
For the Paper & Paper Products subindustry, Europap Tezol Kagit'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.
Europap Tezol Kagit's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Europap Tezol Kagit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Europap Tezol Kagit's Beneish M-Score falls into.
Europap Tezol Kagit 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 Europap Tezol Kagit 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 * 0.3528 | + | 0.528 * 1.7527 | + | 0.404 * 1.4383 | + | 0.892 * 3.1307 | + | 0.115 * 0.4481 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8924 | + | 4.679 * -0.110846 | - | 0.327 * 0.622 |
| = | -1.04 |
* 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 (Dec23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ₺551 Mil.
Revenue was 1530.765 + 718.883 + 713.729 + 2725.035 = ₺5,688 Mil.
Gross Profit was 144.666 + 227.376 + 194.87 + 345.278 = ₺912 Mil.
Total Current Assets was ₺1,964 Mil.
Total Assets was ₺4,159 Mil.
Property, Plant and Equipment(Net PPE) was ₺2,098 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺140 Mil.
Selling, General, & Admin. Expense(SGA) was ₺327 Mil.
Total Current Liabilities was ₺732 Mil.
Long-Term Debt & Capital Lease Obligation was ₺257 Mil.
Net Income was -488.216 + 210.974 + 239.817 + 235.241 = ₺198 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 256.743 + 224.283 + 0 + 177.782 = ₺659 Mil.
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Total Receivables was ₺499 Mil.
Revenue was 716.692 + 465.458 + 361.91 + 272.906 = ₺1,817 Mil.
Gross Profit was 209.005 + 131.886 + 102.848 + 66.931 = ₺511 Mil.
Total Current Assets was ₺1,311 Mil.
Total Assets was ₺1,801 Mil.
Property, Plant and Equipment(Net PPE) was ₺461 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺13 Mil.
Selling, General, & Admin. Expense(SGA) was ₺117 Mil.
Total Current Liabilities was ₺471 Mil.
Long-Term Debt & Capital Lease Obligation was ₺217 Mil.
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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) |
| = | (550.777 / 5688.412) | / | (498.715 / 1816.966) |
| = | 0.096824 | / | 0.274477 |
| | = | 0.3528 |
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) |
| = | (510.67 / 1816.966) | / | (912.19 / 5688.412) |
| = | 0.281056 | / | 0.160359 |
| | = | 1.7527 |
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 - (1963.759 + 2098.106) / 4158.85) | / | (1 - (1310.587 + 460.873) / 1800.655) |
| = | 0.02332 | / | 0.016214 |
| | = | 1.4383 |
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 |
| = | 5688.412 | / | 1816.966 |
| | = | 3.1307 |
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)) |
| = | (13.335 / (13.335 + 460.873)) | / | (140.476 / (140.476 + 2098.106)) |
| = | 0.028121 | / | 0.062752 |
| | = | 0.4481 |
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) |
| = | (326.784 / 5688.412) | / | (116.969 / 1816.966) |
| = | 0.057447 | / | 0.064376 |
| | = | 0.8924 |
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) |
| = | ((257.127 + 732.009) / 4158.85) | / | ((217.461 + 471.086) / 1800.655) |
| = | 0.237839 | / | 0.382387 |
| | = | 0.622 |
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 |
| = | (197.816 - 0 | - | 658.808) | / | 4158.85 |
| | = | -0.110846 |
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.
Europap Tezol Kagit has a M-score of -1.04 signals that the company is likely to be a manipulator.
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