Otto Holding AS (IST:OTTO) Beneish M-Score : 25.39 (As of Jun. 03, 2024)

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What is Otto Holding 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 25.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IST:OTTO' s Beneish M-Score Range Over the Past 10 Years
Min: 1.54 Med: 15.27 Max: 33.81
Current: 25.39

During the past 8 years, the highest Beneish M-Score of Otto Holding AS was 33.81. The lowest was 1.54. And the median was 15.27.

Otto Holding AS Beneish M-Score Historical Data

The historical data trend for Otto Holding 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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Otto Holding AS Beneish M-Score Chart

Otto Holding AS Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec20

Dec21

Dec22

Beneish M-Score

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1.54

Otto Holding AS Quarterly Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-	1.54	5.14	33.81	25.39

Competitive Comparison of Otto Holding AS's Beneish M-Score

For the Asset Management subindustry, Otto Holding 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.

Otto Holding AS's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Otto Holding AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Otto Holding AS's Beneish M-Score falls into.

Otto Holding 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 Otto Holding 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 * 0.4565

0.528 * 0.6605

0.404 * 0.646

0.892 * 30.7009

0.115 * 1.1487

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0828

4.679 * 0.407501

0.327 * 0.6359

25.39

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₺58.3 Mil.
Revenue was 22.64 + 46.949 + 19.856 + 26.85 = ₺116.3 Mil.
Gross Profit was 12.013 + 27.437 + 12.556 + 21.709 = ₺73.7 Mil.
Total Current Assets was ₺119.4 Mil.
Total Assets was ₺293.9 Mil.
Property, Plant and Equipment(Net PPE) was ₺0.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₺5.8 Mil.
Total Current Liabilities was ₺62.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.9 Mil.
Net Income was 7.118 + 11.306 + 7.837 + 66.69 = ₺93.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.0 Mil.
Cash Flow from Operations was -1.223 + -72.705 + -0.702 + 47.798 = ₺-26.8 Mil.

Total Receivables was ₺4.2 Mil.
Revenue was 1.422 + 0 + 2.366 + 0 = ₺3.8 Mil.
Gross Profit was 1.114 + -0.773 + 1.067 + 0.178 = ₺1.6 Mil.
Total Current Assets was ₺4.4 Mil.
Total Assets was ₺55.0 Mil.
Property, Plant and Equipment(Net PPE) was ₺0.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺-1.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺2.3 Mil.
Total Current Liabilities was ₺16.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₺2.1 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)
	=	(58.32 / 116.295)	/	(4.161 / 3.788)
	=	0.501483	/	1.098469
	=	0.4565

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)
	=	(1.586 / 3.788)	/	(73.715 / 116.295)
	=	0.418691	/	0.633862
	=	0.6605

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 - (119.411 + 0.15) / 293.945)	/	(1 - (4.412 + 0.078) / 55.032)
	=	0.593254	/	0.918411
	=	0.646

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
	=	116.295	/	3.788
	=	30.7009

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))
	=	(-1.011 / (-1.011 + 0.078))	/	(2.498 / (2.498 + 0.15))
	=	1.083601	/	0.943353
	=	1.1487

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)
	=	(5.752 / 116.295)	/	(2.263 / 3.788)
	=	0.04946	/	0.597413
	=	0.0828

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)
	=	((0.856 + 62.816) / 293.945)	/	((2.138 + 16.607) / 55.032)
	=	0.216612	/	0.34062
	=	0.6359

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
	=	(92.951 - 0	-	-26.832)	/	293.945
	=	0.407501

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.

Otto Holding AS has a M-score of 25.39 signals that the company is likely to be a manipulator.

Otto Holding AS Beneish M-Score Related Terms

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Otto Holding AS (IST:OTTO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Otto Holding AS (IST:OTTO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Levent Neighbourhood Yosun St. No:8, Besiktas, Istanbul, TUR

Website

https://www.ottoholding.com.tr

Otto Holding AS is an investment company that brings traditional markets together with new-generation investments, It undertakes the responsibility of making investments that will benefit our shareholders while protecting the securities and transparency of the markets. The company transforms its experience in media, entertainment and other sectors into measurable financial values with technology-oriented investments in fields of activity such as artificial intelligence (AI), augmented reality (AR), financial technologies (Fintech), gaming (Gaming), and electric vehicles (Electrification).

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