Akenrji Elektrik Uretim AS (IST:AKENR) Beneish M-Score : -2.12 (As of Mar. 28, 2025)

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What is Akenrji Elektrik Uretim 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.

Good Sign:

Beneish M-Score -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:AKENR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.19 Med: -2.8 Max: 4.97
Current: -2.12

During the past 13 years, the highest Beneish M-Score of Akenrji Elektrik Uretim AS was 4.97. The lowest was -4.19. And the median was -2.80.

Akenrji Elektrik Uretim AS Beneish M-Score Historical Data

The historical data trend for Akenrji Elektrik Uretim 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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Akenrji Elektrik Uretim AS Beneish M-Score Chart

Akenrji Elektrik Uretim AS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.22

-1.83

4.97

-2.73

-2.12

Akenrji Elektrik Uretim AS Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-2.27	0.41	-0.01	-2.12

Competitive Comparison of Akenrji Elektrik Uretim AS's Beneish M-Score

For the Utilities - Regulated Electric subindustry, Akenrji Elektrik Uretim 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.

Akenrji Elektrik Uretim AS's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Akenrji Elektrik Uretim AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Akenrji Elektrik Uretim AS's Beneish M-Score falls into.

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Akenrji Elektrik Uretim 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 Akenrji Elektrik Uretim 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 * 0.7872

0.528 * 3.6391

0.404 * 1.688

0.892 * 0.7585

0.115 * 0.7511

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5862

4.679 * -0.158445

0.327 * 1.0944

-2.12

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₺704 Mil.
Revenue was 7381.165 + 7175.151 + 4550.866 + 5056.772 = ₺24,164 Mil.
Gross Profit was 156.55 + 275.153 + -5.483 + -0.696 = ₺426 Mil.
Total Current Assets was ₺3,158 Mil.
Total Assets was ₺34,755 Mil.
Property, Plant and Equipment(Net PPE) was ₺30,276 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2,062 Mil.
Selling, General, & Admin. Expense(SGA) was ₺182 Mil.
Total Current Liabilities was ₺3,904 Mil.
Long-Term Debt & Capital Lease Obligation was ₺16,583 Mil.
Net Income was -4284.235 + 279.998 + 462.952 + 171.294 = ₺-3,370 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 618.726 + 941.723 + 692.273 + -115.925 = ₺2,137 Mil.

Total Receivables was ₺1,179 Mil.
Revenue was 8158.714 + 7890.085 + 5896.167 + 9914.642 = ₺31,860 Mil.
Gross Profit was 448.165 + 538.185 + 637.566 + 417.777 = ₺2,042 Mil.
Total Current Assets was ₺3,648 Mil.
Total Assets was ₺46,129 Mil.
Property, Plant and Equipment(Net PPE) was ₺41,442 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2,085 Mil.
Selling, General, & Admin. Expense(SGA) was ₺151 Mil.
Total Current Liabilities was ₺11,873 Mil.
Long-Term Debt & Capital Lease Obligation was ₺12,971 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)
	=	(704.113 / 24163.954)	/	(1179.357 / 31859.608)
	=	0.029139	/	0.037017
	=	0.7872

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)
	=	(2041.693 / 31859.608)	/	(425.524 / 24163.954)
	=	0.064084	/	0.01761
	=	3.6391

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 - (3158.287 + 30276.258) / 34755.172)	/	(1 - (3648.463 + 41441.72) / 46128.535)
	=	0.037998	/	0.02251
	=	1.688

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
	=	24163.954	/	31859.608
	=	0.7585

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))
	=	(2084.809 / (2084.809 + 41441.72))	/	(2062.04 / (2062.04 + 30276.258))
	=	0.047897	/	0.063765
	=	0.7511

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)
	=	(181.903 / 24163.954)	/	(151.207 / 31859.608)
	=	0.007528	/	0.004746
	=	1.5862

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)
	=	((16582.528 + 3904.152) / 34755.172)	/	((12971.432 + 11872.978) / 46128.535)
	=	0.589457	/	0.538591
	=	1.0944

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
	=	(-3369.991 - 0	-	2136.797)	/	34755.172
	=	-0.158445

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.

Akenrji Elektrik Uretim AS has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

Akenrji Elektrik Uretim AS Beneish M-Score Related Terms

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Akenrji Elektrik Uretim AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » Akenrji Elektrik Uretim AS (IST:AKENR) » Definitions » Beneish M-Score

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Address

Miralay Sefik Bey Sokak No: 15, Akhan Kat: 3-4, Gumussuyu, Istanbul, TUR

Website

https://www.akenerji.com.tr

Akenrji Elektrik Uretim AS is the power generation company. It is principally engaged in the establishing, renting and operating facilities of electrical energy production plant, producing electricity and trading electricity to the customers. The company provides energy systems management and optimization; remote reading; and cogeneration and trigeneration.

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