Albaraka Turk Katilim Bankasi AS (IST:ALBRK) Beneish M-Score: -1.81 (As of Jul. 03, 2026)


IST:ALBRK Albaraka Turk Katilim Bankasi AS IST:ALBRK
37 GF Score
Price ₺8.25
GF Value ₺10.27
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Albaraka Turk Katilim Bankasi AS Beneish M-Score?

Albaraka Turk Katilim Bankasi AS IST:ALBRK +0.98% 37 Beneish M-Score is -1.81 as of Jul. 03, 2026. GuruFocus rates IST:ALBRK with a GF Score™ of 37/100 and a GF Value™ of ₺10.27 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Albaraka Turk Katilim Bankasi AS ranks worse than 93.92% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -1.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Albaraka Turk Katilim Bankasi AS's Beneish M-Score or its related term are showing as below:

IST:ALBRK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.33   Max: -0.4
Current: -1.81

During the past 13 years, the highest Beneish M-Score of Albaraka Turk Katilim Bankasi AS was -0.40. The lowest was -3.42. And the median was -2.33.

IST:ALBRK
37GF Score
Albaraka Turk Katilim Bankasi AS IST:ALBRK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Albaraka Turk Katilim Bankasi 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 Albaraka Turk Katilim Bankasi AS 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 * 1+0.528 * 1+0.404 * 1.001+0.892 * 1.5462+0.115 * 0.8596
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9976+4.679 * 0.042997-0.327 * 1.0095
=-1.81

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₺0 Mil.
Revenue was 5867.852 + 12726.578 + 4460.478 + 5277.72 = ₺28,333 Mil.
Gross Profit was 5867.852 + 12726.578 + 4460.478 + 5277.72 = ₺28,333 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺504,794 Mil.
Property, Plant and Equipment(Net PPE) was ₺6,520 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,303 Mil.
Selling, General, & Admin. Expense(SGA) was ₺879 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺148,324 Mil.
Net Income was 1338.629 + 3837.631 + 1506.325 + 1556.12 = ₺8,239 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 2902.607 + 2178.043 + -9625.585 + -8920.986 = ₺-13,466 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 3367.072 + 6808.797 + 4583.449 + 3564.881 = ₺18,324 Mil.
Gross Profit was 3367.072 + 6808.797 + 4583.449 + 3564.881 = ₺18,324 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺352,478 Mil.
Property, Plant and Equipment(Net PPE) was ₺4,890 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺817 Mil.
Selling, General, & Admin. Expense(SGA) was ₺570 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺102,596 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)
=(0 / 28332.628) / (0 / 18324.199)
=0 / 0
=1

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)
=(18324.199 / 18324.199) / (28332.628 / 28332.628)
=1 / 1
=1

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 - (0 + 6519.562) / 504793.978) / (1 - (0 + 4889.927) / 352478.359)
=0.987085 / 0.986127
=1.001

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
=28332.628 / 18324.199
=1.5462

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))
=(817.141 / (817.141 + 4889.927)) / (1303.063 / (1303.063 + 6519.562))
=0.143181 / 0.166576
=0.8596

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)
=(879.291 / 28332.628) / (570.06 / 18324.199)
=0.031035 / 0.03111
=0.9976

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)
=((148323.546 + 0) / 504793.978) / ((102595.75 + 0) / 352478.359)
=0.29383 / 0.29107
=1.0095

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
=(8238.705 - 0 - -13465.921) / 504793.978
=0.042997

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.

Albaraka Turk Katilim Bankasi AS has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.81 mean?
Albaraka Turk Katilim Bankasi AS (IST:ALBRK) has a Beneish M-Score of -1.81 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Albaraka Turk Katilim Bankasi AS and its competitors. According to the industry distribution chart, Albaraka Turk Katilim Bankasi AS ranks #1312 out of 1397 companies in the Banks industry, placing it in the top 93.9%.
Is Albaraka Turk Katilim Bankasi AS's Beneish M-Score too high?
Albaraka Turk Katilim Bankasi AS's current Beneish M-Score is -1.81. Based on the distribution chart, Albaraka Turk Katilim Bankasi AS ranks #1312 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Albaraka Turk Katilim Bankasi AS has a GF Score™ of 37/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Albaraka Turk Katilim Bankasi AS's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Albaraka Turk Katilim Bankasi AS ranks #1312 out of 1397 companies for Beneish M-Score. This places Albaraka Turk Katilim Bankasi AS in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Albaraka Turk Katilim Bankasi AS and its competitors. Albaraka Turk Katilim Bankasi AS's current Beneish M-Score is -1.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Albaraka Turk Katilim Bankasi AS stock overvalued right now?
Based on GuruFocus' analysis, Albaraka Turk Katilim Bankasi AS (IST:ALBRK) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺10.27, compared to a current price of ₺8.25 — trading 19.7% below its estimated fair value. The current Beneish M-Score is -1.81. Albaraka Turk Katilim Bankasi AS's overall GF Score™ is 37/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Albaraka Turk Katilim Bankasi AS (IST:ALBRK), the current Beneish M-Score is -1.81 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Albaraka Turk Katilim Bankasi AS (IST:ALBRK) Overvalued in 2026?

Based on GuruFocus' analysis, Albaraka Turk Katilim Bankasi AS stock appears to be undervalued. The current stock price of ₺8.25 is trading 19.7% below its estimated GF Value™ of ₺10.27. GuruFocus considers Albaraka Turk Katilim Bankasi AS to be Modestly Undervalued.

Key valuation signals for IST:ALBRK:

  • Beneish M-Score: -1.81
  • GF Value™: ₺10.27 vs. price of ₺8.25 (19.7% below fair value)
  • GF Score™: 37/100 with 3 warning signs

No single metric tells the full story. See the IST:ALBRK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Albaraka Turk Katilim Bankasi AS Business Description

Address Saray Mah, Dr. Adnan Buyukdeniz Cad. No: 6, Umraniye, Istanbul, TUR, 34768
Albaraka Turk Katilim Bankasi AS is a Turkey-based finance institution engaged in banking services such as current & participation accounts, vehicle financing, consumer financing, electronic fund transfer, safe deposit boxes, insurance, credit cards, and Internet banking & phone banking. The bank operates in Retail, Commercial & Corporate, and Treasury banking segments.
37GF Score

Get the complete analysis for IST:ALBRK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₺8.25
Price
₺10.27
GF Value