Anadolu Anonim Turk Sigorta Sirketi (IST:ANSGR) Beneish M-Score: -1.75 (As of Aug. 10, 2026)

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IST:ANSGR Anadolu Anonim Turk Sigorta Sirketi IST:ANSGR
65 GF Score
Price ₺28.60
GF Value ₺40.34
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Anadolu Anonim Turk Sigorta Sirketi Beneish M-Score?

Anadolu Anonim Turk Sigorta Sirketi IST:ANSGR +1.35% 65 Beneish M-Score is -1.75 as of Aug. 10, 2026. GuruFocus rates IST:ANSGR with a GF Score™ of 65/100 and a GF Value™ of ₺40.34 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 401 Insurance companies, Anadolu Anonim Turk Sigorta Sirketi ranks worse than 87.53% 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.

Warning Sign:

Beneish M-Score -1.75 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Anadolu Anonim Turk Sigorta Sirketi's Beneish M-Score or its related term are showing as below:

IST:ANSGR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -2.05   Max: -1.38
Current: -1.75

During the past 13 years, the highest Beneish M-Score of Anadolu Anonim Turk Sigorta Sirketi was -1.38. The lowest was -2.85. And the median was -2.05.

IST:ANSGR
65GF Score
Anadolu Anonim Turk Sigorta Sirketi IST:ANSGR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Anadolu Anonim Turk Sigorta Sirketi 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 Anadolu Anonim Turk Sigorta Sirketi 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 * 1.0579+0.528 * 1+0.404 * 1.001+0.892 * 1.5014+0.115 * 0.923
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1189+4.679 * 0.017908-0.327 * 0.48
=-1.75

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ₺25,655 Mil.
Revenue was 27740.552 + 24983.121 + 20718.278 + 17490.629 = ₺90,933 Mil.
Gross Profit was 27740.552 + 24983.121 + 20718.278 + 17490.629 = ₺90,933 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺128,693 Mil.
Property, Plant and Equipment(Net PPE) was ₺550 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺227 Mil.
Selling, General, & Admin. Expense(SGA) was ₺2,827 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺111 Mil.
Net Income was 4473.643 + 3737.266 + 3242.84 + 1977.496 = ₺13,431 Mil.
Non Operating Income was 2279.638 + 782.28 + 75.27 + 671.194 = ₺3,808 Mil.
Cash Flow from Operations was 9565.472 + -2742.951 + -101.868 + 597.566 = ₺7,318 Mil.
 Total Receivables was ₺16,152 Mil.
Revenue was 17676.976 + 15652.537 + 14218.048 + 13016.467 = ₺60,564 Mil.
Gross Profit was 17676.976 + 15652.537 + 14218.048 + 13016.467 = ₺60,564 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺89,268 Mil.
Property, Plant and Equipment(Net PPE) was ₺473 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺175 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,683 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺160 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)
=(25655.313 / 90932.58) / (16151.724 / 60564.028)
=0.282136 / 0.266688
=1.0579

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)
=(60564.028 / 60564.028) / (90932.58 / 90932.58)
=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 + 550.483) / 128693.25) / (1 - (0 + 473.21) / 89267.932)
=0.995723 / 0.994699
=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
=90932.58 / 60564.028
=1.5014

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))
=(174.921 / (174.921 + 473.21)) / (227.486 / (227.486 + 550.483))
=0.269885 / 0.29241
=0.923

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)
=(2827.377 / 90932.58) / (1682.986 / 60564.028)
=0.031093 / 0.027789
=1.1189

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)
=((110.985 + 0) / 128693.25) / ((160.364 + 0) / 89267.932)
=0.000862 / 0.001796
=0.48

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
=(13431.245 - 3808.382 - 7318.219) / 128693.25
=0.017908

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.

Anadolu Anonim Turk Sigorta Sirketi has a M-score of -1.75 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.75 mean?
Anadolu Anonim Turk Sigorta Sirketi (IST:ANSGR) has a Beneish M-Score of -1.75 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Anadolu Anonim Turk Sigorta Sirketi and its competitors. According to the industry distribution chart, Anadolu Anonim Turk Sigorta Sirketi ranks #351 out of 401 companies in the Insurance industry, placing it in the top 87.5%.
Is Anadolu Anonim Turk Sigorta Sirketi's Beneish M-Score too high?
Anadolu Anonim Turk Sigorta Sirketi's current Beneish M-Score is -1.75. Based on the distribution chart, Anadolu Anonim Turk Sigorta Sirketi ranks #351 out of 401 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Anadolu Anonim Turk Sigorta Sirketi has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Anadolu Anonim Turk Sigorta Sirketi's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Anadolu Anonim Turk Sigorta Sirketi ranks #351 out of 401 companies for Beneish M-Score. This places Anadolu Anonim Turk Sigorta Sirketi 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Anadolu Anonim Turk Sigorta Sirketi and its competitors. Anadolu Anonim Turk Sigorta Sirketi's current Beneish M-Score is -1.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anadolu Anonim Turk Sigorta Sirketi stock overvalued right now?
Based on GuruFocus' analysis, Anadolu Anonim Turk Sigorta Sirketi (IST:ANSGR) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺40.34, compared to a current price of ₺28.60 — trading 29.1% below its estimated fair value. The current Beneish M-Score is -1.75. Anadolu Anonim Turk Sigorta Sirketi's overall GF Score™ is 65/100 with 5 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 Anadolu Anonim Turk Sigorta Sirketi (IST:ANSGR), the current Beneish M-Score is -1.75 as of Aug. 10, 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 Anadolu Anonim Turk Sigorta Sirketi (IST:ANSGR) Overvalued in 2026?

Based on GuruFocus' analysis, Anadolu Anonim Turk Sigorta Sirketi stock appears to be undervalued. The current stock price of ₺28.60 is trading 29.1% below its estimated GF Value™ of ₺40.34. GuruFocus considers Anadolu Anonim Turk Sigorta Sirketi to be Modestly Undervalued.

Key valuation signals for IST:ANSGR:

  • Beneish M-Score: -1.75
  • GF Value™: ₺40.34 vs. price of ₺28.60 (29.1% below fair value)
  • GF Score™: 65/100 with 5 warning signs

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

Anadolu Anonim Turk Sigorta Sirketi Business Description

Address Ruzgarlibahce Mahallesi Kavak, Sokak No 31 34805 Kavacik /Istanbul, Anadolu Sigorta, Istanbul, TUR
Anadolu Anonim Turk Sigorta Sirketi is Turkish insurance company. The company offers health insurance, fire and natural disaster insurance and motor vehicle insurance. Insurance provided for fire and natural disasters covers material damages occurred due to fire, lightening, explosion or smoke, steam, and temperature resulted from fire, lightning, and explosion up to insurance policy limits. Motor vehicle insurance covers accident with the motorized or non-motorized vehicles which used in highways, crash with fixed or moving items, theft or attempted theft and burn. Health insurance covers treatment costs of illnesses or accidental injuries during the period of insurance. The company operates its business solely in Turkey. Most of the company's revenue consists of premium received.
65GF Score

Get the complete analysis for IST:ANSGR

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

₺28.60
Price
₺40.34
GF Value