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 * 0.8833 | + | 0.528 * 1 | + | 0.404 * 1.1283 | + | 0.892 * 2.2587 | + | 0.115 * 1.2319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8575 | + | 4.679 * -0.010435 | - | 0.327 * 1.1836 |
| = | -1.47 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₺15,346 Mil.
Revenue was 13016.467 + 10005.532 + 10629.572 + 10906.602 = ₺44,558 Mil.
Gross Profit was 13016.467 + 10005.532 + 10629.572 + 10906.602 = ₺44,558 Mil.
Total Current Assets was ₺37,118 Mil.
Total Assets was ₺66,477 Mil.
Property, Plant and Equipment(Net PPE) was ₺355 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺124 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,135 Mil.
Total Current Liabilities was ₺10,180 Mil.
Long-Term Debt & Capital Lease Obligation was ₺173 Mil.
Net Income was 2866.807 + 646.203 + 2660.1 + 3212.281 = ₺9,385 Mil.
Non Operating Income was 886.573 + 954.711 + 926.025 + 2877.568 = ₺5,645 Mil.
Cash Flow from Operations was 3495.9 + 1008.155 + -415.211 + 345.384 = ₺4,434 Mil.
|
Total Receivables was ₺7,692 Mil.
Revenue was 5651.007 + 5939.15 + 4628.585 + 3508.515 = ₺19,727 Mil.
Gross Profit was 5651.007 + 5939.15 + 4628.585 + 3508.515 = ₺19,727 Mil.
Total Current Assets was ₺20,887 Mil.
Total Assets was ₺34,441 Mil.
Property, Plant and Equipment(Net PPE) was ₺236 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺111 Mil.
Selling, General, & Admin. Expense(SGA) was ₺586 Mil.
Total Current Liabilities was ₺4,427 Mil.
Long-Term Debt & Capital Lease Obligation was ₺105 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) |
| = | (15346.149 / 44558.173) | / | (7691.999 / 19727.257) |
| = | 0.344407 | / | 0.389917 |
| | = | 0.8833 |
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) |
| = | (19727.257 / 19727.257) | / | (44558.173 / 44558.173) |
| = | 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 - (37118.165 + 355.053) / 66476.973) | / | (1 - (20886.568 + 236.273) / 34440.704) |
| = | 0.436298 | / | 0.38669 |
| | = | 1.1283 |
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 |
| = | 44558.173 | / | 19727.257 |
| | = | 2.2587 |
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)) |
| = | (111.013 / (111.013 + 236.273)) | / | (124.411 / (124.411 + 355.053)) |
| = | 0.319659 | / | 0.259479 |
| | = | 1.2319 |
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) |
| = | (1135.396 / 44558.173) | / | (586.172 / 19727.257) |
| = | 0.025481 | / | 0.029714 |
| | = | 0.8575 |
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) |
| = | ((173.196 + 10179.803) / 66476.973) | / | ((105.166 + 4426.567) / 34440.704) |
| = | 0.155738 | / | 0.131581 |
| | = | 1.1836 |
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 |
| = | (9385.391 - 5644.877 | - | 4434.228) | / | 66476.973 |
| | = | -0.010435 |
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 -1.47 signals that the company is likely to be a manipulator.
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