Dap Gayrimenkul Gelistirme Anonim Sirketi (IST:DAPGM) Beneish M-Score : -2.39 (As of Apr. 08, 2025)

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What is Dap Gayrimenkul Gelistirme Anonim Sirketi 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dap Gayrimenkul Gelistirme Anonim Sirketi's Beneish M-Score or its related term are showing as below:

IST:DAPGM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39 Med: 0.52 Max: 5.31
Current: -2.39

During the past 8 years, the highest Beneish M-Score of Dap Gayrimenkul Gelistirme Anonim Sirketi was 5.31. The lowest was -2.39. And the median was 0.52.

Dap Gayrimenkul Gelistirme Anonim Sirketi Beneish M-Score Historical Data

The historical data trend for Dap Gayrimenkul Gelistirme Anonim Sirketi'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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Dap Gayrimenkul Gelistirme Anonim Sirketi Beneish M-Score Chart

Dap Gayrimenkul Gelistirme Anonim Sirketi Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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0.89

5.31

0.15

-2.39

Dap Gayrimenkul Gelistirme Anonim Sirketi Quarterly Data
	Dec17	Dec18	Dec19	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															0.15	-0.29	0.06	1.95	-2.39

Competitive Comparison of Dap Gayrimenkul Gelistirme Anonim Sirketi's Beneish M-Score

For the Real Estate - Development subindustry, Dap Gayrimenkul Gelistirme Anonim Sirketi'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.

Dap Gayrimenkul Gelistirme Anonim Sirketi's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Dap Gayrimenkul Gelistirme Anonim Sirketi's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dap Gayrimenkul Gelistirme Anonim Sirketi's Beneish M-Score falls into.

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Dap Gayrimenkul Gelistirme Anonim 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 Dap Gayrimenkul Gelistirme Anonim Sirketi 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 * 1.3124

0.528 * 0.8391

0.404 * 1.1051

0.892 * 0.6494

0.115 * 0.2833

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4694

4.679 * 0.017309

0.327 * 0.7808

-2.39

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₺5,356 Mil.
Revenue was 1767.843 + 2204.555 + 1098.78 + 1369.412 = ₺6,441 Mil.
Gross Profit was 1442.184 + 1648.052 + 896.952 + 1063.983 = ₺5,051 Mil.
Total Current Assets was ₺9,173 Mil.
Total Assets was ₺22,913 Mil.
Property, Plant and Equipment(Net PPE) was ₺95 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺32 Mil.
Selling, General, & Admin. Expense(SGA) was ₺111 Mil.
Total Current Liabilities was ₺4,783 Mil.
Long-Term Debt & Capital Lease Obligation was ₺1,233 Mil.
Net Income was 25.185 + 255.032 + 393.609 + 100.847 = ₺775 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 161.247 + 280.357 + -69.392 + 5.855 = ₺378 Mil.

Total Receivables was ₺6,285 Mil.
Revenue was 3255.451 + 3397.175 + 2315.345 + 950.269 = ₺9,918 Mil.
Gross Profit was 2442.56 + 2265.656 + 1231.359 + 587.528 = ₺6,527 Mil.
Total Current Assets was ₺9,900 Mil.
Total Assets was ₺22,126 Mil.
Property, Plant and Equipment(Net PPE) was ₺302 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺23 Mil.
Selling, General, & Admin. Expense(SGA) was ₺365 Mil.
Total Current Liabilities was ₺5,329 Mil.
Long-Term Debt & Capital Lease Obligation was ₺2,110 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)
	=	(5356.459 / 6440.59)	/	(6285.215 / 9918.24)
	=	0.831672	/	0.633703
	=	1.3124

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)
	=	(6527.103 / 9918.24)	/	(5051.171 / 6440.59)
	=	0.658091	/	0.784271
	=	0.8391

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 - (9172.984 + 94.732) / 22913.333)	/	(1 - (9900.342 + 302.339) / 22125.583)
	=	0.595532	/	0.538874
	=	1.1051

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
	=	6440.59	/	9918.24
	=	0.6494

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))
	=	(23.189 / (23.189 + 302.339))	/	(31.823 / (31.823 + 94.732))
	=	0.071235	/	0.251456
	=	0.2833

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)
	=	(111.386 / 6440.59)	/	(365.446 / 9918.24)
	=	0.017294	/	0.036846
	=	0.4694

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)
	=	((1233.111 + 4782.719) / 22913.333)	/	((2110.255 + 5329.189) / 22125.583)
	=	0.262547	/	0.336237
	=	0.7808

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
	=	(774.673 - 0	-	378.067)	/	22913.333
	=	0.017309

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.

Dap Gayrimenkul Gelistirme Anonim Sirketi has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.

Dap Gayrimenkul Gelistirme Anonim Sirketi Beneish M-Score Related Terms

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Dap Gayrimenkul Gelistirme Anonim Sirketi Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Dap Gayrimenkul Gelistirme Anonim Sirketi (IST:DAPGM) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Zeytindali Street, No 16 Block B Maltepe, Altaycesme Neighborhood, Istanbul, TUR

Website

https://www.dapgayrimenkulgelistirme.com.tr

Dap Gayrimenkul Gelistirme Anonim Sirketi is engaged in the business of real estate sector. Its projects comprise residences, offices, trade and business centers, holiday resorts, hotels, schools, and private hospitals.

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