Deva Holding AS (IST:DEVA) Beneish M-Score : -3.13 (As of Mar. 27, 2025)

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What is Deva Holding 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 -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:DEVA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.33 Max: 0.1
Current: -3.13

During the past 13 years, the highest Beneish M-Score of Deva Holding AS was 0.10. The lowest was -3.13. And the median was -2.33.

Deva Holding AS Beneish M-Score Historical Data

The historical data trend for Deva Holding 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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Deva Holding AS Beneish M-Score Chart

Deva Holding AS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.15

-2.25

0.10

-2.20

-3.13

Deva Holding 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															-2.20	-0.87	-1.56	-1.75	-3.13

Competitive Comparison of Deva Holding AS's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Deva Holding 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.

Deva Holding AS's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Deva Holding AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Deva Holding AS's Beneish M-Score falls into.

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Deva Holding 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 Deva Holding 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 * 1.0175

0.528 * 1.0464

0.404 * 1.3389

0.892 * 0.9432

0.115 * 0.9298

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.092

4.679 * -0.16841

0.327 * 0.8798

-3.13

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₺4,947 Mil.
Revenue was 4490.299 + 3659.191 + 2826.213 + 3583.084 = ₺14,559 Mil.
Gross Profit was 1648.216 + 1488.336 + 1136.346 + 1523.192 = ₺5,796 Mil.
Total Current Assets was ₺12,285 Mil.
Total Assets was ₺29,729 Mil.
Property, Plant and Equipment(Net PPE) was ₺9,563 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,087 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,406 Mil.
Total Current Liabilities was ₺7,640 Mil.
Long-Term Debt & Capital Lease Obligation was ₺865 Mil.
Net Income was -160.279 + -266.747 + 867.325 + -379.626 = ₺61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 832.363 + 1512.942 + 1462.145 + 1259.924 = ₺5,067 Mil.

Total Receivables was ₺5,154 Mil.
Revenue was 5057.442 + 3587.366 + 3326.696 + 3464.213 = ₺15,436 Mil.
Gross Profit was 3532.828 + -155.85 + 1419.982 + 1633.293 = ₺6,430 Mil.
Total Current Assets was ₺16,624 Mil.
Total Assets was ₺32,404 Mil.
Property, Plant and Equipment(Net PPE) was ₺9,365 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺982 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,365 Mil.
Total Current Liabilities was ₺9,985 Mil.
Long-Term Debt & Capital Lease Obligation was ₺551 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)
	=	(4946.771 / 14558.787)	/	(5154.473 / 15435.717)
	=	0.339779	/	0.333932
	=	1.0175

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)
	=	(6430.253 / 15435.717)	/	(5796.09 / 14558.787)
	=	0.416583	/	0.398116
	=	1.0464

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 - (12285.353 + 9563.327) / 29729.321)	/	(1 - (16623.573 + 9365.254) / 32404.333)
	=	0.26508	/	0.197983
	=	1.3389

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
	=	14558.787	/	15435.717
	=	0.9432

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))
	=	(981.578 / (981.578 + 9365.254))	/	(1086.569 / (1086.569 + 9563.327))
	=	0.094867	/	0.102026
	=	0.9298

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)
	=	(1406.339 / 14558.787)	/	(1365.474 / 15435.717)
	=	0.096597	/	0.088462
	=	1.092

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)
	=	((864.926 + 7639.685) / 29729.321)	/	((551.386 + 9985.468) / 32404.333)
	=	0.286068	/	0.325168
	=	0.8798

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
	=	(60.673 - 0	-	5067.374)	/	29729.321
	=	-0.16841

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.

Deva Holding AS has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.

Deva Holding AS Beneish M-Score Related Terms

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Deva Holding AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Deva Holding AS (IST:DEVA) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Halkali Merkez Mahallesi, Basin Ekspres Caddesi No. 1, Kucukcekmece, Istanbul, TUR

Website

http://www.deva.com.tr

Deva Holding AS is a Turkey-based generic medicine manufacturer. It is engaged in manufacturing and marketing of medicinal products for human use and raw materials. The company also carries out the manufacturing of veterinary drugs, eau de cologne, and medical ampoules. It produces medicines for antineoplastic agents, cardiovascular system, dermatological products, nervous system, respiratory system, urogenital system, among others. It exports pharmaceuticals and pharmaceutical raw materials in countries including Switzerland, Germany, the Netherlands, the United Kingdom and others.

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