Demisas Dokum Emaye Mamullerinayi AS (IST:DMSAS) Beneish M-Score : -9.16 (As of Sep. 22, 2024)

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What is Demisas Dokum Emaye Mamullerinayi 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 -9.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Demisas Dokum Emaye Mamullerinayi AS's Beneish M-Score or its related term are showing as below:

IST:DMSAS' s Beneish M-Score Range Over the Past 10 Years
Min: -9.16 Med: -2.33 Max: 2
Current: -9.16

During the past 13 years, the highest Beneish M-Score of Demisas Dokum Emaye Mamullerinayi AS was 2.00. The lowest was -9.16. And the median was -2.33.

Demisas Dokum Emaye Mamullerinayi AS Beneish M-Score Historical Data

The historical data trend for Demisas Dokum Emaye Mamullerinayi 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.

* Premium members only.

Demisas Dokum Emaye Mamullerinayi AS Beneish M-Score Chart

Demisas Dokum Emaye Mamullerinayi AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.35

-2.41

-1.30

0.74

-9.16

Demisas Dokum Emaye Mamullerinayi AS Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															0.74	-1.05	-1.92	-2.46	-9.16

Competitive Comparison of Demisas Dokum Emaye Mamullerinayi AS's Beneish M-Score

For the Metal Fabrication subindustry, Demisas Dokum Emaye Mamullerinayi 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.

Demisas Dokum Emaye Mamullerinayi AS's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Demisas Dokum Emaye Mamullerinayi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Demisas Dokum Emaye Mamullerinayi AS's Beneish M-Score falls into.

Demisas Dokum Emaye Mamullerinayi 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 Demisas Dokum Emaye Mamullerinayi 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 * 0.8561

0.528 * -10.6681

0.404 * 0.3247

0.892 * 1.0404

0.115 * 3.1937

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.684

4.679 * -0.102794

0.327 * 0.9131

-9.16

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₺587 Mil.
Revenue was 1373.31 + 554.846 + 436.493 + 497.49 = ₺2,862 Mil.
Gross Profit was -38.003 + 121.261 + 44.3 + 41.363 = ₺169 Mil.
Total Current Assets was ₺1,156 Mil.
Total Assets was ₺2,292 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,100 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺59 Mil.
Selling, General, & Admin. Expense(SGA) was ₺86 Mil.
Total Current Liabilities was ₺1,379 Mil.
Long-Term Debt & Capital Lease Obligation was ₺108 Mil.
Net Income was 130.865 + 28.691 + -18.722 + -20.244 = ₺121 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 498.94 + -5.069 + -24.946 + -112.684 = ₺356 Mil.

Total Receivables was ₺659 Mil.
Revenue was 1617.777 + 423.493 + 400.541 + 309.293 = ₺2,751 Mil.
Gross Profit was -1859.566 + 47.803 + 44.611 + 34.993 = ₺-1,732 Mil.
Total Current Assets was ₺1,228 Mil.
Total Assets was ₺2,176 Mil.
Property, Plant and Equipment(Net PPE) was ₺840 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺165 Mil.
Selling, General, & Admin. Expense(SGA) was ₺121 Mil.
Total Current Liabilities was ₺1,537 Mil.
Long-Term Debt & Capital Lease Obligation was ₺9 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)
	=	(586.608 / 2862.139)	/	(658.614 / 2751.104)
	=	0.204954	/	0.2394
	=	0.8561

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)
	=	(-1732.159 / 2751.104)	/	(168.921 / 2862.139)
	=	-0.629623	/	0.059019
	=	-10.6681

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 - (1155.779 + 1099.972) / 2292.453)	/	(1 - (1228.411 + 840.053) / 2175.737)
	=	0.01601	/	0.049304
	=	0.3247

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
	=	2862.139	/	2751.104
	=	1.0404

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))
	=	(164.542 / (164.542 + 840.053))	/	(59.462 / (59.462 + 1099.972))
	=	0.163789	/	0.051285
	=	3.1937

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)
	=	(85.813 / 2862.139)	/	(120.595 / 2751.104)
	=	0.029982	/	0.043835
	=	0.684

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)
	=	((108.015 + 1379.394) / 2292.453)	/	((8.626 + 1537.387) / 2175.737)
	=	0.648829	/	0.71057
	=	0.9131

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
	=	(120.59 - 0	-	356.241)	/	2292.453
	=	-0.102794

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.

Demisas Dokum Emaye Mamullerinayi AS has a M-score of -9.16 suggests that the company is unlikely to be a manipulator.

Demisas Dokum Emaye Mamullerinayi AS Beneish M-Score Related Terms

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Demisas Dokum Emaye Mamullerinayi AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Demisas Dokum Emaye Mamulleri Sanayi AS (IST:DMSAS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Emek Mah Asiroglu Cad. Number 147, Darica, Kocaeli, TUR, 41700

Website

http://www.demisas.com.tr

Demisas Dokum Emaye Mamulleri Sanayi AS designs, engineers, and manufactures iron casting products in Turkey. It is involved in the processes of Core Making, Melting and Pouring, Moulding, Cleaning, and Machining. The company produces refrigerator compressor parts, automotive parts, security brake parts, and vehicle brake parts.

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