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Eksun Gida Tarimnayi ve Ticaret (IST:EKSUN) Beneish M-Score : -3.52 (As of Dec. 15, 2024)


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What is Eksun Gida Tarimnayi ve Ticaret 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 -3.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Eksun Gida Tarimnayi ve Ticaret's Beneish M-Score or its related term are showing as below:

IST:EKSUN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.89   Med: -1.97   Max: 4.83
Current: -3.52

During the past 5 years, the highest Beneish M-Score of Eksun Gida Tarimnayi ve Ticaret was 4.83. The lowest was -3.89. And the median was -1.97.


Eksun Gida Tarimnayi ve Ticaret Beneish M-Score Historical Data

The historical data trend for Eksun Gida Tarimnayi ve Ticaret'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.

Eksun Gida Tarimnayi ve Ticaret Beneish M-Score Chart

Eksun Gida Tarimnayi ve Ticaret Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - - 4.83

Eksun Gida Tarimnayi ve Ticaret Quarterly Data
Dec19 Dec20 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.95 4.83 -1.97 -3.89 -3.52

Competitive Comparison of Eksun Gida Tarimnayi ve Ticaret's Beneish M-Score

For the Packaged Foods subindustry, Eksun Gida Tarimnayi ve Ticaret'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.


Eksun Gida Tarimnayi ve Ticaret's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Eksun Gida Tarimnayi ve Ticaret's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Eksun Gida Tarimnayi ve Ticaret's Beneish M-Score falls into.



Eksun Gida Tarimnayi ve Ticaret 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 Eksun Gida Tarimnayi ve Ticaret 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 * 1.8098+0.528 * 0.9084+0.404 * 0.406+0.892 * 0.553+0.115 * 3.5587
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1638+4.679 * -0.291332-0.327 * 1.0067
=-3.52

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was ₺1,187 Mil.
Revenue was 2062.503 + 1924.23 + 2286.34 + -34.662 = ₺6,238 Mil.
Gross Profit was 116.732 + 177.691 + 219.111 + 38.903 = ₺552 Mil.
Total Current Assets was ₺3,878 Mil.
Total Assets was ₺4,574 Mil.
Property, Plant and Equipment(Net PPE) was ₺646 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺91 Mil.
Selling, General, & Admin. Expense(SGA) was ₺490 Mil.
Total Current Liabilities was ₺2,387 Mil.
Long-Term Debt & Capital Lease Obligation was ₺87 Mil.
Net Income was -146.423 + -128.303 + -126.272 + -82.027 = ₺-483 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -360.731 + 270.594 + -300.831 + 1240.357 = ₺849 Mil.
Total Receivables was ₺1,187 Mil.
Revenue was 2370.209 + 2238.261 + 1975.624 + 4697.781 = ₺11,282 Mil.
Gross Profit was 261.571 + 327.147 + 255.762 + 63.076 = ₺908 Mil.
Total Current Assets was ₺3,006 Mil.
Total Assets was ₺3,215 Mil.
Property, Plant and Equipment(Net PPE) was ₺123 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺96 Mil.
Selling, General, & Admin. Expense(SGA) was ₺761 Mil.
Total Current Liabilities was ₺1,692 Mil.
Long-Term Debt & Capital Lease Obligation was ₺35 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)
=(1187.488 / 6238.411) / (1186.591 / 11281.875)
=0.190351 / 0.105177
=1.8098

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)
=(907.556 / 11281.875) / (552.437 / 6238.411)
=0.080444 / 0.088554
=0.9084

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 - (3877.583 + 645.918) / 4573.52) / (1 - (3005.941 + 122.67) / 3215.222)
=0.010937 / 0.026938
=0.406

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
=6238.411 / 11281.875
=0.553

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))
=(96.37 / (96.37 + 122.67)) / (91.122 / (91.122 + 645.918))
=0.439965 / 0.123632
=3.5587

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)
=(489.626 / 6238.411) / (760.827 / 11281.875)
=0.078486 / 0.067438
=1.1638

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)
=((86.572 + 2386.864) / 4573.52) / ((35.362 + 1691.93) / 3215.222)
=0.540817 / 0.537223
=1.0067

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
=(-483.025 - 0 - 849.389) / 4573.52
=-0.291332

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.

Eksun Gida Tarimnayi ve Ticaret has a M-score of -3.52 suggests that the company is unlikely to be a manipulator.


Eksun Gida Tarimnayi ve Ticaret Beneish M-Score Related Terms

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Eksun Gida Tarimnayi ve Ticaret Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Ord. Prof. Fahrettin Kerim Gokay Cad. No: 36, Altunizade, Istanbul, TUR
Eksun Gida Tarim Sanayi ve Ticaret is a leading flour producer. The company is engaged in the buying and selling, exporting and transit trade of all kinds of flour and bakery products, as well as agricultural products.

Eksun Gida Tarimnayi ve Ticaret Headlines

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