Enka Insaat Venayi AS (IST:ENKAI) Beneish M-Score : -1.33 (As of May. 06, 2024)

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What is Enka Insaat Venayi 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.

Warning Sign:

Beneish M-Score -1.33 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IST:ENKAI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.3 Max: -1.26
Current: -1.33

During the past 13 years, the highest Beneish M-Score of Enka Insaat Venayi AS was -1.26. The lowest was -3.30. And the median was -2.30.

Enka Insaat Venayi AS Beneish M-Score Historical Data

The historical data trend for Enka Insaat Venayi 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.

Enka Insaat Venayi AS Beneish M-Score Chart

Enka Insaat Venayi AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.30

-1.84

-2.14

-1.28

-1.33

Enka Insaat Venayi 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															-1.28	-1.58	-1.66	-1.94	-1.33

Competitive Comparison of Enka Insaat Venayi AS's Beneish M-Score

For the Engineering & Construction subindustry, Enka Insaat Venayi 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.

Enka Insaat Venayi AS's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Enka Insaat Venayi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Enka Insaat Venayi AS's Beneish M-Score falls into.

Enka Insaat Venayi 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 Enka Insaat Venayi 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 * 1.7075

0.528 * 1.1236

0.404 * 0.8782

0.892 * 1.1506

0.115 * 1.1947

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -0.2769

4.679 * 0.013558

0.327 * 0.8715

-1.33

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₺12,536 Mil.
Revenue was 7779.129 + 24142.306 + 14891.117 + 17489.259 = ₺64,302 Mil.
Gross Profit was 855.735 + 5071.089 + 3777.194 + 3416.893 = ₺13,121 Mil.
Total Current Assets was ₺119,155 Mil.
Total Assets was ₺276,941 Mil.
Property, Plant and Equipment(Net PPE) was ₺39,724 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺3,011 Mil.
Selling, General, & Admin. Expense(SGA) was ₺-84 Mil.
Total Current Liabilities was ₺41,804 Mil.
Long-Term Debt & Capital Lease Obligation was ₺3,455 Mil.
Net Income was 4556.811 + 3737.831 + 2458.045 + 3814.024 = ₺14,567 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 2491.388 + 5109.89 + 4749.112 + -1538.398 = ₺10,812 Mil.

Total Receivables was ₺6,380 Mil.
Revenue was 10243.758 + 21595.439 + 12576.25 + 11469.542 = ₺55,885 Mil.
Gross Profit was 1952.635 + 4830.606 + 3320.124 + 2709.623 = ₺12,813 Mil.
Total Current Assets was ₺66,120 Mil.
Total Assets was ₺160,441 Mil.
Property, Plant and Equipment(Net PPE) was ₺16,442 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,511 Mil.
Selling, General, & Admin. Expense(SGA) was ₺265 Mil.
Total Current Liabilities was ₺27,708 Mil.
Long-Term Debt & Capital Lease Obligation was ₺2,378 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)
	=	(12535.649 / 64301.811)	/	(6380.417 / 55884.989)
	=	0.19495	/	0.11417
	=	1.7075

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)
	=	(12812.988 / 55884.989)	/	(13120.911 / 64301.811)
	=	0.229274	/	0.204052
	=	1.1236

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 - (119155.259 + 39724.034) / 276940.651)	/	(1 - (66120.108 + 16441.843) / 160441.43)
	=	0.426306	/	0.485408
	=	0.8782

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
	=	64301.811	/	55884.989
	=	1.1506

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))
	=	(1511.477 / (1511.477 + 16441.843))	/	(3011.439 / (3011.439 + 39724.034))
	=	0.084189	/	0.070467
	=	1.1947

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)
	=	(-84.336 / 64301.811)	/	(264.766 / 55884.989)
	=	-0.001312	/	0.004738
	=	-0.2769

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)
	=	((3454.92 + 41803.971) / 276940.651)	/	((2378.213 + 27708.118) / 160441.43)
	=	0.163425	/	0.187522
	=	0.8715

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
	=	(14566.711 - 0	-	10811.992)	/	276940.651
	=	0.013558

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.

Enka Insaat Venayi AS has a M-score of -1.33 signals that the company is likely to be a manipulator.

Enka Insaat Venayi AS Beneish M-Score Related Terms

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Enka Insaat Venayi AS (IST:ENKAI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Enka Insaat Ve Sanayi AS (IST:ENKAI) » Definitions » Beneish M-Score

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EKIVY:USA

Address

Balmumcu Mah., Zincirlikuyu Yolu No:10, Enka Binas? Besiktas, Istanbul, TUR, 34349

Website

https://www.enka.com

Enka Insaat Ve Sanayi AS provides a full range of design, engineering, construction, and project management services in various sectors. It creates power plants, production facilities, transportation systems, and other construction projects. If needed, the company will engineer and fabricate structures for installation and modularization. Enka Insaat Ve Sanayi has four operating segments: construction contracts; rental, trade and manufacturing; and energy (the majority of total revenue). Additional revenue is generated from aftermarket support and services, and the company utilizes a mix of traditional engineering disciplines to produce results. The company derives the majority of its revenue from Turkey, but the company does operate in various European nations.

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