Erciyas Celik Borunayi Beneish M-Score Historical Data
The historical data trend for Erciyas Celik Borunayi'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.
Erciyas Celik Borunayi Beneish M-Score Chart
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Erciyas Celik Borunayi Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.41 |
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Erciyas Celik Borunayi Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-1.14 |
-1.21 |
-1.41 |
-1.48 |
-1.93 |
Competitive Comparison of Erciyas Celik Borunayi's Beneish M-Score
For the Steel subindustry, Erciyas Celik Borunayi'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.
Erciyas Celik Borunayi's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Erciyas Celik Borunayi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Erciyas Celik Borunayi's Beneish M-Score falls into.
Erciyas Celik Borunayi 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 Erciyas Celik Borunayi 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 * 1.2697 | + | 0.528 * 0.8786 | + | 0.404 * 0.5462 | + | 0.892 * 1.2223 | + | 0.115 * 0.6747 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1352 | + | 4.679 * 0.087184 | - | 0.327 * 0.9942 |
| = | -1.93 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₺6,124 Mil.
Revenue was 1908.544 + 1712.038 + 1855.658 + 2161.307 = ₺7,638 Mil.
Gross Profit was 382.127 + 355.148 + 371.883 + 381.245 = ₺1,490 Mil.
Total Current Assets was ₺7,575 Mil.
Total Assets was ₺11,439 Mil.
Property, Plant and Equipment(Net PPE) was ₺3,552 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺244 Mil.
Selling, General, & Admin. Expense(SGA) was ₺942 Mil.
Total Current Liabilities was ₺6,450 Mil.
Long-Term Debt & Capital Lease Obligation was ₺699 Mil.
Net Income was 17.166 + 33.426 + 69.466 + -15.561 = ₺104 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -166.96 + -306.11 + -53.731 + -365.964 = ₺-893 Mil.
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Total Receivables was ₺3,946 Mil.
Revenue was 2606.253 + 1639.447 + 1012.461 + 990.495 = ₺6,249 Mil.
Gross Profit was 391.099 + 315.356 + 126.966 + 237.896 = ₺1,071 Mil.
Total Current Assets was ₺5,083 Mil.
Total Assets was ₺8,203 Mil.
Property, Plant and Equipment(Net PPE) was ₺2,711 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺123 Mil.
Selling, General, & Admin. Expense(SGA) was ₺679 Mil.
Total Current Liabilities was ₺4,649 Mil.
Long-Term Debt & Capital Lease Obligation was ₺508 Mil.
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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) |
| = | (6123.875 / 7637.547) | / | (3946.056 / 6248.656) |
| = | 0.801812 | / | 0.631505 |
| | = | 1.2697 |
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) |
| = | (1071.317 / 6248.656) | / | (1490.403 / 7637.547) |
| = | 0.171448 | / | 0.195142 |
| | = | 0.8786 |
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 - (7575.34 + 3551.663) / 11438.618) | / | (1 - (5082.887 + 2711.065) / 8203.056) |
| = | 0.027242 | / | 0.049872 |
| | = | 0.5462 |
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 |
| = | 7637.547 | / | 6248.656 |
| | = | 1.2223 |
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)) |
| = | (123.038 / (123.038 + 2711.065)) | / | (244.241 / (244.241 + 3551.663)) |
| = | 0.043413 | / | 0.064343 |
| | = | 0.6747 |
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) |
| = | (941.729 / 7637.547) | / | (678.698 / 6248.656) |
| = | 0.123303 | / | 0.108615 |
| | = | 1.1352 |
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) |
| = | ((699.092 + 6450.195) / 11438.618) | / | ((508.223 + 4648.914) / 8203.056) |
| = | 0.625013 | / | 0.628685 |
| | = | 0.9942 |
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 |
| = | (104.497 - 0 | - | -892.765) | / | 11438.618 |
| | = | 0.087184 |
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.
Erciyas Celik Borunayi has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.
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