GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS (IST:GRSEL) » Definitions » Beneish M-Score

Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS (IST:GRSEL) Beneish M-Score : -1.45 (As of Jun. 22, 2024)


View and export this data going back to 2022. Start your Free Trial

What is Gur-Sel Turizm Tasimacilik ve Servis Ticaret 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 -1.45 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS's Beneish M-Score or its related term are showing as below:

IST:GRSEL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.67   Med: -0.26   Max: 1.4
Current: -1.45

During the past 6 years, the highest Beneish M-Score of Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS was 1.40. The lowest was -1.67. And the median was -0.26.


Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS Beneish M-Score Historical Data

The historical data trend for Gur-Sel Turizm Tasimacilik ve Servis Ticaret 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.

Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS Beneish M-Score Chart

Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - - 1.40 -1.67

Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS Quarterly Data
Dec18 Dec19 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 Premium Member Only Premium Member Only 1.00 0.85 -0.26 -1.67 -1.45

Competitive Comparison of Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS's Beneish M-Score

For the Railroads subindustry, Gur-Sel Turizm Tasimacilik ve Servis Ticaret 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.


Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS's Beneish M-Score falls into.



Gur-Sel Turizm Tasimacilik ve Servis Ticaret 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 Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS 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 * 1.4746+0.528 * 0.6356+0.404 * 0.862+0.892 * 1.4526+0.115 * 0.5476
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2386+4.679 * 0.099595-0.327 * 0.7935
=-1.45

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₺1,158 Mil.
Revenue was 1678.515 + 2088.162 + 1030.763 + 724.148 = ₺5,522 Mil.
Gross Profit was 616.665 + 579.922 + 244.199 + 165.198 = ₺1,606 Mil.
Total Current Assets was ₺2,177 Mil.
Total Assets was ₺6,159 Mil.
Property, Plant and Equipment(Net PPE) was ₺2,769 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺-265 Mil.
Selling, General, & Admin. Expense(SGA) was ₺52 Mil.
Total Current Liabilities was ₺1,282 Mil.
Long-Term Debt & Capital Lease Obligation was ₺95 Mil.
Net Income was 430.624 + 743.337 + 129.699 + 133.697 = ₺1,437 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 431.82 + 52.707 + 424.062 + -84.59 = ₺824 Mil.
Total Receivables was ₺540 Mil.
Revenue was 1109.642 + 1896.253 + 502.398 + 292.79 = ₺3,801 Mil.
Gross Profit was 232.066 + 331.573 + 117.502 + 21.578 = ₺703 Mil.
Total Current Assets was ₺851 Mil.
Total Assets was ₺2,630 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,178 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺-65 Mil.
Selling, General, & Admin. Expense(SGA) was ₺29 Mil.
Total Current Liabilities was ₺652 Mil.
Long-Term Debt & Capital Lease Obligation was ₺89 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)
=(1157.733 / 5521.588) / (540.474 / 3801.083)
=0.209674 / 0.142189
=1.4746

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)
=(702.719 / 3801.083) / (1605.984 / 5521.588)
=0.184873 / 0.290855
=0.6356

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 - (2176.644 + 2769.436) / 6158.52) / (1 - (851.195 + 1178.304) / 2630.241)
=0.196872 / 0.228398
=0.862

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
=5521.588 / 3801.083
=1.4526

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))
=(-64.538 / (-64.538 + 1178.304)) / (-264.996 / (-264.996 + 2769.436))
=-0.057946 / -0.10581
=0.5476

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)
=(52.457 / 5521.588) / (29.155 / 3801.083)
=0.0095 / 0.00767
=1.2386

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)
=((95.165 + 1281.902) / 6158.52) / ((88.718 + 652.486) / 2630.241)
=0.223604 / 0.281801
=0.7935

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
=(1437.357 - 0 - 823.999) / 6158.52
=0.099595

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.

Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS has a M-score of -1.45 signals that the company is likely to be a manipulator.


Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS (IST:GRSEL) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Orta Mah. Bektas Sk. No:1, Kartal, Instanbul, TUR, 34880
Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS provides transportation solutions mainly for personnel and student transportation. Its offerings include Personnel Transportation, Student Transportation, Private Vip Transportation, Urban Transportation, and Intercity Transportation.

Gur-Sel Turizm Tasimacilik ve Servis Ticaret AS (IST:GRSEL) Headlines

No Headlines