GSD Holding AS Beneish M-Score Historical Data
The historical data trend for GSD Holding 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.
GSD Holding AS Beneish M-Score Chart
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GSD Holding AS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.14 |
4.14 |
-0.64 |
-2.27 |
-4.78 |
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GSD Holding AS Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-4.41 |
-4.28 |
-4.42 |
-4.78 |
Competitive Comparison of GSD Holding AS's Beneish M-Score
For the Marine Shipping subindustry, GSD Holding 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.
GSD Holding AS's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, GSD Holding AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GSD Holding AS's Beneish M-Score falls into.
GSD Holding 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 GSD Holding 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 * 0.6686 | + | 0.528 * 1.3178 | + | 0.404 * 0.709 | + | 0.892 * 0.7508 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 4.3278 | + | 4.679 * -0.274182 | - | 0.327 * 0.8874 |
| = | -4.78 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₺1,678 Mil.
Revenue was 799.822 + 445.633 + 318.838 + 293.024 = ₺1,857 Mil.
Gross Profit was 347.487 + 253.936 + 153.698 + 180.327 = ₺935 Mil.
Total Current Assets was ₺4,306 Mil.
Total Assets was ₺9,051 Mil.
Property, Plant and Equipment(Net PPE) was ₺4,733 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺109 Mil.
Total Current Liabilities was ₺1,322 Mil.
Long-Term Debt & Capital Lease Obligation was ₺616 Mil.
Net Income was -2086.006 + -35.127 + 324.002 + 117.857 = ₺-1,679 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 0 + -143.779 + 331.672 + 614.402 = ₺802 Mil.
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Total Receivables was ₺3,343 Mil.
Revenue was 1421.119 + 410.698 + 358.727 + 283.364 = ₺2,474 Mil.
Gross Profit was 868.51 + 303.844 + 264.597 + 205.051 = ₺1,642 Mil.
Total Current Assets was ₺7,100 Mil.
Total Assets was ₺10,911 Mil.
Property, Plant and Equipment(Net PPE) was ₺3,790 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0 Mil.
Selling, General, & Admin. Expense(SGA) was ₺34 Mil.
Total Current Liabilities was ₺1,845 Mil.
Long-Term Debt & Capital Lease Obligation was ₺787 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) |
| = | (1678.064 / 1857.317) | / | (3342.824 / 2473.908) |
| = | 0.903488 | / | 1.351232 |
| | = | 0.6686 |
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) |
| = | (1642.002 / 2473.908) | / | (935.448 / 1857.317) |
| = | 0.663728 | / | 0.503656 |
| | = | 1.3178 |
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 - (4305.59 + 4732.99) / 9050.799) | / | (1 - (7099.906 + 3789.988) / 10910.663) |
| = | 0.00135 | / | 0.001904 |
| | = | 0.709 |
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 |
| = | 1857.317 | / | 2473.908 |
| | = | 0.7508 |
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)) |
| = | (0 / (0 + 3789.988)) | / | (0 / (0 + 4732.99)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (109.229 / 1857.317) | / | (33.619 / 2473.908) |
| = | 0.05881 | / | 0.013589 |
| | = | 4.3278 |
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) |
| = | ((615.622 + 1321.973) / 9050.799) | / | ((787.496 + 1844.512) / 10910.663) |
| = | 0.21408 | / | 0.241233 |
| | = | 0.8874 |
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 |
| = | (-1679.274 - 0 | - | 802.295) | / | 9050.799 |
| | = | -0.274182 |
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.
GSD Holding AS has a M-score of -4.78 suggests that the company is unlikely to be a manipulator.
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