Ihlas Yayin Holding Beneish M-Score Historical Data
The historical data trend for Ihlas Yayin Holding'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.
Ihlas Yayin Holding Beneish M-Score Chart
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Ihlas Yayin Holding Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.98 |
0.24 |
5.46 |
-2.64 |
-2.98 |
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Ihlas Yayin Holding Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.64 |
-2.79 |
-2.31 |
-2.21 |
-2.98 |
Competitive Comparison of Ihlas Yayin Holding's Beneish M-Score
For the Publishing subindustry, Ihlas Yayin Holding'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.
Ihlas Yayin Holding's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Ihlas Yayin Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ihlas Yayin Holding's Beneish M-Score falls into.
Ihlas Yayin Holding 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 Ihlas Yayin Holding 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 * 0.9594 | + | 0.528 * 0.6439 | + | 0.404 * 1.1064 | + | 0.892 * 0.9634 | + | 0.115 * 0.8865 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3254 | + | 4.679 * -0.025835 | - | 0.327 * 1.2886 |
| = | -2.98 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₺743 Mil.
Revenue was 740.431 + 569.578 + 499.075 + 532.268 = ₺2,341 Mil.
Gross Profit was 107.309 + 72.459 + 70.394 + 27.593 = ₺278 Mil.
Total Current Assets was ₺1,155 Mil.
Total Assets was ₺5,005 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,341 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺142 Mil.
Selling, General, & Admin. Expense(SGA) was ₺258 Mil.
Total Current Liabilities was ₺661 Mil.
Long-Term Debt & Capital Lease Obligation was ₺126 Mil.
Net Income was 24.575 + -88.672 + -71.041 + -72.628 = ₺-208 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -13.005 + -65.236 + -38.714 + 38.495 = ₺-78 Mil.
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Total Receivables was ₺803 Mil.
Revenue was 802.426 + 630.784 + 559.164 + 437.838 = ₺2,430 Mil.
Gross Profit was 51.101 + 17.356 + 129.254 + -12.07 = ₺186 Mil.
Total Current Assets was ₺1,343 Mil.
Total Assets was ₺4,885 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,329 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺123 Mil.
Selling, General, & Admin. Expense(SGA) was ₺202 Mil.
Total Current Liabilities was ₺440 Mil.
Long-Term Debt & Capital Lease Obligation was ₺157 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) |
| = | (742.539 / 2341.352) | / | (803.348 / 2430.212) |
| = | 0.317141 | / | 0.330567 |
| | = | 0.9594 |
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) |
| = | (185.641 / 2430.212) | / | (277.755 / 2341.352) |
| = | 0.076389 | / | 0.11863 |
| | = | 0.6439 |
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 - (1155.252 + 1341.185) / 5005.062) | / | (1 - (1342.883 + 1329.102) / 4884.937) |
| = | 0.501218 | / | 0.453015 |
| | = | 1.1064 |
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 |
| = | 2341.352 | / | 2430.212 |
| | = | 0.9634 |
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)) |
| = | (123.386 / (123.386 + 1329.102)) | / | (142.137 / (142.137 + 1341.185)) |
| = | 0.084948 | / | 0.095823 |
| | = | 0.8865 |
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) |
| = | (258.02 / 2341.352) | / | (202.067 / 2430.212) |
| = | 0.110201 | / | 0.083148 |
| | = | 1.3254 |
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) |
| = | ((126.455 + 661.465) / 5005.062) | / | ((156.613 + 440.175) / 4884.937) |
| = | 0.157425 | / | 0.122169 |
| | = | 1.2886 |
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 |
| = | (-207.766 - 0 | - | -78.46) | / | 5005.062 |
| | = | -0.025835 |
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.
Ihlas Yayin Holding has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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