Info Yatirim Menkul Degerler AS (IST:INFO) Beneish M-Score : -3.05 (As of Jun. 15, 2024)

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What is Info Yatirim Menkul Degerler 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.

Good Sign:

Beneish M-Score -3.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Info Yatirim Menkul Degerler AS's Beneish M-Score or its related term are showing as below:

IST:INFO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: 0.82 Max: 75.61
Current: -3.05

During the past 13 years, the highest Beneish M-Score of Info Yatirim Menkul Degerler AS was 75.61. The lowest was -3.05. And the median was 0.82.

Info Yatirim Menkul Degerler AS Beneish M-Score Historical Data

The historical data trend for Info Yatirim Menkul Degerler 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.

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Info Yatirim Menkul Degerler AS Beneish M-Score Chart

Info Yatirim Menkul Degerler AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.92

75.61

-1.79

2.97

-3.05

Info Yatirim Menkul Degerler 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															2.97	1.40	-1.83	-1.35	-3.05

Competitive Comparison of Info Yatirim Menkul Degerler AS's Beneish M-Score

For the Capital Markets subindustry, Info Yatirim Menkul Degerler 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.

Info Yatirim Menkul Degerler AS's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Info Yatirim Menkul Degerler AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Info Yatirim Menkul Degerler AS's Beneish M-Score falls into.

Info Yatirim Menkul Degerler 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 Info Yatirim Menkul Degerler 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 * 1.3757

0.528 * 0.2805

0.404 * 1.1782

0.892 * 0.49

0.115 * 0.9068

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 3.2215

4.679 * 0.04931

0.327 * 0.9836

-3.05

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₺4,092 Mil.
Revenue was 3004.021 + 2630.182 + 1198.148 + 740.532 = ₺7,573 Mil.
Gross Profit was 1144.597 + 853.579 + 398.4 + 418.175 = ₺2,815 Mil.
Total Current Assets was ₺9,186 Mil.
Total Assets was ₺9,652 Mil.
Property, Plant and Equipment(Net PPE) was ₺128 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺33 Mil.
Selling, General, & Admin. Expense(SGA) was ₺567 Mil.
Total Current Liabilities was ₺8,325 Mil.
Long-Term Debt & Capital Lease Obligation was ₺8 Mil.
Net Income was -364.104 + 359.356 + 145.733 + 89.292 = ₺230 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 106.309 + -398.001 + 28.603 + 17.417 = ₺-246 Mil.

Total Receivables was ₺6,070 Mil.
Revenue was 8875.184 + 714.936 + 2129.385 + 3736.501 = ₺15,456 Mil.
Gross Profit was 1082.924 + 239.816 + 165.156 + 123.642 = ₺1,612 Mil.
Total Current Assets was ₺10,019 Mil.
Total Assets was ₺10,466 Mil.
Property, Plant and Equipment(Net PPE) was ₺136 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺31 Mil.
Selling, General, & Admin. Expense(SGA) was ₺359 Mil.
Total Current Liabilities was ₺9,157 Mil.
Long-Term Debt & Capital Lease Obligation was ₺30 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)
	=	(4091.645 / 7572.883)	/	(6070.413 / 15456.006)
	=	0.540302	/	0.392754
	=	1.3757

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)
	=	(1611.538 / 15456.006)	/	(2814.751 / 7572.883)
	=	0.104266	/	0.371688
	=	0.2805

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 - (9185.778 + 127.977) / 9652.224)	/	(1 - (10018.905 + 135.976) / 10466.392)
	=	0.035066	/	0.029763
	=	1.1782

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
	=	7572.883	/	15456.006
	=	0.49

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))
	=	(31.413 / (31.413 + 135.976))	/	(33.397 / (33.397 + 127.977))
	=	0.187665	/	0.206954
	=	0.9068

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)
	=	(566.617 / 7572.883)	/	(358.987 / 15456.006)
	=	0.074822	/	0.023226
	=	3.2215

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)
	=	((8.251 + 8325.02) / 9652.224)	/	((29.531 + 9157.389) / 10466.392)
	=	0.863352	/	0.877754
	=	0.9836

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
	=	(230.277 - 0	-	-245.672)	/	9652.224
	=	0.04931

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.

Info Yatirim Menkul Degerler AS has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.

Info Yatirim Menkul Degerler AS Beneish M-Score Related Terms

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Info Yatirim Menkul Degerler AS (IST:INFO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Info Yatirim Menkul Degerler AS (IST:INFO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Buyukdere cad. no : 20, Levent, Istanbul, TUR, 34330

Website

http://www.infoyatirim.com

Info Yatirim Menkul Degerler AS Formerly Info Yatirim AS is a Turkey-based company engaged in securities brokerage services. The company provides services such as securities brokerage, initial public offering advisory, portfolio management, investment advisory, bond and bills market services and derivatives brokerage.