Kiler Holding Beneish M-Score Historical Data
The historical data trend for Kiler 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.
Kiler Holding Beneish M-Score Chart
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Kiler Holding Annual Data
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|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
0.66 |
1.87 |
-1.09 |
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Kiler Holding Quarterly Data
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|
Dec19 |
Dec20 |
Sep21 |
Dec21 |
Sep22 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
- |
0.66 |
- |
1.87 |
-1.09 |
Competitive Comparison of Kiler Holding's Beneish M-Score
For the Conglomerates subindustry, Kiler 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.
Kiler Holding's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Kiler Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kiler Holding's Beneish M-Score falls into.
Kiler 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 Kiler 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 * 1.4448 | + | 0.528 * 2.0278 | + | 0.404 * 1.2277 | + | 0.892 * 0.6948 | + | 0.115 * 2.1733 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7717 | + | 4.679 * 0.0991 | - | 0.327 * 1.0646 |
| = | -1.09 |
* 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 ₺2,301 Mil.
Revenue was ₺3,097 Mil.
Gross Profit was ₺671 Mil.
Total Current Assets was ₺15,054 Mil.
Total Assets was ₺32,464 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,712 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺33 Mil.
Selling, General, & Admin. Expense(SGA) was ₺190 Mil.
Total Current Liabilities was ₺9,071 Mil.
Long-Term Debt & Capital Lease Obligation was ₺927 Mil.
Net Income was ₺4,229 Mil.
Gross Profit was ₺0 Mil.
Cash Flow from Operations was ₺1,012 Mil.
|
Total Receivables was ₺2,293 Mil.
Revenue was ₺4,458 Mil.
Gross Profit was ₺1,959 Mil.
Total Current Assets was ₺14,122 Mil.
Total Assets was ₺24,218 Mil.
Property, Plant and Equipment(Net PPE) was ₺558 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺24 Mil.
Selling, General, & Admin. Expense(SGA) was ₺354 Mil.
Total Current Liabilities was ₺6,547 Mil.
Long-Term Debt & Capital Lease Obligation was ₺459 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) |
| = | (2301.42 / 3097.298) | / | (2292.59 / 4457.842) |
| = | 0.743041 | / | 0.514282 |
| | = | 1.4448 |
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) |
| = | (1958.83 / 4457.842) | / | (671.153 / 3097.298) |
| = | 0.439412 | / | 0.21669 |
| | = | 2.0278 |
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 - (15054.245 + 1712.296) / 32463.588) | / | (1 - (14121.722 + 558.075) / 24217.932) |
| = | 0.483528 | / | 0.393846 |
| | = | 1.2277 |
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 |
| = | 3097.298 | / | 4457.842 |
| | = | 0.6948 |
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)) |
| = | (24.079 / (24.079 + 558.075)) | / | (33.221 / (33.221 + 1712.296)) |
| = | 0.041362 | / | 0.019032 |
| | = | 2.1733 |
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) |
| = | (189.845 / 3097.298) | / | (354.093 / 4457.842) |
| = | 0.061294 | / | 0.079431 |
| | = | 0.7717 |
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) |
| = | ((926.81 + 9071.322) / 32463.588) | / | ((459.307 + 6546.529) / 24217.932) |
| = | 0.30798 | / | 0.289283 |
| | = | 1.0646 |
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 |
| = | (4229.444 - 0 | - | 1012.297) | / | 32463.588 |
| | = | 0.0991 |
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.
Kiler Holding has a M-score of -1.09 signals that the company is likely to be a manipulator.
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