Migros Turk TAS (IST:MGROS) Beneish M-Score : -1.35 (As of Jun. 22, 2024)

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What is Migros Turk TAS 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 -1.35 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Migros Turk TAS's Beneish M-Score or its related term are showing as below:

IST:MGROS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -2.88 Max: 0.24
Current: -1.35

During the past 13 years, the highest Beneish M-Score of Migros Turk TAS was 0.24. The lowest was -3.67. And the median was -2.88.

Migros Turk TAS Beneish M-Score Historical Data

The historical data trend for Migros Turk TAS'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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Migros Turk TAS Beneish M-Score Chart

Migros Turk TAS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.45

-3.30

-3.09

0.24

-2.83

Migros Turk TAS Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.21	-0.59	-0.57	-2.83	-1.35

Competitive Comparison of Migros Turk TAS's Beneish M-Score

For the Grocery Stores subindustry, Migros Turk TAS'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.

Migros Turk TAS's Beneish M-Score Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Migros Turk TAS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Migros Turk TAS's Beneish M-Score falls into.

Migros Turk TAS 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 Migros Turk TAS 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 * 1.7788

0.528 * 1.0051

0.404 * 1.5224

0.892 * 1.181

0.115 * 2.6266

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9116

4.679 * -0.059804

0.327 * 0.6405

-1.35

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₺1,884 Mil.
Revenue was 52406.305 + 79817.93 + 41721.863 + 32951.17 = ₺206,897 Mil.
Gross Profit was 10664.766 + 9951.58 + 9998.121 + 7503.622 = ₺38,118 Mil.
Total Current Assets was ₺40,035 Mil.
Total Assets was ₺105,495 Mil.
Property, Plant and Equipment(Net PPE) was ₺45,239 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺6,496 Mil.
Selling, General, & Admin. Expense(SGA) was ₺7,851 Mil.
Total Current Liabilities was ₺48,768 Mil.
Long-Term Debt & Capital Lease Obligation was ₺9,633 Mil.
Net Income was 1241.562 + 4594.897 + 2174.194 + 1499.653 = ₺9,510 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 4048.711 + 3566.105 + 4156.489 + 4048.034 = ₺15,819 Mil.

Total Receivables was ₺897 Mil.
Revenue was 46975.901 + 90426.178 + 21819.125 + 15963.368 = ₺175,185 Mil.
Gross Profit was 9302.143 + 13746.141 + 5349.38 + 4041.623 = ₺32,439 Mil.
Total Current Assets was ₺23,008 Mil.
Total Assets was ₺40,344 Mil.
Property, Plant and Equipment(Net PPE) was ₺12,256 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺6,031 Mil.
Selling, General, & Admin. Expense(SGA) was ₺7,292 Mil.
Total Current Liabilities was ₺29,699 Mil.
Long-Term Debt & Capital Lease Obligation was ₺5,171 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)
	=	(1883.623 / 206897.268)	/	(896.513 / 175184.572)
	=	0.009104	/	0.005118
	=	1.7788

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)
	=	(32439.287 / 175184.572)	/	(38118.089 / 206897.268)
	=	0.185172	/	0.184237
	=	1.0051

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 - (40035.052 + 45239.301) / 105494.545)	/	(1 - (23008.49 + 12255.907) / 40343.76)
	=	0.19167	/	0.125902
	=	1.5224

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
	=	206897.268	/	175184.572
	=	1.181

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))
	=	(6031.427 / (6031.427 + 12255.907))	/	(6496.228 / (6496.228 + 45239.301))
	=	0.329814	/	0.125566
	=	2.6266

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)
	=	(7851.225 / 206897.268)	/	(7292.155 / 175184.572)
	=	0.037947	/	0.041626
	=	0.9116

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)
	=	((9633.222 + 48767.963) / 105494.545)	/	((5170.753 + 29698.989) / 40343.76)
	=	0.553594	/	0.864316
	=	0.6405

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
	=	(9510.306 - 0	-	15819.339)	/	105494.545
	=	-0.059804

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.

Migros Turk TAS has a M-score of -1.35 signals that the company is likely to be a manipulator.

Migros Turk TAS Beneish M-Score Related Terms

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Migros Turk TAS (IST:MGROS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Retail - Defensive » Migros Turk TAS (IST:MGROS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Atatürk Mah. Turgut Özal Bulvar? No: 7, Atasehir - Istanbul, TUR, 34758

Website

http://www.migroskurumsal.com

Migros Turk TAS is a Turkey-based company that is principally engaged in the retail business. The company offers a broad range of merchandise, including food items, groceries, cosmetics, glass and kitchenware, stationery, electronic appliances, books, and others. The company operates through a number of store brands, including Migros stores, which account for the majority of the company's total stores; Macrocenter stores, which provides exclusive goods; and Ramstore stores, which are located outside Turkey and offer Turkish products. The company also operates business through an online channel. It generates the majority of its total revenue from the domestic market.

Migros Turk TAS (IST:MGROS) Headlines

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