Migros Ticaret AS (IST:MGROS) Beneish M-Score : -2.29 (As of Mar. 16, 2025)

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What is Migros Ticaret 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Migros Ticaret AS'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: -3.45 Med: -3.14 Max: 0.24
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Migros Ticaret AS was 0.24. The lowest was -3.45. And the median was -3.14.

Migros Ticaret AS Beneish M-Score Historical Data

The historical data trend for Migros Ticaret 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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Migros Ticaret AS Beneish M-Score Chart

Migros Ticaret AS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.26

-3.12

0.24

-2.66

-2.29

Migros Ticaret AS Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.66	-1.80	-1.44	-2.59	-2.29

Competitive Comparison of Migros Ticaret AS's Beneish M-Score

For the Grocery Stores subindustry, Migros Ticaret 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.

Migros Ticaret AS's Beneish M-Score Distribution in the Retail - Defensive Industry

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

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

Migros Ticaret 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 Migros Ticaret 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 * 1.9255

0.528 * 0.8008

0.404 * 0.9764

0.892 * 1.1212

0.115 * 1.0745

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9897

4.679 * -0.139809

0.327 * 1.0269

-2.29

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₺1,577 Mil.
Revenue was 87479.903 + 74486.534 + 64292.581 + 52406.305 = ₺278,665 Mil.
Gross Profit was 21502.318 + 17963.04 + 14706.106 + 10664.766 = ₺64,836 Mil.
Total Current Assets was ₺57,694 Mil.
Total Assets was ₺150,059 Mil.
Property, Plant and Equipment(Net PPE) was ₺65,804 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺9,978 Mil.
Selling, General, & Admin. Expense(SGA) was ₺10,638 Mil.
Total Current Liabilities was ₺71,014 Mil.
Long-Term Debt & Capital Lease Obligation was ₺16,272 Mil.
Net Income was 1061.726 + 3156.786 + 604.315 + 1241.562 = ₺6,064 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 9675.131 + 7108.344 + 6211.734 + 4048.711 = ₺27,044 Mil.

Total Receivables was ₺731 Mil.
Revenue was 77134.176 + 66321.771 + 58115.615 + 46975.901 = ₺248,547 Mil.
Gross Profit was 13605.424 + 11739.459 + 11664.813 + 9302.143 = ₺46,312 Mil.
Total Current Assets was ₺54,685 Mil.
Total Assets was ₺133,016 Mil.
Property, Plant and Equipment(Net PPE) was ₺54,218 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺8,934 Mil.
Selling, General, & Admin. Expense(SGA) was ₺9,588 Mil.
Total Current Liabilities was ₺64,820 Mil.
Long-Term Debt & Capital Lease Obligation was ₺10,527 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)
	=	(1576.95 / 278665.323)	/	(730.52 / 248547.463)
	=	0.005659	/	0.002939
	=	1.9255

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)
	=	(46311.839 / 248547.463)	/	(64836.23 / 278665.323)
	=	0.18633	/	0.232667
	=	0.8008

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 - (57693.998 + 65803.615) / 150058.883)	/	(1 - (54684.664 + 54217.99) / 133015.623)
	=	0.177006	/	0.181279
	=	0.9764

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
	=	278665.323	/	248547.463
	=	1.1212

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))
	=	(8933.801 / (8933.801 + 54217.99))	/	(9977.506 / (9977.506 + 65803.615))
	=	0.141466	/	0.131662
	=	1.0745

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)
	=	(10638.193 / 278665.323)	/	(9587.798 / 248547.463)
	=	0.038176	/	0.038575
	=	0.9897

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)
	=	((16272.191 + 71013.592) / 150058.883)	/	((10526.879 + 64819.729) / 133015.623)
	=	0.581677	/	0.566449
	=	1.0269

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
	=	(6064.389 - 0	-	27043.92)	/	150058.883
	=	-0.139809

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 Ticaret AS has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

Migros Ticaret AS Beneish M-Score Related Terms

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Migros Ticaret AS Business Description

Industry

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

Comparable Companies

Traded in Other Exchanges

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Address

Ataturk Mahallesi Turgut Ozal Bulvari No 7, Atasehir - Istanbul, TUR, 34758

Website

https://www.migroskurumsal.com

Migros Ticaret AS is a Turkey-based company that is principally engaged in the retail business. The company also operates in the business lines of online food retailing and ready meals, payment and electronic money services, logistics services, media, shopping center management, and others.

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