MLPglik Hizmetleri AS (IST:MPARK) Beneish M-Score : -2.43 (As of Mar. 28, 2025)

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What is MLPglik Hizmetleri 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for MLPglik Hizmetleri AS's Beneish M-Score or its related term are showing as below:

IST:MPARK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57 Med: -2.9 Max: -0.23
Current: -2.43

During the past 10 years, the highest Beneish M-Score of MLPglik Hizmetleri AS was -0.23. The lowest was -3.57. And the median was -2.90.

MLPglik Hizmetleri AS Beneish M-Score Historical Data

The historical data trend for MLPglik Hizmetleri 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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MLPglik Hizmetleri AS Beneish M-Score Chart

MLPglik Hizmetleri AS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.15

-3.57

-0.23

-1.97

-2.43

MLPglik Hizmetleri 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															-1.97	-1.04	-0.97	-0.96	-2.43

Competitive Comparison of MLPglik Hizmetleri AS's Beneish M-Score

For the Medical Care Facilities subindustry, MLPglik Hizmetleri 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.

MLPglik Hizmetleri AS's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, MLPglik Hizmetleri AS's Beneish M-Score distribution charts can be found below:

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

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MLPglik Hizmetleri 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 MLPglik Hizmetleri 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 * 0.9508

0.528 * 1.0497

0.404 * 1.14

0.892 * 1.2217

0.115 * 1.0042

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.81

4.679 * -0.056031

0.327 * 0.8646

-2.43

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₺6,405 Mil.
Revenue was 12120.401 + 9782.368 + 7701.246 + 7960.251 = ₺37,564 Mil.
Gross Profit was 3388.394 + 2929.885 + 1918.557 + 2075.55 = ₺10,312 Mil.
Total Current Assets was ₺11,188 Mil.
Total Assets was ₺47,291 Mil.
Property, Plant and Equipment(Net PPE) was ₺23,711 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2,711 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,432 Mil.
Total Current Liabilities was ₺13,179 Mil.
Long-Term Debt & Capital Lease Obligation was ₺3,916 Mil.
Net Income was 1168.303 + 2090.783 + 1050.773 + 682.988 = ₺4,993 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 1626.364 + 3300.131 + 871.068 + 1845.063 = ₺7,643 Mil.

Total Receivables was ₺5,514 Mil.
Revenue was 10532.512 + 7708.557 + 6495.64 + 6009.784 = ₺30,746 Mil.
Gross Profit was 3418.25 + 2230.143 + 1715.653 + 1496.546 = ₺8,861 Mil.
Total Current Assets was ₺12,214 Mil.
Total Assets was ₺41,025 Mil.
Property, Plant and Equipment(Net PPE) was ₺19,382 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2,227 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,447 Mil.
Total Current Liabilities was ₺12,831 Mil.
Long-Term Debt & Capital Lease Obligation was ₺4,322 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)
	=	(6405.415 / 37564.266)	/	(5514.404 / 30746.493)
	=	0.170519	/	0.179351
	=	0.9508

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)
	=	(8860.592 / 30746.493)	/	(10312.386 / 37564.266)
	=	0.288182	/	0.274526
	=	1.0497

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 - (11187.86 + 23711.38) / 47291.391)	/	(1 - (12213.788 + 19381.987) / 41025.377)
	=	0.262038	/	0.229848
	=	1.14

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
	=	37564.266	/	30746.493
	=	1.2217

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))
	=	(2226.736 / (2226.736 + 19381.987))	/	(2711.386 / (2711.386 + 23711.38))
	=	0.103048	/	0.102616
	=	1.0042

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)
	=	(1431.654 / 37564.266)	/	(1446.72 / 30746.493)
	=	0.038112	/	0.047053
	=	0.81

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)
	=	((3915.663 + 13178.642) / 47291.391)	/	((4321.636 + 12830.891) / 41025.377)
	=	0.361468	/	0.418096
	=	0.8646

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
	=	(4992.847 - 0	-	7642.626)	/	47291.391
	=	-0.056031

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.

MLPglik Hizmetleri AS has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.

MLPglik Hizmetleri AS Beneish M-Score Related Terms

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MLPglik Hizmetleri AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » MLP Saglik Hizmetleri AS (IST:MPARK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Otakcilar Caddesi Flatofis Istanbul No: 78, Kat: 3, D-Blok, No: 103, Eyup, Istanbul, TUR, 34050

Website

https://www.mlpcare.com

MLP Saglik Hizmetleri AS, along with its subsidiaries, operates in the healthcare sector. It operates hospitals across Turkiye, Baku, Azerbaijan, and Budapest, Hungary. Its hospitals operate under brands which include Medical Park, VM Medical Park, and Liv Hospital.

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