Net Holding AS (IST:NTHOL) Beneish M-Score : -1.69 (As of Sep. 24, 2024)

View and export this data going back to 1989. Start your Free Trial

What is Net Holding 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.

Warning Sign:

Beneish M-Score -1.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IST:NTHOL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65 Med: -2.14 Max: 1.24
Current: -1.69

During the past 13 years, the highest Beneish M-Score of Net Holding AS was 1.24. The lowest was -3.65. And the median was -2.14.

Net Holding AS Beneish M-Score Historical Data

The historical data trend for Net Holding 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.

* Premium members only.

Net Holding AS Beneish M-Score Chart

Net Holding AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.01

0.24

-1.72

1.24

-2.41

Net Holding AS 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															0.13	-0.79	-1.22	-2.41	-1.69

Competitive Comparison of Net Holding AS's Beneish M-Score

For the Travel Services subindustry, Net Holding 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.

Net Holding AS's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Net Holding AS's Beneish M-Score distribution charts can be found below:

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

Net Holding 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 Net Holding 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 * 1.563

0.528 * 0.5587

0.404 * 0.7874

0.892 * 1.5078

0.115 * 1.8092

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7696

4.679 * -0.014948

0.327 * 0.7628

-1.69

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₺360 Mil.
Revenue was 3204.602 + 4288.13 + 2198.485 + 1924.415 = ₺11,616 Mil.
Gross Profit was 955.55 + 1403.518 + 984.932 + 1082.78 = ₺4,427 Mil.
Total Current Assets was ₺2,779 Mil.
Total Assets was ₺66,906 Mil.
Property, Plant and Equipment(Net PPE) was ₺47,808 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2,022 Mil.
Selling, General, & Admin. Expense(SGA) was ₺389 Mil.
Total Current Liabilities was ₺6,774 Mil.
Long-Term Debt & Capital Lease Obligation was ₺570 Mil.
Net Income was 214.729 + 2202.1 + 542.142 + -487.724 = ₺2,471 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 1159.44 + 1445.477 + 932.949 + -66.531 = ₺3,471 Mil.

Total Receivables was ₺153 Mil.
Revenue was 1872.099 + 4128.437 + 966.523 + 736.737 = ₺7,704 Mil.
Gross Profit was -412.492 + 1429.356 + 306.09 + 317.427 = ₺1,640 Mil.
Total Current Assets was ₺1,950 Mil.
Total Assets was ₺27,945 Mil.
Property, Plant and Equipment(Net PPE) was ₺17,339 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,374 Mil.
Selling, General, & Admin. Expense(SGA) was ₺335 Mil.
Total Current Liabilities was ₺3,921 Mil.
Long-Term Debt & Capital Lease Obligation was ₺100 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)
	=	(360.06 / 11615.632)	/	(152.78 / 7703.796)
	=	0.030998	/	0.019832
	=	1.563

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)
	=	(1640.381 / 7703.796)	/	(4426.78 / 11615.632)
	=	0.212932	/	0.381105
	=	0.5587

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 - (2778.903 + 47807.771) / 66905.601)	/	(1 - (1949.666 + 17338.741) / 27944.95)
	=	0.24391	/	0.309771
	=	0.7874

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
	=	11615.632	/	7703.796
	=	1.5078

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))
	=	(1374.049 / (1374.049 + 17338.741))	/	(2022.351 / (2022.351 + 47807.771))
	=	0.073428	/	0.040585
	=	1.8092

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)
	=	(389.202 / 11615.632)	/	(335.419 / 7703.796)
	=	0.033507	/	0.043539
	=	0.7696

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)
	=	((569.544 + 6773.814) / 66905.601)	/	((100.087 + 3920.909) / 27944.95)
	=	0.109757	/	0.14389
	=	0.7628

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
	=	(2471.247 - 0	-	3471.335)	/	66905.601
	=	-0.014948

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.

Net Holding AS has a M-score of -1.69 signals that the company is likely to be a manipulator.

Net Holding AS Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Net Holding AS's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Net Holding AS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Net Holding AS (IST:NTHOL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Bade sokak. No. 9, Besiktas Etiler, Istanbul, TUR, 34337

Website

https://www.netholding.com

Net Holding AS is a Turkey-based holding company which mainly provides tourism services. It manages its business through five reportable segments, namely, tourism, finance, publication, holding and others. As a tourism company, its major revenues come from the tourism segment. The tourism segment comprises of hotel and accommodation, touristic shopping, managing duty-free shops and car rentals. Through the publishing segment, the company publishes books and runs bookstores. The Holding segment refers to the company's business of managing its net group of companies and the other segment provides construction and agriculture-related services. The company's geographical segments are TRNC(Turkish Republic of Northern Cyprus), Croatia, Montenegro, Bulgaria, and Turkey.

Net Holding AS Headlines

No Headlines