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Ozderici Gayrimenkul Yatirim Ortakligi AS (IST:OZGYO) Beneish M-Score : 0.90 (As of May. 29, 2024)


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What is Ozderici Gayrimenkul Yatirim Ortakligi 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 0.9 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Ozderici Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score or its related term are showing as below:

IST:OZGYO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8   Med: 0.8   Max: 130.49
Current: 0.9

During the past 13 years, the highest Beneish M-Score of Ozderici Gayrimenkul Yatirim Ortakligi AS was 130.49. The lowest was -3.80. And the median was 0.80.


Ozderici Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Historical Data

The historical data trend for Ozderici Gayrimenkul Yatirim Ortakligi 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.

Ozderici Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Chart

Ozderici Gayrimenkul Yatirim Ortakligi AS Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.57 -3.80 -3.51 0.34 -0.20

Ozderici Gayrimenkul Yatirim Ortakligi AS Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.27 -0.20 0.07 0.16 0.90

Competitive Comparison of Ozderici Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score

For the REIT - Diversified subindustry, Ozderici Gayrimenkul Yatirim Ortakligi 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.


Ozderici Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Ozderici Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ozderici Gayrimenkul Yatirim Ortakligi AS's Beneish M-Score falls into.



Ozderici Gayrimenkul Yatirim Ortakligi 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 Ozderici Gayrimenkul Yatirim Ortakligi AS 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 * 2.1983+0.528 * 0.9718+0.404 * 1.0051+0.892 * 0.7729+0.115 * 2.053
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0064+4.679 * 0.470885-0.327 * 0.4797
=0.90

* 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 (Sep23) TTM:Last Year (Sep22) TTM:
Total Receivables was ₺1.33 Mil.
Revenue was 19.075 + 11.116 + 16.201 + 35.927 = ₺82.32 Mil.
Gross Profit was 11 + 7.906 + 9.547 + 20.657 = ₺49.11 Mil.
Total Current Assets was ₺13.31 Mil.
Total Assets was ₺2,399.83 Mil.
Property, Plant and Equipment(Net PPE) was ₺12.09 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0.59 Mil.
Selling, General, & Admin. Expense(SGA) was ₺8.38 Mil.
Total Current Liabilities was ₺37.76 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.29 Mil.
Net Income was 24.163 + 85.285 + 10.11 + 1186.194 = ₺1,305.75 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.00 Mil.
Cash Flow from Operations was 28.342 + 86.329 + 13.938 + 47.1 = ₺175.71 Mil.
Total Receivables was ₺0.78 Mil.
Revenue was 4.644 + 66.833 + 12.695 + 22.34 = ₺106.51 Mil.
Gross Profit was 4.644 + 34.65 + 8.355 + 14.102 = ₺61.75 Mil.
Total Current Assets was ₺12.36 Mil.
Total Assets was ₺1,110.58 Mil.
Property, Plant and Equipment(Net PPE) was ₺4.92 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺0.52 Mil.
Selling, General, & Admin. Expense(SGA) was ₺10.77 Mil.
Total Current Liabilities was ₺36.01 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.69 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)
=(1.327 / 82.319) / (0.781 / 106.512)
=0.01612 / 0.007333
=2.1983

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)
=(61.751 / 106.512) / (49.11 / 82.319)
=0.579756 / 0.596582
=0.9718

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 - (13.307 + 12.086) / 2399.827) / (1 - (12.364 + 4.915) / 1110.583)
=0.989419 / 0.984442
=1.0051

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
=82.319 / 106.512
=0.7729

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))
=(0.523 / (0.523 + 4.915)) / (0.594 / (0.594 + 12.086))
=0.096175 / 0.046845
=2.053

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)
=(8.379 / 82.319) / (10.773 / 106.512)
=0.101787 / 0.101144
=1.0064

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)
=((0.286 + 37.755) / 2399.827) / ((0.693 + 36.007) / 1110.583)
=0.015852 / 0.033046
=0.4797

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
=(1305.752 - 0 - 175.709) / 2399.827
=0.470885

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.

Ozderici Gayrimenkul Yatirim Ortakligi AS has a M-score of 0.90 signals that the company is likely to be a manipulator.


Ozderici Gayrimenkul Yatirim Ortakligi AS Beneish M-Score Related Terms

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Ozderici Gayrimenkul Yatirim Ortakligi AS (IST:OZGYO) Business Description

Traded in Other Exchanges
N/A
Address
Buyukdere Street Building Loan Plaza C Block, Floor 9, Levent, Istanbul, TUR, 34330
Ozderici Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust involved in the real estate development projects. The projects of the company include Nuvo Dragos, Zeytinburnu Akevler Siteleri, Akatlar Ozderici Bloklari, Yapi Kredi Plaza'da Ofis and Bayrampasa 5 Adet Is Merkezi.

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