Silverline Endustri ve Ticaret AS (IST:SILVR) Beneish M-Score : -2.52 (As of May. 26, 2024)

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What is Silverline Endustri ve 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Silverline Endustri ve Ticaret AS's Beneish M-Score or its related term are showing as below:

IST:SILVR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.2 Med: -2.25 Max: -1.36
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Silverline Endustri ve Ticaret AS was -1.36. The lowest was -4.20. And the median was -2.25.

Silverline Endustri ve Ticaret AS Beneish M-Score Historical Data

The historical data trend for Silverline Endustri ve 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.

* Premium members only.

Silverline Endustri ve Ticaret AS Beneish M-Score Chart

Silverline Endustri ve Ticaret AS Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.74

-1.45

-2.33

-2.73

-1.36

Silverline Endustri ve Ticaret 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															-1.88	-1.36	-1.53	-2.24	-2.52

Competitive Comparison of Silverline Endustri ve Ticaret AS's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Silverline Endustri ve 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.

Silverline Endustri ve Ticaret AS's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Silverline Endustri ve Ticaret AS's Beneish M-Score distribution charts can be found below:

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

Silverline Endustri ve 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 Silverline Endustri ve 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 * 0.7242

0.528 * 1.0908

0.404 * 3.1931

0.892 * 0.9165

0.115 * 0.8972

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6988

4.679 * -0.109903

0.327 * 0.9859

-2.52

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₺253 Mil.
Revenue was 428.288 + 294.658 + 425.948 + 325.48 = ₺1,474 Mil.
Gross Profit was 57.215 + 15.582 + 27.54 + 19.77 = ₺120 Mil.
Total Current Assets was ₺563 Mil.
Total Assets was ₺835 Mil.
Property, Plant and Equipment(Net PPE) was ₺108 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺27 Mil.
Selling, General, & Admin. Expense(SGA) was ₺47 Mil.
Total Current Liabilities was ₺696 Mil.
Long-Term Debt & Capital Lease Obligation was ₺33 Mil.
Net Income was 35.803 + -73.744 + -11.188 + 61.901 = ₺13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 32.857 + 41.077 + -25.896 + 56.502 = ₺105 Mil.

Total Receivables was ₺381 Mil.
Revenue was 468.296 + 469.776 + 384.815 + 285.759 = ₺1,609 Mil.
Gross Profit was 21.562 + 47.071 + 36.794 + 37.522 = ₺143 Mil.
Total Current Assets was ₺645 Mil.
Total Assets was ₺780 Mil.
Property, Plant and Equipment(Net PPE) was ₺87 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺19 Mil.
Selling, General, & Admin. Expense(SGA) was ₺30 Mil.
Total Current Liabilities was ₺655 Mil.
Long-Term Debt & Capital Lease Obligation was ₺36 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)
	=	(252.994 / 1474.374)	/	(381.155 / 1608.646)
	=	0.171594	/	0.236942
	=	0.7242

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)
	=	(142.949 / 1608.646)	/	(120.107 / 1474.374)
	=	0.088863	/	0.081463
	=	1.0908

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 - (563.282 + 108.019) / 834.988)	/	(1 - (644.608 + 87.038) / 779.502)
	=	0.196035	/	0.061393
	=	3.1931

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
	=	1474.374	/	1608.646
	=	0.9165

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))
	=	(19.316 / (19.316 + 87.038))	/	(27.415 / (27.415 + 108.019))
	=	0.18162	/	0.202423
	=	0.8972

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)
	=	(47.278 / 1474.374)	/	(30.365 / 1608.646)
	=	0.032066	/	0.018876
	=	1.6988

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)
	=	((32.921 + 696.428) / 834.988)	/	((35.627 + 655.015) / 779.502)
	=	0.873484	/	0.886004
	=	0.9859

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
	=	(12.772 - 0	-	104.54)	/	834.988
	=	-0.109903

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.

Silverline Endustri ve Ticaret AS has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

Silverline Endustri ve Ticaret AS Beneish M-Score Related Terms

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Silverline Endustri ve Ticaret AS (IST:SILVR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Silverline Endustri ve Ticaret AS (IST:SILVR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Yilanli Ayazma Yolu Yesil, Plaza No 15, Kat 10, Topkapi, Istanbul, TUR

Website

http://www.silverline.com.tr

Silverline Endustri ve Ticaret AS is engaged in manufacturing, producing, selling, importing and exporting electrical and non-electrical white house goods and kitchen appliances. It also produces and sells ovens, coffee machines, hobs, built-in dishwasher, refrigerators, air recycle set, aluminum flexible duct, Inox cleaner spray, Inox wall panel, decorative grid, built in dishwashers, aluminum cassette filter, outlet, metal bar, and carbon filter.

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