Smart Gunes Teknolojileri Beneish M-Score Historical Data
The historical data trend for Smart Gunes Teknolojileri'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.
Smart Gunes Teknolojileri Beneish M-Score Chart
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Smart Gunes Teknolojileri Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
0.80 |
2.18 |
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Smart Gunes Teknolojileri Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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0.80 |
0.64 |
4.02 |
3.75 |
2.18 |
Competitive Comparison of Smart Gunes Teknolojileri's Beneish M-Score
For the Solar subindustry, Smart Gunes Teknolojileri'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.
Smart Gunes Teknolojileri's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Smart Gunes Teknolojileri's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Smart Gunes Teknolojileri's Beneish M-Score falls into.
Smart Gunes Teknolojileri 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 Smart Gunes Teknolojileri 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 * 0.7267 | + | 0.528 * 0.6686 | + | 0.404 * 9.5527 | + | 0.892 * 2.0369 | + | 0.115 * 2.1148 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5606 | + | 4.679 * 0.157499 | - | 0.327 * 1.202 |
| = | 2.18 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₺2,562 Mil.
Revenue was 3789.814 + 2297.848 + 1211.286 + 794.309 = ₺8,093 Mil.
Gross Profit was 701.571 + 738.005 + 258.202 + 149.507 = ₺1,847 Mil.
Total Current Assets was ₺7,124 Mil.
Total Assets was ₺10,551 Mil.
Property, Plant and Equipment(Net PPE) was ₺3,125 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺144 Mil.
Selling, General, & Admin. Expense(SGA) was ₺287 Mil.
Total Current Liabilities was ₺6,396 Mil.
Long-Term Debt & Capital Lease Obligation was ₺2,014 Mil.
Net Income was 329.248 + 272.47 + 362.193 + 59.073 = ₺1,023 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 176.542 + 131.015 + -865.735 + -80.561 = ₺-639 Mil.
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Total Receivables was ₺1,731 Mil.
Revenue was 2792.324 + 558.54 + 417.474 + 204.95 = ₺3,973 Mil.
Gross Profit was 412.798 + 91.269 + 56.543 + 45.73 = ₺606 Mil.
Total Current Assets was ₺3,641 Mil.
Total Assets was ₺4,294 Mil.
Property, Plant and Equipment(Net PPE) was ₺640 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺66 Mil.
Selling, General, & Admin. Expense(SGA) was ₺90 Mil.
Total Current Liabilities was ₺2,668 Mil.
Long-Term Debt & Capital Lease Obligation was ₺180 Mil.
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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) |
| = | (2562.027 / 8093.257) | / | (1730.75 / 3973.288) |
| = | 0.316563 | / | 0.435596 |
| | = | 0.7267 |
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) |
| = | (606.34 / 3973.288) | / | (1847.285 / 8093.257) |
| = | 0.152604 | / | 0.22825 |
| | = | 0.6686 |
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 - (7124.476 + 3124.764) / 10550.691) | / | (1 - (3641.42 + 640) / 4294.264) |
| = | 0.028572 | / | 0.002991 |
| | = | 9.5527 |
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 |
| = | 8093.257 | / | 3973.288 |
| | = | 2.0369 |
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)) |
| = | (65.962 / (65.962 + 640)) | / | (144.443 / (144.443 + 3124.764)) |
| = | 0.093436 | / | 0.044183 |
| | = | 2.1148 |
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) |
| = | (286.721 / 8093.257) | / | (90.199 / 3973.288) |
| = | 0.035427 | / | 0.022701 |
| | = | 1.5606 |
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) |
| = | ((2014.144 + 6395.535) / 10550.691) | / | ((179.904 + 2667.816) / 4294.264) |
| = | 0.797074 | / | 0.663145 |
| | = | 1.202 |
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 |
| = | (1022.984 - 0 | - | -638.739) | / | 10550.691 |
| | = | 0.157499 |
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.
Smart Gunes Teknolojileri has a M-score of 2.18 signals that the company is likely to be a manipulator.
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