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Tarkim Bitki Korumanayi ve Ticaret (IST:TARKM) Beneish M-Score : 0.00 (As of Dec. 15, 2024)


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What is Tarkim Bitki Korumanayi ve Ticaret 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.

The historical rank and industry rank for Tarkim Bitki Korumanayi ve Ticaret's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Tarkim Bitki Korumanayi ve Ticaret was 0.00. The lowest was 0.00. And the median was 0.00.


Tarkim Bitki Korumanayi ve Ticaret Beneish M-Score Historical Data

The historical data trend for Tarkim Bitki Korumanayi ve Ticaret'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.

Tarkim Bitki Korumanayi ve Ticaret Beneish M-Score Chart

Tarkim Bitki Korumanayi ve Ticaret Annual Data
Trend Dec20 Dec21 Dec22
Beneish M-Score
- - 1.47

Tarkim Bitki Korumanayi ve Ticaret Semi-Annual Data
Dec20 Dec21 Dec22
Beneish M-Score - - 1.47

Competitive Comparison of Tarkim Bitki Korumanayi ve Ticaret's Beneish M-Score

For the Chemicals subindustry, Tarkim Bitki Korumanayi ve Ticaret'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.


Tarkim Bitki Korumanayi ve Ticaret's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Tarkim Bitki Korumanayi ve Ticaret's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tarkim Bitki Korumanayi ve Ticaret's Beneish M-Score falls into.



Tarkim Bitki Korumanayi ve Ticaret 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 Tarkim Bitki Korumanayi ve Ticaret 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 * 0.5533+0.528 * 0.6504+0.404 * 2.3684+0.892 * 2.8235+0.115 * 3.5911
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6406+4.679 * 0.403484-0.327 * 0.6408
=1.47

* 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 (Dec22) TTM:Last Year (Dec21) TTM:
Total Receivables was ₺39.4 Mil.
Revenue was ₺711.2 Mil.
Gross Profit was ₺343.3 Mil.
Total Current Assets was ₺683.4 Mil.
Total Assets was ₺1,022.7 Mil.
Property, Plant and Equipment(Net PPE) was ₺153.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺4.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₺38.4 Mil.
Total Current Liabilities was ₺400.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₺102.7 Mil.
Net Income was ₺350.5 Mil.
Gross Profit was ₺0.0 Mil.
Cash Flow from Operations was ₺-62.1 Mil.
Total Receivables was ₺25.2 Mil.
Revenue was ₺251.9 Mil.
Gross Profit was ₺79.1 Mil.
Total Current Assets was ₺387.1 Mil.
Total Assets was ₺452.4 Mil.
Property, Plant and Equipment(Net PPE) was ₺30.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺3.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₺21.3 Mil.
Total Current Liabilities was ₺342.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₺4.8 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)
=(39.381 / 711.233) / (25.209 / 251.901)
=0.05537 / 0.100075
=0.5533

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)
=(79.084 / 251.901) / (343.296 / 711.233)
=0.313949 / 0.482677
=0.6504

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 - (683.389 + 153.808) / 1022.706) / (1 - (387.131 + 30.652) / 452.434)
=0.18139 / 0.076588
=2.3684

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
=711.233 / 251.901
=2.8235

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))
=(3.442 / (3.442 + 30.652)) / (4.449 / (4.449 + 153.808))
=0.100956 / 0.028113
=3.5911

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)
=(38.443 / 711.233) / (21.255 / 251.901)
=0.054051 / 0.084378
=0.6406

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)
=((102.707 + 400.546) / 1022.706) / ((4.775 + 342.641) / 452.434)
=0.49208 / 0.767882
=0.6408

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
=(350.511 - 0 - -62.134) / 1022.706
=0.403484

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.

Tarkim Bitki Korumanayi ve Ticaret has a M-score of 1.47 signals that the company is likely to be a manipulator.


Tarkim Bitki Korumanayi ve Ticaret Beneish M-Score Related Terms

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Tarkim Bitki Korumanayi ve Ticaret Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Turgut Ozal mah, Turgutlu cad. No: 287, Sehzadeler District, Manisa, TUR
Tarkim Bitki Koruma Sanayi ve Ticaret is a turkey based company engaged in production, sale and marketing of plant protection products.

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