Turkiye Sinai Kalkinma Bankasi AS (IST:TSKB) Beneish M-Score: -2.24 (As of Jun. 27, 2026)


IST:TSKB Turkiye Sinai Kalkinma Bankasi AS IST:TSKB
61 GF Score
Price ₺12.21
GF Value ₺15.69
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Turkiye Sinai Kalkinma Bankasi AS Beneish M-Score?

Turkiye Sinai Kalkinma Bankasi AS IST:TSKB +3.74% 61 Beneish M-Score is -2.24 as of Jun. 27, 2026. GuruFocus rates IST:TSKB with a GF Score™ of 61/100 and a GF Value™ of ₺15.69 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,397 Banks companies, Turkiye Sinai Kalkinma Bankasi AS ranks worse than 76.38% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Turkiye Sinai Kalkinma Bankasi AS's Beneish M-Score or its related term are showing as below:

IST:TSKB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -1.91   Max: 0.3
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Turkiye Sinai Kalkinma Bankasi AS was 0.30. The lowest was -2.90. And the median was -1.91.

IST:TSKB
61GF Score
Turkiye Sinai Kalkinma Bankasi AS IST:TSKB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Turkiye Sinai Kalkinma Bankasi 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 Turkiye Sinai Kalkinma Bankasi 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 * 1+0.528 * 1+0.404 * 0.9999+0.892 * 1.321+0.115 * 0.8088
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4591+4.679 * 0.01294-0.327 * 1.0148
=-2.24

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₺0 Mil.
Revenue was 4641.279 + 7320.784 + 4065.088 + 6468.495 = ₺22,496 Mil.
Gross Profit was 4641.279 + 7320.784 + 4065.088 + 6468.495 = ₺22,496 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺353,765 Mil.
Property, Plant and Equipment(Net PPE) was ₺4,310 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺72 Mil.
Selling, General, & Admin. Expense(SGA) was ₺13 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺298,712 Mil.
Net Income was 2869.69 + 2023.621 + 2828.013 + 3380 = ₺11,101 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 10565.189 + 207.912 + -7104.823 + 2855.426 = ₺6,524 Mil.
 Total Receivables was ₺0 Mil.
Revenue was 4125.401 + 4556.134 + 4230.441 + 4117.561 = ₺17,030 Mil.
Gross Profit was 4125.401 + 4556.134 + 4230.441 + 4117.561 = ₺17,030 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺265,632 Mil.
Property, Plant and Equipment(Net PPE) was ₺3,212 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺43 Mil.
Selling, General, & Admin. Expense(SGA) was ₺7 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺221,018 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)
=(0 / 22495.646) / (0 / 17029.537)
=0 / 0
=1

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)
=(17029.537 / 17029.537) / (22495.646 / 22495.646)
=1 / 1
=1

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 - (0 + 4309.694) / 353765.203) / (1 - (0 + 3212.482) / 265631.633)
=0.987818 / 0.987906
=0.9999

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
=22495.646 / 17029.537
=1.321

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))
=(43.227 / (43.227 + 3212.482)) / (71.928 / (71.928 + 4309.694))
=0.013277 / 0.016416
=0.8088

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)
=(13.218 / 22495.646) / (6.856 / 17029.537)
=0.000588 / 0.000403
=1.4591

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)
=((298711.903 + 0) / 353765.203) / ((221018.223 + 0) / 265631.633)
=0.844379 / 0.832048
=1.0148

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
=(11101.324 - 0 - 6523.704) / 353765.203
=0.01294

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.

Turkiye Sinai Kalkinma Bankasi AS has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.24 mean?
Turkiye Sinai Kalkinma Bankasi AS (IST:TSKB) has a Beneish M-Score of -2.24 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Turkiye Sinai Kalkinma Bankasi AS and its competitors. According to the industry distribution chart, Turkiye Sinai Kalkinma Bankasi AS ranks #1067 out of 1397 companies in the Banks industry, placing it in the top 76.4%.
Is Turkiye Sinai Kalkinma Bankasi AS's Beneish M-Score too high?
Turkiye Sinai Kalkinma Bankasi AS's current Beneish M-Score is -2.24. Based on the distribution chart, Turkiye Sinai Kalkinma Bankasi AS ranks #1067 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Turkiye Sinai Kalkinma Bankasi AS has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Turkiye Sinai Kalkinma Bankasi AS's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Turkiye Sinai Kalkinma Bankasi AS ranks #1067 out of 1397 companies for Beneish M-Score. This places Turkiye Sinai Kalkinma Bankasi AS in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Turkiye Sinai Kalkinma Bankasi AS and its competitors. Turkiye Sinai Kalkinma Bankasi AS's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Turkiye Sinai Kalkinma Bankasi AS stock overvalued right now?
Based on GuruFocus' analysis, Turkiye Sinai Kalkinma Bankasi AS (IST:TSKB) is currently considered Modestly Undervalued. The stock's GF Value™ is ₺15.69, compared to a current price of ₺12.21 — trading 22.2% below its estimated fair value. The current Beneish M-Score is -2.24. Turkiye Sinai Kalkinma Bankasi AS's overall GF Score™ is 61/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Turkiye Sinai Kalkinma Bankasi AS (IST:TSKB), the current Beneish M-Score is -2.24 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Turkiye Sinai Kalkinma Bankasi AS (IST:TSKB) Overvalued in 2026?

Based on GuruFocus' analysis, Turkiye Sinai Kalkinma Bankasi AS stock appears to be undervalued. The current stock price of ₺12.21 is trading 22.2% below its estimated GF Value™ of ₺15.69. GuruFocus considers Turkiye Sinai Kalkinma Bankasi AS to be Modestly Undervalued.

Key valuation signals for IST:TSKB:

  • Beneish M-Score: -2.24
  • GF Value™: ₺15.69 vs. price of ₺12.21 (22.2% below fair value)
  • GF Score™: 61/100 with 2 warning signs

No single metric tells the full story. See the IST:TSKB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Turkiye Sinai Kalkinma Bankasi AS Business Description

Address Meclisi Mebusan Cad. No. 81 Findikli, Beyoglu, Istanbul, TUR, 34427
Turkiye Sinai Kalkinma Bankasi AS is an investment and development bank principally operating in Turkey. The company provides a broad array of corporate banking, investment banking, and consultancy services.
61GF Score

Get the complete analysis for IST:TSKB

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₺12.21
Price
₺15.69
GF Value