Yapi Ve Kredi 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 Yapi Ve Kredi 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 * 0.9971 | + | 0.892 * 1.2997 | + | 0.115 * 1.3484 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2907 | + | 4.679 * -0.017507 | - | 0.327 * 1.4496 |
| = | -2.45 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₺0 Mil.
Revenue was 41144.014 + 39821.908 + 49223.433 + 34597.77 = ₺164,787 Mil.
Gross Profit was 41144.014 + 39821.908 + 49223.433 + 34597.77 = ₺164,787 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺2,144,066 Mil.
Property, Plant and Equipment(Net PPE) was ₺23,826 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,965 Mil.
Selling, General, & Admin. Expense(SGA) was ₺921 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺477,792 Mil.
Net Income was 10301.888 + 19306.632 + 24585.733 + 11476.246 = ₺65,670 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -31491.163 + -4942.44 + 113175.972 + 26465.343 = ₺103,208 Mil.
|
Total Receivables was ₺0 Mil.
Revenue was 31387.204 + 40450.409 + 30837.213 + 24111.479 = ₺126,786 Mil.
Gross Profit was 31387.204 + 40450.409 + 30837.213 + 24111.479 = ₺126,786 Mil.
Total Current Assets was ₺0 Mil.
Total Assets was ₺1,250,632 Mil.
Property, Plant and Equipment(Net PPE) was ₺10,359 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺1,186 Mil.
Selling, General, & Admin. Expense(SGA) was ₺549 Mil.
Total Current Liabilities was ₺0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺192,255 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 / 164787.125) | / | (0 / 126786.305) |
| = | 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) |
| = | (126786.305 / 126786.305) | / | (164787.125 / 164787.125) |
| = | 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 + 23826.148) / 2144066.425) | / | (1 - (0 + 10358.598) / 1250632.288) |
| = | 0.988887 | / | 0.991717 |
| | = | 0.9971 |
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 |
| = | 164787.125 | / | 126786.305 |
| | = | 1.2997 |
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)) |
| = | (1186.236 / (1186.236 + 10358.598)) | / | (1965.422 / (1965.422 + 23826.148)) |
| = | 0.10275 | / | 0.076204 |
| | = | 1.3484 |
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) |
| = | (921.192 / 164787.125) | / | (549.098 / 126786.305) |
| = | 0.00559 | / | 0.004331 |
| | = | 1.2907 |
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) |
| = | ((477791.875 + 0) / 2144066.425) | / | ((192254.995 + 0) / 1250632.288) |
| = | 0.222844 | / | 0.153726 |
| | = | 1.4496 |
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 |
| = | (65670.499 - 0 | - | 103207.712) | / | 2144066.425 |
| | = | -0.017507 |
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.
Yapi Ve Kredi Bankasi AS has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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