TAV Havalimanlari Holding AS (TAV Havalimanlari Holding AS) Beneish M-Score : -1.63 (As of May. 16, 2024)

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What is TAV Havalimanlari Holding 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.

Warning Sign:

Beneish M-Score -1.63 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for TAV Havalimanlari Holding AS's Beneish M-Score or its related term are showing as below:

TAVHY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.17 Max: 0.01
Current: -1.63

During the past 13 years, the highest Beneish M-Score of TAV Havalimanlari Holding AS was 0.01. The lowest was -3.48. And the median was -2.17.

TAV Havalimanlari Holding AS Beneish M-Score Historical Data

The historical data trend for TAV Havalimanlari Holding 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.

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TAV Havalimanlari Holding AS Beneish M-Score Chart

TAV Havalimanlari Holding AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.06

-1.83

-1.77

-1.63

TAV Havalimanlari Holding AS Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.36	-	-	-1.63	-

Competitive Comparison of TAV Havalimanlari Holding AS's Beneish M-Score

For the Airports & Air Services subindustry, TAV Havalimanlari Holding 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.

TAV Havalimanlari Holding AS's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, TAV Havalimanlari Holding AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TAV Havalimanlari Holding AS's Beneish M-Score falls into.

TAV Havalimanlari Holding 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 TAV Havalimanlari Holding 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 * 0.7412

0.528 * 1.0715

0.404 * 0.8982

0.892 * 1.2824

0.115 * 0.959

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7568

4.679 * 0.040089

0.327 * 1.0677

-2.27

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $160 Mil.
Revenue was $1,428 Mil.
Gross Profit was $464 Mil.
Total Current Assets was $1,125 Mil.
Total Assets was $5,183 Mil.
Property, Plant and Equipment(Net PPE) was $814 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $43 Mil.
Total Current Liabilities was $969 Mil.
Long-Term Debt & Capital Lease Obligation was $1,850 Mil.
Net Income was $272 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $64 Mil.

Total Receivables was $168 Mil.
Revenue was $1,114 Mil.
Gross Profit was $388 Mil.
Total Current Assets was $797 Mil.
Total Assets was $4,531 Mil.
Property, Plant and Equipment(Net PPE) was $576 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $45 Mil.
Total Current Liabilities was $775 Mil.
Long-Term Debt & Capital Lease Obligation was $1,533 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)
	=	(160.025 / 1428.23)	/	(168.351 / 1113.727)
	=	0.112044	/	0.15116
	=	0.7412

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)
	=	(387.744 / 1113.727)	/	(464.072 / 1428.23)
	=	0.34815	/	0.324928
	=	1.0715

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 - (1125.051 + 813.568) / 5183.313)	/	(1 - (796.962 + 576.376) / 4531.497)
	=	0.625988	/	0.696935
	=	0.8982

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
	=	1428.23	/	1113.727
	=	1.2824

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))
	=	(101.237 / (101.237 + 576.376))	/	(150.134 / (150.134 + 813.568))
	=	0.149402	/	0.155789
	=	0.959

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)
	=	(43.19 / 1428.23)	/	(44.505 / 1113.727)
	=	0.03024	/	0.03996
	=	0.7568

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)
	=	((1850.275 + 968.616) / 5183.313)	/	((1533.454 + 774.605) / 4531.497)
	=	0.54384	/	0.509337
	=	1.0677

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
	=	(271.7 - 0	-	63.904)	/	5183.313
	=	0.040089

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.

TAV Havalimanlari Holding AS has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

TAV Havalimanlari Holding AS Beneish M-Score Related Terms

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TAV Havalimanlari Holding AS (TAV Havalimanlari Holding AS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » TAV Havalimanlari Holding AS (OTCPK:TAVHY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TAVHF:USA TAVHL:Turkey 5THA:Germany 5THA:Germany

Address

Ayazaga Mahallesi, Azerbaycan Caddesi, 2C Blok No:3L/6, Vadistanbul Bulvar, Sariyer, Istanbul, TUR, 34485

Website

https://www.tavhavalimanlari.com.tr

TAV Havalimanlari Holding AS constructs, manages and operates terminal buildings and airports. The company organises itself into five segments: Terminal operations, Catering operations, Duty free operations, Ground handling and bus operations, and Other operations. Terminal operations, which contribute approximately half the company's revenue and the majority of profit, operates terminal buildings and car parks. Ground handling and bus operations and duty free operations are the next most significant segments. The company is headquartered in Turkey and derives the majority of revenue domestically.