Trakya Camnayii AS (Trakya Camnayii AS) Beneish M-Score : 0.47 (As of Jun. 07, 2024)

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What is Trakya Camnayii 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 0.47 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TRKCY' s Beneish M-Score Range Over the Past 10 Years
Min: -4.72 Med: -2.36 Max: 0.47
Current: 0.47

During the past 13 years, the highest Beneish M-Score of Trakya Camnayii AS was 0.47. The lowest was -4.72. And the median was -2.36.

Trakya Camnayii AS Beneish M-Score Historical Data

The historical data trend for Trakya Camnayii 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.

* Premium members only.

Trakya Camnayii AS Beneish M-Score Chart

Trakya Camnayii AS Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-1.93

-2.35

-2.02

-2.49

0.47

Trakya Camnayii AS Quarterly Data
	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-2.42	-2.40	0.01	0.47

Competitive Comparison of Trakya Camnayii AS's Beneish M-Score

For the Specialty Chemicals subindustry, Trakya Camnayii 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.

Trakya Camnayii AS's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Trakya Camnayii AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Trakya Camnayii AS's Beneish M-Score falls into.

Trakya Camnayii 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 Trakya Camnayii 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 * 3.8037

0.528 * 1.0644

0.404 * 1.0881

0.892 * 0.9291

0.115 * 2.0075

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.98

4.679 * -0.021281

0.327 * 0.8953

0.16

This Year (Dec20) TTM:

Last Year (Dec19) TTM:

Total Receivables was $561.58 Mil.
Revenue was 869.856 + 769.602 + 175.267 + 239.755 = $2,054.48 Mil.
Gross Profit was 284.12 + 250.544 + 19.96 + 68.484 = $623.11 Mil.
Total Current Assets was $2,751.19 Mil.
Total Assets was $5,735.02 Mil.
Property, Plant and Equipment(Net PPE) was $2,128.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $222.74 Mil.
Selling, General, & Admin. Expense(SGA) was $379.23 Mil.
Total Current Liabilities was $1,068.28 Mil.
Long-Term Debt & Capital Lease Obligation was $1,619.78 Mil.
Net Income was 96.677 + 114.943 + -22.884 + 25.422 = $214.16 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 218.762 + 213.387 + -49.497 + -46.448 = $336.20 Mil.

Total Receivables was $158.91 Mil.
Revenue was 827.529 + 805.399 + 297.501 + 280.933 = $2,211.36 Mil.
Gross Profit was 261.926 + 269.931 + 92.553 + 89.441 = $713.85 Mil.
Total Current Assets was $1,178.25 Mil.
Total Assets was $2,547.47 Mil.
Property, Plant and Equipment(Net PPE) was $1,019.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $239.57 Mil.
Selling, General, & Admin. Expense(SGA) was $416.49 Mil.
Total Current Liabilities was $649.90 Mil.
Long-Term Debt & Capital Lease Obligation was $683.70 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)
	=	(561.582 / 2054.48)	/	(158.914 / 2211.362)
	=	0.273345	/	0.071862
	=	3.8037

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)
	=	(713.851 / 2211.362)	/	(623.108 / 2054.48)
	=	0.322811	/	0.303292
	=	1.0644

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 - (2751.194 + 2128.06) / 5735.021)	/	(1 - (1178.253 + 1019.873) / 2547.474)
	=	0.149218	/	0.137135
	=	1.0881

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
	=	2054.48	/	2211.362
	=	0.9291

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))
	=	(239.568 / (239.568 + 1019.873))	/	(222.743 / (222.743 + 2128.06))
	=	0.190218	/	0.094752
	=	2.0075

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)
	=	(379.227 / 2054.48)	/	(416.494 / 2211.362)
	=	0.184585	/	0.188343
	=	0.98

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)
	=	((1619.775 + 1068.278) / 5735.021)	/	((683.699 + 649.903) / 2547.474)
	=	0.468708	/	0.5235
	=	0.8953

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
	=	(214.158 - 0	-	336.204)	/	5735.021
	=	-0.021281

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.

Trakya Camnayii AS has a M-score of 0.16 signals that the company is likely to be a manipulator.

Trakya Camnayii AS Beneish M-Score Related Terms

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Trakya Camnayii AS (Trakya Camnayii AS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Trakya Cam Sanayii AS (GREY:TRKCY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Icmeler Mahallesi, D-100 Karayolu Caddesi, No: 44A, Tuzla, Istanbul, TUR, 34947

Website

http://www.sisecamduzcam.com

Trakya Cam Sanayii AS is a building materials company engaged in glass manufacturing. The company creates glass products that include solar glass, automobile glass, home appliance glass, and architectural glass. Trakya's solar glass is utilized for photovoltaics and thermal collectors, while its home appliance glass segment is used in ovens and refrigerators. The company's architectural glass segment is used in retail stores, high-rise buildings, and airports. These core offering are supplemented by other products, such as energy efficient glass, which utilizes heat controlled insulation. The company generates the majority of its revenue in Turkey.

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