Turk Telekomunikasyon AS Beneish M-Score Historical Data
The historical data trend for Turk Telekomunikasyon 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.
Turk Telekomunikasyon AS Beneish M-Score Chart
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Turk Telekomunikasyon AS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.44 |
-3.38 |
-3.10 |
-1.25 |
-2.73 |
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Turk Telekomunikasyon AS Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.25 |
-2.41 |
-2.43 |
-2.25 |
-2.73 |
Competitive Comparison of Turk Telekomunikasyon AS's Beneish M-Score
For the Telecom Services subindustry, Turk Telekomunikasyon 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.
Turk Telekomunikasyon AS's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Turk Telekomunikasyon AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Turk Telekomunikasyon AS's Beneish M-Score falls into.
Turk Telekomunikasyon 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 Turk Telekomunikasyon 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 * 0.8462 | + | 0.528 * 0.9994 | + | 0.404 * 1.0122 | + | 0.892 * 0.768 | + | 0.115 * 0.9193 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.043 | + | 4.679 * -0.073344 | - | 0.327 * 0.9261 |
| = | -3.16 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $591 Mil.
Revenue was 1534.568 + 828.247 + 757.366 + 802.858 = $3,923 Mil.
Gross Profit was 14.915 + 336.039 + 291.662 + 286.906 = $930 Mil.
Total Current Assets was $1,659 Mil.
Total Assets was $6,696 Mil.
Property, Plant and Equipment(Net PPE) was $2,805 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,294 Mil.
Selling, General, & Admin. Expense(SGA) was $902 Mil.
Total Current Liabilities was $1,946 Mil.
Long-Term Debt & Capital Lease Obligation was $1,118 Mil.
Net Income was 408.322 + 166.808 + -25.35 + 33.968 = $584 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 589.399 + 216.597 + 229.558 + 39.343 = $1,075 Mil.
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Total Receivables was $910 Mil.
Revenue was 3143.315 + 685.384 + 631.563 + 648.099 = $5,108 Mil.
Gross Profit was 435.68 + 268.831 + 243.824 + 261.305 = $1,210 Mil.
Total Current Assets was $2,355 Mil.
Total Assets was $10,039 Mil.
Property, Plant and Equipment(Net PPE) was $4,378 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,790 Mil.
Selling, General, & Admin. Expense(SGA) was $1,126 Mil.
Total Current Liabilities was $2,345 Mil.
Long-Term Debt & Capital Lease Obligation was $2,614 Mil.
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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) |
| = | (591.071 / 3923.039) | / | (909.586 / 5108.361) |
| = | 0.150667 | / | 0.178058 |
| | = | 0.8462 |
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) |
| = | (1209.64 / 5108.361) | / | (929.522 / 3923.039) |
| = | 0.236796 | / | 0.236939 |
| | = | 0.9994 |
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 - (1658.902 + 2805.239) / 6696.471) | / | (1 - (2355.162 + 4377.778) / 10039.162) |
| = | 0.333359 | / | 0.329332 |
| | = | 1.0122 |
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 |
| = | 3923.039 | / | 5108.361 |
| | = | 0.768 |
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)) |
| = | (1789.98 / (1789.98 + 4377.778)) | / | (1294.208 / (1294.208 + 2805.239)) |
| = | 0.290216 | / | 0.315703 |
| | = | 0.9193 |
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) |
| = | (901.769 / 3923.039) | / | (1125.814 / 5108.361) |
| = | 0.229865 | / | 0.220387 |
| | = | 1.043 |
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) |
| = | ((1117.704 + 1945.62) / 6696.471) | / | ((2614.313 + 2344.813) / 10039.162) |
| = | 0.457453 | / | 0.493978 |
| | = | 0.9261 |
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 |
| = | (583.748 - 0 | - | 1074.897) | / | 6696.471 |
| | = | -0.073344 |
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.
Turk Telekomunikasyon AS has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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