Alarko Holding AS Beneish M-Score Historical Data
The historical data trend for Alarko 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.
Alarko Holding AS Beneish M-Score Chart
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Alarko Holding 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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-1.36 |
-2.03 |
11.32 |
2.84 |
-1.45 |
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Alarko Holding 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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2.84 |
2.64 |
1.28 |
0.76 |
-1.45 |
Competitive Comparison of Alarko Holding AS's Beneish M-Score
For the Conglomerates subindustry, Alarko 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.
Alarko Holding AS's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Alarko Holding AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alarko Holding AS's Beneish M-Score falls into.
Alarko 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 Alarko Holding 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 * 1.8014 | + | 0.528 * 1.6307 | + | 0.404 * 0.9807 | + | 0.892 * 0.676 | + | 0.115 * 1.3081 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5832 | + | 4.679 * 0.065223 | - | 0.327 * 0.9554 |
| = | -1.45 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₺3,306 Mil.
Revenue was 2223.664 + 2868.869 + 1812.6 + 1391.095 = ₺8,296 Mil.
Gross Profit was -33.673 + 377.015 + 97.889 + 246.912 = ₺688 Mil.
Total Current Assets was ₺15,705 Mil.
Total Assets was ₺59,359 Mil.
Property, Plant and Equipment(Net PPE) was ₺7,171 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺417 Mil.
Selling, General, & Admin. Expense(SGA) was ₺333 Mil.
Total Current Liabilities was ₺13,165 Mil.
Long-Term Debt & Capital Lease Obligation was ₺572 Mil.
Net Income was -2269.509 + 3969.955 + 3089.517 + 1835.359 = ₺6,625 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 1519.067 + -528.884 + 1847.587 + -83.988 = ₺2,754 Mil.
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Total Receivables was ₺2,715 Mil.
Revenue was 7199.703 + 2334.78 + 1757.392 + 980.002 = ₺12,272 Mil.
Gross Profit was 699.561 + 315.629 + 401.979 + 242.779 = ₺1,660 Mil.
Total Current Assets was ₺14,787 Mil.
Total Assets was ₺51,832 Mil.
Property, Plant and Equipment(Net PPE) was ₺4,561 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺354 Mil.
Selling, General, & Admin. Expense(SGA) was ₺311 Mil.
Total Current Liabilities was ₺12,323 Mil.
Long-Term Debt & Capital Lease Obligation was ₺232 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) |
| = | (3305.706 / 8296.228) | / | (2714.543 / 12271.877) |
| = | 0.398459 | / | 0.2212 |
| | = | 1.8014 |
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) |
| = | (1659.948 / 12271.877) | / | (688.143 / 8296.228) |
| = | 0.135264 | / | 0.082946 |
| | = | 1.6307 |
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 - (15705.122 + 7170.947) / 59358.898) | / | (1 - (14786.673 + 4561.199) / 51831.924) |
| = | 0.614614 | / | 0.626719 |
| | = | 0.9807 |
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 |
| = | 8296.228 | / | 12271.877 |
| | = | 0.676 |
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)) |
| = | (353.677 / (353.677 + 4561.199)) | / | (417.464 / (417.464 + 7170.947)) |
| = | 0.071961 | / | 0.055013 |
| | = | 1.3081 |
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) |
| = | (332.842 / 8296.228) | / | (310.987 / 12271.877) |
| = | 0.04012 | / | 0.025341 |
| | = | 1.5832 |
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) |
| = | ((571.759 + 13165.434) / 59358.898) | / | ((231.898 + 12322.881) / 51831.924) |
| = | 0.231426 | / | 0.242221 |
| | = | 0.9554 |
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 |
| = | (6625.322 - 0 | - | 2753.782) | / | 59358.898 |
| | = | 0.065223 |
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.
Alarko Holding AS has a M-score of -1.45 signals that the company is likely to be a manipulator.
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