Bim Birlesik Magazalar AS (IST:BIMAS) Beneish M-Score : -2.01 (As of May. 12, 2024)

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What is Bim Birlesik Magazalar 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.

Good Sign:

Beneish M-Score -2.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IST:BIMAS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.45 Max: -1.11
Current: -2.01

During the past 13 years, the highest Beneish M-Score of Bim Birlesik Magazalar AS was -1.11. The lowest was -3.01. And the median was -2.45.

Bim Birlesik Magazalar AS Beneish M-Score Historical Data

The historical data trend for Bim Birlesik Magazalar 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.

Bim Birlesik Magazalar AS Beneish M-Score Chart

Bim Birlesik Magazalar AS Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.46

-3.01

-2.43

-2.35

-1.60

Bim Birlesik Magazalar AS Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-1.53	-1.60	-1.70	-1.23	-2.01

Competitive Comparison of Bim Birlesik Magazalar AS's Beneish M-Score

For the Grocery Stores subindustry, Bim Birlesik Magazalar 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.

Bim Birlesik Magazalar AS's Beneish M-Score Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Bim Birlesik Magazalar AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Bim Birlesik Magazalar AS's Beneish M-Score falls into.

Bim Birlesik Magazalar 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 Bim Birlesik Magazalar 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 * 0.9983

0.528 * 0.9587

0.404 * 1.1132

0.892 * 1.8565

0.115 * 1.2647

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9577

4.679 * -0.084144

0.327 * 0.893

-2.01

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was ₺14,186 Mil.
Revenue was 74405.682 + 57878.072 + 51334.587 + 45095.118 = ₺228,713 Mil.
Gross Profit was 15570.697 + 10694.294 + 9220.02 + 8277.342 = ₺43,762 Mil.
Total Current Assets was ₺51,662 Mil.
Total Assets was ₺99,428 Mil.
Property, Plant and Equipment(Net PPE) was ₺43,775 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺4,020 Mil.
Selling, General, & Admin. Expense(SGA) was ₺5,730 Mil.
Total Current Liabilities was ₺52,923 Mil.
Long-Term Debt & Capital Lease Obligation was ₺15,280 Mil.
Net Income was 3849.375 + 2845.179 + 1354.118 + 3363.895 = ₺11,413 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 6649.742 + 6912.965 + 1969.78 + 4246.292 = ₺19,779 Mil.

Total Receivables was ₺7,654 Mil.
Revenue was 41171.109 + 34135.399 + 27313.94 + 20576.376 = ₺123,197 Mil.
Gross Profit was 7275.13 + 6153.534 + 5067.653 + 4102.24 = ₺22,599 Mil.
Total Current Assets was ₺27,030 Mil.
Total Assets was ₺48,270 Mil.
Property, Plant and Equipment(Net PPE) was ₺19,500 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺2,321 Mil.
Selling, General, & Admin. Expense(SGA) was ₺3,223 Mil.
Total Current Liabilities was ₺28,693 Mil.
Long-Term Debt & Capital Lease Obligation was ₺8,385 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)
	=	(14186.256 / 228713.459)	/	(7654.183 / 123196.824)
	=	0.062026	/	0.06213
	=	0.9983

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)
	=	(22598.557 / 123196.824)	/	(43762.353 / 228713.459)
	=	0.183435	/	0.191341
	=	0.9587

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 - (51662.307 + 43775.326) / 99427.7)	/	(1 - (27030.104 + 19499.698) / 48269.849)
	=	0.04013	/	0.036048
	=	1.1132

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
	=	228713.459	/	123196.824
	=	1.8565

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))
	=	(2321.166 / (2321.166 + 19499.698))	/	(4020.211 / (4020.211 + 43775.326))
	=	0.106374	/	0.084113
	=	1.2647

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)
	=	(5730.118 / 228713.459)	/	(3222.859 / 123196.824)
	=	0.025054	/	0.02616
	=	0.9577

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)
	=	((15279.925 + 52922.816) / 99427.7)	/	((8385.487 + 28693.169) / 48269.849)
	=	0.685953	/	0.768154
	=	0.893

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
	=	(11412.567 - 0	-	19778.779)	/	99427.7
	=	-0.084144

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.

Bim Birlesik Magazalar AS has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.

Bim Birlesik Magazalar AS Beneish M-Score Related Terms

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Bim Birlesik Magazalar AS (IST:BIMAS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Retail - Defensive » Bim Birlesik Magazalar AS (IST:BIMAS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Abdurrahmangazi Mahallesi, Ebubekir Caddesi No: 73, Sancaktepe, Istanbul, TUR, 34887

Website

https://www.bim.com.tr

Bim Birlesik Magazalar AS is a Turkey-based company that is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approximately 850 items, including a number of private label products which includes Fresh Meat Products, Milk and milk products, Beverages, Legumes and Bakery, Snacks and Sweets, Fruits and Vegetables, Frozen Food, Cleaning Supplies, Oils and Cosmetics and papers. The company also operates abroad including in Morocco and Egypt.

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