Hitit Bilgisayar Hizmetleri AS (IST:HTTBT) Beneish M-Score : -0.87 (As of May. 24, 2024)

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What is Hitit Bilgisayar Hizmetleri 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 -0.87 higher than -1.78, which implies that the company might have manipulated its financial results.

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

IST:HTTBT' s Beneish M-Score Range Over the Past 10 Years
Min: -1.38 Med: -1.13 Max: -0.87
Current: -0.87

During the past 6 years, the highest Beneish M-Score of Hitit Bilgisayar Hizmetleri AS was -0.87. The lowest was -1.38. And the median was -1.13.

Hitit Bilgisayar Hizmetleri AS Beneish M-Score Historical Data

The historical data trend for Hitit Bilgisayar Hizmetleri 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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Hitit Bilgisayar Hizmetleri AS Beneish M-Score Chart

Hitit Bilgisayar Hizmetleri AS Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.38

-0.87

Hitit Bilgisayar Hizmetleri AS Quarterly Data
	Dec18	Dec19	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial											-1.38	-1.30	-0.61	-1.22	-0.87

Competitive Comparison of Hitit Bilgisayar Hizmetleri AS's Beneish M-Score

For the Software - Application subindustry, Hitit Bilgisayar Hizmetleri 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.

Hitit Bilgisayar Hizmetleri AS's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Hitit Bilgisayar Hizmetleri AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hitit Bilgisayar Hizmetleri AS's Beneish M-Score falls into.

Hitit Bilgisayar Hizmetleri 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 Hitit Bilgisayar Hizmetleri 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 * 1.1302

0.528 * 1.1176

0.404 * 1.0043

0.892 * 1.9577

0.115 * 1.1207

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8917

4.679 * 0.106578

0.327 * 0.8621

-0.87

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₺184.4 Mil.
Revenue was 185.862 + 175.565 + 128.053 + 119.572 = ₺609.1 Mil.
Gross Profit was 89.799 + 84.164 + 62.936 + 59.145 = ₺296.0 Mil.
Total Current Assets was ₺741.7 Mil.
Total Assets was ₺1,729.8 Mil.
Property, Plant and Equipment(Net PPE) was ₺151.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺100.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₺77.2 Mil.
Total Current Liabilities was ₺152.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.0 Mil.
Net Income was 45.571 + 39.792 + 10.755 + 36.049 = ₺132.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0.0 Mil.
Cash Flow from Operations was -118.209 + 77.141 + -33.225 + 22.1 = ₺-52.2 Mil.

Total Receivables was ₺83.3 Mil.
Revenue was 104.39 + 89.947 + 63.947 + 52.819 = ₺311.1 Mil.
Gross Profit was 58.908 + 47.657 + 31.994 + 30.441 = ₺169.0 Mil.
Total Current Assets was ₺460.4 Mil.
Total Assets was ₺1,017.2 Mil.
Property, Plant and Equipment(Net PPE) was ₺67.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺54.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₺44.2 Mil.
Total Current Liabilities was ₺103.7 Mil.
Long-Term Debt & Capital Lease Obligation was ₺0.0 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)
	=	(184.378 / 609.052)	/	(83.328 / 311.103)
	=	0.302729	/	0.267847
	=	1.1302

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)
	=	(169 / 311.103)	/	(296.044 / 609.052)
	=	0.543228	/	0.486073
	=	1.1176

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 - (741.667 + 151.84) / 1729.816)	/	(1 - (460.403 + 67.129) / 1017.189)
	=	0.483467	/	0.481383
	=	1.0043

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
	=	609.052	/	311.103
	=	1.9577

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))
	=	(54.173 / (54.173 + 67.129))	/	(100.597 / (100.597 + 151.84))
	=	0.446596	/	0.398503
	=	1.1207

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)
	=	(77.155 / 609.052)	/	(44.198 / 311.103)
	=	0.12668	/	0.142069
	=	0.8917

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)
	=	((0 + 152.015) / 1729.816)	/	((0 + 103.691) / 1017.189)
	=	0.087879	/	0.101939
	=	0.8621

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
	=	(132.167 - 0	-	-52.193)	/	1729.816
	=	0.106578

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.

Hitit Bilgisayar Hizmetleri AS has a M-score of -0.87 signals that the company is likely to be a manipulator.

Hitit Bilgisayar Hizmetleri AS Beneish M-Score Related Terms

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Hitit Bilgisayar Hizmetleri AS (IST:HTTBT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Hitit Bilgisayar Hizmetleri AS (IST:HTTBT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Resitpasa Mah. Katar Cad. No: 4/1 Ari, Teknokent 2 Ic Kapi No: 601 34469, Maslak, Istanbul, TUR

Website

https://www.hitit.com

Hitit Bilgisayar Hizmetleri AS is a provider of airline IT solutions intended to meet the needs of industry players in the travel industry. The company's solutions offer a comprehensive suite that covers the entire operational life-circle, web-based airline reservations and ticketing systems, schedule and crew planning through core passenger service and ground-handling needs, industrial-standard accounting, reporting tools, as well as complementing solutions such as loyalty, customer management, multiple sales and distribution channels.

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