Ihlas Holding AS Beneish M-Score Historical Data
The historical data trend for Ihlas 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.
Ihlas Holding AS Beneish M-Score Chart
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Ihlas Holding AS Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.83 |
-2.07 |
-2.07 |
-0.68 |
-1.89 |
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Ihlas Holding AS Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-1.57 |
-1.89 |
-1.86 |
-1.85 |
-2.09 |
Competitive Comparison of Ihlas Holding AS's Beneish M-Score
For the Conglomerates subindustry, Ihlas 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.
Ihlas Holding AS's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Ihlas Holding AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ihlas Holding AS's Beneish M-Score falls into.
Ihlas 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 Ihlas 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 * 0.9324 | + | 0.528 * 0.9521 | + | 0.404 * 1.3237 | + | 0.892 * 1.208 | + | 0.115 * 1.24 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5771 | + | 4.679 * 0.03672 | - | 0.327 * 0.8089 |
| = | -2.09 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ₺2,094 Mil.
Revenue was 1250.136 + 1027.227 + 964.063 + 1031.04 = ₺4,272 Mil.
Gross Profit was 289.397 + 268.101 + 213.257 + 222.092 = ₺993 Mil.
Total Current Assets was ₺7,582 Mil.
Total Assets was ₺11,311 Mil.
Property, Plant and Equipment(Net PPE) was ₺1,685 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺77 Mil.
Selling, General, & Admin. Expense(SGA) was ₺1,033 Mil.
Total Current Liabilities was ₺1,493 Mil.
Long-Term Debt & Capital Lease Obligation was ₺160 Mil.
Net Income was -41.228 + -35.132 + 40.742 + 525.357 = ₺490 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was 189.875 + 75.983 + -239.005 + 47.533 = ₺74 Mil.
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Total Receivables was ₺1,859 Mil.
Revenue was 798.913 + 794.159 + 770.869 + 1172.893 = ₺3,537 Mil.
Gross Profit was 200.349 + 215.019 + 188.417 + 178.778 = ₺783 Mil.
Total Current Assets was ₺4,873 Mil.
Total Assets was ₺6,514 Mil.
Property, Plant and Equipment(Net PPE) was ₺751 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺43 Mil.
Selling, General, & Admin. Expense(SGA) was ₺542 Mil.
Total Current Liabilities was ₺1,054 Mil.
Long-Term Debt & Capital Lease Obligation was ₺123 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) |
| = | (2094.019 / 4272.466) | / | (1859.153 / 3536.834) |
| = | 0.49012 | / | 0.525655 |
| | = | 0.9324 |
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) |
| = | (782.563 / 3536.834) | / | (992.847 / 4272.466) |
| = | 0.221261 | / | 0.232383 |
| | = | 0.9521 |
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 - (7581.561 + 1684.707) / 11311.362) | / | (1 - (4873.415 + 750.563) / 6513.672) |
| = | 0.1808 | / | 0.136589 |
| | = | 1.3237 |
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 |
| = | 4272.466 | / | 3536.834 |
| | = | 1.208 |
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)) |
| = | (43.236 / (43.236 + 750.563)) | / | (77.403 / (77.403 + 1684.707)) |
| = | 0.054467 | / | 0.043926 |
| | = | 1.24 |
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) |
| = | (1033.056 / 4272.466) | / | (542.259 / 3536.834) |
| = | 0.241794 | / | 0.153318 |
| | = | 1.5771 |
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) |
| = | ((159.817 + 1493.009) / 11311.362) | / | ((122.568 + 1054.056) / 6513.672) |
| = | 0.146121 | / | 0.180639 |
| | = | 0.8089 |
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 |
| = | (489.739 - 0 | - | 74.386) | / | 11311.362 |
| | = | 0.03672 |
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.
Ihlas Holding AS has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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