Logo Yazilimnayi ve Ticaret AS (IST:LOGO) Beneish M-Score : -2.32 (As of May. 11, 2024)

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What is Logo Yazilimnayi ve Ticaret 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Logo Yazilimnayi ve Ticaret AS's Beneish M-Score or its related term are showing as below:

IST:LOGO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27 Med: -2.39 Max: -0.21
Current: -2.32

During the past 13 years, the highest Beneish M-Score of Logo Yazilimnayi ve Ticaret AS was -0.21. The lowest was -3.27. And the median was -2.39.

Logo Yazilimnayi ve Ticaret AS Beneish M-Score Historical Data

The historical data trend for Logo Yazilimnayi ve Ticaret 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.

Logo Yazilimnayi ve Ticaret AS Beneish M-Score Chart

Logo Yazilimnayi ve Ticaret AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.45

-3.04

-2.33

-0.21

-2.32

Logo Yazilimnayi ve Ticaret AS Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-0.21	-0.54	-0.97	-1.15	-2.32

Competitive Comparison of Logo Yazilimnayi ve Ticaret AS's Beneish M-Score

For the Software - Application subindustry, Logo Yazilimnayi ve Ticaret 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.

Logo Yazilimnayi ve Ticaret AS's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Logo Yazilimnayi ve Ticaret AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Logo Yazilimnayi ve Ticaret AS's Beneish M-Score falls into.

Logo Yazilimnayi ve Ticaret 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 Logo Yazilimnayi ve Ticaret 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 * 1.2391

0.528 * 0.9698

0.404 * 1.0639

0.892 * 1.0305

0.115 * 1.0233

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3779

4.679 * 0.001446

0.327 * 1.1261

-2.32

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₺816 Mil.
Revenue was 1314.194 + 636.774 + 572.276 + 452.084 = ₺2,975 Mil.
Gross Profit was 1116.728 + 500.654 + 453.235 + 354.136 = ₺2,425 Mil.
Total Current Assets was ₺1,715 Mil.
Total Assets was ₺5,343 Mil.
Property, Plant and Equipment(Net PPE) was ₺309 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺384 Mil.
Selling, General, & Admin. Expense(SGA) was ₺498 Mil.
Total Current Liabilities was ₺2,585 Mil.
Long-Term Debt & Capital Lease Obligation was ₺247 Mil.
Net Income was -315.527 + 125.634 + 268.086 + 61.963 = ₺140 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -336.938 + 178.737 + 216.222 + 74.411 = ₺132 Mil.

Total Receivables was ₺639 Mil.
Revenue was 1867.745 + 382.765 + 367.725 + 269.131 = ₺2,887 Mil.
Gross Profit was 1499.351 + 275.932 + 298.111 + 208.534 = ₺2,282 Mil.
Total Current Assets was ₺1,789 Mil.
Total Assets was ₺4,901 Mil.
Property, Plant and Equipment(Net PPE) was ₺250 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺328 Mil.
Selling, General, & Admin. Expense(SGA) was ₺351 Mil.
Total Current Liabilities was ₺1,989 Mil.
Long-Term Debt & Capital Lease Obligation was ₺317 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)
	=	(815.652 / 2975.328)	/	(638.801 / 2887.366)
	=	0.274139	/	0.22124
	=	1.2391

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)
	=	(2281.928 / 2887.366)	/	(2424.753 / 2975.328)
	=	0.790315	/	0.814953
	=	0.9698

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 - (1715.043 + 308.576) / 5343.02)	/	(1 - (1789.379 + 249.662) / 4900.858)
	=	0.621259	/	0.583942
	=	1.0639

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
	=	2975.328	/	2887.366
	=	1.0305

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))
	=	(327.659 / (327.659 + 249.662))	/	(384.261 / (384.261 + 308.576))
	=	0.567551	/	0.55462
	=	1.0233

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)
	=	(497.847 / 2975.328)	/	(350.615 / 2887.366)
	=	0.167325	/	0.121431
	=	1.3779

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)
	=	((246.883 + 2584.822) / 5343.02)	/	((317.106 + 1989.466) / 4900.858)
	=	0.529982	/	0.470647
	=	1.1261

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
	=	(140.156 - 0	-	132.432)	/	5343.02
	=	0.001446

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.

Logo Yazilimnayi ve Ticaret AS has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Logo Yazilimnayi ve Ticaret AS Beneish M-Score Related Terms

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Logo Yazilimnayi ve Ticaret AS (IST:LOGO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Logo Yazilim Sanayi ve Ticaret AS (IST:LOGO) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Sahabettin Bilgisu Caddesi, No. 609, Gebze Organize Sanayi Bolgesi, Kocaeli, Gebze, TUR, 41400

Website

https://www.logo.com.tr

Logo Yazilim Sanayi ve Ticaret AS is a software company developing software for engineering and project management. The company's vast array of solutions includes Enterprise Resource Planning solutions, Project Solutions, Small and Medium Enterprise Solutions, Business Analytics Solutions, Human Resource Solutions, Supply Chain Solutions, Integrated Products, Work Flow Management Solutions, Retail Cloud Solutions, Customer Relationship Management Solutions, and Mobile Solutions. The group generates revenue from the sale of off-the-shelf software, logo enterprise membership, SaaS membership, after-sales services, Netsis software license, development of customized software and version upgrade package sales.

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