Penguen Gida AS Beneish M-Score Historical Data
The historical data trend for Penguen Gida 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.
Penguen Gida AS Beneish M-Score Chart
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Penguen Gida 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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-2.24 |
-1.15 |
-1.14 |
2.92 |
-3.17 |
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Penguen Gida 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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2.92 |
5.64 |
7.36 |
3.08 |
-3.17 |
Competitive Comparison of Penguen Gida AS's Beneish M-Score
For the Packaged Foods subindustry, Penguen Gida 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.
Penguen Gida AS's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Penguen Gida AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Penguen Gida AS's Beneish M-Score falls into.
Penguen Gida 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 Penguen Gida 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 * 0.9823 | + | 0.528 * 0.449 | + | 0.404 * 0.8042 | + | 0.892 * 0.8631 | + | 0.115 * 0.9519 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2817 | + | 4.679 * -0.022994 | - | 0.327 * 1.0709 |
| = | -3.17 |
* 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 ₺190 Mil.
Revenue was 685.893 + 488.788 + 90.99 + 159.092 = ₺1,425 Mil.
Gross Profit was -21.653 + 74.151 + 29.617 + 38.761 = ₺121 Mil.
Total Current Assets was ₺1,274 Mil.
Total Assets was ₺4,020 Mil.
Property, Plant and Equipment(Net PPE) was ₺2,634 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺33 Mil.
Selling, General, & Admin. Expense(SGA) was ₺69 Mil.
Total Current Liabilities was ₺1,006 Mil.
Long-Term Debt & Capital Lease Obligation was ₺49 Mil.
Net Income was -80.171 + 7.936 + -22.025 + 6.701 = ₺-88 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₺0 Mil.
Cash Flow from Operations was -33.262 + 22.357 + -76.669 + 92.453 = ₺5 Mil.
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Total Receivables was ₺224 Mil.
Revenue was 1146.458 + 255.058 + 88.785 + 160.507 = ₺1,651 Mil.
Gross Profit was -79.025 + 42.174 + 32.564 + 67.171 = ₺63 Mil.
Total Current Assets was ₺1,052 Mil.
Total Assets was ₺3,537 Mil.
Property, Plant and Equipment(Net PPE) was ₺2,362 Mil.
Depreciation, Depletion and Amortization(DDA) was ₺28 Mil.
Selling, General, & Admin. Expense(SGA) was ₺62 Mil.
Total Current Liabilities was ₺828 Mil.
Long-Term Debt & Capital Lease Obligation was ₺39 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) |
| = | (189.884 / 1424.763) | / | (223.983 / 1650.808) |
| = | 0.133274 | / | 0.135681 |
| | = | 0.9823 |
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) |
| = | (62.884 / 1650.808) | / | (120.876 / 1424.763) |
| = | 0.038093 | / | 0.084839 |
| | = | 0.449 |
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 - (1273.714 + 2633.834) / 4020.109) | / | (1 - (1052.307 + 2361.943) / 3537.407) |
| = | 0.027999 | / | 0.034816 |
| | = | 0.8042 |
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 |
| = | 1424.763 | / | 1650.808 |
| | = | 0.8631 |
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)) |
| = | (28.418 / (28.418 + 2361.943)) | / | (33.314 / (33.314 + 2633.834)) |
| = | 0.011889 | / | 0.01249 |
| | = | 0.9519 |
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) |
| = | (69.094 / 1424.763) | / | (62.459 / 1650.808) |
| = | 0.048495 | / | 0.037835 |
| | = | 1.2817 |
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) |
| = | ((49.187 + 1005.896) / 4020.109) | / | ((39.139 + 827.83) / 3537.407) |
| = | 0.262451 | / | 0.245086 |
| | = | 1.0709 |
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 |
| = | (-87.559 - 0 | - | 4.879) | / | 4020.109 |
| | = | -0.022994 |
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.
Penguen Gida AS has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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