Tupras-Turkiye Petrol Rafineleri AS (Tupras-Turkiye Petrol Rafineleri AS) Beneish M-Score : -2.65 (As of May. 11, 2024)

View and export this data going back to 2010. Start your Free Trial

What is Tupras-Turkiye Petrol Rafineleri 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score or its related term are showing as below:

TUPRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24 Med: -2.31 Max: 16.06
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Tupras-Turkiye Petrol Rafineleri AS was 16.06. The lowest was -3.24. And the median was -2.31.

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score Historical Data

The historical data trend for Tupras-Turkiye Petrol Rafineleri 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.

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score Chart

Tupras-Turkiye Petrol Rafineleri AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-3.24

-3.08

0.41

1.06

-2.65

Tupras-Turkiye Petrol Rafineleri 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															1.06	-0.81	-1.25	-2.71	-2.65

Competitive Comparison of Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, Tupras-Turkiye Petrol Rafineleri 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.

Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score falls into.

Tupras-Turkiye Petrol Rafineleri 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 Tupras-Turkiye Petrol Rafineleri 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 * 1.4065

0.528 * 0.7657

0.404 * 1.4171

0.892 * 0.5201

0.115 * 1.0541

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5765

4.679 * -0.085847

0.327 * 0.9225

-2.96

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $1,410 Mil.
Revenue was 10460.087 + 6857.165 + 4405.931 + 4885.869 = $26,609 Mil.
Gross Profit was 1563.315 + 1214.972 + 737.396 + 736.738 = $4,252 Mil.
Total Current Assets was $6,918 Mil.
Total Assets was $12,614 Mil.
Property, Plant and Equipment(Net PPE) was $4,676 Mil.
Depreciation, Depletion and Amortization(DDA) was $216 Mil.
Selling, General, & Admin. Expense(SGA) was $419 Mil.
Total Current Liabilities was $5,340 Mil.
Long-Term Debt & Capital Lease Obligation was $184 Mil.
Net Income was 629.537 + 789.147 + 304.57 + 355.181 = $2,078 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 907.543 + 1964.837 + 74.156 + 214.783 = $3,161 Mil.

Total Receivables was $1,927 Mil.
Revenue was 29533.265 + 8223.796 + 8090.915 + 5313.129 = $51,161 Mil.
Gross Profit was 3739.495 + 1064.645 + 1066.222 + 389.716 = $6,260 Mil.
Total Current Assets was $10,586 Mil.
Total Assets was $18,636 Mil.
Property, Plant and Equipment(Net PPE) was $6,986 Mil.
Depreciation, Depletion and Amortization(DDA) was $342 Mil.
Selling, General, & Admin. Expense(SGA) was $511 Mil.
Total Current Liabilities was $6,968 Mil.
Long-Term Debt & Capital Lease Obligation was $1,879 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)
	=	(1409.744 / 26609.052)	/	(1927.119 / 51161.105)
	=	0.05298	/	0.037668
	=	1.4065

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)
	=	(6260.078 / 51161.105)	/	(4252.421 / 26609.052)
	=	0.12236	/	0.159811
	=	0.7657

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 - (6917.549 + 4676.375) / 12614.072)	/	(1 - (10586.18 + 6986.385) / 18636.122)
	=	0.080874	/	0.05707
	=	1.4171

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
	=	26609.052	/	51161.105
	=	0.5201

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))
	=	(341.528 / (341.528 + 6986.385))	/	(216.32 / (216.32 + 4676.375))
	=	0.046606	/	0.044213
	=	1.0541

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)
	=	(419.36 / 26609.052)	/	(511.483 / 51161.105)
	=	0.01576	/	0.009997
	=	1.5765

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)
	=	((184.265 + 5339.785) / 12614.072)	/	((1878.861 + 6967.964) / 18636.122)
	=	0.437928	/	0.474714
	=	0.9225

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
	=	(2078.435 - 0	-	3161.319)	/	12614.072
	=	-0.085847

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.

Tupras-Turkiye Petrol Rafineleri AS has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

Tupras-Turkiye Petrol Rafineleri AS Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Tupras-Turkiye Petrol Rafineleri AS's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Tupras-Turkiye Petrol Rafineleri AS (Tupras-Turkiye Petrol Rafineleri AS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Tupras-Turkiye Petrol Rafineleri AS (OTCPK:TUPRF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TUPRS:Turkey

Address

Guney Mahallesi, Petrol Caddesi No:25, Korfez, Kocaeli, TUR, 41790

Website

http://www.tupras.com.tr

Tupras-Turkiye Petrol Rafineleri AS provides and refines crude oil through Turkish and international refineries. It also operates petrochemical factories and facilities. The company's complete line of products includes liquefied petroleum gas(LPG), fuel oil, waxes and extracts, bitumen, and other products. In addition to refining and producing products, the firm engages in the purchase, sell, import, export, store, marketing, and distribution of a variety of petroleum products. Distribution is completed through a network of foreign and domestic wholesalers and retailers. The majority of sales from refineries are domestic.

Tupras-Turkiye Petrol Rafineleri AS (Tupras-Turkiye Petrol Rafineleri AS) Headlines

From GuruFocus

Invesco European Growth Fund Comments on Tupras-Turkiye

By Holly LaFon Holly LaFon • 11-11-2013