JPMorgan UK Small Cap Growth &ome (CHIX:JUGIL) Beneish M-Score : 0.00 (As of Dec. 14, 2024)

View and export this data going back to 2015. Start your Free Trial

What is JPMorgan UK Small Cap Growth &ome Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for JPMorgan UK Small Cap Growth &ome's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of JPMorgan UK Small Cap Growth &ome was 13.98. The lowest was -2.13. And the median was -1.18.

JPMorgan UK Small Cap Growth &ome 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 JPMorgan UK Small Cap Growth &ome 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

0.528 * 1

0.404 * 1

0.892 * 1.4738

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7504

4.679 * 0.11628

0.327 * 1.0975

-1.50

* 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 (Jul24) TTM:

Last Year (Jul22) TTM:

Total Receivables was £0.0 Mil.
Revenue was 81.749 + 19.525 + -9.313 + -2.939 = £89.0 Mil.
Gross Profit was 81.749 + 19.525 + -9.313 + -2.939 = £89.0 Mil.
Total Current Assets was £0.0 Mil.
Total Assets was £574.8 Mil.
Property, Plant and Equipment(Net PPE) was £0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.0 Mil.
Selling, General, & Admin. Expense(SGA) was £1.1 Mil.
Total Current Liabilities was £0.0 Mil.
Long-Term Debt & Capital Lease Obligation was £55.0 Mil.
Net Income was 80.421 + 19.277 + -9.615 + -3.242 = £86.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0.0 Mil.
Cash Flow from Operations was 10.93 + 2.843 + 4.029 + 2.202 = £20.0 Mil.

Total Receivables was £0.0 Mil.
Revenue was -50.306 + -30.408 + 76.771 + 64.344 = £60.4 Mil.
Gross Profit was -50.306 + -30.408 + 76.771 + 64.344 = £60.4 Mil.
Total Current Assets was £0.0 Mil.
Total Assets was £286.7 Mil.
Property, Plant and Equipment(Net PPE) was £0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.0 Mil.
Selling, General, & Admin. Expense(SGA) was £1.0 Mil.
Total Current Liabilities was £0.0 Mil.
Long-Term Debt & Capital Lease Obligation was £25.0 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)
	=	(0 / 89.022)	/	(0 / 60.401)
	=	0	/	0
	=	1

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)
	=	(60.401 / 60.401)	/	(89.022 / 89.022)
	=	1	/	1
	=	1

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 - (0 + 0) / 574.792)	/	(1 - (0 + 0) / 286.73)
	=	1	/	1
	=	1

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
	=	89.022	/	60.401
	=	1.4738

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(1.096 / 89.022)	/	(0.991 / 60.401)
	=	0.012312	/	0.016407
	=	0.7504

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)
	=	((55 + 0) / 574.792)	/	((25 + 0) / 286.73)
	=	0.095687	/	0.08719
	=	1.0975

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
	=	(86.841 - 0	-	20.004)	/	574.792
	=	0.11628

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.

JPMorgan UK Small Cap Growth &ome has a M-score of -1.50 signals that the company is likely to be a manipulator.

JPMorgan UK Small Cap Growth &ome Beneish M-Score Related Terms

Thank you for viewing the detailed overview of JPMorgan UK Small Cap Growth &ome's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

JPMorgan UK Small Cap Growth &ome Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » JPMorgan UK Small Cap Growth & Income PLC (CHIX:JUGIl) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

JUGI:UK

Address

60 Victoria Embankment, London, GBR, EC4Y 0JP

Website

https://am.jpmorgan.com

JPMorgan UK Small Cap Growth & Income PLC is an investment trust company. Its investment objective is to achieve capital growth from UK listed smaller companies by out-performance of the company's benchmark index, the FTSE Small Cap Index and a rising share price over the longer term by taking carefully controlled risks. In order to achieve its objective, the company invests in a diversified portfolio of small companies, emphasizing capital rather than income growth. The company manages its risk relative to its benchmark index by limiting the active portfolio exposure to stocks and sectors. It mainly invests in smaller companies which tend to be more volatile than larger companies.