Guinness Nigeria Beneish M-Score Historical Data
The historical data trend for Guinness Nigeria'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.
Guinness Nigeria Beneish M-Score Chart
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Guinness Nigeria Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.66 |
-4.00 |
-4.19 |
-2.60 |
34.35 |
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Guinness Nigeria 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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-1.95 |
427.48 |
471.73 |
34.35 |
40.84 |
Competitive Comparison of Guinness Nigeria's Beneish M-Score
For the Beverages - Brewers subindustry, Guinness Nigeria'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.
Guinness Nigeria's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Guinness Nigeria's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Guinness Nigeria's Beneish M-Score falls into.
Guinness Nigeria 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 Guinness Nigeria 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 * 1.1965 | + | 0.528 * 1.079 | + | 0.404 * 110 | + | 0.892 * 1.1127 | + | 0.115 * 0.9234 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9283 | + | 4.679 * -0.192951 | - | 0.327 * 1.4346 |
| = | 40.84 |
* 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 ₦18,997 Mil.
Revenue was 59536.477 + 56962.449 + 54026.737 + 65601.794 = ₦236,127 Mil.
Gross Profit was 18137.642 + 17747.362 + 18095.264 + 24050.97 = ₦78,031 Mil.
Total Current Assets was ₦144,104 Mil.
Total Assets was ₦244,366 Mil.
Property, Plant and Equipment(Net PPE) was ₦99,724 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦9,733 Mil.
Selling, General, & Admin. Expense(SGA) was ₦56,888 Mil.
Total Current Liabilities was ₦183,517 Mil.
Long-Term Debt & Capital Lease Obligation was ₦160 Mil.
Net Income was 2596.053 + -24033.732 + 1841.14 + 1275.737 = ₦-18,321 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was -6577.611 + 29983.808 + -4439.175 + 9862.712 = ₦28,830 Mil.
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Total Receivables was ₦14,268 Mil.
Revenue was 52849.881 + 47377.624 + 50320 + 61655.076 = ₦212,203 Mil.
Gross Profit was 18239.477 + 15480.519 + 20674.24 + 21271.335 = ₦75,666 Mil.
Total Current Assets was ₦122,361 Mil.
Total Assets was ₦220,399 Mil.
Property, Plant and Equipment(Net PPE) was ₦98,033 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦8,770 Mil.
Selling, General, & Admin. Expense(SGA) was ₦55,073 Mil.
Total Current Liabilities was ₦115,294 Mil.
Long-Term Debt & Capital Lease Obligation was ₦183 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) |
| = | (18996.841 / 236127.457) | / | (14267.962 / 212202.581) |
| = | 0.080452 | / | 0.067237 |
| | = | 1.1965 |
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) |
| = | (75665.571 / 212202.581) | / | (78031.238 / 236127.457) |
| = | 0.356572 | / | 0.330462 |
| | = | 1.079 |
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 - (144103.887 + 99724.248) / 244365.653) | / | (1 - (122361.466 + 98032.791) / 220398.587) |
| = | 0.0022 | / | 2.0E-5 |
| | = | 110 |
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 |
| = | 236127.457 | / | 212202.581 |
| | = | 1.1127 |
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)) |
| = | (8769.641 / (8769.641 + 98032.791)) | / | (9733.079 / (9733.079 + 99724.248)) |
| = | 0.082111 | / | 0.088921 |
| | = | 0.9234 |
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) |
| = | (56887.799 / 236127.457) | / | (55073.103 / 212202.581) |
| = | 0.24092 | / | 0.259531 |
| | = | 0.9283 |
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) |
| = | ((159.713 + 183516.685) / 244365.653) | / | ((183.141 + 115293.897) / 220398.587) |
| = | 0.751646 | / | 0.523946 |
| | = | 1.4346 |
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 |
| = | (-18320.802 - 0 | - | 28829.734) | / | 244365.653 |
| | = | -0.192951 |
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.
Guinness Nigeria has a M-score of 40.84 signals that the company is likely to be a manipulator.
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