Julius Berger Nigeria (NSA:JUBR) Beneish M-Score : -1.57 (As of Mar. 03, 2025)

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What is Julius Berger Nigeria 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.

Warning Sign:

Beneish M-Score -1.57 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Julius Berger Nigeria's Beneish M-Score or its related term are showing as below:

NSA:JUBR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.34 Max: -1.57
Current: -1.57

During the past 13 years, the highest Beneish M-Score of Julius Berger Nigeria was -1.57. The lowest was -2.87. And the median was -2.34.

Julius Berger Nigeria Beneish M-Score Historical Data

The historical data trend for Julius Berger 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.

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Julius Berger Nigeria Beneish M-Score Chart

Julius Berger Nigeria Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.49

-1.84

-2.73

-2.87

-1.57

Julius Berger Nigeria Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.87	-3.10	-2.48	-1.53	-1.57

Competitive Comparison of Julius Berger Nigeria's Beneish M-Score

For the Engineering & Construction subindustry, Julius Berger 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.

Julius Berger Nigeria's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Julius Berger Nigeria's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Julius Berger Nigeria's Beneish M-Score falls into.

Julius Berger 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 Julius Berger Nigeria 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 * 1.4103

0.528 * 1.3112

0.404 * 0.5502

0.892 * 1.2691

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0534

4.679 * 0.056333

0.327 * 0.8403

-1.57

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₦272,940 Mil.
Revenue was 161201.436 + 161230.349 + 132893.961 + 110878.327 = ₦566,204 Mil.
Gross Profit was 12724.736 + 18762.633 + 17879.494 + 20970.58 = ₦70,337 Mil.
Total Current Assets was ₦546,219 Mil.
Total Assets was ₦1,013,244 Mil.
Property, Plant and Equipment(Net PPE) was ₦314,130 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦0 Mil.
Selling, General, & Admin. Expense(SGA) was ₦76,663 Mil.
Total Current Liabilities was ₦121,535 Mil.
Long-Term Debt & Capital Lease Obligation was ₦32,633 Mil.
Net Income was 2500.413 + 706.744 + 1460.697 + 10010.108 = ₦14,678 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was -528.547 + -13930.487 + -39746.706 + 11804.715 = ₦-42,401 Mil.

Total Receivables was ₦152,489 Mil.
Revenue was 112737.84 + 105358.249 + 120175.509 + 107866.479 = ₦446,138 Mil.
Gross Profit was 11681.977 + 16565.474 + 24371.15 + 20050.871 = ₦72,669 Mil.
Total Current Assets was ₦394,944 Mil.
Total Assets was ₦686,942 Mil.
Property, Plant and Equipment(Net PPE) was ₦103,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦0 Mil.
Selling, General, & Admin. Expense(SGA) was ₦57,344 Mil.
Total Current Liabilities was ₦102,230 Mil.
Long-Term Debt & Capital Lease Obligation was ₦22,151 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)
	=	(272940.347 / 566204.073)	/	(152488.666 / 446138.077)
	=	0.482053	/	0.341797
	=	1.4103

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)
	=	(72669.472 / 446138.077)	/	(70337.443 / 566204.073)
	=	0.162886	/	0.124226
	=	1.3112

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 - (546219.4 + 314130.164) / 1013243.722)	/	(1 - (394943.625 + 103602.922) / 686942.03)
	=	0.150896	/	0.274252
	=	0.5502

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
	=	566204.073	/	446138.077
	=	1.2691

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 + 103602.922))	/	(0 / (0 + 314130.164))
	=	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)
	=	(76663.028 / 566204.073)	/	(57343.853 / 446138.077)
	=	0.135398	/	0.128534
	=	1.0534

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)
	=	((32633.22 + 121535.188) / 1013243.722)	/	((22150.976 + 102230.207) / 686942.03)
	=	0.152153	/	0.181065
	=	0.8403

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
	=	(14677.962 - 0	-	-42401.025)	/	1013243.722
	=	0.056333

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.

Julius Berger Nigeria has a M-score of -1.57 signals that the company is likely to be a manipulator.

Julius Berger Nigeria Beneish M-Score Related Terms

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Julius Berger Nigeria Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Julius Berger Nigeria PLC (NSA:JUBR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

10 Shettima A. Munguno Crescent, Utako, Abuja, NGA, 900 108

Website

https://www.julius-berger.com

Julius Berger Nigeria PLC is a construction company offering integrated solutions and related services for all kinds of civil engineering works. The company's operating segment includes Civil works; Building works; Services; and Diversification. It generates maximum revenue from the Civil works segment. The Civil works segment is responsible for the provision of professional services in the areas of engineering, construction, and maintenance of various infrastructures. In the coastal areas, the works include the construction of turnkey harbors, wharves, jetties, loading installations, and warehouses. Geographically, it derives a majority of its revenue from Nigeria.

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