United Capital Beneish M-Score Historical Data
The historical data trend for United Capital'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.
United Capital Beneish M-Score Chart
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United Capital Annual Data
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Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.54 |
-1.23 |
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United Capital Quarterly Data
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Dec15 |
Dec16 |
Dec17 |
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Dec19 |
Dec20 |
Mar21 |
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Jun23 |
Sep23 |
Dec23 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.93 |
2.28 |
-1.23 |
-0.92 |
11.37 |
Competitive Comparison of United Capital's Beneish M-Score
For the Asset Management subindustry, United Capital'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.
United Capital's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, United Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Capital's Beneish M-Score falls into.
United Capital 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 United Capital 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 * 14.8326 | + | 0.528 * 1.0117 | + | 0.404 * 0.9569 | + | 0.892 * 1.4452 | + | 0.115 * 3.4761 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7103 | + | 4.679 * 0.134164 | - | 0.327 * 1.1475 |
| = | 11.37 |
* 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 (Sep24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₦110,730 Mil.
Revenue was 8741.733 + 0 + 35103.987 + 6680.896 = ₦50,527 Mil.
Gross Profit was 7387.626 + 0 + 34135.393 + 5876.307 = ₦47,399 Mil.
Total Current Assets was ₦623,423 Mil.
Total Assets was ₦1,264,241 Mil.
Property, Plant and Equipment(Net PPE) was ₦1,811 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦173 Mil.
Selling, General, & Admin. Expense(SGA) was ₦3,033 Mil.
Total Current Liabilities was ₦783,158 Mil.
Long-Term Debt & Capital Lease Obligation was ₦296,422 Mil.
Net Income was 8247.987 + 0 + 2949.501 + 3780.999 = ₦14,978 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was -151910.647 + 0 + 78577.984 + -81304.337 = ₦-154,637 Mil.
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Total Receivables was ₦5,166 Mil.
Revenue was 0 + 25238.786 + 5053.064 + 4670.075 = ₦34,962 Mil.
Gross Profit was 0 + 24656.942 + 4409.149 + 4117.06 = ₦33,183 Mil.
Total Current Assets was ₦379,608 Mil.
Total Assets was ₦805,771 Mil.
Property, Plant and Equipment(Net PPE) was ₦529 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦230 Mil.
Selling, General, & Admin. Expense(SGA) was ₦1,227 Mil.
Total Current Liabilities was ₦485,129 Mil.
Long-Term Debt & Capital Lease Obligation was ₦114,518 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) |
| = | (110729.892 / 50526.616) | / | (5165.621 / 34961.925) |
| = | 2.191516 | / | 0.14775 |
| | = | 14.8326 |
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) |
| = | (33183.151 / 34961.925) | / | (47399.326 / 50526.616) |
| = | 0.949123 | / | 0.938106 |
| | = | 1.0117 |
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 - (623423.085 + 1810.913) / 1264241.416) | / | (1 - (379607.511 + 529.404) / 805771.377) |
| = | 0.505447 | / | 0.528232 |
| | = | 0.9569 |
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 |
| = | 50526.616 | / | 34961.925 |
| | = | 1.4452 |
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)) |
| = | (230.331 / (230.331 + 529.404)) | / | (173.032 / (173.032 + 1810.913)) |
| = | 0.303173 | / | 0.087216 |
| | = | 3.4761 |
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) |
| = | (3033.3 / 50526.616) | / | (1227.202 / 34961.925) |
| = | 0.060034 | / | 0.035101 |
| | = | 1.7103 |
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) |
| = | ((296421.969 + 783157.5) / 1264241.416) | / | ((114518.476 + 485129.359) / 805771.377) |
| = | 0.853935 | / | 0.744191 |
| | = | 1.1475 |
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 |
| = | (14978.487 - 0 | - | -154637) | / | 1264241.416 |
| | = | 0.134164 |
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.
United Capital has a M-score of 11.37 signals that the company is likely to be a manipulator.
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