Market Cap : 7.79 B | Enterprise Value : 11.07 B | PE Ratio : 7.12 | PB Ratio : 0.80 |
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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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Unum Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Unum Group was 6.37. The lowest was -4.06. And the median was -2.56.
The historical data trend for Unum Group'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.
For the Insurance - Life subindustry, Unum Group'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.
For the Insurance industry and Financial Services sector, Unum Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unum Group's Beneish M-Score falls into.
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 Unum Group 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 * 1.0322 | + | 0.528 * 1 | + | 0.404 * 0.9925 | + | 0.892 * 0.8947 | + | 0.115 * 0.9184 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1574 | + | 4.679 * -0.0123 | - | 0.327 * 1.1745 | |||||||
= | -2.70 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $11,942 Mil. Revenue was 3040.9 + 2953.7 + 2936.7 + 2931.4 = $11,863 Mil. Gross Profit was 3040.9 + 2953.7 + 2936.7 + 2931.4 = $11,863 Mil. Total Current Assets was $13,429 Mil. Total Assets was $63,121 Mil. Property, Plant and Equipment(Net PPE) was $448 Mil. Depreciation, Depletion and Amortization(DDA) was $117 Mil. Selling, General, & Admin. Expense(SGA) was $999 Mil. Total Current Liabilities was $233 Mil. Long-Term Debt & Capital Lease Obligation was $3,443 Mil. Net Income was 370.4 + 253.5 + 159.7 + 328.6 = $1,112 Mil. Non Operating Income was 68.7 + 65.8 + 0 + 65.9 = $200 Mil. Cash Flow from Operations was 458.8 + 325.8 + 388.2 + 517.1 = $1,690 Mil. |
Total Receivables was $12,931 Mil. Revenue was 2993 + 3042.7 + 4236.8 + 2986.6 = $13,259 Mil. Gross Profit was 2993 + 3042.7 + 4236.8 + 2986.6 = $13,259 Mil. Total Current Assets was $14,651 Mil. Total Assets was $70,808 Mil. Property, Plant and Equipment(Net PPE) was $500 Mil. Depreciation, Depletion and Amortization(DDA) was $117 Mil. Selling, General, & Admin. Expense(SGA) was $965 Mil. Total Current Liabilities was $69 Mil. Long-Term Debt & Capital Lease Obligation was $3,441 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) |
= | (11941.6 / 11862.7) | / | (12931 / 13259.1) | |
= | 1.0066511 | / | 0.97525473 | |
= | 1.0322 |
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) | |
= | (13259.1 / 13259.1) | / | (11862.7 / 11862.7) | |
= | 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 - (13429.1 + 447.5) / 63121.1) | / | (1 - (14650.7 + 499.8) / 70807.9) | |
= | 0.78015909 | / | 0.78603376 | |
= | 0.9925 |
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 | |
= | 11862.7 | / | 13259.1 | |
= | 0.8947 |
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)) |
= | (117.4 / (117.4 + 499.8)) | / | (116.9 / (116.9 + 447.5)) | |
= | 0.19021387 | / | 0.20712261 | |
= | 0.9184 |
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) |
= | (999.1 / 11862.7) | / | (964.8 / 13259.1) | |
= | 0.08422197 | / | 0.07276512 | |
= | 1.1574 |
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) |
= | ((3442.8 + 232.6) / 63121.1) | / | ((3441.4 + 69) / 70807.9) | |
= | 0.05822776 | / | 0.04957639 | |
= | 1.1745 |
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 | |
= | (1112.2 - 200.4 | - | 1689.9) | / | 63121.1 | |
= | -0.0123 |
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.
Unum Group has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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King Gale V. | director | 123 SOUTH FRONT STREET MEMPHIS TN 38103 |
Till Mark Paul | officer: EVP & CEO Designate, Unum Intl | 1 FOUNTAIN SQUARE LAW DEPARTMENT (E7N200) CHATTANOOGA TN 37402 |
Pashley Cherie | officer: SVP, Chief Accounting Officer | 1 FOUNTAIN SQUARE LAW DEPT. 7N200 CHATTANOOGA TN 37402 |
Pyne Christopher W | officer: EVP, Group Benefits | 1 FOUNTAIN SQUARE LAW DEPT. (7N200) CHATTANOOGA TN 37402 |
Leiper Martha | officer: EVP, Chief Investment Officer | 9800 FREDERICKSBURG ROAD SAN ANTONIO TX 78288 |
Zabel Steven Andrew | officer: EVP & Chief Financial Officer | 1 FOUNTAIN SQUARE LAW DEPT. (7N200) CHATTANOOGA TN 37402 |
Keaney Timothy F | director | 1 FOUNTAIN SQUARE LAW DEPT. 7S730 CHATTANOOGA TN 37402 |
Devore Susan D. | director | C/O PREMIER, INC. 13034 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277 |
Egan Cynthia | director | 7117 BELLONA AVENUE BALTIMORE MD 21212 |
Bunting Theodore H Jr | director | P. O. BOX 61000 NEW ORLEANS LA 70161 |
Shammo Francis | director | 1 FOUNTAIN SQUARE CHATTANOOGA TN 37402 |
Echevarria Joseph | director | 225 LIBERTY STREET NEW YORK NY 10286 |
O Hanley Ronald P | director | C/O UNUM GROUP, 1 FOUNTAIN SQUARE LAW DEPT. 7S730 CHATTANOOGA TN 37402 |
Bhasin Puneet | officer: Chief Info & Digital Officer | 1001 FANNIN, SUITE 4000 HOUSTON TX 77002 |
Cross Susan Lee | director | XL HOUSE ONE BERMUDIANA ROAD HAMILTON D0 HM 11 |
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