Ultrapar Participacoes Beneish M-Score Historical Data
The historical data trend for Ultrapar Participacoes'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.
Ultrapar Participacoes Beneish M-Score Chart
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Ultrapar Participacoes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-2.72 |
-2.58 |
-2.03 |
-2.74 |
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Ultrapar Participacoes Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.03 |
-2.32 |
-2.59 |
-2.67 |
-2.74 |
Competitive Comparison of Ultrapar Participacoes's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Ultrapar Participacoes'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.
Ultrapar Participacoes's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ultrapar Participacoes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultrapar Participacoes's Beneish M-Score falls into.
Ultrapar Participacoes 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 Ultrapar Participacoes 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 * 1.2391 | + | 0.528 * 0.693 | + | 0.404 * 1.0721 | + | 0.892 * 0.8776 | + | 0.115 * 0.9483 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3239 | + | 4.679 * -0.041633 | - | 0.327 * 0.9426 |
| = | -2.74 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$8,039 Mil.
Revenue was 33420.872 + 32483.536 + 29592.54 + 30551.753 = R$126,049 Mil.
Gross Profit was 3068.964 + 2864.278 + 1672.271 + 1712.719 = R$9,318 Mil.
Total Current Assets was R$18,649 Mil.
Total Assets was R$38,252 Mil.
Property, Plant and Equipment(Net PPE) was R$8,099 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,155 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,271 Mil.
Total Current Liabilities was R$11,230 Mil.
Long-Term Debt & Capital Lease Obligation was R$10,990 Mil.
Net Income was 1099 + 864.854 + 213.876 + 262.065 = R$2,440 Mil.
Non Operating Income was 136.795 + 11.467 + 41.348 + -7.081 = R$183 Mil.
Cash Flow from Operations was 1761.346 + 1901.424 + 898.304 + -711.252 = R$3,850 Mil.
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Total Receivables was R$7,393 Mil.
Revenue was 35957.308 + 39294.732 + 36879.377 + 31503.291 = R$143,635 Mil.
Gross Profit was 2450.831 + 1586.077 + 1851.864 + 1469.679 = R$7,358 Mil.
Total Current Assets was R$18,565 Mil.
Total Assets was R$36,441 Mil.
Property, Plant and Equipment(Net PPE) was R$7,654 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,027 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,676 Mil.
Total Current Liabilities was R$12,766 Mil.
Long-Term Debt & Capital Lease Obligation was R$9,692 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) |
| = | (8038.92 / 126048.701) | / | (7392.697 / 143634.708) |
| = | 0.063776 | / | 0.051469 |
| | = | 1.2391 |
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) |
| = | (7358.451 / 143634.708) | / | (9318.232 / 126048.701) |
| = | 0.05123 | / | 0.073926 |
| | = | 0.693 |
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 - (18648.895 + 8099.107) / 38251.974) | / | (1 - (18564.6 + 7653.79) / 36441.003) |
| = | 0.300742 | / | 0.280525 |
| | = | 1.0721 |
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 |
| = | 126048.701 | / | 143634.708 |
| | = | 0.8776 |
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)) |
| = | (1027.323 / (1027.323 + 7653.79)) | / | (1154.794 / (1154.794 + 8099.107)) |
| = | 0.11834 | / | 0.12479 |
| | = | 0.9483 |
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) |
| = | (4271.385 / 126048.701) | / | (3676.466 / 143634.708) |
| = | 0.033887 | / | 0.025596 |
| | = | 1.3239 |
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) |
| = | ((10990.389 + 11229.658) / 38251.974) | / | ((9691.911 + 12766.252) / 36441.003) |
| = | 0.580886 | / | 0.616288 |
| | = | 0.9426 |
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 |
| = | (2439.795 - 182.529 | - | 3849.822) | / | 38251.974 |
| | = | -0.041633 |
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.
Ultrapar Participacoes has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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