PT Unilever Indonesia Tbk (FRA:UTG) Beneish M-Score : -2.52 (As of May. 16, 2024)

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What is PT Unilever Indonesia Tbk 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.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Unilever Indonesia Tbk's Beneish M-Score or its related term are showing as below:

FRA:UTG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -2.68 Max: -2.07
Current: -2.52

During the past 13 years, the highest Beneish M-Score of PT Unilever Indonesia Tbk was -2.07. The lowest was -3.54. And the median was -2.68.

PT Unilever Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Unilever Indonesia Tbk'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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PT Unilever Indonesia Tbk Beneish M-Score Chart

PT Unilever Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.79

-3.01

-3.21

-3.54

PT Unilever Indonesia Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.20	-3.01	-3.12	-3.54	-2.52

Competitive Comparison of PT Unilever Indonesia Tbk's Beneish M-Score

For the Household & Personal Products subindustry, PT Unilever Indonesia Tbk'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.

PT Unilever Indonesia Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Unilever Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Unilever Indonesia Tbk's Beneish M-Score falls into.

PT Unilever Indonesia Tbk 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 PT Unilever Indonesia Tbk 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 * 0.9437

0.528 * 0.9308

0.404 * 1.9466

0.892 * 0.8878

0.115 * 0.9838

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.06

4.679 * -0.057129

0.327 * 0.988

-2.56

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €268 Mil.
Revenue was 599.568 + 482.153 + 616.405 + 595.05 = €2,293 Mil.
Gross Profit was 299.364 + 233.212 + 311.207 + 300.21 = €1,144 Mil.
Total Current Assets was €444 Mil.
Total Assets was €1,091 Mil.
Property, Plant and Equipment(Net PPE) was €586 Mil.
Depreciation, Depletion and Amortization(DDA) was €25 Mil.
Selling, General, & Admin. Expense(SGA) was €650 Mil.
Total Current Liabilities was €678 Mil.
Long-Term Debt & Capital Lease Obligation was €32 Mil.
Net Income was 86.175 + 36.409 + 86.276 + 83.171 = €292 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -10.973 + 109.98 + 102.336 + 153.02 = €354 Mil.

Total Receivables was €319 Mil.
Revenue was 657.611 + 580.862 + 667.454 + 676.965 = €2,583 Mil.
Gross Profit was 324.311 + 247.21 + 304.733 + 323.156 = €1,199 Mil.
Total Current Assets was €554 Mil.
Total Assets was €1,213 Mil.
Property, Plant and Equipment(Net PPE) was €624 Mil.
Depreciation, Depletion and Amortization(DDA) was €26 Mil.
Selling, General, & Admin. Expense(SGA) was €690 Mil.
Total Current Liabilities was €759 Mil.
Long-Term Debt & Capital Lease Obligation was €40 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)
	=	(267.62 / 2293.176)	/	(319.405 / 2582.892)
	=	0.116703	/	0.123662
	=	0.9437

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)
	=	(1199.41 / 2582.892)	/	(1143.993 / 2293.176)
	=	0.464367	/	0.498868
	=	0.9308

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 - (444.159 + 585.766) / 1091.075)	/	(1 - (554.206 + 623.699) / 1212.825)
	=	0.056046	/	0.028792
	=	1.9466

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
	=	2293.176	/	2582.892
	=	0.8878

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))
	=	(26.224 / (26.224 + 623.699))	/	(25.052 / (25.052 + 585.766))
	=	0.040349	/	0.041014
	=	0.9838

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)
	=	(649.705 / 2293.176)	/	(690.337 / 2582.892)
	=	0.283321	/	0.267273
	=	1.06

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)
	=	((32.097 + 678.07) / 1091.075)	/	((40.148 + 758.829) / 1212.825)
	=	0.650887	/	0.658774
	=	0.988

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
	=	(292.031 - 0	-	354.363)	/	1091.075
	=	-0.057129

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.

PT Unilever Indonesia Tbk has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

PT Unilever Indonesia Tbk Beneish M-Score Related Terms

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PT Unilever Indonesia Tbk (FRA:UTG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Unilever Indonesia Tbk (FRA:UTG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

UNLRY:USA UNLRF:USA UNVR:Indonesia UTG:Germany

Address

Green Office Park Kav. 3, Jl. BSD Boulevard Barat, BSD City, Tangerang, IDN, 15345

Website

https://www.unilever.co.id

PT Unilever Indonesia Tbk is an Indonesian consumer goods company. The firm's offering is diverse, ranging from cosmetics and hygienic items (detergents, soaps, shampoos, skin care, toothpastes, and deodorants), to food and beverages (tea, coffee, and packaged foods). Its product portfolio contains household brands such as Sunlight, Sunsilk, Wall's, Blue Band, Pepsodent, Lux, Lifebuoy, Dove, Clear, Rexona, Vaseline, Rinso, Molto, Royco, and Bango.