United Oil & Gas (LSE:UOG) Beneish M-Score : -3.59 (As of May. 13, 2024)

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What is United Oil & Gas 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 -3.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United Oil & Gas's Beneish M-Score or its related term are showing as below:

LSE:UOG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59 Med: -3.24 Max: -2.88
Current: -3.59

During the past 8 years, the highest Beneish M-Score of United Oil & Gas was -2.88. The lowest was -3.59. And the median was -3.24.

United Oil & Gas Beneish M-Score Historical Data

The historical data trend for United Oil & Gas'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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United Oil & Gas Beneish M-Score Chart

United Oil & Gas Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.88

-3.59

United Oil & Gas Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Beneish M-Score	Get a 7-Day Free Trial											-	-2.88	-	-3.59	-

Competitive Comparison of United Oil & Gas's Beneish M-Score

For the Oil & Gas E&P subindustry, United Oil & Gas'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 Oil & Gas's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, United Oil & Gas's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United Oil & Gas's Beneish M-Score falls into.

United Oil & Gas 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 Oil & Gas 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 * 0.5844

0.528 * 0.9455

0.404 * 0.9

0.892 * 1.0837

0.115 * 1.4252

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0132

4.679 * -0.187195

0.327 * 0.7003

-3.59

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Total Receivables was £3.63 Mil.
Revenue was £17.25 Mil.
Gross Profit was £10.57 Mil.
Total Current Assets was £5.09 Mil.
Total Assets was £27.88 Mil.
Property, Plant and Equipment(Net PPE) was £22.79 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.72 Mil.
Selling, General, & Admin. Expense(SGA) was £1.46 Mil.
Total Current Liabilities was £5.55 Mil.
Long-Term Debt & Capital Lease Obligation was £0.01 Mil.
Net Income was £1.93 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £7.15 Mil.

Total Receivables was £5.73 Mil.
Revenue was £15.92 Mil.
Gross Profit was £9.22 Mil.
Total Current Assets was £7.77 Mil.
Total Assets was £25.04 Mil.
Property, Plant and Equipment(Net PPE) was £17.26 Mil.
Depreciation, Depletion and Amortization(DDA) was £3.09 Mil.
Selling, General, & Admin. Expense(SGA) was £1.33 Mil.
Total Current Liabilities was £7.11 Mil.
Long-Term Debt & Capital Lease Obligation was £0.02 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)
	=	(3.63 / 17.252)	/	(5.732 / 15.919)
	=	0.21041	/	0.360073
	=	0.5844

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)
	=	(9.217 / 15.919)	/	(10.565 / 17.252)
	=	0.578994	/	0.612393
	=	0.9455

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 - (5.093 + 22.785) / 27.88)	/	(1 - (7.773 + 17.264) / 25.039)
	=	7.2E-5	/	8.0E-5
	=	0.9

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
	=	17.252	/	15.919
	=	1.0837

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))
	=	(3.092 / (3.092 + 17.264))	/	(2.718 / (2.718 + 22.785))
	=	0.151896	/	0.106576
	=	1.4252

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)
	=	(1.456 / 17.252)	/	(1.326 / 15.919)
	=	0.084396	/	0.083297
	=	1.0132

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)
	=	((0.006 + 5.548) / 27.88)	/	((0.018 + 7.105) / 25.039)
	=	0.199211	/	0.284476
	=	0.7003

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
	=	(1.929 - 0	-	7.148)	/	27.88
	=	-0.187195

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 Oil & Gas has a M-score of -3.59 suggests that the company is unlikely to be a manipulator.

United Oil & Gas Beneish M-Score Related Terms

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United Oil & Gas (LSE:UOG) Business Description

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1UO:Germany

Address

34-43 Lincoln’s Inn Fields, 2nd Floor, London, GBR, WC2A 3PA

Website

https://www.uogplc.com

United Oil & Gas PLC is engaged in the production and development exploration for crude oil petroleum and natural gas. The group operates in three geographic areas - the UK, Europe, Latin America, and Egypt. The Egypt segment generates the maximum revenue for the company.

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