Mfs High Yield Municipal Trust (Mfs High Yield Municipal Trust) Beneish M-Score : 0.00 (As of May. 12, 2024)

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What is Mfs High Yield Municipal Trust Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for Mfs High Yield Municipal Trust's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Mfs High Yield Municipal Trust was 0.00. The lowest was 0.00. And the median was 0.00.

Mfs High Yield Municipal Trust 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 Mfs High Yield Municipal Trust 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

* 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 (Nov23) TTM:

Last Year (Nov22) TTM:

Total Receivables was $2.49 Mil.
Revenue was $1.64 Mil.
Gross Profit was $1.64 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $155.01 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.45 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $1.27 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $23.14 Mil.

Total Receivables was $3.01 Mil.
Revenue was $-27.48 Mil.
Gross Profit was $-27.48 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $175.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.30 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(2.489 / 1.636)	/	(3.01 / -27.476)
	=	1.521394	/
	=

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)
	=	(-27.476 / -27.476)	/	(1.636 / 1.636)
	=		/	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 - (0 + 0) / 155.009)	/	(1 - (0 + 0) / 175.666)
	=	1	/	1
	=

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
	=	1.636	/	-27.476
	=

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

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)
	=	(0.452 / 1.636)	/	(0.301 / -27.476)
	=	0.276284	/
	=

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 + 0) / 155.009)	/	((0 + 0) / 175.666)
	=	0	/	0
	=

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
	=	(1.266 - 0	-	23.136)	/	155.009
	=	-0.141089

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.

Mfs High Yield Municipal Trust Beneish M-Score Related Terms

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Mfs High Yield Municipal Trust (Mfs High Yield Municipal Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Mfs High Yield Municipal Trust (NYSE:CMU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

111 Huntington Avenue, Boston, MA, USA, 02199

Website

https://www.mfs.com

Mfs High Yield Municipal Trust is a United States-based diversified, closed-end management investment company. Its investment objective is to seek high current income exempt from federal income tax. The fund invests a majority of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in tax-exempt bonds and tax-exempt notes.

Executives

Saba Capital Management, L.p.	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Linda Dougherty	other: OFFICER OF ADVISOR	111 HUNTINGTON AVENUE, BOSTON MA 02199
Boaz Weinstein	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Jpmorgan Chase Bank, N.a.	10 percent owner	1111 POLARIS PARKWAY, COLUMBUS OH 43240
Michael L Dawson	other: PORTFOLIO MANAGER	500 BOYLSTON STREET, BOSTON MA 02116
Rosa Licea-mailloux	other: CHIEF COMPLIANCE OFFICER	111 HUNTINGTON AVENUE, BOSTON MA 02199
Manjit Singh	director	111 HUNTINGTON AVENUE, BOSTON MA 02072
Jason Kosty	other: PORTFOLIO MANAGER	111 HUNTINGTON AVENUE, BOSTON MA 02199
Jacques Jr Goulet	other: OFFICER OF ADVISOR	111 HUNTINGTON AVENUE, BOSTON MA 02199
Melissa Kennedy	other: OFFICER OF ADVISOR	111 HUNTINGTON AVENUE, BOSTON MA 02199
James W. Kilman	director	111 HUNTINGTON AVENUE, BOSTON MA 02199
Edward M. Maloney	officer: Officer of Advisor	111 HUNTINGTON AVENUE, BOSTON MA 02199
Peter Darrell Jones	director	111 HUNTINGTON AVENUE, BOSTON MA 02199
Carol W. Geremia	officer: PRESIDENT	111 HUNTINGTON AVENUE, BOSTON MA 02199
Kevin D Strain	other: Officer of Advisor	MFS INVESTMENT MANAGEMENT, 111 HUNTINGTON AVENUE, BOSTON MA 02199