Guggenheim Taxable Municipal Managed Duration Trust (Guggenheim Taxable Municipal Managed Duration Trust) Beneish M-Score : 0.00 (As of May. 27, 2024)

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What is Guggenheim Taxable Municipal Managed Duration 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 Guggenheim Taxable Municipal Managed Duration Trust's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Guggenheim Taxable Municipal Managed Duration Trust was 2.38. The lowest was -2.29. And the median was 0.05.

Guggenheim Taxable Municipal Managed Duration 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 Guggenheim Taxable Municipal Managed Duration 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 (May23) TTM:

Last Year (May22) TTM:

Total Receivables was $5.97 Mil.
Revenue was $-17.21 Mil.
Gross Profit was $-17.21 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $495.79 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 $1.16 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $127.15 Mil.
Net Income was $-18.39 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $54.59 Mil.

Total Receivables was $9.26 Mil.
Revenue was $-64.68 Mil.
Gross Profit was $-64.68 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $570.66 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 $0.98 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $167.96 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)
	=	(5.971 / -17.209)	/	(9.26 / -64.679)
	=		/
	=

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)
	=	(-64.679 / -64.679)	/	(-17.209 / -17.209)
	=		/
	=

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) / 495.788)	/	(1 - (0 + 0) / 570.655)
	=	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
	=	-17.209	/	-64.679
	=

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)
	=	(1.16 / -17.209)	/	(0.98 / -64.679)
	=		/
	=

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)
	=	((127.151 + 0) / 495.788)	/	((167.957 + 0) / 570.655)
	=	0.256462	/	0.294323
	=

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
	=	(-18.39 - 0	-	54.588)	/	495.788
	=	-0.147196

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.

Guggenheim Taxable Municipal Managed Duration Trust Beneish M-Score Related Terms

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Guggenheim Taxable Municipal Managed Duration Trust (Guggenheim Taxable Municipal Managed Duration Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Guggenheim Taxable Municipal Managed Duration Trust (NYSE:GBAB) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

227 West Monroe, Chicago, IL, USA, 60606

Website

https://www.guggenheiminvestments.com

Guggenheim Taxable Municipal Managed Duration Trust is a diversified closed-end management investment company. Its investment objective is to provide current income with a secondary objective of long-term capital appreciation. Its products include Mutual funds, Unit investment trusts, Closed-end funds, Rydex funds, Credit income fund.

Executives

Toupin Ronald E Jr	director, other: Trustee	117 ASHLAND AVENUE, RIVER FOREST IL 60305
Angela Brock-kyle	director, other: Trustee	3700 COLONNADE PARKWAY, BIRMINGHAM AL 35243
Chubb Donald A. Jr.	director, other: Trustee	2455 CORPORATE WEST DRIVE, LISLE IL 60532
Lydon Thomas F Jr	director, other: Trustee
Sandra G Sponem	director, other: Trustee	800 NICOLLET MALL, J1012057, MINNEAPOLIS MN 55402-7020
Evan Loring Serdensky	other: Portfolio Manager	227 WEST MONROE STREET, CHICAGO IL 60606
William Rehder	officer: Assistant Vice President	227 W MONROE STREET, CHICAGO IL 60606
Steven H. Brown	other: Portfolio Manager	227 WEST MONROE STREET, 49TH FLOOR, CHICAGO IL 60606
Adam Bloch	other: portfolio manager	2455 CORPORATE WEST DRIVE, LISLE IL 60532
Jon Szafran	officer: Assistant Treasurer	227 W. MONROE STREET, CHICAGO IL 60606
Brian E. Binder	officer: President and CEO	C/O ANJIE LAROCCA, DEUTSCHE BANK, 60 WALL STREET, NEW YORK NY 11752
Anne Bookwalter Walsh	other: Managing Director	2455 CORPORATE WEST DRIVE, LISLE IL 60532
Keith David Kemp	officer: Assistant Treasurer	MACQUARIE FUND ADVISER LLC, 125 WEST 55TH STREET, NEW YORK NY 10019
Glenn Mcwhinnie	officer: Assistant Treasurer	227 W. MONROE STREET, CHICAGO IL 60606
Adam J Nelson	officer: Assistant Treasurer	227 WEST MONROE STREET, CHICAGO IL 60606