Clough Global Equity Fund (Clough Global Equity Fund) Beneish M-Score : 0.00 (As of Apr. 28, 2024)

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What is Clough Global Equity Fund 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 Clough Global Equity Fund's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Clough Global Equity Fund was 3.85. The lowest was -2.43. And the median was 0.58.

Clough Global Equity Fund 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 Clough Global Equity Fund 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 (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was $4.12 Mil.
Revenue was $-7.47 Mil.
Gross Profit was $-7.47 Mil.
Total Current Assets was $4.16 Mil.
Total Assets was $174.08 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 $0.89 Mil.
Total Current Liabilities was $4.38 Mil.
Long-Term Debt & Capital Lease Obligation was $29.00 Mil.
Net Income was $-8.81 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $81.46 Mil.

Total Receivables was $10.94 Mil.
Revenue was $-106.54 Mil.
Gross Profit was $-106.54 Mil.
Total Current Assets was $10.94 Mil.
Total Assets was $313.17 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 $1.40 Mil.
Total Current Liabilities was $7.65 Mil.
Long-Term Debt & Capital Lease Obligation was $110.43 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)
	=	(4.124 / -7.468)	/	(10.942 / -106.537)
	=		/
	=

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)
	=	(-106.537 / -106.537)	/	(-7.468 / -7.468)
	=		/
	=

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 - (4.156 + 0) / 174.077)	/	(1 - (10.942 + 0) / 313.174)
	=	0.976126	/	0.965061
	=

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
	=	-7.468	/	-106.537
	=

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)
	=	(0.893 / -7.468)	/	(1.403 / -106.537)
	=		/
	=

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)
	=	((29 + 4.383) / 174.077)	/	((110.434 + 7.648) / 313.174)
	=	0.191771	/	0.377049
	=

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
	=	(-8.805 - 0	-	81.455)	/	174.077
	=	-0.518506

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.

Clough Global Equity Fund Beneish M-Score Related Terms

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Clough Global Equity Fund (Clough Global Equity Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Clough Global Equity Fund (AMEX:GLQ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1290 Broadway, Suite 1000, Denver, CO, USA, 80203

Website

https://www.cloughglobal.com

Clough Global Equity Fund is a closed-end management investment company. Its investment objective is to provide a high level of total return. The Fund invests in the equity, equity-related securities, and fixed-income securities in both U.S. and non-U.S. markets.

Executives

Charles Jr Clough	other: person affiliated w/ Inv. Adv.	53 STATE STREET, 27TH FLOOR, BOSTON MA 02109
Christopher Moore	officer: Secretary	1700 BROADWAY, SUITE 1850, DENVER CO 80290
Jill Kerschen	officer: Treasurer	1700 BROADWAY, SUITE 1850, DENVER CO 80290
Clough Capital Partners, L.p.	other: Investment Advisor of Fund	53 STATE STREET, 27TH FLOOR, SUITE 2702, BOSTON MA 02109
Lainey Ejiasa	officer: President	1290 BROADWAY, SUITE 1000, DENVER CO 80203
Dylan Riter Mikel	other: Assistant Treasurer	2921 SOUTH COORS DRIVE, LAKEWOOD CO 80228
Adams Nicholas	other: Secretary	1055 BROADWAY, 3RD FL, KANSAS CITY MT 64105
Ryan Johanson	officer: Treasurer	1290 BROADWAY SUITE 1000, DENVER CO 80203
Alex James Marks	officer: Assistant Secretary	1290 BROADWAY, SUITE 1000, DENVER CO 80203
Erich Rettinger	officer: Treasurer	1290 BROADWAY SUITE 1100, DENVER CO 80203
Michael Jason Hearle	other: Person affiliated with Inv Adv	53 STATE STREET, 27TH FLOOR, BOSTON MA 02109
Kevin Joseph Mcnally	officer: Trustee	53 STATE STREET, 27TH FLOOR, BOSTON MA 02109
Kelly Mcewen	officer: Treasurer	5050 S. SYRACUSE ST., SUITE 1100, DENVER CO 80237
Karen Ann Digravio	other: Trustee	1700 BROADWAY, SUITE 1850, DENVER CO 80290
Jerry G Rutledge	director	2745 SPRINGMEDE COURT, COLORADO SPRINGS CO 80906