DWS Municipalome Trust (DWS Municipalome Trust) Beneish M-Score

: 0.00 (As of Today)

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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 DWS Municipalome Trust's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of DWS Municipalome Trust was -2.22. The lowest was -2.42. And the median was -2.32.

DWS Municipalome 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 DWS Municipalome 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 $9.57 Mil.
Revenue was $15.81 Mil.
Gross Profit was $15.81 Mil.
Total Current Assets was $9.57 Mil.
Total Assets was $604.68 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 $4.43 Mil.
Long-Term Debt & Capital Lease Obligation was $16.02 Mil.
Net Income was $15.48 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $60.40 Mil.

Total Receivables was $9.21 Mil.
Revenue was $-91.03 Mil.
Gross Profit was $-91.03 Mil.
Total Current Assets was $9.21 Mil.
Total Assets was $646.82 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 $1.56 Mil.
Long-Term Debt & Capital Lease Obligation was $52.70 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)
	=	(9.568 / 15.807)	/	(9.206 / -91.032)
	=	0.605301	/
	=

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)
	=	(-91.032 / -91.032)	/	(15.807 / 15.807)
	=		/	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 - (9.568 + 0) / 604.682)	/	(1 - (9.206 + 0) / 646.817)
	=	0.984177	/	0.985767
	=

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
	=	15.807	/	-91.032
	=

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)
	=	(0.299 / 15.807)	/	(0.298 / -91.032)
	=	0.018916	/
	=

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)
	=	((16.023 + 4.426) / 604.682)	/	((52.7 + 1.564) / 646.817)
	=	0.033818	/	0.083894
	=

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
	=	(15.479 - 0	-	60.4)	/	604.682
	=	-0.074289

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.

DWS Municipalome Trust Beneish M-Score Related Terms

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DWS Municipalome Trust (DWS Municipalome Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » DWS Municipal Income Trust (NYSE:KTF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

875 Third Avenue, New York, NY, USA, 10022-6225

Website

https://www.dws.com

DWS Municipal Income Trust is a closed-end, diversified investment management company. The investment objective is to provide high current income exempt from federal income tax by investing in a diversified portfolio of investment-grade tax-exempt securities. Its products include ETFs, Mutual Funds, Closed-End-Funds, Money Market Funds, and others.

Executives

Jpmorgan Chase Bank, National Association	10 percent owner	1111 POLARIS PARKWAY, COLUMBUS OH 43240
Mary S Daugherty	director	C/O ANJIE LAROCCA, DWS, 875 THIRD AVENUE, NEW YORK NY 10022
George Catrambone	other: Director of Investment Adviser	C/O ANJIE LAROCCA, DWS, 875 THIRD AVENUE, NEW YORK NY 10022
Richard J Herring	director	345 PARK AVENUE, NEW YORK NY 10154
Chad Perry	director	C/O TANGER FACTORY OUTLET CENTERS, INC., 3200 NORTHLINE AVENUE, SUITE 360, GREENSBORO NC 27408
Catherine Schrand	director	C/O ANJIE LAROCCA, DWS, 875 THIRD AVENUE, NEW YORK NY 10022
Christian Rijs	officer: AML Compliance Officer	C/O DWS, 875 THIRD AVENUE, NEW YORK NY 10022
Chad Farrington	other: Portfolio Manager	C/O ANJIE LAROCCA, DWS, 345 PARK AVENUE, NEW YORK NY 10154
Helen Delman	other: Section 16	C/O DWS, 875 THIRD AVENUE, NEW YORK NY 10022
Jpmorgan Chase Bank, N.a.	10 percent owner	1111 POLARIS PARKWAY, COLUMBUS OH 43240
John W Ballantine	director	C/O OAK BROOK BANK, 1400 SIXTEENTH ST, OAK BROOK IL 60523
Keith R Fox	director	85 MERRIMAC STREET, BOSTON MA 02114
Ciara L. Crawford	officer: Assistant Secretary	C/O ANJIE LAROCCA, DWS, 345 PARK AVENUE, NEW YORK NY 11752
Peter Aloisi	other: Portfolio Manager	C/O ANJIE LAROCCA, 345 PARK AVENUE, NEW YORK NY 10154
William N Searcy	director	345 PARK AVENUE, NEW YORK NY 10154