Nuveen CA Dividend Advantage Muni Fund 2 (Nuveen CA Dividend Advantage Muni Fund 2) Beneish M-Score : 0.00 (As of Apr. 26, 2024)

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What is Nuveen CA Dividend Advantage Muni Fund 2 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 Nuveen CA Dividend Advantage Muni Fund 2's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Nuveen CA Dividend Advantage Muni Fund 2 was 0.00. The lowest was 0.00. And the median was 0.00.

Nuveen CA Dividend Advantage Muni Fund 2 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 Nuveen CA Dividend Advantage Muni Fund 2 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 * 0.8363

0.528 * 1

0.404 * 1.0095

0.892 * 1.0102

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9766

4.679 * 0.017456

0.327 * 0.9521

-2.52

* 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 (Feb16) TTM:

Last Year (Feb15) TTM:

Total Receivables was $4.20 Mil.
Revenue was $15.34 Mil.
Gross Profit was $15.34 Mil.
Total Current Assets was $4.75 Mil.
Total Assets was $337.31 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 $3.17 Mil.
Total Current Liabilities was $0.98 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $15.91 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $10.03 Mil.

Total Receivables was $4.97 Mil.
Revenue was $15.18 Mil.
Gross Profit was $15.18 Mil.
Total Current Assets was $7.78 Mil.
Total Assets was $333.71 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 $3.21 Mil.
Total Current Liabilities was $1.02 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)
	=	(4.197 / 15.336)	/	(4.968 / 15.181)
	=	0.27367	/	0.327251
	=	0.8363

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)
	=	(15.181 / 15.181)	/	(15.336 / 15.336)
	=	1	/	1
	=	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 - (4.749 + 0) / 337.314)	/	(1 - (7.783 + 0) / 333.71)
	=	0.985921	/	0.976677
	=	1.0095

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
	=	15.336	/	15.181
	=	1.0102

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))
	=		/
	=	1

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)
	=	(3.169 / 15.336)	/	(3.212 / 15.181)
	=	0.206638	/	0.21158
	=	0.9766

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 + 0.98) / 337.314)	/	((0 + 1.018) / 333.71)
	=	0.002905	/	0.003051
	=	0.9521

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
	=	(15.914 - 0	-	10.026)	/	337.314
	=	0.017456

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.

Nuveen CA Dividend Advantage Muni Fund 2 has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

Nuveen CA Dividend Advantage Muni Fund 2 Beneish M-Score Related Terms

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Nuveen CA Dividend Advantage Muni Fund 2 (Nuveen CA Dividend Advantage Muni Fund 2) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Nuveen CA Dividend Advantage Muni Fund 2 (AMEX:NVX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

https://www.nuveen.com

Nuveen CA Dividend Advantage Muni Fund 2 is a closed-end investment company. The Fund's investment objective is to provide an attractive level of total return, primarily through long-term capital appreciation and secondarily through income and gains.

Executives

Christopher M. Rohrbacher	officer: Vice President	333 W. WACKER DRIVE, C/O NUVEEN INVESTMENTS, CHICAGO IL 60606
Albin F Moschner	other: Trustee	C/O LURIO & ASSOCIATES, P.C., 2005 MARKET STREET, SUITE 3120, PHILADELPHIA PA 19103
Nathaniel T. Jones	officer: Vice President and Treasurer	C/O NUVEEN 333 W. WACKER DRIVE, STE 3400, CHICAGO IL 60606
Margaret L. Wolff	other: Trustee	C/O NUVEEN 333 W. WACKER DR., STE 3400, CHICAGO IL 60606
Citigroup Inc	10 percent owner	388 GREENWICH STREET, NEW YORK NY 10013
Sherri A Hlavacek	officer: Vice President and Treasurer	333 WEST WACKER DRIVE, C/O NUVEEN INVESTMENTS, CHICAGO IL 60606
David J Lamb	officer: Vice President	333 W WACKER DRIVE, C/O NUVEEN INVESTMENTS, CHICAGO IL 60606
Schreier Thomas S Jr	other: Trustee	C/O NORTHWEST AIRLINES, 1689 NONCONNAN BLVD, MEMPHIS TN 38132
John Kevin Nelson	other: Trustee	C/O NUVEEN INVESTMENTS, 333 W. WACKER DR, STE 3400, CHICAGO IL 60606
Joel T. Slager	officer: Vice President	C/O NUVEEN INVESTMENTS, 333 W. WACKER DR, STE 3400, CHICAGO IL 60606
Steven M. Hlavin	other: Portfolio Manager	333 W. WACKER DRIVE, SUITE 2900, CHICAGO IL 60606
Bank Of America Corp /de/	10 percent owner	BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST, CHARLOTTE NC 28255
Blue Ridge Investments, L.l.c.	10 percent owner	ONE BRYANT PARK, NEW YORK NY 10036
Bank Of America Na	10 percent owner	100 N. TRYON STREET, CHARLOTTE NC 28255
Christopher L Drahn	other: Portfolio Manager	800 NICOLLET MALL, MAIL STOP BC-MN-H21C, MINNEAPOLIS MN 55402