Eaton Vance Municipal Bond Fund II (Eaton Vance Municipal Bond Fund II) Beneish M-Score : 0.00 (As of Apr. 25, 2024)

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What is Eaton Vance Municipal Bond Fund II 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 Eaton Vance Municipal Bond Fund II's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Eaton Vance Municipal Bond Fund II was 0.00. The lowest was 0.00. And the median was 0.00.

Eaton Vance Municipal Bond Fund II 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 Eaton Vance Municipal Bond Fund II 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 (Sep18) TTM:

Last Year (Sep17) TTM:

Total Receivables was $3.41 Mil.
Revenue was $-2.62 Mil.
Gross Profit was $-2.62 Mil.
Total Current Assets was $7.93 Mil.
Total Assets was $210.46 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 $0.23 Mil.
Total Current Liabilities was $11.61 Mil.
Long-Term Debt & Capital Lease Obligation was $59.15 Mil.
Net Income was $-2.87 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $23.64 Mil.

Total Receivables was $2.84 Mil.
Revenue was $0.04 Mil.
Gross Profit was $0.04 Mil.
Total Current Assets was $2.84 Mil.
Total Assets was $222.22 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 $0.26 Mil.
Total Current Liabilities was $0.54 Mil.
Long-Term Debt & Capital Lease Obligation was $41.17 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)
	=	(3.412 / -2.618)	/	(2.839 / 0.038)
	=		/	74.710526
	=

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)
	=	(0.038 / 0.038)	/	(-2.618 / -2.618)
	=	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 - (7.928 + 0) / 210.457)	/	(1 - (2.839 + 0) / 222.223)
	=	0.96233	/	0.987225
	=

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
	=	-2.618	/	0.038
	=

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)
	=	(0.23 / -2.618)	/	(0.255 / 0.038)
	=		/	6.710526
	=

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)
	=	((59.147 + 11.612) / 210.457)	/	((41.169 + 0.536) / 222.223)
	=	0.336216	/	0.187672
	=

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
	=	(-2.867 - 0	-	23.644)	/	210.457
	=	-0.125969

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.

Eaton Vance Municipal Bond Fund II Beneish M-Score Related Terms

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Eaton Vance Municipal Bond Fund II (Eaton Vance Municipal Bond Fund II) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Eaton Vance Municipal Bond Fund II (AMEX:EIV) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Two International Place, Boston, MA, USA, 02110

Website

https://www.eatonvance.com

Eaton Vance Municipal Bond Fund II is a diversified, closed-end management investment company. Its objective is to provide current income exempt from regular federal income tax, including alternative minimum tax, and, in state-specific funds, tax in its specified state. Its primary investment includes debt securities issued by municipalities. It also invests in residual interest bonds. The firm invests in various sectors such as healthcare-acute, and education while being managed by Eaton Vance Management.

Executives

Karpus Management, Inc.	10 percent owner	183 SULLY'S TRAIL, PITTSFORD NY 14534
George W Karpus	10 percent owner
Marcus L. Smith	other: Trustee	555 17TH STREET, SUITE 3700, DCT INDUSTRIAL TRUST INC., DENVER CO 80202
Keith Quinton	other: Trustee	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Froio Richard F Sr	officer: Chief Compliance Officer	C/O BISYS FUND SERVICES, 60 STATE ST., BOSTON MA 02129
Scott E Wennerholm	other: Trustee	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Mark R Fetting	other: Trustee	LEGG MASON, INC., 100 INTERNATIONAL DRIVE, BALTIMORE MD 21202
Laurie G Hylton	officer: Chief Financial Officer	255 STATE STREET, BOSTON MA 02109
Group Ag Ubs	other: Former 10% Owner	BAHNHOFSTRASSE 45, ZURICH V8 CH-8001
Bank Of America Corp /de/	10 percent owner	BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST, CHARLOTTE NC 28255
Bank Of America Na	10 percent owner	100 N. TRYON STREET, CHARLOTTE NC 28255
Blue Ridge Investments, L.l.c.	10 percent owner	ONE BRYANT PARK, NEW YORK NY 10036
Susan J Sutherland	other: Trustee	MONTPELIER HOUSE, 94 PITTS BAY ROAD, HAMILTON D0 HM 08
George J. Gorman	other: Trustee	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Cynthia Frost	other: Trustee	TWO INTERNATIONAL PLACE, BOSTON MA 02148