CIF (Mfs Intermediate Highome Fund) Beneish M-Score : -2.40 (As of Mar. 16, 2025)

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What is Mfs Intermediate Highome 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.

Good Sign:

Beneish M-Score -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Mfs Intermediate Highome Fund's Beneish M-Score or its related term are showing as below:

CIF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71 Med: -2.56 Max: -2.4
Current: -2.4

During the past 8 years, the highest Beneish M-Score of Mfs Intermediate Highome Fund was -2.40. The lowest was -2.71. And the median was -2.56.

Mfs Intermediate Highome 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 Mfs Intermediate Highome 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 * 0.6095

0.528 * 1

0.404 * 1

0.892 * 1.4343

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7204

4.679 * 0.001817

0.327 * 1.0049

-2.40

* 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 (Nov24) TTM:

Last Year (Nov23) TTM:

Total Receivables was $0.77 Mil.
Revenue was $4.42 Mil.
Gross Profit was $4.42 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $48.98 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 $0.25 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $15.00 Mil.
Net Income was $4.18 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $4.09 Mil.

Total Receivables was $0.88 Mil.
Revenue was $3.08 Mil.
Gross Profit was $3.08 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $49.21 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 $0.24 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $15.00 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)
	=	(0.771 / 4.419)	/	(0.882 / 3.081)
	=	0.174474	/	0.286271
	=	0.6095

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)
	=	(3.081 / 3.081)	/	(4.419 / 4.419)
	=	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 - (0 + 0) / 48.975)	/	(1 - (0 + 0) / 49.213)
	=	1	/	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
	=	4.419	/	3.081
	=	1.4343

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)
	=	(0.249 / 4.419)	/	(0.241 / 3.081)
	=	0.056348	/	0.078221
	=	0.7204

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)
	=	((15 + 0) / 48.975)	/	((15 + 0) / 49.213)
	=	0.306279	/	0.304798
	=	1.0049

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
	=	(4.183 - 0	-	4.094)	/	48.975
	=	0.001817

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.

Mfs Intermediate Highome Fund has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

Mfs Intermediate Highome Fund Beneish M-Score Related Terms

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Mfs Intermediate Highome Fund Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Mfs Intermediate High Income Fund (NYSE:CIF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

111 Huntington Avenue, Boston, MA, USA, 02199

Website

https://www.mfs.com

Mfs Intermediate High Income Fund is a United States based diversified closed-end management investment company. Its investment objective is to seek high current income but may also consider capital appreciation. The fund invests a majority of its net assets, including borrowings for investment purposes, in high-income debt instruments. Its portfolio of investments includes investment grade corporate bonds, government securities and other securities.

Executives

Linda Dougherty	other: OFFICER OF ADVISOR	111 HUNTINGTON AVENUE, BOSTON MA 02199
Rosa Licea-mailloux	other: CHIEF COMPLIANCE OFFICER	111 HUNTINGTON AVENUE, BOSTON MA 02199
Manjit Singh	director	111 HUNTINGTON AVENUE, BOSTON MA 02072
Jacques Jr Goulet	other: OFFICER OF ADVISOR	111 HUNTINGTON AVENUE, BOSTON MA 02199
Melissa Kennedy	other: OFFICER OF ADVISOR	111 HUNTINGTON AVENUE, BOSTON MA 02199
James W. Kilman	director	111 HUNTINGTON AVENUE, BOSTON MA 02199
Edward M. Maloney	officer: Officer of Advisor	111 HUNTINGTON AVENUE, BOSTON MA 02199
Peter Darrell Jones	director	111 HUNTINGTON AVENUE, BOSTON MA 02199
Michael Skatrud	other: Portfolio Manager	MFS INVESTMENT MANAGEMENT, 111 HUNTINGTON AVENUE, BOSTON MA 01760
Carol W. Geremia	officer: PRESIDENT	111 HUNTINGTON AVENUE, BOSTON MA 02199
Kevin D Strain	other: Officer of Advisor	MFS INVESTMENT MANAGEMENT, 111 HUNTINGTON AVENUE, BOSTON MA 02199
Clarence Jr Otis	director	1095 AVENUE OF THE AMERICAS, NEW YORK NY 10036
John A Caroselli	director	ONE METROTECH CENTER, BROOKLYN NY 11201
Heidi Hardin	officer: Secretary	MFS INVESTMENT MANAGEMENT, 111 HUNTINGTON AVENUE, BOSTON MA 02199
Christopher R. Bohane	officer: Assistant Secretary	111 HUNTINGTON AVENUE, BOSTON MA 02199