Calamos L/S Equity & Dynamic Trust (Calamos L/S Equity & Dynamic Trust) Beneish M-Score : 0.00 (As of Apr. 25, 2024)

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What is Calamos L/S Equity & Dynamic Trust 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 Calamos L/S Equity & Dynamic Trust's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Calamos L/S Equity & Dynamic Trust was 0.00. The lowest was 0.00. And the median was 0.00.

Calamos L/S Equity & Dynamic 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 Calamos L/S Equity & Dynamic 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 (Oct23) TTM:

Last Year (Oct22) TTM:

Total Receivables was $23.60 Mil.
Revenue was $13.89 Mil.
Gross Profit was $13.89 Mil.
Total Current Assets was $23.60 Mil.
Total Assets was $717.56 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 $0.55 Mil.
Total Current Liabilities was $20.34 Mil.
Long-Term Debt & Capital Lease Obligation was $120.00 Mil.
Net Income was $11.01 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $119.55 Mil.

Total Receivables was $100.73 Mil.
Revenue was $-38.80 Mil.
Gross Profit was $-38.80 Mil.
Total Current Assets was $100.73 Mil.
Total Assets was $734.07 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 $0.60 Mil.
Total Current Liabilities was $122.28 Mil.
Long-Term Debt & Capital Lease Obligation was $120.00 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)
	=	(23.595 / 13.885)	/	(100.728 / -38.797)
	=	1.699316	/
	=

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)
	=	(-38.797 / -38.797)	/	(13.885 / 13.885)
	=		/	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 - (23.595 + 0) / 717.559)	/	(1 - (100.728 + 0) / 734.066)
	=	0.967118	/	0.862781
	=

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
	=	13.885	/	-38.797
	=

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)
	=	(0.546 / 13.885)	/	(0.599 / -38.797)
	=	0.039323	/
	=

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)
	=	((120 + 20.337) / 717.559)	/	((120 + 122.284) / 734.066)
	=	0.195576	/	0.330058
	=

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
	=	(11.012 - 0	-	119.549)	/	717.559
	=	-0.151259

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.

Calamos L/S Equity & Dynamic Trust Beneish M-Score Related Terms

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Calamos L/S Equity & Dynamic Trust (Calamos L/S Equity & Dynamic Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Calamos L/S Equity & Dynamic Inc Trust (NAS:CPZ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2020 Calamos Court, Naperville, IL, USA, 60563-2787

Website

https://www.calamos.com

Calamos L/S Equity & Dynamic Inc Trust is a trust company which seeks to provide current income and risk-managed capital appreciation. The company invests in securities across sectors such as Industrials, Healthcare, Financials, Consumer Discretionary and others.

Executives

John S. Koudounis	officer: Vice President	2020 CALAMOS COURT, NAPERVILLE IL 60563
Calamos John P Sr	director, officer: President and Chairman	2020 CALAMOS COURT, NAPERVILLE IL 60563
Erik D. Ojala	officer: VP, Sec'y & Chief Legal Off.	2020 CALAMOS CT., NAPERVILLE IL 60563
Susan L Schoenberger	officer: VP and Assistant Secretary	2020 CALAMOS COURT, NAPERVILLE IL 60563
Daniel Dufresne	officer: Vice President	2020 CALAMOS COURT, NAPERVILLE IL 60563
Christopher M Toub	director	2020 CALAMOS COURT, NAPERVILLE IL 60563
Robert Behan	officer: Vice President	2020 CALAMOS COURT, NAPERVILLE IL 60563
Thomas E Herman	officer: VP and CFO	2020 CALAMOS COURT, NAPERVILLE IL 60563
Stephen Atkins	officer: Treasurer	2020 CALAMOS COURT, NAPERVILLE IL 60563
Karen Stuckey	director	2020 CALAMOS COURT, NAPERVILLE IL 60563
Calamos Advisors Llc	other: Investment Adviser	2020 CALAMOS COURT, NAPERVILLE IL 60563
Stephen B Timbers	director	2020 CALAMOS COURT, NAPERVILLE IL 60563
Mark Mickey	officer: Chief Compliance Officer	2020 CALAMOS COURT, NAPERVILLE IL 60563
William R Rybak	director	2020 CALAMOS COURT, NAPERVILE IL 60563
John E Neal	director	2020 CALAMOS COURT, NAPERVILLE X1 60563