DUFF & PHELPS UTILITYRPORATE BOND TRUST (DUFF & PHELPS UTILITYRPORATE BOND TRUST) Beneish M-Score : 0.00 (As of Jun. 09, 2024)

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What is DUFF & PHELPS UTILITYRPORATE BOND 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 DUFF & PHELPS UTILITYRPORATE BOND TRUST's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of DUFF & PHELPS UTILITYRPORATE BOND TRUST was 0.00. The lowest was 0.00. And the median was 0.00.

DUFF & PHELPS UTILITYRPORATE BOND 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 DUFF & PHELPS UTILITYRPORATE BOND 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 * 1.6346

0.528 * 1

0.404 * 1

0.892 * 0.61

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.6203

4.679 * 0.001495

0.327 * 1.0027

-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 (Oct20) TTM:

Last Year (Oct19) TTM:

Total Receivables was $3.86 Mil.
Revenue was $15.95 Mil.
Gross Profit was $15.95 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $367.83 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 $1.08 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $105.00 Mil.
Net Income was $14.84 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $14.29 Mil.

Total Receivables was $3.87 Mil.
Revenue was $26.15 Mil.
Gross Profit was $26.15 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $368.83 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 $0.68 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $105.00 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)
	=	(3.862 / 15.954)	/	(3.873 / 26.152)
	=	0.242071	/	0.148096
	=	1.6346

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)
	=	(26.152 / 26.152)	/	(15.954 / 15.954)
	=	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) / 367.827)	/	(1 - (0 + 0) / 368.825)
	=	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
	=	15.954	/	26.152
	=	0.61

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)
	=	(1.079 / 15.954)	/	(0.675 / 26.152)
	=	0.067632	/	0.025811
	=	2.6203

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)
	=	((105 + 0) / 367.827)	/	((105 + 0) / 368.825)
	=	0.28546	/	0.284688
	=	1.0027

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
	=	(14.841 - 0	-	14.291)	/	367.827
	=	0.001495

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.

DUFF & PHELPS UTILITYRPORATE BOND TRUST has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

DUFF & PHELPS UTILITYRPORATE BOND TRUST Beneish M-Score Related Terms

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DUFF & PHELPS UTILITYRPORATE BOND TRUST (DUFF & PHELPS UTILITYRPORATE BOND TRUST) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » DUFF & PHELPS UTILITY & CORPORATE BOND TRUST INC (NYSE:DUC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

200 South Wacker Drive, Suite 500, Chicago, IL, USA, 60606

Website

https://www.dpimc.com

DUFF & PHELPS UTILITY & CORPORATE BOND TRUST INC is a diversified, closed-end management investment company. Its investment objective is to seek high current income consistent with investing in securities of investment-grade quality.

Executives

George W Karpus	other: See Explanation of Responses
Grumhaus David D Jr.	other: Officer of Investment Adviser	200 S. WACKER DRIVE, SUITE 500, CHICAGO IL 60606
Hoffman Clifford W. Jr.	director	C/O DUFF & PHELPS INVESTMENT MANAGEMENT, 200 E. WACKER DR., CHICAGO IL 60606
William J Renahan	officer: VP and Secretary	399 PARK AVENUE, 4TH FLOOR, NEW YORK NY 10022
Donald C Burke	director	C/O BLACKROCK FINANCIAL MANAGEMENT, INC., 40 EAST 52ND STREET, NEW YORK NY 10022
Blue Ridge Investments, L.l.c.	10 percent owner	ONE BRYANT PARK, NEW YORK NY 10036
Bank Of America Corp /de/	10 percent owner	BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST, CHARLOTTE NC 28255
Eileen A Moran	director	800 SCUDDERS HILL ROAD, PLAINSBORO NJ 08536
Robert J Genetski	director	195 N. HARBOR DR, SUITE 4903, CHICAGO IL 60601
Merrill Lynch, Pierce, Fenner & Smith Inc.	10 percent owner	4 WORLD FINANCIAL CENTER, NORTH TOWER, NEW YORK NY 10080
Eric Elvekrog	other: Officer of Adviser	200 S. WACKER DRIVE, SUITE 500, CHICAGO IL 60606
Daniel Petrisko	officer: VP and CIO	800 SCUDDERS HILL ROAD, PLAINSBORO NJ 08536
Michael A Angerthal	other: Director of the Adviser	C/O VIRTUS INVESTMENT PARTNERS, INC., 100 PEARL STREET, HARTFORD CT 06103
Stewart E Conner	director
Duckworth Connie K	director	EIGHT WINGS ENTERPRISES, 77 STONE AGTE LANE, LAKE FOREST IL 60045