Eaton Vance Floating-Rate 2022 Target Term Trust (Eaton Vance Floating-Rate 2022 Target Term Trust) Beneish M-Score : 0.00 (As of May. 05, 2024)

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What is Eaton Vance Floating-Rate 2022 Target Term 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 Eaton Vance Floating-Rate 2022 Target Term Trust's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Eaton Vance Floating-Rate 2022 Target Term Trust was 0.00. The lowest was 0.00. And the median was 0.00.

Eaton Vance Floating-Rate 2022 Target Term 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 Eaton Vance Floating-Rate 2022 Target Term 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 (Jun22) TTM:

Last Year (Jun21) TTM:

Total Receivables was $2.56 Mil.
Revenue was $-8.36 Mil.
Gross Profit was $-8.36 Mil.
Total Current Assets was $3.77 Mil.
Total Assets was $258.47 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 $0.29 Mil.
Total Current Liabilities was $0.76 Mil.
Long-Term Debt & Capital Lease Obligation was $54.00 Mil.
Net Income was $-8.68 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $59.38 Mil.

Total Receivables was $3.49 Mil.
Revenue was $27.44 Mil.
Gross Profit was $27.44 Mil.
Total Current Assets was $6.78 Mil.
Total Assets was $337.06 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 $0.36 Mil.
Total Current Liabilities was $9.24 Mil.
Long-Term Debt & Capital Lease Obligation was $75.00 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)
	=	(2.555 / -8.364)	/	(3.494 / 27.444)
	=		/	0.127314
	=

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)
	=	(27.444 / 27.444)	/	(-8.364 / -8.364)
	=	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 - (3.774 + 0) / 258.468)	/	(1 - (6.78 + 0) / 337.057)
	=	0.985399	/	0.979885
	=

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
	=	-8.364	/	27.444
	=

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)
	=	(0.291 / -8.364)	/	(0.361 / 27.444)
	=		/	0.013154
	=

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)
	=	((54 + 0.756) / 258.468)	/	((75 + 9.239) / 337.057)
	=	0.211848	/	0.249925
	=

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
	=	(-8.676 - 0	-	59.383)	/	258.468
	=	-0.263317

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 Floating-Rate 2022 Target Term Trust Beneish M-Score Related Terms

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Eaton Vance Floating-Rate 2022 Target Term Trust (Eaton Vance Floating-Rate 2022 Target Term Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE:EFL) » 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 Floating-Rate 2022 Target Term Trust is a diversified, closed-end management investment company. The fund's investment objectives are to provide a high level of income to holders of common shares. It invests in various sectors such as Health Care, Lodging and Casinos, Chemicals and Plastics, Business Equipment and Services, Industrial Equipment, Telecommunications, Oil and Gas, Drugs and others.

Executives

Nancy A Wiser	other: Trustee	WELLS FARGO FUNDS MANAGEMENT, 200 BERKELEY STREET, 19TH FLOOR, BOSTON MA 02116
Jill Damon	officer: Secretary	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Kimberly M Roessiger	officer: Secretary	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Deidre E Walsh	officer: Vice President	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Eric Stein	officer: President	TWO INTERNATIONAL PLACE, BOSTON MA 02110
William E Holt	other: Portfolio Manager	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Daniel Mcelaney	other: Portfolio Manager	TWO INTERNATIONAL PLACE, BOSTON MA 02110
Andrew Sveen	other: Portfolio Manager	255 STATE STREET, BOSTON MA 02109
Catherine Mcdermott	other: Portfolio Manager	255 STATE STREET, BOSTON MA 02109
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
Faust Thomas E Jr	director	255 STATE STREET, BOSTON MA 02109
Scott H Page	officer: Officer	255 STATE STREET, BOSTON MA 02109
Froio Richard F Sr	officer: Chief Compliance Officer	C/O BISYS FUND SERVICES, 60 STATE ST., BOSTON MA 02129
Payson F Swaffield	officer: Chief Income Investment Office	255 STATE STREET, BOSTON MA 02109