BlackRock Smaller Trust (LSE:BRSC) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


LSE:BRSC BlackRock Smaller Companies Trust PLC LSE:BRSC
36 GF Score
Price £12.88
! 1 Warning Sign
View Full Analysis

What is BlackRock Smaller Trust Beneish M-Score?

BlackRock Smaller Trust LSE:BRSC -1.08% 36 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates LSE:BRSC with a GF Score™ of 36/100. The stock has 1 warning sign investors should review. Among 955 Asset Management companies, BlackRock Smaller Trust ranks worse than 104711.94% on this metric.

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 BlackRock Smaller Trust's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of BlackRock Smaller Trust was 2.23. The lowest was -3.03. And the median was -1.65.

LSE:BRSC
36GF Score
BlackRock Smaller Companies Trust PLC LSE:BRSC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BlackRock Smaller 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 BlackRock Smaller Trust for today is based on a combination of the following eight different indices:

M=-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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was £0.00 Mil.
Revenue was £61.45 Mil.
Gross Profit was £61.45 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £681.32 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 £1.13 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £69.83 Mil.
Net Income was £60.21 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £120.30 Mil.
 Total Receivables was £0.00 Mil.
Revenue was £-3.23 Mil.
Gross Profit was £-3.23 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £706.40 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 £0.95 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £78.77 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 / 61.446) / (0 / -3.228)
=0 /
=

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)
=(-3.228 / -3.228) / (61.446 / 61.446)
= / 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) / 681.32) / (1 - (0 + 0) / 706.395)
=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
=61.446 / -3.228
=

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)
=(1.13 / 61.446) / (0.952 / -3.228)
=0.01839 /
=

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)
=((69.833 + 0) / 681.32) / ((78.773 + 0) / 706.395)
=0.102497 / 0.111514
=

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
=(60.205 - 0 - 120.295) / 681.32
=-0.088196

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
BlackRock Smaller Trust (LSE:BRSC) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BlackRock Smaller Trust and its competitors. According to the industry distribution chart, BlackRock Smaller Trust ranks #999999 out of 955 companies in the Asset Management industry.
Is BlackRock Smaller Trust's Beneish M-Score too high?
BlackRock Smaller Trust's current Beneish M-Score is 0.00. Based on the distribution chart, BlackRock Smaller Trust ranks #999999 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, BlackRock Smaller Trust has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does BlackRock Smaller Trust's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, BlackRock Smaller Trust ranks #999999 out of 955 companies for Beneish M-Score. This places BlackRock Smaller Trust in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BlackRock Smaller Trust and its competitors. BlackRock Smaller Trust's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BlackRock Smaller Trust stock overvalued right now?
BlackRock Smaller Trust (LSE:BRSC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. BlackRock Smaller Trust's overall GF Score™ is 36/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For BlackRock Smaller Trust (LSE:BRSC), the current Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

BlackRock Smaller Trust Business Description

Address 20 Brandon Street, Dundas House, Edinburgh, GBR, EH3 5PP
BlackRock Smaller Companies Trust PLC is a UK-based investment trust company. Its investment objective is to achieve long-term capital growth for shareholders through investment mainly in smaller UK quoted companies. The company mainly attracts long-term private and institutional investors wanting to benefit from the growth prospects of smaller companies. It focuses on investing UK smaller companies which are listed on the London Stock Exchange or on the Alternative Investment Market. The firm has adopted a consistent investment process, focusing on good quality growth companies that are trading well and it also considers sector weightings and underlying themes and method of stock selection.
36GF Score

Get the complete analysis for LSE:BRSC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£12.88
Price