SuRo Capital (SuRo Capital) Beneish M-Score : 0.00 (As of May. 05, 2024)

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What is SuRo Capital 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 SuRo Capital's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of SuRo Capital was 5168.74. The lowest was -1.89. And the median was 2.79.

SuRo Capital 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 SuRo Capital 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 (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0.44 Mil.
Revenue was -5.134 + 28.112 + -11.657 + 8.924 = $20.25 Mil.
Gross Profit was -5.134 + 28.112 + -11.657 + 8.924 = $20.25 Mil.
Total Current Assets was $28.62 Mil.
Total Assets was $277.60 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 $5.07 Mil.
Total Current Liabilities was $0.50 Mil.
Long-Term Debt & Capital Lease Obligation was $73.75 Mil.
Net Income was -9.123 + 25.193 + -15.62 + 4.617 = $5.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -45.289 + 49.639 + -10.071 + 8.104 = $2.38 Mil.

Total Receivables was $0.77 Mil.
Revenue was -9.281 + -42.776 + -90.865 + 24.063 = $-118.86 Mil.
Gross Profit was -9.281 + -42.776 + -90.865 + 24.063 = $-118.86 Mil.
Total Current Assets was $40.89 Mil.
Total Assets was $284.41 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 $5.67 Mil.
Total Current Liabilities was $1.01 Mil.
Long-Term Debt & Capital Lease Obligation was $73.39 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)
	=	(0.442 / 20.245)	/	(0.767 / -118.859)
	=	0.021833	/
	=

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)
	=	(-118.859 / -118.859)	/	(20.245 / 20.245)
	=		/	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 - (28.62 + 0) / 277.602)	/	(1 - (40.885 + 0) / 284.413)
	=	0.896903	/	0.856248
	=

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
	=	20.245	/	-118.859
	=

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)
	=	(5.072 / 20.245)	/	(5.67 / -118.859)
	=	0.250531	/
	=

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)
	=	((73.745 + 0.499) / 277.602)	/	((73.387 + 1.005) / 284.413)
	=	0.267448	/	0.261563
	=

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
	=	(5.067 - 0	-	2.383)	/	277.602
	=	0.009669

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.

SuRo Capital Beneish M-Score Related Terms

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SuRo Capital (SuRo Capital) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » SuRo Capital Corp (NAS:SSSS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

0GV:Germany

Address

640 Fifth Avenue, 12th Floor, New York, NY, USA, 10019

Website

https://www.surocap.com

SuRo Capital Corp is a non-diversified closed-end management investment company. The company's investment objective is to maximize its portfolio's total return, principally by seeking capital gains on its equity and equity-related investments.

Executives

Mark D Klein	director, officer: CEO and President	21255 BURBANK BOULEVARD, SUITE 400, WOODLAND HILLS CA 91367
Allison Green	officer: See Remarks	C/O GSV CAPITAL CORP., 2925 WOODSIDE ROAD, WOODSIDE CA 94062
Ronald M. Lott	director	C/O ONEMAIN HOLDINGS, INC., 601 N.W. SECOND STREET, EVANSVILLE IN 47708
Robert S. Birch	10 percent owner	765 PARK AVENUE, APT. 10A, NEW YORK NY 10021
Lisa Westley	director	C/O GSV CAPITAL CORP., ONE SANSOME STREET, SUITE 730, SAN FRANCISCO CA 94104
Marc Mazur	director	31 WEST 52ND ST. 17TH FLOOR, NEW YORK NY 10019
Leonard Potter	director	C/O SOLAR CAPITAL LLC, 500 PARK AVENUE, 5TH FLOOR, NEW YORK NY 10022
Michael T. Moe	director, officer: President and CEO	C/O NEXT INNOVATION CORP., 2965 WOODSIDE ROAD, WOODSIDE CA 94062
David S Pottruck	director	120 KEARNY STREET, SAN FRANCISCO CA 94108
Brian Taylor	10 percent owner	C/O PINE RIVER CAPITAL MANAGEMENT, 601 CARLSON PARKWAY, 7TH FLOOR, MINNETONKA MN 55305
Pine River Capital Management L.p.	10 percent owner	601 CARLSON PARKWAY, 7TH FLOOR, MINNETONKA MN 55305
Pine River Master Fund Ltd.	10 percent owner	C/O PINE RIVER CAPITAL MANAGEMENT L.P., 601 CARLSON PARKWAY, 7TH FLOOR, MINNETONKA MN 55305
Mark W. Flynn	director	C/O NEXT INNOVATION CORP., 2965 WOODSIDE ROAD, WOODSIDE CA 94062
Bradford C. Koenig	director	C/O GSV CAPITAL CORP., 2925 WOODSIDE ROAD, WOODSIDE CA 94062
William F. Tanona	officer: CFO, Treasurer & Secretary	580 EL CERRITO AVENUE, HILLSBOROUGH CA 94010