Market Cap : 1.17 B | Enterprise Value : 1.17 B | PE Ratio : 6.10 | PB Ratio : 0.76 |
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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 Virtus Dividend, Interest & Premium Strategy Fund's Beneish M-Score or its related term are showing as below:
During the past 5 years, the highest Beneish M-Score of Virtus Dividend, Interest & Premium Strategy Fund was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Virtus Dividend, Interest & Premium Strategy Fund's Beneish M-Score can be seen below:
* 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.
For the Asset Management subindustry, Virtus Dividend, Interest & Premium Strategy Fund's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Asset Management industry and Financial Services sector, Virtus Dividend, Interest & Premium Strategy Fund's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Virtus Dividend, Interest & Premium Strategy Fund's Beneish M-Score falls into.
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 Virtus Dividend, Interest & Premium Strategy Fund 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 (Jan22) TTM: | Last Year (Jan21) TTM: |
Accounts Receivable was $ Mil. Revenue was $ Mil. Gross Profit was $ Mil. Total Current Assets was $ Mil. Total Assets was $ Mil. Property, Plant and Equipment(Net PPE) was $ Mil. Depreciation, Depletion and Amortization(DDA) was $ Mil. Selling, General, & Admin. Expense(SGA) was $ Mil. Total Current Liabilities was $ Mil. Long-Term Debt & Capital Lease Obligation was $ Mil. Net Income was $ Mil. Gross Profit was $ Mil. Cash Flow from Operations was $ Mil. |
Accounts Receivable was $ Mil. Revenue was $ Mil. Gross Profit was $ Mil. Total Current Assets was $ Mil. Total Assets was $ Mil. Property, Plant and Equipment(Net PPE) was $ Mil. Depreciation, Depletion and Amortization(DDA) was $ Mil. Selling, General, & Admin. Expense(SGA) was $ Mil. Total Current Liabilities was $ Mil. Long-Term Debt & Capital Lease Obligation was $ Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | ( / ) | / | ( / 168.009) | |
= | / | |||
= |
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) | |
= | ( / 168.009) | / | ( / ) | |
= | / | |||
= |
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) / ) | / | (1 - ( + 0) / ) | |
= | / | |||
= |
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 | |
= | / | 168.009 | ||
= |
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) |
= | ( / ) | / | ( / 168.009) | |
= | / | |||
= |
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) |
= | (( + ) / ) | / | (( + ) / ) | |
= | / | |||
= |
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 | |
= | ( - | - | ) | / | ||
= |
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.
Thank you for viewing the detailed overview of Virtus Dividend, Interest & Premium Strategy Fund's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mowrey John R. | other: Portfolio Manager | 1633 BROADWAY NEW YORK NY 10019 |
Oliver Thomas W Jr | other: Affiliated Person | 2121 SAN JACINTO DRIVE DALLAS TX 75201 |
Pushpaharan Gem | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Viggiano John | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Cogan Sarah E | director | 1633 BROADWAY NEW YORK NY 10019 |
Macleod James S | director | 250 E KILBOURN AVE MILWAUKEE WI 53202 |
Parker Jeffrey D | other: See Remarks | 1345 AVENUE OF THE AMERICAS NEW YORK NY 10105 |
Holt Erick | director | 1633 BROADWAY NEW YORK NY 10019 |
Ruckman Craig | officer: Assistant Secretary | 1633 BROADWAY NEW YORK NY 10019 |
Rappaport Alan | director | C/O PIMCO 650 NEWPORT CENTER DRIVE NEWPORT BEACH CA 92660 |
Magnuson Paul A | other: Portfolio Manager | 2121 SAN JACINTO, SUITE 1840 DALLAS TX 75201 |
Mildner Heiko | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Thompson Kathleen C. | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Fischer Ben J | other: Portfolio Manager | 1633 BROADWAY NEW YORK NY 10019 |
Grau William | other: SEE REMARKS | C/O ALLIANZ GLOBAL INVESTORS U.S. LLC 1633 BROADWAY NEW YORK NY 10019 |
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By Seekingalpha 2020-05-01