Salient Midstream & MLP Fund (Salient Midstream & MLP Fund) Beneish M-Score : 0.00 (As of Apr. 26, 2024)

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What is Salient Midstream & MLP Fund 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 Salient Midstream & MLP Fund's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Salient Midstream & MLP Fund was 0.00. The lowest was 0.00. And the median was 0.00.

Salient Midstream & MLP Fund 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 Salient Midstream & MLP Fund 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 (Nov21) TTM:

Last Year (Nov20) TTM:

Total Receivables was $0.25 Mil.
Revenue was $39.07 Mil.
Gross Profit was $39.07 Mil.
Total Current Assets was $1.03 Mil.
Total Assets was $190.13 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 $0.77 Mil.
Total Current Liabilities was $0.72 Mil.
Long-Term Debt & Capital Lease Obligation was $56.10 Mil.
Net Income was $37.95 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-30.02 Mil.

Total Receivables was $0.24 Mil.
Revenue was $-41.35 Mil.
Gross Profit was $-41.35 Mil.
Total Current Assets was $0.55 Mil.
Total Assets was $121.39 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 $0.76 Mil.
Total Current Liabilities was $0.43 Mil.
Long-Term Debt & Capital Lease Obligation was $21.00 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)
	=	(0.246 / 39.069)	/	(0.24 / -41.353)
	=	0.006297	/
	=

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)
	=	(-41.353 / -41.353)	/	(39.069 / 39.069)
	=		/	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 - (1.034 + 0) / 190.127)	/	(1 - (0.551 + 0) / 121.388)
	=	0.994562	/	0.995461
	=

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
	=	39.069	/	-41.353
	=

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)
	=	(0.771 / 39.069)	/	(0.757 / -41.353)
	=	0.019734	/
	=

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)
	=	((56.1 + 0.716) / 190.127)	/	((21 + 0.428) / 121.388)
	=	0.298832	/	0.176525
	=

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
	=	(37.946 - 0	-	-30.015)	/	190.127
	=	0.357451

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.

Salient Midstream & MLP Fund Beneish M-Score Related Terms

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Salient Midstream & MLP Fund (Salient Midstream & MLP Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Salient Midstream & MLP Fund (NYSE:SMM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

4265 San Felipe, 8th Floor, Houston, TX, USA, 77027

Website

https://www.salientpartners.com

Salient Midstream & MLP Fund is a non-diversified, closed-end management investment company. Its investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its common shareholders. The fund seeks to achieve its investment objective by investing a majority of its assets in securities of midstream companies and master limited partnerships.

Executives

Saba Capital Management, L.p.	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Stephen W Leonhardt	officer: Principal Financial Officer	4265 SAN FELIPE STREET 8TH FLOOR HOUSTON TX 77027
Boaz Weinstein	10 percent owner	405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
John A Blaisdell	director	4265 SAN FELIPE STREET 8TH FLOOR HOUSTON TX 77027
Gregory Allen Reid	director, officer: President and CEO	4265 SAN FELIPE 8TH FLOOR HOUSTON TX 77027
Thomas Alan Dusenberry	officer: Assistant Treasurer	4265 SAN FELIPE STREET 8TH FLOOR HOUSTON TX 77027
Jonathan P Carroll	director	4265 SAN FELIPE, 8TH FLOOR, HOUSTON TX 77027
Julie Allecta	director	C/O SALIENT MIDSTREAM & MLP FUND 4265 SAN FELIPE STE 800 HOUSTON TX 77027
Gambs Arthur John Iii	director	C/O SALIENT MIDSTREAM & MLP FUND 4265 SAN FELIPE STE 800 HOUSTON TX 77027
Haig G. Mardikian	director	C/O SALIENT MIDSTREAM & MLP FUND 4265 SAN FELIPE STE 800 HOUSTON TX 77027
Kristen Lindsay Bayazitoglu	officer: Secretary	4265 SAN FELIPE STREET 8TH FLOOR HOUSTON TX 77027
Matthew Scott Hibbetts	officer: Vice President	4265 SAN FELIPE STREET 8TH FLOOR HOUSTON TX 77027
Barbara Tolle	officer: Principal Financial Officer	345 CALIFORNIA STREET SUITE 1600 SAN FRANCISCO CA 94104
Christopher Robert Arnold	officer: Principal Financial Officer	4444 WESTHEIMER RD. SUITE G500 HOUSTON TX 77027
John E Price	officer: Principal Financial Officer	4265 SAN FELIPE 8TH FLOOR HOUSTON TX 77027