RiverNorth Flex Muniome Fund II (RiverNorth Flex Muniome Fund II) Beneish M-Score : 0.00 (As of Jun. 18, 2024)

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What is RiverNorth Flex Muniome Fund II 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 RiverNorth Flex Muniome Fund II's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of RiverNorth Flex Muniome Fund II was 0.00. The lowest was 0.00. And the median was 0.00.

RiverNorth Flex Muniome Fund II 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 RiverNorth Flex Muniome Fund II 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 (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was $6.18 Mil.
Revenue was $15.70 Mil.
Gross Profit was $15.70 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $619.87 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 $0.08 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $242.03 Mil.
Net Income was $15.62 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $30.18 Mil.

Total Receivables was $78.77 Mil.
Revenue was $-93.40 Mil.
Gross Profit was $-93.40 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $745.46 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 $0.04 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $259.25 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)
	=	(6.176 / 15.7)	/	(78.77 / -93.395)
	=	0.393376	/
	=

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)
	=	(-93.395 / -93.395)	/	(15.7 / 15.7)
	=		/	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) / 619.874)	/	(1 - (0 + 0) / 745.463)
	=	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
	=	15.7	/	-93.395
	=

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)
	=	(0.079 / 15.7)	/	(0.042 / -93.395)
	=	0.005032	/
	=

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)
	=	((242.03 + 0) / 619.874)	/	((259.25 + 0) / 745.463)
	=	0.39045	/	0.34777
	=

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
	=	(15.622 - 0	-	30.179)	/	619.874
	=	-0.023484

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.

RiverNorth Flex Muniome Fund II Beneish M-Score Related Terms

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RiverNorth Flex Muniome Fund II (RiverNorth Flex Muniome Fund II) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » RiverNorth Flex Muni Income Fund II Inc (NYSE:RFMZ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL, USA, 33401

Website

https://www.rivernorth.com

RiverNorth Flex Muni Income Fund II Inc is a diversified, closed-end management investment company. Its primary investment objective is to seek current income exempt from regular U.S. federal income taxes. The fund's secondary investment objective is total return.

Executives

Scott Sprauer	officer: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Lisa Bruckert Mougin	director	C/O RIVERNORTH CAPITAL MANAGEMENT, LLC, 360 S. ROSEMARY AVE., SUITE 1420, WEST PALM BEACH FL 33401
Patrick W. Galley	director, officer: President	360 S. ROSEMARY AVE, SUITE 1420, WEST PALM BEACH FL 33401
Robert A Dimella	officer: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
John Wayne Hutchens	director	360 S. ROSEMARY AVE, SUITE 1420, WEST PALM BEACH FL 33401
Michael Petty	officer: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
John J Lawlor	officer: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Mackay Shields Llc	officer: Sub-Adviser	1345 AVENUE OF THE AMERICAS, 42ND FLOOR, NEW YORK NY 10105
David Dowden	officer: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NJ 10105
John M Loffredo	officer: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Robert Patrick Burke	officer: Portfolio Manager	C/O MACKAY SHIELDS LLC, 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Jerry Raio	director	360 S. ROSEMARY AVE, SUITE 1420, WEST PALM BEACH FL 33401
Stephen Andrew O'neill	other: Portfolio Manager	360 S. ROSEMARY AVE., SUITE 1420, WEST PALM BEACH FL 33401
John S. Oakes	director	325 N. LASALLE STREET, SUITE 645, CHICAGO IL 60654
Jonathan M. Mohrhardt	officer: Treasurer	325 N. LASALLE STREET, SUITE 645, CHICAGO IL 60654