Tortoise Essential Assetsome Term (Tortoise Essential Assetsome Term) Beneish M-Score : 0.00 (As of May. 19, 2024)

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What is Tortoise Essential Assetsome Term 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 Tortoise Essential Assetsome Term's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Tortoise Essential Assetsome Term was -2.95. The lowest was -2.95. And the median was -2.95.

Tortoise Essential Assetsome Term 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 Tortoise Essential Assetsome Term 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 (Nov23) TTM:

Last Year (Nov22) TTM:

Total Receivables was $1.70 Mil.
Revenue was $-5.00 Mil.
Gross Profit was $-5.00 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $225.07 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 $0.61 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $24.00 Mil.
Net Income was $-5.97 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $20.08 Mil.

Total Receivables was $2.11 Mil.
Revenue was $4.79 Mil.
Gross Profit was $4.79 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $251.24 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 $0.86 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $29.50 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)
	=	(1.695 / -5)	/	(2.112 / 4.791)
	=		/	0.440827
	=

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)
	=	(4.791 / 4.791)	/	(-5 / -5)
	=	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) / 225.072)	/	(1 - (0 + 0) / 251.239)
	=	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
	=	-5	/	4.791
	=

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)
	=	(0.613 / -5)	/	(0.86 / 4.791)
	=		/	0.179503
	=

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)
	=	((24 + 0) / 225.072)	/	((29.5 + 0) / 251.239)
	=	0.106633	/	0.117418
	=

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
	=	(-5.97 - 0	-	20.077)	/	225.072
	=	-0.115727

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.

Tortoise Essential Assetsome Term Beneish M-Score Related Terms

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Tortoise Essential Assetsome Term (Tortoise Essential Assetsome Term) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Tortoise Essential Assets Income Term (NYSE:TEAF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

6363 College Boulevard, Suite 100A, Overland Park, KS, USA, 66211

Website

https://www.tortoiseecofin.com

Tortoise Essential Assets Income Term is a US-based non-diversified, closed-end management investment company. Its investment objective is to provide common shareholders with a high level of total return with an emphasis on current distributions.

Executives

Ciccotello Conrad S	director	5100 W. 115TH PLACE, LEAWOOD KS 66211
Katherine Moore	officer: President, other: Member of Investment Committee	5100 W. 115TH PLACE, LEAWOOD KS 66211
Jennifer Paquette	director	5100 W. 115TH PLACE, LEAWOOD KS 66211
H Kevin Birzer	director, other: MEMBER, INVESTMENT COMMITTEE	5100 W. 115TH PLACE, LEAWOOD KS 66211
Alexandra Herger	director	5100 W. 115TH PLACE, LEAWOOD KS 66211
P. Bradley Adams	officer: CFO, PFO & TREASURER	5100 W. 115TH PLACE, LEAWOOD KS 66211
Rand C Berney	director	11550 ASH STREET, SUITE 300, LEAWOOD KS 66211
Sean Paul Wickliffe	officer: Vice President & Asst Treas.	6363 COLLEGE BOULEVARD, OVERLAND PARK KS 66211
Gregory Daniel Murphy	other: Member of Investment Committee	6363 COLLEGE BOULEVARD, OVERLAND PARK KS 66211
Prashanth Prakash	other: Member of Investment Committee	15 RIVER ROAD, WILTON CT 06897
Lamaze Jean-hugues De	other: Member of Investment Committee	C/O 5100 W. 115TH PLACE, LEAWOOD KS 66211
Maneesh Jhunjhunwala	other: Member of Investment Committee	5100 W. 115TH PLACE, LEAWOOD KS 66211
Gary Paul Henson	other: DIR.; MEMBER OF INV. COMM.^	5100 W. 115TH PLACE, LEAWOOD KS 66211
Ryan Channell	officer: Vice President	5100 W. 115TH PLACE, LEAWOOD KS 66211
Gengler Courtney	officer: Vice President	5200 W. 115TH PLACE, LEAWOOD KS 66211