Brookfield Global Infrastructure Securitiesome Fund (TSX:BGI.UN) Beneish M-Score : -2.63 (As of Apr. 17, 2025)

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What is Brookfield Global Infrastructure Securitiesome 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.

Good Sign:

Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Brookfield Global Infrastructure Securitiesome Fund's Beneish M-Score or its related term are showing as below:

TSX:BGI.UN' s Beneish M-Score Range Over the Past 10 Years
Min: -4.12 Med: -2.63 Max: -1.64
Current: -2.63

During the past 11 years, the highest Beneish M-Score of Brookfield Global Infrastructure Securitiesome Fund was -1.64. The lowest was -4.12. And the median was -2.63.

Brookfield Global Infrastructure Securitiesome 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 Brookfield Global Infrastructure Securitiesome 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 * 0.7817

0.528 * 1

0.404 * 1

0.892 * 1.558

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7538

4.679 * -0.112212

0.327 * 0.8991

-2.63

* 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 C$0.45 Mil.
Revenue was C$6.93 Mil.
Gross Profit was C$6.93 Mil.
Total Current Assets was C$0.00 Mil.
Total Assets was C$90.04 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.35 Mil.
Total Current Liabilities was C$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was C$17.64 Mil.
Net Income was C$6.56 Mil.
Gross Profit was C$0.00 Mil.
Cash Flow from Operations was C$16.66 Mil.

Total Receivables was C$0.37 Mil.
Revenue was C$4.45 Mil.
Gross Profit was C$4.45 Mil.
Total Current Assets was C$0.00 Mil.
Total Assets was C$105.13 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.30 Mil.
Total Current Liabilities was C$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was C$22.90 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)
	=	(0.447 / 6.927)	/	(0.367 / 4.446)
	=	0.06453	/	0.082546
	=	0.7817

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)
	=	(4.446 / 4.446)	/	(6.927 / 6.927)
	=	1	/	1
	=	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) / 90.044)	/	(1 - (0 + 0) / 105.125)
	=	1	/	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
	=	6.927	/	4.446
	=	1.558

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))
	=		/
	=	1

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)
	=	(0.35 / 6.927)	/	(0.298 / 4.446)
	=	0.050527	/	0.067027
	=	0.7538

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)
	=	((17.637 + 0) / 90.044)	/	((22.903 + 0) / 105.125)
	=	0.195871	/	0.217864
	=	0.8991

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
	=	(6.557 - 0	-	16.661)	/	90.044
	=	-0.112212

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.

Brookfield Global Infrastructure Securitiesome Fund has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.

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Brookfield Global Infrastructure Securitiesome Fund Business Description

Industry

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Address

Brookfield Place, 181 Bay Street, Suite 300, Toronto, ON, CAN, M5J 2T3

Website

https://www.brookfield.com

Brookfield Global Infrastructure Securities Income Fund is a closed-end investment fund. The investment objective of the company is to provide the unitholders with quarterly cash distributions; maximize total return for unitholders through distributions and capital appreciation, and preserve capital. It invests in a portfolio comprised of equity securities of publicly-traded infrastructure companies that own and operate infrastructure assets.