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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 Invesco Trust For Investment Grade New York Municipals's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of Invesco Trust For Investment Grade New York Municipals was -0.24. The lowest was -0.24. And the median was -0.24.
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 Invesco Trust For Investment Grade New York Municipals 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $3.79 Mil. Revenue was $16.63 Mil. Gross Profit was $16.63 Mil. Total Current Assets was $0.00 Mil. Total Assets was $370.27 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 $0.22 Mil. Total Current Liabilities was $0.00 Mil. Long-Term Debt & Capital Lease Obligation was $41.99 Mil. Net Income was $16.40 Mil. Gross Profit was $0.00 Mil. Cash Flow from Operations was $9.60 Mil. |
Total Receivables was $3.81 Mil. Revenue was $-29.33 Mil. Gross Profit was $-29.33 Mil. Total Current Assets was $0.00 Mil. Total Assets was $360.25 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 $0.20 Mil. Total Current Liabilities was $0.00 Mil. Long-Term Debt & Capital Lease Obligation was $42.18 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) |
= | (3.786 / 16.634) | / | (3.81 / -29.329) | |
= | 0.227606 | / | ||
= |
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) | |
= | (-29.329 / -29.329) | / | (16.634 / 16.634) | |
= | / | 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) / 370.273) | / | (1 - (0 + 0) / 360.251) | |
= | 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 | |
= | 16.634 | / | -29.329 | |
= |
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) |
= | (0.22 / 16.634) | / | (0.199 / -29.329) | |
= | 0.013226 | / | ||
= |
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) |
= | ((41.985 + 0) / 370.273) | / | ((42.175 + 0) / 360.251) | |
= | 0.113389 | / | 0.117071 | |
= |
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 | |
= | (16.395 - 0 | - | 9.603) | / | 370.273 | |
= | 0.018343 |
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 Invesco Trust For Investment Grade New York Municipals's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Saba Capital Management, L.p. | 10 percent owner | 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174 |
Boaz Weinstein | 10 percent owner | 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174 |
Glenn Eugene Brightman | officer: President & PEO | 570 CARILLON PARKWAY, ST. PETERSBURG FL 33716 |
Stephanie Butcher | officer: Senior Vice President | 1555 PEACHTREE ST. NE, ATLANTA GA 30309 |
Tony Wong | director, officer: Senior Vice President | 1331 SPRING STREET NW, SUITE 2500, ATLANTA GA 30309 |
Melanie Ringold | officer: SVP, CLO and Secretary | 1555 PEACHTREE STREE NE, SUITE 1800, ATLANTA GA 30309 |
Mark William Gregson | officer: Chief Accounting Officer | 1555 PEACHTREE STREET NE, ATLANTA GA 30309 |
Terry Vacheron | officer: Chief Financial Officer | 1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309 |
Bordewick James R Jr | officer: Senior Officer & SVP | C/O BANC OF AMERICA INVESTMENT ADVISORS, 100 FEDERAL STREET, BOSTON MA 02110 |
Scott Cottier | other: Portfolio Manager | 1555 PEACHTREE ST NE SUITE 1800, ATLANTA GA 30309 |
Mark Demitry | other: Portfolio Manager | 1555 PEACHTREE ST NE SUITE 1800, ATLANTA GA 30309 |
Michael Camarella | other: Portfolio Manager | 1555 PEACHTREE ST NE SUITE 1800, ATLANTA GA 30309 |
Adrien Deberghes | officer: Vice President,PFO & Treasurer | 1555 PEACHTREE STREET NE SUITE 1800, ATLANTA GA 30309 |
Laura Allison Dukes | officer: SMD and CFO | 780 JOHNSON FERRY ROAD, SUITE 800, ATLANTA GA 30342 |
Annette Lege | director, officer: CFO & CAO | 1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309 |
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