Tortoise Power & Energy Infra Fd (Tortoise Power & Energy Infra Fd) Beneish M-Score : -2.58 (As of Jun. 03, 2024)

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What is Tortoise Power & Energy Infra Fd 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tortoise Power & Energy Infra Fd's Beneish M-Score or its related term are showing as below:

TPZ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.58 Med: -2.51 Max: -2.44
Current: -2.58

During the past 7 years, the highest Beneish M-Score of Tortoise Power & Energy Infra Fd was -2.44. The lowest was -2.58. And the median was -2.51.

Tortoise Power & Energy Infra Fd 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 Power & Energy Infra Fd 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 * 1.2116

0.528 * 1

0.404 * 1

0.892 * 0.8038

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8552

4.679 * -0.03163

0.327 * 0.9806

-2.58

* 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 $1.23 Mil.
Revenue was $10.42 Mil.
Gross Profit was $10.42 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $120.80 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 $0.38 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $24.60 Mil.
Net Income was $9.94 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $13.76 Mil.

Total Receivables was $1.26 Mil.
Revenue was $12.97 Mil.
Gross Profit was $12.97 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $124.72 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 $0.55 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $25.90 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)
	=	(1.229 / 10.421)	/	(1.262 / 12.965)
	=	0.117935	/	0.097339
	=	1.2116

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)
	=	(12.965 / 12.965)	/	(10.421 / 10.421)
	=	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) / 120.802)	/	(1 - (0 + 0) / 124.715)
	=	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
	=	10.421	/	12.965
	=	0.8038

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)
	=	(0.376 / 10.421)	/	(0.547 / 12.965)
	=	0.036081	/	0.042191
	=	0.8552

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)
	=	((24.6 + 0) / 120.802)	/	((25.9 + 0) / 124.715)
	=	0.203639	/	0.207673
	=	0.9806

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
	=	(9.943 - 0	-	13.764)	/	120.802
	=	-0.03163

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 Power & Energy Infra Fd has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Tortoise Power & Energy Infra Fd Beneish M-Score Related Terms

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Tortoise Power & Energy Infra Fd (Tortoise Power & Energy Infra Fd) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Tortoise Power & Energy Infra Fd Inc (NYSE:TPZ) » 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 Power & Energy Infra Fd Inc is a closed-ended fund. Its primary investment objective is to provide a high level of current income. Its secondary objective is capital appreciation. The company invests in a portfolio of fixed income and equity securities issued by power and energy infrastructure companies.

Executives

Ciccotello Conrad S	director, 10 percent owner	5100 W. 115TH PLACE, LEAWOOD KS 66211
Jennifer Paquette	director	5100 W. 115TH PLACE, LEAWOOD KS 66211
H Kevin Birzer	other: Affiliate of Inv Advisor	5100 W. 115TH PLACE, LEAWOOD KS 66211
Brian Alan Kessens	officer: President	5100 W. 115TH PLACE, LEAWOOD KS 66211
P. Bradley Adams	officer: Chief Financial Officer	5100 W. 115TH PLACE, LEAWOOD KS 66211
Matthew Sallee	other: Member of Investment Committee	5100 W. 115TH PLACE, LEAWOOD KS 66211
Alexandra Herger	director	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
Gengler Courtney	officer: Vice President	5200 W. 115TH PLACE, LEAWOOD KS 66211
Ryan Channell	officer: Vice President	5100 W. 115TH PLACE, LEAWOOD KS 66211
Adam T Peltzer	officer: Vice President	5100 W. 115TH PLACE, LEAWOOD KS 66211
Charles E Heath	director	180801 MASTIN BLVD, OVERLAND PARK KS 66210
Lovell Minnick Partners Llc	10 percent owner, other: Control Person of Adviser	555 EAST LANCASTER AVENUE, SUITE 510, RADNOR PA 19087
James Ryan Mick	other: Member of Investment Committee	11550 ASH STREET, SUITE 300, LEAWOOD KS 66211