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Beneish M-Score for BlackRock Virginia MBT

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BHV: BlackRock Virginia MBT

Blackrock Virginia Municipal Bond Trust is a closed-ended fixed income mutual fund launched by BlackRock, Inc. It is managed by BlackRock Advisors, LLC. The fund invests in fixed income markets of Uni...

10.69 USD
Price
USD
Fair Value
Upside
10.38 - 11.76
52-week range

Analysis

How does BlackRock Virginia's Beneish M-Score benchmark against competitors?

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Metric Usage: Beneish M-Score

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beneish_mscore
Slug
number
Datatype
text
Format
current
Default Period
FY, LTM
Periods Supported
Free
Plan

To view the full list of supported financial metrics please see Complete Metrics Listing.

Similar Metrics

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Metrics similar to Beneish M-Score in the risk category include:

  • Degree of Financial Leverage (DFL) - The degree of financial leverage measures the sensitivity of a company's earnings per share to fluctuations in operating income, as a result of changes in its capital structure.
  • Sloan Ratio - A formula developed by Richard Sloan in 1996 that measures the degree of accruals versus reported earnings.
  • Debt / Tangible Equity - A ratio that measures the level of the debt relative to the book value of tangible common equity.
  • Degree of Operating Leverage (DOL) - The degree of operating leverage measures the sensitivity of a company's operating income with respect to a change in revenue.
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Beneish M-Score

A statistical score that uses financial ratios to identify whether a company has manipulated its earnings

Definition of Beneish M-Score

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The Beneish M-Score statistical score that uses financial ratios to identify whether a company has manipulated its earnings.

The Beneish M-Score outlines eight financial ratios required to calculate the score:

1) Days Sales in Receivables Index (DSRI)

DSRI = (Net Receivablest / Salest) / (Net Receivablest-1 / Salest-1)

2) Gross Margin Index (GMI)

GMI = [(Salest-1 - COGSt-1) / Salest-1] / [(Salest - COGSt) / Salest]

3) Asset Quality Index (AQI)

AQI = [(Total Assets - Current Assetst - PP&Et) / Total Assetst] / [(Total Assets - Current Assetst-1 - PP&Et-1) / Total Assetst-1]

4) Sales Growth Index (SGI)

SGI = Salest / Salest-1

5) Depreciation Index (DEPI)

DEPI = (Depreciationt-1/ (PP&Et-1 + Depreciationt-1)) / (Depreciationt / (PP&Et + Depreciationt))

6) Sales General and Administrative Expenses Index (SGAI)

SGAI = (SG&A Expenset / Salest) / (SG&A Expenset-1 / Salest-1)

7) Leverage Index (LVGI)

LVGI = [(Current Liabilitiest + Total Long Term Debtt) / Total Assetst] / [(Current Liabilitiest-1 + Total Long Term Debtt-1) / Total Assetst-1]

8) Total Accruals to Total Assets (TATA)

TATA = (Income from Continuing Operationst - Cash Flows from Operationst) / Total Assetst

After computing the eight variables outlined above, they can be weighted together using the following multivariate model to calculate the score:

Beneish M-Score =
-4.84
(+) 0.92 × DSRI
(+) 0.528 × GMI
(+) 0.404 × AQI
(+) 0.892 × SGI
(+) 0.115 × DEPI
(+) -0.172 × SGAI
(+) 4.679 × TATA
(+) -0.327 × LVGI

Click the link below to download a spreadsheet with an example Beneish M-Score calculation for BlackRock Virginia MBT below:

Sector Benchmark Analysis

Sector
Industry Group
Industry
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-13.17-6.170.8313.170100200300400

The chart above depicts the distribution of beneish m-score for companies operating in the Financials sector in the Developed economic region. Over 890 companies were considered in this analysis, and 856 had meaningful values. The average beneish m-score of companies in the sector is -2.33 with a standard deviation of 2.18.

BlackRock Virginia MBT's Beneish M-Score of - ranks in the - percentile for the sector. The following table provides additional summary stats:

Beneish M-Score In The Financials Sector
Economic Risk RegionDeveloped
Total Constituents891
Included Constituents856
Min-13.31
Max12.83
Median-2.47
Mean-2.33
Standard Deviation2.18

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