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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Enterprise Products Partners LP has a M-score of -2.47 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Enterprise Products Partners LP was -1.15. The lowest was -3.53. And the median was -2.38.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Enterprise Products Partners LP 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 * 0.9613||+||0.528 * 1.1004||+||0.404 * 1.0787||+||0.892 * 1.1531||+||0.115 * 0.9821|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9597||+||4.679 * -0.0397||-||0.327 * 0.9753|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $4,994 Mil.|
Revenue was 12909.9 + 13101.3 + 12093.3 + 11149.3 = $49,254 Mil.
Gross Profit was 1029.4 + 923.7 + 819.8 + 782.1 = $3,555 Mil.
Total Current Assets was $7,333 Mil.
Total Assets was $40,991 Mil.
Property, Plant and Equipment(Net PPE) was $27,263 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,246 Mil.
Selling, General & Admin. Expense(SGA) was $192 Mil.
Total Current Liabilities was $7,622 Mil.
Long-Term Debt was $17,468 Mil.
Net Income was 798.8 + 698.9 + 592 + 552.5 = $2,642 Mil.
Non Operating Income was -0.6 + -0.6 + 0.4 + -0.6 = $-1 Mil.
Cash Flow from Operations was 1404.1 + 1499.3 + 835.3 + 531 = $4,270 Mil.
|Accounts Receivable was $4,505 Mil.
Revenue was 11383.1 + 11072.1 + 10468.7 + 9789.8 = $42,714 Mil.
Gross Profit was 962.7 + 840.7 + 808.9 + 780.3 = $3,393 Mil.
Total Current Assets was $7,368 Mil.
Total Assets was $38,101 Mil.
Property, Plant and Equipment(Net PPE) was $25,223 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,131 Mil.
Selling, General & Admin. Expense(SGA) was $174 Mil.
Total Current Liabilities was $7,519 Mil.
Long-Term Debt was $16,394 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(4993.6 / 49253.8)||/||(4504.9 / 42713.7)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(923.7 / 42713.7)||/||(1029.4 / 49253.8)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (7333.2 + 27262.5) / 40990.5)||/||(1 - (7368.3 + 25222.5) / 38101.4)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(1130.8 / (1130.8 + 25222.5))||/||(1245.5 / (1245.5 + 27262.5))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(192 / 49253.8)||/||(173.5 / 42713.7)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((17467.8 + 7622) / 40990.5)||/||((16393.7 + 7518.6) / 38101.4)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(2642.2 - -1.4||-||4269.7)||/||40990.5|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Enterprise Products Partners LP has a M-score of -2.47 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Enterprise Products Partners LP Annual Data
Enterprise Products Partners LP Quarterly Data