ETP has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
During the past 13 years, the highest Beneish M-Score of Energy Transfer Partners LP was 4.39. The lowest was -30.34. And the median was -2.41.
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 Energy Transfer 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 * 0.8395||+||0.528 * 0.8293||+||0.404 * 0.9628||+||0.892 * 0.6903||+||0.115 * 1.5783|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.301||+||4.679 * -0.0138||-||0.327 * 0.961|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $2,413 Mil.|
Revenue was 6601 + 11540 + 9530 + 9110 = $36,781 Mil.
Gross Profit was 1141 + 1551 + 1005 + 120 = $3,817 Mil.
Total Current Assets was $5,325 Mil.
Total Assets was $64,145 Mil.
Property, Plant and Equipment(Net PPE) was $42,821 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,375 Mil.
Selling, General & Admin. Expense(SGA) was $361 Mil.
Total Current Liabilities was $4,483 Mil.
Long-Term Debt was $27,449 Mil.
Net Income was 417 + 654 + 281 + 108 = $1,460 Mil.
Non Operating Income was 172 + 228 + -34 + -104 = $262 Mil.
Cash Flow from Operations was 860 + 627 + 506 + 90 = $2,083 Mil.
|Accounts Receivable was $4,164 Mil.
Revenue was 14933 + 14088 + 12232 + 12032 = $53,285 Mil.
Gross Profit was 1372 + 1319 + 1030 + 865 = $4,586 Mil.
Total Current Assets was $7,444 Mil.
Total Assets was $48,571 Mil.
Property, Plant and Equipment(Net PPE) was $28,545 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,474 Mil.
Selling, General & Admin. Expense(SGA) was $402 Mil.
Total Current Liabilities was $7,621 Mil.
Long-Term Debt was $17,540 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)|
|=||(2413 / 36781)||/||(4164 / 53285)|
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)|
|=||(1551 / 53285)||/||(1141 / 36781)|
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 - (5325 + 42821) / 64145)||/||(1 - (7444 + 28545) / 48571)|
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))|
|=||(1474 / (1474 + 28545))||/||(1375 / (1375 + 42821))|
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)|
|=||(361 / 36781)||/||(402 / 53285)|
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)|
|=||((27449 + 4483) / 64145)||/||((17540 + 7621) / 48571)|
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|
|=||(1460 - 262||-||2083)||/||64145|
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.
Energy Transfer Partners LP has a M-score of -3.05 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
Energy Transfer Partners LP Annual Data
Energy Transfer Partners LP Quarterly Data