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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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Mid-Con Energy Partners LP's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of Mid-Con Energy Partners LP was -0.96. The lowest was -31.07. And the median was -2.73.
The historical data trend for Mid-Con Energy Partners LP's Beneish M-Score can be seen below:
* 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.
Mid-Con Energy Partners LP Annual Data | |||||||||||||||||||||
Trend | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.51 | -1.23 | -3.12 | -2.73 | -2.21 |
Mid-Con Energy Partners LP Quarterly Data | ||||||||||||||||||||
Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.85 | -2.21 | -1.13 | -2.27 | -2.96 |
For the Oil & Gas E&P subindustry, Mid-Con Energy Partners LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Oil & Gas industry and Energy sector, Mid-Con Energy Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mid-Con Energy Partners LP's Beneish M-Score falls into.
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 Mid-Con Energy 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 * 1.1075 | + | 0.528 * 2.0123 | + | 0.404 * 0.7426 | + | 0.892 * 0.7085 | + | 0.115 * 1.2399 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.789 | + | 4.679 * -0.106727 | - | 0.327 * 1.1699 | |||||||
= | -2.87 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $4.11 Mil. Revenue was 10.129 + 5.803 + 13.503 + 16.98 = $46.42 Mil. Gross Profit was 2.368 + -1.572 + 1.459 + 3.823 = $6.08 Mil. Total Current Assets was $11.99 Mil. Total Assets was $186.87 Mil. Property, Plant and Equipment(Net PPE) was $171.75 Mil. Depreciation, Depletion and Amortization(DDA) was $9.35 Mil. Selling, General, & Admin. Expense(SGA) was $10.11 Mil. Total Current Liabilities was $76.37 Mil. Long-Term Debt & Capital Lease Obligation was $0.11 Mil. Net Income was -3.539 + -11.925 + 2.783 + -7.869 = $-20.55 Mil. Non Operating Income was -1.374 + -5.785 + 6.632 + -7.316 = $-7.84 Mil. Cash Flow from Operations was 3.916 + 2.69 + -0.756 + 1.387 = $7.24 Mil. |
Total Receivables was $5.24 Mil. Revenue was 16.022 + 17.529 + 15.216 + 16.742 = $65.51 Mil. Gross Profit was 3.837 + 6.104 + 4.006 + 3.315 = $17.26 Mil. Total Current Assets was $8.51 Mil. Total Assets was $205.04 Mil. Property, Plant and Equipment(Net PPE) was $191.91 Mil. Depreciation, Depletion and Amortization(DDA) was $13.13 Mil. Selling, General, & Admin. Expense(SGA) was $7.98 Mil. Total Current Liabilities was $6.74 Mil. Long-Term Debt & Capital Lease Obligation was $65.00 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) |
= | (4.114 / 46.415) | / | (5.243 / 65.509) | |
= | 0.088635 | / | 0.080035 | |
= | 1.1075 |
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) | |
= | (17.262 / 65.509) | / | (6.078 / 46.415) | |
= | 0.263506 | / | 0.130949 | |
= | 2.0123 |
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 - (11.991 + 171.749) / 186.87) | / | (1 - (8.51 + 191.908) / 205.043) | |
= | 0.01675 | / | 0.022556 | |
= | 0.7426 |
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 | |
= | 46.415 | / | 65.509 | |
= | 0.7085 |
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)) |
= | (13.131 / (13.131 + 191.908)) | / | (9.354 / (9.354 + 171.749)) | |
= | 0.064041 | / | 0.05165 | |
= | 1.2399 |
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) |
= | (10.114 / 46.415) | / | (7.979 / 65.509) | |
= | 0.217904 | / | 0.1218 | |
= | 1.789 |
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) |
= | ((0.113 + 76.373) / 186.87) | / | ((65 + 6.736) / 205.043) | |
= | 0.409301 | / | 0.349858 | |
= | 1.1699 |
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 | |
= | (-20.55 - -7.843 | - | 7.237) | / | 186.87 | |
= | -0.106727 |
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.
Mid-Con Energy Partners LP has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Mid-Con Energy Partners LP's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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