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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.
Mid-Con Energy Partners LP has a M-score of -3.03 suggests that the company is not a manipulator.
During the past 4 years, the highest Beneish M-Score of Mid-Con Energy Partners LP was -3.03. The lowest was -3.40. And the median was -3.32.
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 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 * 1.0489||+||0.528 * 1.1143||+||0.404 * 0.5427||+||0.892 * 1.0665||+||0.115 * 1.1703|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8719||+||4.679 * -0.1182||-||0.327 * 1.0458|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $7.86 Mil.|
Revenue was 19.759 + 22.038 + 16.188 + 22.779 = $80.76 Mil.
Gross Profit was 13.712 + 16.384 + 10.413 + 18.161 = $58.67 Mil.
Total Current Assets was $8.75 Mil.
Total Assets was $235.43 Mil.
Property, Plant and Equipment(Net PPE) was $225.70 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.62 Mil.
Selling, General & Admin. Expense(SGA) was $13.13 Mil.
Total Current Liabilities was $10.09 Mil.
Long-Term Debt was $123.00 Mil.
Net Income was 1.561 + 9.335 + 4.257 + 10.538 = $25.69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 11.85 + 14.149 + 12.902 + 14.612 = $53.51 Mil.
|Accounts Receivable was $7.03 Mil.
Revenue was 19.056 + 17.258 + 10.156 + 29.261 = $75.73 Mil.
Gross Profit was 14.92 + 13.002 + 6.937 + 26.441 = $61.30 Mil.
Total Current Assets was $10.40 Mil.
Total Assets was $161.32 Mil.
Property, Plant and Equipment(Net PPE) was $149.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.48 Mil.
Selling, General & Admin. Expense(SGA) was $14.12 Mil.
Total Current Liabilities was $7.20 Mil.
Long-Term Debt was $80.00 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)|
|=||(7.864 / 80.764)||/||(7.03 / 75.731)|
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)|
|=||(16.384 / 75.731)||/||(13.712 / 80.764)|
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 - (8.752 + 225.695) / 235.429)||/||(1 - (10.397 + 149.686) / 161.323)|
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))|
|=||(11.475 / (11.475 + 149.686))||/||(14.621 / (14.621 + 225.695))|
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)|
|=||(13.127 / 80.764)||/||(14.118 / 75.731)|
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)|
|=||((123 + 10.086) / 235.429)||/||((80 + 7.198) / 161.323)|
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|
|=||(25.691 - 0||-||53.513)||/||235.429|
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.
Mid-Con Energy Partners LP has a M-score of -3.03 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
Mid-Con Energy Partners LP Annual Data
Mid-Con Energy Partners LP Quarterly Data