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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 -2.35 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 -2.35. The lowest was -3.34. And the median was -3.06.
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 * 0.9427||+||0.528 * 1.0639||+||0.404 * 1.2464||+||0.892 * 1.2844||+||0.115 * 1.3831|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9365||+||4.679 * -0.0661||-||0.327 * 0.8551|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $8.50 Mil.|
Revenue was 35.453 + 19.444 + 19.759 + 22.038 = $96.69 Mil.
Gross Profit was 26.759 + 11.355 + 13.712 + 16.384 = $68.21 Mil.
Total Current Assets was $14.83 Mil.
Total Assets was $332.75 Mil.
Property, Plant and Equipment(Net PPE) was $316.64 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.36 Mil.
Selling, General & Admin. Expense(SGA) was $14.54 Mil.
Total Current Liabilities was $9.49 Mil.
Long-Term Debt was $168.00 Mil.
Net Income was 17.002 + 3.847 + 1.561 + 9.335 = $31.75 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 14.121 + 13.609 + 11.85 + 14.149 = $53.73 Mil.
|Accounts Receivable was $7.02 Mil.
Revenue was 16.188 + 22.779 + 19.056 + 17.258 = $75.28 Mil.
Gross Profit was 10.413 + 18.161 + 14.92 + 13.002 = $56.50 Mil.
Total Current Assets was $8.06 Mil.
Total Assets was $188.85 Mil.
Property, Plant and Equipment(Net PPE) was $180.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.96 Mil.
Selling, General & Admin. Expense(SGA) was $12.08 Mil.
Total Current Liabilities was $5.80 Mil.
Long-Term Debt was $112.00 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)|
|=||(8.495 / 96.694)||/||(7.016 / 75.281)|
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)|
|=||(11.355 / 75.281)||/||(26.759 / 96.694)|
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 - (14.834 + 316.644) / 332.754)||/||(1 - (8.058 + 180.208) / 188.847)|
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))|
|=||(13.961 / (13.961 + 180.208))||/||(17.364 / (17.364 + 316.644))|
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)|
|=||(14.535 / 96.694)||/||(12.084 / 75.281)|
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)|
|=||((168 + 9.487) / 332.754)||/||((112 + 5.798) / 188.847)|
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|
|=||(31.745 - 0||-||53.729)||/||332.754|
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 -2.35 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