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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 -3.06 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 -2.98. The lowest was -3.34. And the median was -3.17.
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 * 1.0825||+||0.528 * 1.143||+||0.404 * 0.4068||+||0.892 * 1.1181||+||0.115 * 1.1062|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8562||+||4.679 * -0.1347||-||0.327 * 1.0175|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $8.20 Mil.|
Revenue was 19.444 + 19.759 + 22.038 + 16.188 = $77.43 Mil.
Gross Profit was 11.355 + 13.712 + 16.384 + 10.413 = $51.86 Mil.
Total Current Assets was $10.51 Mil.
Total Assets was $248.79 Mil.
Property, Plant and Equipment(Net PPE) was $237.44 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.39 Mil.
Selling, General & Admin. Expense(SGA) was $13.56 Mil.
Total Current Liabilities was $14.23 Mil.
Long-Term Debt was $139.00 Mil.
Net Income was 3.847 + 1.561 + 9.335 + 4.257 = $19.00 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 13.609 + 11.85 + 14.149 + 12.902 = $52.51 Mil.
|Accounts Receivable was $6.78 Mil.
Revenue was 22.779 + 19.056 + 17.258 + 10.156 = $69.25 Mil.
Gross Profit was 18.161 + 14.92 + 13.002 + 6.937 = $53.02 Mil.
Total Current Assets was $11.03 Mil.
Total Assets was $192.56 Mil.
Property, Plant and Equipment(Net PPE) was $179.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.99 Mil.
Selling, General & Admin. Expense(SGA) was $14.17 Mil.
Total Current Liabilities was $5.56 Mil.
Long-Term Debt was $111.00 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)|
|=||(8.203 / 77.429)||/||(6.777 / 69.249)|
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)|
|=||(13.712 / 69.249)||/||(11.355 / 77.429)|
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 - (10.51 + 237.443) / 248.794)||/||(1 - (11.028 + 179.931) / 192.559)|
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))|
|=||(12.986 / (12.986 + 179.931))||/||(15.385 / (15.385 + 237.443))|
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)|
|=||(13.563 / 77.429)||/||(14.168 / 69.249)|
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)|
|=||((139 + 14.229) / 248.794)||/||((111 + 5.555) / 192.559)|
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|
|=||(19 - 0||-||52.51)||/||248.794|
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 -3.06 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