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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.
ONEOK Partners LP has a M-score of signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of ONEOK Partners LP was 0.00. The lowest was 0.00. And the median was 0.00.
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 ONEOK 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 *||+||0.528 *||+||0.404 *||+||0.892 *||+||0.115 *|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 *||+||4.679 *||-||0.327 *|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $952 Mil.|
Revenue was 3119.369 + 3065.735 + 3162.303 + 3448.914 = $12,796 Mil.
Gross Profit was 536.165 + 494.333 + 509.634 + 440.934 = $1,981 Mil.
Total Current Assets was $1,508 Mil.
Total Assets was $13,654 Mil.
Property, Plant and Equipment(Net PPE) was $10,114 Mil.
Depreciation, Depletion and Amortization(DDA) was $275 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,672 Mil.
Long-Term Debt was $6,040 Mil.
Net Income was 501.741 + 214.434 + 265.392 + -922.202 = $59 Mil.
Non Operating Income was -53.041 + 28.488 + 45.194 + 44.172 = $65 Mil.
Cash Flow from Operations was 352.977 + 74.922 + 459.156 + 353.613 = $1,241 Mil.
|Accounts Receivable was $957 Mil.
Revenue was 3134.733 + 2768.179 + 2517.447 + 2915.797 = $11,336 Mil.
Gross Profit was 423.574 + 411.953 + 370.599 + 399.543 = $1,606 Mil.
Total Current Assets was $2,261 Mil.
Total Assets was $12,863 Mil.
Property, Plant and Equipment(Net PPE) was $8,650 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,717 Mil.
Long-Term Debt was $6,046 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)|
|=||(951.647 / 12796.321)||/||(956.575 / 11336.156)|
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)|
|=||(494.333 / 11336.156)||/||(536.165 / 12796.321)|
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 - (1507.97 + 10114.345) / 13654.242)||/||(1 - (2261.012 + 8649.563) / 12863.326)|
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))|
|=||(227.163 / (227.163 + 8649.563))||/||(274.74 / (274.74 + 10114.345))|
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)|
|=||(0 / 12796.321)||/||(0 / 11336.156)|
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)|
|=||((6039.997 + 1671.777) / 13654.242)||/||((6046.494 + 1716.85) / 12863.326)|
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|
|=||(59.365 - 64.813||-||1240.668)||/||13654.242|
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.
ONEOK Partners LP has a M-score of signals that the company is likely to 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
ONEOK Partners LP Annual Data
ONEOK Partners LP Quarterly Data