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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.
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 (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $593 Mil.|
Revenue was 1930.384 + 1898.418 + 2127.507 + 1804.759 = $7,761 Mil.
Gross Profit was 432.16 + 537.609 + 524.414 + 460.895 = $1,955 Mil.
Total Current Assets was $883 Mil.
Total Assets was $14,928 Mil.
Property, Plant and Equipment(Net PPE) was $12,257 Mil.
Depreciation, Depletion and Amortization(DDA) was $352 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,580 Mil.
Long-Term Debt was $6,695 Mil.
Net Income was 7.217 + 680.883 + 209.77 + 436.782 = $1,335 Mil.
Non Operating Income was -135.37 + 28.617 + 28.853 + 33.606 = $-44 Mil.
Cash Flow from Operations was 324.954 + 366.759 + 315.15 + 65.117 = $1,072 Mil.
|Accounts Receivable was $736 Mil.
Revenue was 2844.258 + 3119.369 + 3065.735 + 3162.303 = $12,192 Mil.
Gross Profit was -36.091 + 536.165 + 494.333 + 509.634 = $1,504 Mil.
Total Current Assets was $1,086 Mil.
Total Assets was $14,600 Mil.
Property, Plant and Equipment(Net PPE) was $11,536 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,336 Mil.
Long-Term Debt was $6,004 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)|
|=||(593.448 / 7761.068)||/||(735.83 / 12191.665)|
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)|
|=||(537.609 / 12191.665)||/||(432.16 / 7761.068)|
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 - (883.164 + 12256.791) / 14927.586)||/||(1 - (1086.053 + 11535.533) / 14600.4)|
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))|
|=||(291.236 / (291.236 + 11535.533))||/||(352.196 / (352.196 + 12256.791))|
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 / 7761.068)||/||(0 / 12191.665)|
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)|
|=||((6695.312 + 1580.3) / 14927.586)||/||((6004.232 + 2336.056) / 14600.4)|
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|
|=||(1334.652 - -44.294||-||1071.98)||/||14927.586|
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