Kinder Morgan Energy Partners LP Beneish M-Score Historical Data
The historical data trend for Kinder Morgan Energy Partners LP's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Kinder Morgan Energy Partners LP Beneish M-Score Chart
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Kinder Morgan Energy Partners LP Annual Data
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Dec04 |
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Dec13 |
| Beneish M-Score |
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-2.88 |
-2.66 |
-2.94 |
-2.53 |
-2.23 |
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Kinder Morgan Energy Partners LP Quarterly Data
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Sep09 |
Dec09 |
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Sep14 |
| Beneish M-Score |
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-2.26 |
-2.23 |
-2.22 |
-2.46 |
-2.45 |
Competitive Comparison of Kinder Morgan Energy Partners LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Kinder Morgan Energy Partners LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Kinder Morgan Energy Partners LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Kinder Morgan Energy Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kinder Morgan Energy Partners LP's Beneish M-Score falls into.
Kinder Morgan Energy Partners LP Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Kinder Morgan 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 * 1.0108 | + | 0.528 * 1.0508 | + | 0.404 * 0.9349 | + | 0.892 * 1.2364 | + | 0.115 * 0.9956 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7751 | + | 4.679 * -0.037646 | - | 0.327 * 1.0168 |
| = | -2.40 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Sep14) TTM: | Last Year (Sep13) TTM: |
Total Receivables was €1,155 Mil.
Revenue was 3052.008 + 2632.672 + 2640.396 + 2533.83 = €10,859 Mil.
Gross Profit was 1779.368 + 1453.6 + 1456.122 + 1460 = €6,149 Mil.
Total Current Assets was €2,005 Mil.
Total Assets was €35,184 Mil.
Property, Plant and Equipment(Net PPE) was €23,157 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,200 Mil.
Selling, General, & Admin. Expense(SGA) was €398 Mil.
Total Current Liabilities was €3,089 Mil.
Long-Term Debt & Capital Lease Obligation was €17,089 Mil.
Net Income was 747.288 + 486.496 + 539.358 + 590.57 = €2,364 Mil.
Non Operating Income was 59.752 + 50.784 + 54.225 + 60.59 = €225 Mil.
Cash Flow from Operations was 952.152 + 864.8 + 776.502 + 869.43 = €3,463 Mil.
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Total Receivables was €925 Mil.
Revenue was 2528.988 + 2286.886 + 2054.292 + 1912.62 = €8,783 Mil.
Gross Profit was 1383.8 + 1340.902 + 1315.488 + 1185.672 = €5,226 Mil.
Total Current Assets was €1,834 Mil.
Total Assets was €31,405 Mil.
Property, Plant and Equipment(Net PPE) was €20,003 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,032 Mil.
Selling, General, & Admin. Expense(SGA) was €416 Mil.
Total Current Liabilities was €2,572 Mil.
Long-Term Debt & Capital Lease Obligation was €15,141 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1155.464 / 10858.906) | / | (924.528 / 8782.786) |
| = | 0.106407 | / | 0.105266 |
| | = | 1.0108 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (5225.862 / 8782.786) | / | (6149.09 / 10858.906) |
| = | 0.595012 | / | 0.566272 |
| | = | 1.0508 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (2005.184 + 23157.392) / 35183.84) | / | (1 - (1834.096 + 20003.016) / 31404.78) |
| = | 0.284826 | / | 0.304656 |
| | = | 0.9349 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 10858.906 | / | 8782.786 |
| | = | 1.2364 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (1032.132 / (1032.132 + 20003.016)) | / | (1200.411 / (1200.411 + 23157.392)) |
| = | 0.049067 | / | 0.049282 |
| | = | 0.9956 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (398.257 / 10858.906) | / | (415.598 / 8782.786) |
| = | 0.036676 | / | 0.04732 |
| | = | 0.7751 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((17089.072 + 3089.256) / 35183.84) | / | ((15141.016 + 2572.372) / 31404.78) |
| = | 0.573511 | / | 0.564035 |
| | = | 1.0168 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (2363.712 - 225.351 | - | 3462.884) | / | 35183.84 |
| | = | -0.037646 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Kinder Morgan Energy Partners LP has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
Kinder Morgan Energy Partners LP (FRA:KM7) Business Description
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Kinder Morgan Energy Partners LP is a Delaware limited partnership formed in August 1992. The Company is engaged in pipeline transportation and energy storage company in North America. They own an interest in or operate approximately 52,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and its terminals store petroleum products, ethanol and chemicals, and handle such products as coal, petroleum coke and steel. They are also the producer and transporter of CO2, for enhanced oil recovery projects in North America. Its operations are conducted through our five operating limited partnerships and their subsidiaries and are grouped into five reportable business segments: Natural Gas Pipelines—consists of approximately 40,000 miles of natural gas transmission pipelines and gathering lines, plus natural gas storage, treating and processing facilities, through which natural gas is gathered, transported, stored, treated, processed and sold; O2—which produces, markets and transports, through approximately 1,500 miles of pipelines, CO2 to oil fields that use CO2 to increase production of oil; owns interests in and/or operate four primary oil fields in West Texas; and owns and operates a 450-mile crude oil pipeline system in West Texas; Products Pipelines—consists of approximately 9,000 miles of refined petroleum products and crude oil and condensate pipelines that deliver refined petroleum products (gasoline, diesel fuel and jet fuel), NGL, crude oil, condensate and bio-fuels to various markets; plus approximately 62 associated product terminals and petroleum pipeline transmix processing facilities serving customers across the U.S.; Terminals—consists of approximately 122 owned or operated liquids and bulk terminal facilities and approximately 10 rail transloading and materials handling facilities located throughout the U.S. and portions of Canada, which together transload, store and deliver a wide variety of bulk, petroleum, petrochemical and other liquids products for customers across the U.S. and Canada; and Kinder Morgan Canada—transports crude oil and refined petroleum products through approximately 800 miles of pipelines from Alberta, Canada to marketing terminals and refineries in British Columbia and the state of Washington; plus five associated product terminal facilities. The Company's business operations are subject to federal, state, provincial and local laws and regulations relating to environmental protection, pollution and human health and safety in the U.S. and Canada.
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