Regency Energy Partners LP Beneish M-Score Historical Data
The historical data trend for Regency 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.
Regency Energy Partners LP Beneish M-Score Chart
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Regency Energy Partners LP Annual Data
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Dec05 |
Dec06 |
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Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-1.91 |
-2.50 |
0.02 |
-2.58 |
-2.08 |
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Regency Energy Partners LP Quarterly Data
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Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
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Sep11 |
Dec11 |
Mar12 |
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Dec12 |
Mar13 |
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
| Beneish M-Score |
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-2.58 |
5.09 |
-0.31 |
1.86 |
-2.08 |
Competitive Comparison of Regency Energy Partners LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Regency 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.
Regency Energy Partners LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Regency Energy Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Regency Energy Partners LP's Beneish M-Score falls into.
Regency 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 Regency 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 * 0.9133 | + | 0.528 * 0.9504 | + | 0.404 * 0.9305 | + | 0.892 * 2.007 | + | 0.115 * 1.2535 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9004 | + | 4.679 * -0.059077 | - | 0.327 * 1.0035 |
| = | -1.95 |
* 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 (Dec14) TTM: | Last Year (Dec13) TTM: |
Total Receivables was €428 Mil.
Revenue was 1157.297 + 1150.808 + 867.008 + 623.949 = €3,799 Mil.
Gross Profit was 399.012 + 335.232 + 257.6 + 162.675 = €1,155 Mil.
Total Current Assets was €570 Mil.
Total Assets was €13,871 Mil.
Property, Plant and Equipment(Net PPE) was €7,475 Mil.
Depreciation, Depletion and Amortization(DDA) was €401 Mil.
Selling, General, & Admin. Expense(SGA) was €120 Mil.
Total Current Liabilities was €613 Mil.
Long-Term Debt & Capital Lease Obligation was €5,386 Mil.
Net Income was -210.86 + 80.704 + -6.624 + 5.784 = €-131 Mil.
Non Operating Income was 35.684 + 41.128 + 29.44 + 32.535 = €139 Mil.
Cash Flow from Operations was 120.839 + 227.368 + 66.24 + 135.201 = €550 Mil.
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Total Receivables was €234 Mil.
Revenue was 494.21 + 497.42 + 484.362 + 416.88 = €1,893 Mil.
Gross Profit was 140.89 + 140.624 + 147.052 + 118.116 = €547 Mil.
Total Current Assets was €292 Mil.
Total Assets was €6,411 Mil.
Property, Plant and Equipment(Net PPE) was €3,225 Mil.
Depreciation, Depletion and Amortization(DDA) was €220 Mil.
Selling, General, & Admin. Expense(SGA) was €66 Mil.
Total Current Liabilities was €347 Mil.
Long-Term Debt & Capital Lease Obligation was €2,416 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) |
| = | (428.208 / 3799.062) | / | (233.6 / 1892.872) |
| = | 0.112714 | / | 0.12341 |
| | = | 0.9133 |
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) |
| = | (546.682 / 1892.872) | / | (1154.519 / 3799.062) |
| = | 0.288811 | / | 0.303896 |
| | = | 0.9504 |
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 - (570.133 + 7474.987) / 13870.533) | / | (1 - (292 + 3225.14) / 6410.86) |
| = | 0.419985 | / | 0.451378 |
| | = | 0.9305 |
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 |
| = | 3799.062 | / | 1892.872 |
| | = | 2.007 |
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)) |
| = | (219.996 / (219.996 + 3225.14)) | / | (401.249 / (401.249 + 7474.987)) |
| = | 0.063857 | / | 0.050944 |
| | = | 1.2535 |
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) |
| = | (119.924 / 3799.062) | / | (66.364 / 1892.872) |
| = | 0.031567 | / | 0.03506 |
| | = | 0.9004 |
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) |
| = | ((5385.851 + 613.116) / 13870.533) | / | ((2416.3 + 346.75) / 6410.86) |
| = | 0.432497 | / | 0.430995 |
| | = | 1.0035 |
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 |
| = | (-130.996 - 138.787 | - | 549.648) | / | 13870.533 |
| | = | -0.059077 |
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.
Regency Energy Partners LP has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.
Regency Energy Partners LP (FRA:R3P) Business Description
Traded in Other Exchanges
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Address
Regency Energy Partners LP was incorporated in Delaware on September 8, 2005. The Company is engaged in the gathering and processing, compression, treating and transportation of natural gas and the transportation, fractionation and storage of NGLs. Its assets are mainly located in Texas, Louisiana, Arkansas, Pennsylvania, California, Mississippi, Alabama, New Mexico and the mid-continent region of the United States, which includes Kansas, Colorado and Oklahoma. The Company is divided into five business segments; Gathering and Processing, Natural Gas Transportation, NGL Services, Contract Services and Corporate. The Gathering and Processing - provide "wellhead-to-market" services to producers of natural gas, which include transporting raw natural gas from the wellhead through gathering systems, processing raw natural gas to separate NGLs from the raw natural gas and selling or delivering the pipeline-quality natural gas and NGLs to various markets and pipeline systems. Natural Gas Transportation, NGL Services, Contract Services - owns and operates a fleet of compressors used to provide turn-key natural gas compression services for customer specific systems and Corporate comprises of corporate offices. It operates gathering and processing assets in four geographic regions of the United States: North Louisiana, the mid-continent region of the United States, south Texas and west Texas. The pipeline-quality natural gas remaining after separation of NGLs through processing is either returned to the producer or sold, for its own account or for the account of the producer, at the tailgates of its processing plants for delivery to interstate or intrastate gas transportation pipelines. The Company faces competition in each region in acquiring new gas supplies. The Company is subject to rules and regulations set forth by the Louisiana Department of Natural Resources.
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