Niska Gas Storage Partners LLC (Niska Gas Storage Partners LLC) Beneish M-Score : 0.00 (As of May. 05, 2024)

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What is Niska Gas Storage Partners LLC Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Niska Gas Storage Partners LLC's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Niska Gas Storage Partners LLC was 0.00. The lowest was 0.00. And the median was 0.00.

Niska Gas Storage Partners LLC Beneish M-Score Historical Data

The historical data trend for Niska Gas Storage Partners LLC'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.

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Niska Gas Storage Partners LLC Beneish M-Score Chart

Niska Gas Storage Partners LLC Annual Data

Trend

Mar08

Mar09

Mar10

Mar11

Mar12

Mar13

Mar14

Mar15

Mar16

Beneish M-Score

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-2.35

-2.73

-1.83

-3.56

-2.57

Niska Gas Storage Partners LLC Quarterly Data
	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
Beneish M-Score	Get a 7-Day Free Trial															-3.56	-2.26	-2.92	-0.50	-2.57

Competitive Comparison of Niska Gas Storage Partners LLC's Beneish M-Score

For the Oil & Gas Midstream subindustry, Niska Gas Storage Partners LLC'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.

Niska Gas Storage Partners LLC's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Niska Gas Storage Partners LLC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Niska Gas Storage Partners LLC's Beneish M-Score falls into.

Niska Gas Storage Partners LLC 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 Niska Gas Storage Partners LLC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4969

0.528 * 1.331

0.404 * 0.8898

0.892 * 0.5527

0.115 * 1.8067

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0222

4.679 * -0.156048

0.327 * 1.1077

-3.14

This Year (Mar16) TTM:

Last Year (Mar15) TTM:

Total Receivables was $38.67 Mil.
Revenue was 9.144 + 18.62 + 17.336 + 9.245 = $54.35 Mil.
Gross Profit was 3.63 + 10.911 + 8.71 + 1.288 = $24.54 Mil.
Total Current Assets was $153.67 Mil.
Total Assets was $991.90 Mil.
Property, Plant and Equipment(Net PPE) was $772.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.44 Mil.
Selling, General, & Admin. Expense(SGA) was $29.99 Mil.
Total Current Liabilities was $233.13 Mil.
Long-Term Debt & Capital Lease Obligation was $583.21 Mil.
Net Income was -24.867 + -20.614 + -19.256 + -36.733 = $-101.47 Mil.
Non Operating Income was -3.395 + -0.232 + -0.313 + -0.051 = $-3.99 Mil.
Cash Flow from Operations was 22.968 + 1.79 + 5.241 + 27.306 = $57.31 Mil.

Total Receivables was $46.74 Mil.
Revenue was -6.867 + 39.219 + 10.59 + 55.377 = $98.32 Mil.
Gross Profit was -13.646 + 29.785 + -1.472 + 44.424 = $59.09 Mil.
Total Current Assets was $253.41 Mil.
Total Assets was $1,160.96 Mil.
Property, Plant and Equipment(Net PPE) was $820.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $117.32 Mil.
Selling, General, & Admin. Expense(SGA) was $26.83 Mil.
Total Current Liabilities was $277.97 Mil.
Long-Term Debt & Capital Lease Obligation was $584.59 Mil.

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)
	=	(38.671 / 54.345)	/	(46.738 / 98.319)
	=	0.711583	/	0.475371
	=	1.4969

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)
	=	(59.091 / 98.319)	/	(24.539 / 54.345)
	=	0.601013	/	0.451541
	=	1.331

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 - (153.665 + 772.023) / 991.897)	/	(1 - (253.405 + 820.467) / 1160.959)
	=	0.06675	/	0.075013
	=	0.8898

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
	=	54.345	/	98.319
	=	0.5527

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))
	=	(117.323 / (117.323 + 820.467))	/	(57.435 / (57.435 + 772.023))
	=	0.125106	/	0.069244
	=	1.8067

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)
	=	(29.993 / 54.345)	/	(26.833 / 98.319)
	=	0.5519	/	0.272918
	=	2.0222

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)
	=	((583.206 + 233.131) / 991.897)	/	((584.587 + 277.973) / 1160.959)
	=	0.823006	/	0.742972
	=	1.1077

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
	=	(-101.47 - -3.991	-	57.305)	/	991.897
	=	-0.156048

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.

Niska Gas Storage Partners LLC has a M-score of -3.14 suggests that the company is unlikely to be a manipulator.

Niska Gas Storage Partners LLC Beneish M-Score Related Terms

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Niska Gas Storage Partners LLC (Niska Gas Storage Partners LLC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Niska Gas Storage Partners LLC (NYSE:NKA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Website

http://www.niskapartners.com

Niska Gas Storage Partners LLC was founded in 2006. The Company owns and operates natural gas storage assets. It owns or contracts for approximately 244.9 billion cubic feet, or Bcf, of total natural gas storage capacity. Its assets are located in key North American natural gas producing and consuming regions and are connected at points on the natural gas transmission network, providing access to multiple end-use markets. The Company stores natural gas for customers, including financial institutions, marketers, pipelines, power generators, utilities and producers of natural gas. Its gas storage customers include a broad mix of natural gas market participants, including financial institutions, producers, marketers, power generators, pipelines and municipalities. Its competitors include The Company's operations are subject to governmental laws and regulations.

Executives

Michael J Hennigan	director	3807 WEST CHESTER PIKE, NEWTOWN SQUARE PA 19073
James G Jackson	director	515 SOUTH FLOWER STREET, SUITE 4800, LOS ANGELES CA 90071
Ralph Alexander	director	1000 LOUISIANA, SUITE 1450, HOUSTON TX 77002
Shea William H Jr	director, officer: President & CEO	C/O NISKA GAS STORAGE PARTNERS LLC, 170 RADNOR CHESTER ROAD, SUITE 150, RADNOR PA 19087
Davis Bruce D Jr	officer: VP & Chief Administrative Offi	400, 607 8TH AVENUE S.W., CALGARY A0 T2P 0A7
Deborah M Fretz	director	1801 MARKET STREET, PHILADELPHIA PA 19103
Carlyle/riverstone Energy Partners Iii, L.p.	director, 10 percent owner	712 FIFTH AVENUE, 51ST FLOOR, NEW YORK NY 10019
C/r Energy Gp Iii, Llc	director, 10 percent owner	712 FIFTH AVENUE, 51ST FLOOR, NEW YORK NY 10019
Carlyle Group Inc.	10 percent owner	C/O THE CARLYLE GROUP, 1001 PENNSYLVANIA AVENUE, N.W., WASHINGTON DC 20004
Carlyle Group Management L.l.c.	10 percent owner	C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505
Carlyle Holdings I Gp Inc.	10 percent owner	C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505
Carlyle Holdings I Gp Sub L.l.c.	10 percent owner	C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505
Carlyle Holdings I L.p.	10 percent owner	C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505
Tc Group Sub L.p.	10 percent owner	C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505
George A Obrien	director	C/O INTERNATIONAL PAPER, 400 ATLANTIC STREET, STAMFORD CT 06921

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