Inergy Midstream LP Beneish M-Score Historical Data
The historical data trend for Inergy Midstream 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.
Inergy Midstream LP Beneish M-Score Chart
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Inergy Midstream LP Annual Data
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Trend |
Sep09 |
Sep10 |
Sep11 |
Sep12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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- |
- |
- |
1.41 |
0.01 |
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Inergy Midstream LP Quarterly Data
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Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
| Beneish M-Score |
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4.59 |
5.02 |
0.01 |
-1.90 |
-2.83 |
Competitive Comparison of Inergy Midstream LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, Inergy Midstream 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.
Inergy Midstream LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Inergy Midstream LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inergy Midstream LP's Beneish M-Score falls into.
Inergy Midstream 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 Inergy Midstream 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 * 0.5887 | + | 0.528 * 1.0723 | + | 0.404 * 0.99 | + | 0.892 * 1.3302 | + | 0.115 * 0.9697 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6334 | + | 4.679 * -0.071279 | - | 0.327 * 1.0772 |
| = | -2.83 |
* 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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was $227 Mil.
Revenue was 478.4 + 455.1 + 614.4 + 738.4 = $2,286 Mil.
Gross Profit was 162.3 + 168.5 + 169.8 + 162.7 = $663 Mil.
Total Current Assets was $258 Mil.
Total Assets was $6,501 Mil.
Property, Plant and Equipment(Net PPE) was $3,487 Mil.
Depreciation, Depletion and Amortization(DDA) was $237 Mil.
Selling, General, & Admin. Expense(SGA) was $90 Mil.
Total Current Liabilities was $199 Mil.
Long-Term Debt & Capital Lease Obligation was $2,160 Mil.
Net Income was -55.4 + 6.9 + -72.9 + 7.7 = $-114 Mil.
Non Operating Income was -14.3 + 3.4 + 0.6 + 0.3 = $-10 Mil.
Cash Flow from Operations was 70.9 + 77 + 147.1 + 64.7 = $360 Mil.
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Total Receivables was $290 Mil.
Revenue was 675.7 + 537 + 366 + 140.1 = $1,719 Mil.
Gross Profit was 156.6 + 138.9 + 125.7 + 113.5 = $535 Mil.
Total Current Assets was $329 Mil.
Total Assets was $6,636 Mil.
Property, Plant and Equipment(Net PPE) was $3,465 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $107 Mil.
Total Current Liabilities was $388 Mil.
Long-Term Debt & Capital Lease Obligation was $1,846 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) |
| = | (227.4 / 2286.3) | / | (290.4 / 1718.8) |
| = | 0.099462 | / | 0.168955 |
| | = | 0.5887 |
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) |
| = | (534.7 / 1718.8) | / | (663.3 / 2286.3) |
| = | 0.311089 | / | 0.290119 |
| | = | 1.0723 |
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 - (257.9 + 3487.1) / 6501.2) | / | (1 - (329.2 + 3464.9) / 6635.6) |
| = | 0.423953 | / | 0.428221 |
| | = | 0.99 |
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 |
| = | 2286.3 | / | 1718.8 |
| | = | 1.3302 |
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)) |
| = | (227.4 / (227.4 + 3464.9)) | / | (236.5 / (236.5 + 3487.1)) |
| = | 0.061588 | / | 0.063514 |
| | = | 0.9697 |
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) |
| = | (90.4 / 2286.3) | / | (107.3 / 1718.8) |
| = | 0.03954 | / | 0.062427 |
| | = | 0.6334 |
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) |
| = | ((2159.5 + 198.7) / 6501.2) | / | ((1846.3 + 388.2) / 6635.6) |
| = | 0.362733 | / | 0.336744 |
| | = | 1.0772 |
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 |
| = | (-113.7 - -10 | - | 359.7) | / | 6501.2 |
| | = | -0.071279 |
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.
Inergy Midstream LP has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
Inergy Midstream LP (Inergy Midstream LP) Business Description
Traded in Other Exchanges
N/A
Address
Crestwood Midstream Partners LP, formerly known as Inergy Midstream, L.P., is a Delaware limited partnership formed in November 2011. The Company develops, acquires, owns and operates fee-based assets and operations within the energy midstream sector. The Company owns and operates a diversified portfolio of crude oil and natural gas gathering, processing, storage and transportation assets that connect energy supply with energy demand across North America. The Company has three reporting segments: Gathering and Processing, NGL and crude services, and Storage and Transportation. The Gathering and Processing operations engage in the gathering, processing, treating, compression, transportation and sales of natural gas and the delivery of NGLs. In Gathering and Processing, the Company provides natural gas gathering, processing, treating and compression services to producers in unconventional shale plays located in West Virginia, Wyoming, Texas, Arkansas, New Mexico and Louisiana. The Company owns rich gas systems in the Marcellus, Powder River Basin, Niobrara, Barnett, Granite Wash, and Avalon/Bone Spring Shale plays, and dry gas gathering systems in the Barnett, Fayetteville and Haynesville/Bossier Shale plays. The NGL and crude services operations provide gathering, storage and transportation services to producers, refiners, marketers, and others that effectively provide flow assurances to customers, as well as the production and sale of salt products. Operations in NGL and Crude segment include crude oil rail terminals, the Arrow gathering system, an NGL storage facility, and U.S Salt, LLC. The Storage and Transportation operations provide natural gas storage and transportations services to third parties. The corporate operations include all general and administrative expenses that are not allocated to the reportable segments. The Company owns and operates four natural gas storage facilities located in New York and Pennsylvania that have an aggregate working gas storage capacity of approximately 41.0 Bcf namely Stagecoach, Thomas Corners, Steuben, and Seneca Lake. Further, the Company owns natural gas transportation facilities located in New York and Pennsylvania namely North-South Facilities, MARC I Pipeline, and East Pipeline. Sales of crude oil, NGLs and salt are recognized at the time product is shipped or delivered to the customer depending on the sales terms. The Company is expanding its gathering and compression facilities in the Marcellus Shale.
Executives
| John J Sherman |
director |
C/O CRESTWOOD EQUITY PARTNERS LP, 811 MAIN ST., SUITE 3400, HOUSTON TX 77002 |
| Crestwood Gas Services Holdings Llc |
director, 10 percent owner |
717 TEXAS AVENUE, SUITE 3150, HOUSTON TX 77002 |
| Crestwood Holdings Llc |
director, 10 percent owner |
717 TEXAS AVENUE, SUITE 3150, HOUSTON TX 77002 |
| Fr Xi Cmp Holdings Llc |
director, 10 percent owner |
ONE LAFAYETTE PLACE, GREENWICH CT 06830 |
| Crestwood Holdings Ii Llc |
director, 10 percent owner |
811 MAIN STREET, SUITE 3400, HOUSTON TX 77002 |
| Crestwood Holdings Partners, Llc |
director, 10 percent owner |
717 TEXAS AVENUE, SUITE 3150, HOUSTON TX 77002 |
| Fr Midstream Holdings Llc |
director, 10 percent owner |
ONE LAFAYETTE PLACE, THIRD FLOOR, GREENWICH CT 06830 |
| First Reserve Gp Xi, L.p. |
director, 10 percent owner |
262 HARBOR DRIVE, THIRD FLOOR, STAMFORD CT 06902 |
| First Reserve Gp Xi, Inc. |
director, 10 percent owner |
262 HARBOR DRIVE, THIRD FLOOR, STAMFORD CT 06902 |
| William C Gautreaux |
officer: President, Liquids and Crude |
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| Michael Gordon France |
director |
600 TRAVIS STREET, SUITE 6000, HOUSTON TX 77002 |
| David Lumpkins |
director |
600 TRAVIS STREET, SUITE 3250, HOUSTON TX 77002 |
| William E Macaulay |
director, 10 percent owner |
290 HARBOR DRIVE, FIFTH FLOOR, STAMFORD CT 06902 |
| J Heath Deneke |
officer: Chief Operating Officer |
700 LOUISIANA STREET, SUITE 2550, HOUSTON TX 77002 |
| Warren H Gfeller |
director |
|
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