Shell Midstream Partners LP Beneish M-Score Historical Data
The historical data trend for Shell Midstream 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.
|
Shell Midstream Partners LP Annual Data
|
|
Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
|
|
|
|
|
|
-4.19 |
-2.95 |
-3.83 |
-3.50 |
-3.07 |
|
Shell Midstream Partners LP Quarterly Data
|
|
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.50 |
-3.62 |
-3.07 |
-3.08 |
-3.32 |
Competitive Comparison
For the Oil & Gas Midstream subindustry, Shell Midstream 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.
Shell Midstream Partners LP Beneish M-Score Distribution
For the Oil & Gas industry and Energy sector, Shell Midstream Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shell Midstream Partners LP's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Shell Midstream 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 Shell Midstream 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 * 1.0566 | + | 0.528 * 1.0448 | + | 0.404 * 1.0047 | + | 0.892 * 1.0493 | + | 0.115 * 0.9274 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0522 | + | 4.679 * -0.201255 | - | 0.327 * 0.9974 |
| = | -3.32 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $51.0 Mil.
Revenue was 149 + 135 + 141 + 128 = $553.0 Mil.
Gross Profit was 122 + 114 + 119 + 107 = $462.0 Mil.
Total Current Assets was $414.0 Mil.
Total Assets was $2,231.0 Mil.
Property, Plant and Equipment(Net PPE) was $637.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.0 Mil.
Selling, General, & Admin. Expense(SGA) was $53.0 Mil.
Total Current Liabilities was $352.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,317.0 Mil.
Net Income was 148 + 158 + 104 + 127 = $537.0 Mil.
Non Operating Income was 106 + 118 + 66 + 94 = $384.0 Mil.
Cash Flow from Operations was 184 + 157 + 123 + 138 = $602.0 Mil.
|
Total Receivables was $46.0 Mil.
Revenue was 148 + 139 + 130 + 110 = $527.0 Mil.
Gross Profit was 129 + 122 + 115 + 94 = $460.0 Mil.
Total Current Assets was $425.0 Mil.
Total Assets was $2,327.0 Mil.
Property, Plant and Equipment(Net PPE) was $677.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.0 Mil.
Selling, General, & Admin. Expense(SGA) was $48.0 Mil.
Total Current Liabilities was $73.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,718.0 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) |
| = | (51 / 553) | / | (46 / 527) |
| = | 0.092224 | / | 0.087287 |
| | = | 1.0566 |
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) |
| = | (460 / 527) | / | (462 / 553) |
| = | 0.872865 | / | 0.835443 |
| | = | 1.0448 |
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 - (414 + 637) / 2231) | / | (1 - (425 + 677) / 2327) |
| = | 0.528911 | / | 0.526429 |
| | = | 1.0047 |
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 |
| = | 553 | / | 527 |
| | = | 1.0493 |
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)) |
| = | (49 / (49 + 677)) | / | (50 / (50 + 637)) |
| = | 0.067493 | / | 0.07278 |
| | = | 0.9274 |
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) |
| = | (53 / 553) | / | (48 / 527) |
| = | 0.095841 | / | 0.091082 |
| | = | 1.0522 |
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) |
| = | ((2317 + 352) / 2231) | / | ((2718 + 73) / 2327) |
| = | 1.196325 | / | 1.199398 |
| | = | 0.9974 |
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 |
| = | (537 - 384 | - | 602) | / | 2231 |
| | = | -0.201255 |
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.
Shell Midstream Partners LP has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
0(0%) 9:42AM EDT
Email Alerts
Stock PDF
RSS
Website
Filings
Download
Manual of Stocks™ Web APP
SHLX has been successfully added to your 