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Tidewater Midstream and Infrastructure (TSX:TWM) Beneish M-Score : -2.63 (As of Dec. 15, 2024)


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What is Tidewater Midstream and Infrastructure 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.

Good Sign:

Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tidewater Midstream and Infrastructure's Beneish M-Score or its related term are showing as below:

TSX:TWM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.26   Max: 19.68
Current: -2.63

During the past 9 years, the highest Beneish M-Score of Tidewater Midstream and Infrastructure was 19.68. The lowest was -3.37. And the median was -2.26.


Tidewater Midstream and Infrastructure Beneish M-Score Historical Data

The historical data trend for Tidewater Midstream and Infrastructure'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.

* Premium members only.

Tidewater Midstream and Infrastructure Beneish M-Score Chart

Tidewater Midstream and Infrastructure Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 2.70 -3.05 -2.03 -2.54 -3.37

Tidewater Midstream and Infrastructure Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.05 -3.37 -2.96 -3.15 -2.63

Competitive Comparison of Tidewater Midstream and Infrastructure's Beneish M-Score

For the Oil & Gas Midstream subindustry, Tidewater Midstream and Infrastructure'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.


Tidewater Midstream and Infrastructure's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Tidewater Midstream and Infrastructure's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tidewater Midstream and Infrastructure's Beneish M-Score falls into.



Tidewater Midstream and Infrastructure 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 Tidewater Midstream and Infrastructure 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 * 0.9433+0.528 * 0.6417+0.404 * 1.6764+0.892 * 0.7373+0.115 * 0.6868
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5679+4.679 * 0.038262-0.327 * 0.9929
=-2.63

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was C$177 Mil.
Revenue was 377.7 + 461.3 + 439.5 + 503 = C$1,782 Mil.
Gross Profit was 28.8 + 46.1 + 29.3 + 1.5 = C$106 Mil.
Total Current Assets was C$348 Mil.
Total Assets was C$1,255 Mil.
Property, Plant and Equipment(Net PPE) was C$831 Mil.
Depreciation, Depletion and Amortization(DDA) was C$92 Mil.
Selling, General, & Admin. Expense(SGA) was C$59 Mil.
Total Current Liabilities was C$283 Mil.
Long-Term Debt & Capital Lease Obligation was C$534 Mil.
Net Income was -7.3 + -4.7 + -11.3 + -331.8 = C$-355 Mil.
Non Operating Income was -3.6 + -17.2 + -8.6 + -318.1 = C$-348 Mil.
Cash Flow from Operations was -48.9 + 27.8 + -29.3 + -5.2 = C$-56 Mil.
Total Receivables was C$255 Mil.
Revenue was 582.1 + 508.7 + 614.5 + 711.1 = C$2,416 Mil.
Gross Profit was 20.4 + 8.3 + 29.4 + 33.9 = C$92 Mil.
Total Current Assets was C$914 Mil.
Total Assets was C$2,277 Mil.
Property, Plant and Equipment(Net PPE) was C$1,280 Mil.
Depreciation, Depletion and Amortization(DDA) was C$94 Mil.
Selling, General, & Admin. Expense(SGA) was C$51 Mil.
Total Current Liabilities was C$791 Mil.
Long-Term Debt & Capital Lease Obligation was C$703 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)
=(177.2 / 1781.5) / (254.8 / 2416.4)
=0.099467 / 0.105446
=0.9433

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)
=(92 / 2416.4) / (105.7 / 1781.5)
=0.038073 / 0.059332
=0.6417

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 - (347.6 + 830.7) / 1254.5) / (1 - (914.4 + 1280.1) / 2277)
=0.060741 / 0.036232
=1.6764

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
=1781.5 / 2416.4
=0.7373

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))
=(94.1 / (94.1 + 1280.1)) / (92 / (92 + 830.7))
=0.068476 / 0.099707
=0.6868

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)
=(59.3 / 1781.5) / (51.3 / 2416.4)
=0.033287 / 0.02123
=1.5679

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)
=((534.3 + 283) / 1254.5) / ((703.2 + 790.8) / 2277)
=0.651495 / 0.656126
=0.9929

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
=(-355.1 - -347.5 - -55.6) / 1254.5
=0.038262

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.

Tidewater Midstream and Infrastructure has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.


Tidewater Midstream and Infrastructure Beneish M-Score Related Terms

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Tidewater Midstream and Infrastructure Business Description

Traded in Other Exchanges
Address
222 - 3rd Avenue SouthWest, Suite 900, Calgary, AB, CAN, T2P 0B4
Tidewater Midstream and Infrastructure Ltd is a Canadian company that is engaged in providing midstream infrastructure and a natural gas storage facility. It mainly focuses on the purchase, sale, and transportation of Natural Gas Liquids (NGLs) such as propane, butane and natural gasoline throughout North America and export to premium markets. The business activities of the company include gathering, processing, and transportation relates to raw gas gathering systems, processing plants and pipelines, NGL marketing and Extraction, refined products, and other activities. Its business segments consist of Midstream; Downstream; Marketing and others. The company generates maximum revenue from the Marketing and other.
Executives
Jared Ian Arling Strom Gurevitch Senior Officer
Robert Colcleugh Director, Senior Officer
Reed Mcdonnell Senior Officer
Joel Macleod Director
Douglas Scott Fraser Director
Joel Kyle Vorra Senior Officer
Birch Hill Equity Partners Management Inc. 10% Security Holder
Jarvis Williams Senior Officer

Tidewater Midstream and Infrastructure Headlines