MarkWest Energy Partners LP Beneish M-Score Historical Data
The historical data trend for MarkWest 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.
MarkWest Energy Partners LP Beneish M-Score Chart
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MarkWest Energy Partners LP Annual Data
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Dec05 |
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Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.66 |
-2.55 |
-2.94 |
-2.33 |
-2.54 |
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MarkWest Energy Partners LP Quarterly Data
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
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Mar14 |
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Sep14 |
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Mar15 |
Jun15 |
Sep15 |
| Beneish M-Score |
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-2.26 |
-2.54 |
-2.69 |
-2.97 |
-3.05 |
Competitive Comparison of MarkWest Energy Partners LP's Beneish M-Score
For the Oil & Gas Midstream subindustry, MarkWest 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.
MarkWest Energy Partners LP's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, MarkWest Energy Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MarkWest Energy Partners LP's Beneish M-Score falls into.
MarkWest 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 MarkWest 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 * 0.9611 | + | 0.528 * 0.7715 | + | 0.404 * 0.9249 | + | 0.892 * 1.0941 | + | 0.115 * 0.9396 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1976 | + | 4.679 * -0.057542 | - | 0.327 * 1.1068 |
| = | -2.93 |
* 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 (Sep15) TTM: | Last Year (Sep14) TTM: |
Total Receivables was €261 Mil.
Revenue was 422.593 + 409.529 + 431.813 + 436.517 = €1,700 Mil.
Gross Profit was 333.762 + 297.666 + 313.519 + 347.919 = €1,293 Mil.
Total Current Assets was €359 Mil.
Total Assets was €10,388 Mil.
Property, Plant and Equipment(Net PPE) was €8,394 Mil.
Depreciation, Depletion and Amortization(DDA) was €480 Mil.
Selling, General, & Admin. Expense(SGA) was €448 Mil.
Total Current Liabilities was €462 Mil.
Long-Term Debt & Capital Lease Obligation was €4,237 Mil.
Net Income was 25.952 + -90.424 + -8.393 + 28.367 = €-44 Mil.
Non Operating Income was 5.397 + -103.458 + -0.993 + -0.547 = €-100 Mil.
Cash Flow from Operations was 182.754 + 144.702 + 185.663 + 139.751 = €653 Mil.
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Total Receivables was €248 Mil.
Revenue was 471.099 + 381.517 + 370.52 + 331.083 = €1,554 Mil.
Gross Profit was 290.107 + 213.865 + 223.197 + 184.541 = €912 Mil.
Total Current Assets was €432 Mil.
Total Assets was €8,196 Mil.
Property, Plant and Equipment(Net PPE) was €6,369 Mil.
Depreciation, Depletion and Amortization(DDA) was €341 Mil.
Selling, General, & Admin. Expense(SGA) was €342 Mil.
Total Current Liabilities was €595 Mil.
Long-Term Debt & Capital Lease Obligation was €2,754 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) |
| = | (261.246 / 1700.452) | / | (248.433 / 1554.219) |
| = | 0.153633 | / | 0.159844 |
| | = | 0.9611 |
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) |
| = | (911.71 / 1554.219) | / | (1292.866 / 1700.452) |
| = | 0.586603 | / | 0.760307 |
| | = | 0.7715 |
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 - (359.267 + 8393.651) / 10388.443) | / | (1 - (431.913 + 6368.814) / 8195.774) |
| = | 0.157437 | / | 0.170215 |
| | = | 0.9249 |
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 |
| = | 1700.452 | / | 1554.219 |
| | = | 1.0941 |
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)) |
| = | (341.306 / (341.306 + 6368.814)) | / | (480.389 / (480.389 + 8393.651)) |
| = | 0.050864 | / | 0.054134 |
| | = | 0.9396 |
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) |
| = | (447.612 / 1700.452) | / | (341.628 / 1554.219) |
| = | 0.263231 | / | 0.219807 |
| | = | 1.1976 |
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) |
| = | ((4237.019 + 461.541) / 10388.443) | / | ((2754.428 + 594.846) / 8195.774) |
| = | 0.452287 | / | 0.408659 |
| | = | 1.1068 |
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 |
| = | (-44.498 - -99.601 | - | 652.87) | / | 10388.443 |
| | = | -0.057542 |
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.
MarkWest Energy Partners LP has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
MarkWest Energy Partners LP (FRA:MWT) Business Description
Traded in Other Exchanges
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MarkWest Energy Partners LP a Delaware corporation was formed in Delaware on January 24, 2002. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the gathering and transportation of crude oil. The Company has presence in many unconventional gas plays including the Marcellus Shale, Utica Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation. The Company conducts operations in the following operating segments: Marcellus, Utica, Northeast and Southwest. Its primary business is to provide top-tier midstream services by developing and operating high-quality, strategically located assets in the liquids-rich areas of six core natural gas producing resource plays in the United States. The Company provides services in the midstream sector of the natural gas industry. The midstream natural gas industry is the link between the exploration for and production of natural gas and the delivery of its hydrocarbon components to end-use markets. In the Marcellus segment, it provides fully integrated natural gas midstream services in southwestern Pennsylvania and northern West Virginia through its wholly owned subsidiary, MarkWest Liberty Midstream. The Company operates five processing complexes in its Marcellus segment that include the Houston Complex located in Washington County, Pennsylvania: the Majorsville Complex located in Marshall County, West Virginia; the Mobley Complex located in Wetzel County, West Virginia; the Sherwood Complex located in Doddridge County, West Virginia; and the Keystone Complex located in Butler County, Pennsylvania. In addition, it operates two gathering systems: one currently delivering over 475 MMcf/d of natural gas to its Houston and Majorsville Complexes and the other delivering over 74 MMcf/d of natural gas to its Keystone complex. MarkWest Utica EMG provides gathering, processing, fractionation and marketing services in the liquids-rich corridor of the Utica Shale in eastern Ohio. In each of its operating segments, the company faces competition for natural gas gathering, crude oil transportation and in obtaining natural gas supplies for its processing and related services; in obtaining unprocessed NGLs for gathering and fractionation; and in marketing its products and services. The Company's processing and fractionation plants, pipelines and associated facilities are subject to multiple obligations and potential liabilities under a variety of stringent and comprehensive federal, regional, state and local laws and regulations governing discharges of materials into the environment or otherwise relating to environmental protection.
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