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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 Macquarie Infrastructure Holdings LLC's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Macquarie Infrastructure Holdings LLC was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Macquarie Infrastructure Holdings 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.
Macquarie Infrastructure Holdings LLC Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.18 | -3.11 | -2.55 | -5.46 | 26.38 |
Macquarie Infrastructure Holdings LLC Quarterly Data | ||||||||||||||||||||
Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | |
Beneish M-Score | Get a 7-Day Free Trial | -5.25 | 0.89 | - | 26.38 | 22.89 |
For the Utilities - Regulated Gas subindustry, Macquarie Infrastructure Holdings 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.
For the Utilities - Regulated industry and Utilities sector, Macquarie Infrastructure Holdings LLC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Macquarie Infrastructure Holdings LLC's Beneish M-Score falls into.
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 Macquarie Infrastructure Holdings LLC 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 * 0.296 | + | 0.528 * 1.0481 | + | 0.404 * 0.6716 | + | 0.892 * 1.7217 | + | 0.115 * -0.1941 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3448 | + | 4.679 * 5.447221 | - | 0.327 * 0.4091 | |||||||
= | 22.89 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $27.4 Mil. Revenue was 68.681 + 62.571 + 60.086 + 288.777 = $480.1 Mil. Gross Profit was 24.896 + 5.561 + 15.609 + 123.493 = $169.6 Mil. Total Current Assets was $99.6 Mil. Total Assets was $547.6 Mil. Property, Plant and Equipment(Net PPE) was $310.9 Mil. Depreciation, Depletion and Amortization(DDA) was $15.8 Mil. Selling, General, & Admin. Expense(SGA) was $406.0 Mil. Total Current Liabilities was $30.7 Mil. Long-Term Debt & Capital Lease Obligation was $107.8 Mil. Net Income was 11.142 + -16.488 + 2679.807 + 6.933 = $2,681.4 Mil. Non Operating Income was 0.418 + 0.592 + 0.188 + 0.793 = $2.0 Mil. Cash Flow from Operations was -4.531 + 4.012 + -223.688 + -79.539 = $-303.7 Mil. |
Total Receivables was $53.8 Mil. Revenue was 54.587 + 44.118 + 39.036 + 141.113 = $278.9 Mil. Gross Profit was 16.083 + 12.389 + 10.155 + 64.59 = $103.2 Mil. Total Current Assets was $632.2 Mil. Total Assets was $2,879.2 Mil. Property, Plant and Equipment(Net PPE) was $1,173.6 Mil. Depreciation, Depletion and Amortization(DDA) was $-10.9 Mil. Selling, General, & Admin. Expense(SGA) was $175.4 Mil. Total Current Liabilities was $363.1 Mil. Long-Term Debt & Capital Lease Obligation was $1,416.9 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) |
= | (27.422 / 480.115) | / | (53.802 / 278.854) | |
= | 0.057115 | / | 0.19294 | |
= | 0.296 |
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) | |
= | (103.217 / 278.854) | / | (169.559 / 480.115) | |
= | 0.370147 | / | 0.353163 | |
= | 1.0481 |
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 - (99.593 + 310.932) / 547.646) | / | (1 - (632.209 + 1173.618) / 2879.238) | |
= | 0.250383 | / | 0.372811 | |
= | 0.6716 |
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 | |
= | 480.115 | / | 278.854 | |
= | 1.7217 |
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)) |
= | (-10.895 / (-10.895 + 1173.618)) | / | (15.771 / (15.771 + 310.932)) | |
= | -0.00937 | / | 0.048273 | |
= | -0.1941 |
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) |
= | (406.027 / 480.115) | / | (175.361 / 278.854) | |
= | 0.845687 | / | 0.628863 | |
= | 1.3448 |
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) |
= | ((107.808 + 30.702) / 547.646) | / | ((1416.851 + 363.09) / 2879.238) | |
= | 0.252919 | / | 0.618199 | |
= | 0.4091 |
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 | |
= | (2681.394 - 1.991 | - | -303.746) | / | 547.646 | |
= | 5.447221 |
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.
Macquarie Infrastructure Holdings LLC has a M-score of 22.89 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Macquarie Infrastructure Holdings LLC's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher Frost | director, officer: Chief Executive Officer | C/O MACQUARIE INFRASTRUCTURE CORPORATION 125 WEST 55TH STREET NEW YORK NY 10019 |
Nick O'neil | officer: Chief Financial Officer | C/O MACQUARIE INFRASTRUCTURE CORPORATION 125 WEST 55TH STREET NEW YORK NY 10019 |
Michael Kernan | officer: General Counsel and Secretary | 125 W 55TH STREET NEW YORK NY 10019 |
Jay Davis | officer: Vice President | 125 W. 55TH STREET LEVEL 15 NEW YORK NY 10019 |
Martin Stanley | director | C/O MACQUARIE INFRASTRUCTURE COMPANY LLC 125 WEST 55TH STREET NEW YORK NY 10019 |
Ronald Kirk | director | TEXAS INSTRUMENTS INCORPORATED, 12500 TI BOULEVARD MS 3999, DALLAS TX 75243 |
Maria S. Dreyfus | director | 125 WEST 55TH STREET, 15TH FLOOR, NEW YORK NY 10019 |
Ouma Sananikone | director | C/O MACQUARIE INFRASTRUCTURE COMPANY LLC, 125 WEST 55TH STREET, NEW YORK NY 10019 |
Henry E Lentz | director | ONE WILLIAMS CENTER, SUITE 3800, TULSA OK 74172 |
Amanda M Brock | director | 840 GESSNER ROAD, SUITE 1400, HOUSTON TX 77024 |
Brown Norman H Jr | director | C/O MACQUARIE INFRASTRUCTURE COMPANY LLC 125 WEST 55TH STREET NEW YORK NY 10019 |
Mihi Llc | director, 10 percent owner | 125 WEST 55TH STREET, NEW YORK NY 10019 |
Macquarie Infrastructure Management (usa) Inc | director, 10 percent owner | 125 WEST 55TH STREET, 15TH FLOOR NEW YORK NY 10019 |
Macquarie Group Ltd | 10 percent owner | 50 MARTIN PLACE, SYDNEY, NSW 2000 C3 2000 |
Carmany George W Iii | other: Former Director | C/O MACQUARIE INFRASTRUCTURE COMPANY LLC 600 FIFTH AVENUE, 21ST FLOOR NEW YORK NY 10020 |
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