Brookfield Infrastructure Partners LP (Brookfield Infrastructure Partners LP) Beneish M-Score : -2.09 (As of Apr. 25, 2024)

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What is Brookfield Infrastructure Partners LP 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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BIP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.27 Max: -1.82
Current: -2.09

During the past 13 years, the highest Beneish M-Score of Brookfield Infrastructure Partners LP was -1.82. The lowest was -2.75. And the median was -2.27.

Brookfield Infrastructure Partners LP Beneish M-Score Historical Data

The historical data trend for Brookfield Infrastructure 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.

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Brookfield Infrastructure Partners LP Beneish M-Score Chart

Brookfield Infrastructure Partners LP Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.82

-2.71

-2.55

-2.39

-2.09

Brookfield Infrastructure Partners LP Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-2.13	-2.13	-1.54	-2.09

Competitive Comparison of Brookfield Infrastructure Partners LP's Beneish M-Score

For the Utilities - Diversified subindustry, Brookfield Infrastructure 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.

Brookfield Infrastructure Partners LP's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Brookfield Infrastructure Partners LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Brookfield Infrastructure Partners LP's Beneish M-Score falls into.

Brookfield Infrastructure 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 Brookfield Infrastructure Partners LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2828

0.528 * 1.0913

0.404 * 1.1053

0.892 * 1.2429

0.115 * 1.0243

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7674

4.679 * -0.041604

0.327 * 1.0266

-2.07

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $3,734 Mil.
Revenue was 4970 + 4487 + 4256 + 4218 = $17,931 Mil.
Gross Profit was 1393 + 1103 + 976 + 989 = $4,461 Mil.
Total Current Assets was $7,979 Mil.
Total Assets was $100,784 Mil.
Property, Plant and Equipment(Net PPE) was $48,546 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,739 Mil.
Selling, General, & Admin. Expense(SGA) was $413 Mil.
Total Current Liabilities was $11,705 Mil.
Long-Term Debt & Capital Lease Obligation was $43,090 Mil.
Net Income was -15 + 89 + 253 + 40 = $367 Mil.
Non Operating Income was -118 + 31 + 655 + -86 = $482 Mil.
Cash Flow from Operations was 1491 + 1100 + 970 + 517 = $4,078 Mil.

Total Receivables was $2,342 Mil.
Revenue was 3708 + 3627 + 3681 + 3411 = $14,427 Mil.
Gross Profit was 1006 + 1037 + 969 + 905 = $3,917 Mil.
Total Current Assets was $6,686 Mil.
Total Assets was $72,969 Mil.
Property, Plant and Equipment(Net PPE) was $37,291 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,158 Mil.
Selling, General, & Admin. Expense(SGA) was $433 Mil.
Total Current Liabilities was $8,377 Mil.
Long-Term Debt & Capital Lease Obligation was $30,266 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)
	=	(3734 / 17931)	/	(2342 / 14427)
	=	0.208243	/	0.162335
	=	1.2828

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)
	=	(3917 / 14427)	/	(4461 / 17931)
	=	0.271505	/	0.248787
	=	1.0913

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 - (7979 + 48546) / 100784)	/	(1 - (6686 + 37291) / 72969)
	=	0.439147	/	0.397319
	=	1.1053

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
	=	17931	/	14427
	=	1.2429

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))
	=	(2158 / (2158 + 37291))	/	(2739 / (2739 + 48546))
	=	0.054704	/	0.053407
	=	1.0243

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)
	=	(413 / 17931)	/	(433 / 14427)
	=	0.023033	/	0.030013
	=	0.7674

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)
	=	((43090 + 11705) / 100784)	/	((30266 + 8377) / 72969)
	=	0.543687	/	0.529581
	=	1.0266

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
	=	(367 - 482	-	4078)	/	100784
	=	-0.041604

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.

Brookfield Infrastructure Partners LP has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.

Brookfield Infrastructure Partners LP Beneish M-Score Related Terms

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Brookfield Infrastructure Partners LP (Brookfield Infrastructure Partners LP) Business Description

Industry

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Traded in Other Exchanges

BIPpB.PFD:USA BIPpA.PFD:USA BIP.PR.F.PFD:Canada BIP.PR.E.PFD:Canada BIP.UN:Canada BIP.PR.B.PFD:Canada BIP.PR.A.PFD:Canada

Address

73 Front Street, 5th Floor, Hamilton, BMU, HM12

Website

https://www.bip.brookfield.com

Brookfield Infrastructure Partners LP is a Bermuda exempted limited partnership that owns and operates quality, long-life assets that generate stable cash flows, by virtue of barriers to entry or other characteristics tend to appreciate in value over time. It focuses on acquiring infrastructure assets that have low maintenance capital costs and high barriers to entry. The company's segments consist of Utilities, Transport, Midstream, and Data. Geographically, it generates maximum revenue from Canada and also has a presence in Australia, Colombia, United Kingdom, Brazil, United States of America, Chile, Peru and other countries.