Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
5Banc Split has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for 5Banc Split's Piotroski F-Score or its related term are showing as below:
TSX:FBS.PR.C.PFD'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 7
Current: 6
During the past 13 years, the highest Piotroski F-Score of 5Banc Split was 7. The lowest was 2. And the median was 6.
5Banc Split Piotroski F-Score Historical Data
The historical data trend for 5Banc Split's Piotroski F-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.
Competitive Comparison of 5Banc Split's Piotroski F-Score
For the Asset Management subindustry, 5Banc Split's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.
5Banc Split's Piotroski F-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, 5Banc Split's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where 5Banc Split's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
5Banc Split's current Net Income (TTM) was 0.18.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
5Banc Split's return on assets of this year was 0.00418478. 5Banc Split's return on assets of last year was 0.14990323.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
5Banc Split's current ratio of this year was 1.16595745. 5Banc Split's current ratio of last year was 1.16216216.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
5Banc Split's number of shares in issue this year was 0. 5Banc Split's number of shares in issue last year was 0.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
5Banc Split's gross margin of this year was 1. 5Banc Split's gross margin of last year was 1.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
5Banc Split's asset turnover of this year was 0.01246185. 5Banc Split's asset turnover of last year was 0.15752013.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 2
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1
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1
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0
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1
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1
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0
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0
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
5Banc Split has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
5Banc Split Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of 5Banc Split's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
5Banc Split (TSX:FBS.PR.C.PFD) Business Description
5Banc Split, Inc. operates as a closed-end mutual fund in Canada. It invests in a portfolio of publicly listed common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and toronto-Dominion Bank. The Company holds the Portfolio Shares in order to generate fixed cumulative preferential dividends for the holders of the Company's Preferred Shares. Holders of the Capital Shares will also receive, subject to the prior rights of Preferred Shareholders, excess dividends, if any, after payment of the expenses of the Company and dividends on the Preferred Shares. The Company also provides holders of the Capital Shares with a leveraged investment, the value of which is linked to the changes in the fair value of the Portfolio Shares. The holders of Capital Shares benefit from capital appreciation in the Portfolio Shares in excess of the value of the Preferred Shares, any accrued and unpaid distributions on the Preferred Shares, and accrued and unpaid expenses. The Company only trades the Portfolio Shares in limited circumstances as described in the Company's original prospectus.
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