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Yamana Gold Inc (NYSE:AUY)
Piotroski F-Score
0 (As of Today)

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

Yamana Gold Inc has an F-score of 3 indicating the company's financial situation is typical for a stable company.

AUY' s 10-Year Piotroski F-Score Range
Min: 1   Max: 8
Current: 0

1
8

During the past 13 years, the highest Piotroski F-Score of Yamana Gold Inc was 8. The lowest was 1. And the median was 4.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar14) TTM:Last Year (Mar13) TTM:
Net Income was -29.608 + -583.894 + 43.45 + -7.898 = $-578 Mil.
Cash Flow from Operations was 38.977 + 184.842 + 99.078 + 195.418 = $518 Mil.
Revenue was 353.916 + 420.663 + 456.675 + 430.471 = $1,662 Mil.
Gross Profit was 33.101 + 70.113 + 144.01 + 118.646 = $366 Mil.
Total Assets at the begining of this year (Mar13) was $11,807 Mil.
Total Assets was $11,375 Mil.
Long-Term Debt was $1,339 Mil.
Total Current Assets was $700 Mil.
Total Current Liabilities was $529 Mil.
Net Income was 102.096 + 169.162 + 59.965 + 42.913 = $374 Mil.

Revenue was 534.873 + 629.505 + 611.807 + 535.705 = $2,312 Mil.
Gross Profit was 208.009 + 322.083 + 279.158 + 239.896 = $1,049 Mil.
Total Assets at the begining of last year (Mar12) was $11,238 Mil.
Total Assets was $11,807 Mil.
Long-Term Debt was $861 Mil.
Total Current Assets was $814 Mil.
Total Current Liabilities was $553 Mil.

Profitability

Q1. 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.

Yamana Gold Inc's current net income was -578. ==> Negative ==> Score 0.

Q2. 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.

Score 1 if positive, 0 if negative.

Yamana Gold Inc's current cash flow from operations was 518. ==> Positive ==> Score 1.

Q3. Change in Return on Assets

Compare this year’s return on assets (1) to last year’s return on assets.

Score 1 if it’s higher, 0 if it’s lower.

ROA (This Year)=Net Income/Total Assets at the beginning of this year (Mar13)
=-577.95/11806.864
=-0.04895034

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=374.136/11238.213
=0.03329141

Yamana Gold Inc's return on assets of this year was -0.04895034. Yamana Gold Inc's return on assets of last year was 0.03329141. ==> Last year is higher ==> Score 0.

Q4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA =< ROA.

Yamana Gold Inc's current net income was -578. Yamana Gold Inc's current cash flow from operations was 518. ==> 518 > -578 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by average total assets) to last year’s gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year)=Long-Term Debt/Total Assets
=1338.806/11375.496
=0.1176921

Gearing (Last Year)=Long-Term Debt/Total Assets
=860.509/11806.864
=0.0728821

Yamana Gold Inc's gearing of this year was 0.1176921. Yamana Gold Inc's gearing of last year was 0.0728821. ==> Last year is lower than this year ==> Score 0.

Q6. Change in Working Capital (Liquidity)

Compare this year’s current ratio (current assets divided by current liabilities) to last year’s current ratio.

Score 1 if this year'’s current ratio is higher, 0 if it’s lower

Current Ratio (This Year)=Total Current Assets/Total Current Liabilities
=699.817/528.761
=1.32350344

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=814.16/552.914
=1.47248939

Yamana Gold Inc's current ratio of this year was 1.32350344. Yamana Gold Inc's current ratio of last year was 1.47248939. ==> Last year's current ratio is higher ==> Score 0.

Q7. 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.

Yamana Gold Inc's number of shares in issue this year was 753.4. Yamana Gold Inc's number of shares in issue last year was 753.6. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Q8. 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.

Gross Margin (This Year)=Gross Profit/Revenue
=365.87/1661.725
=0.22017482

Gross Margin (Last Year)=Gross Profit/Revenue
=1049.146/2311.89
=0.45380446

Yamana Gold Inc's gross margin of this year was 0.22017482. Yamana Gold Inc's gross margin of last year was 0.45380446. ==> Last year's gross margin is higher ==> Score 0.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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

Asset Turnover (This Year)=Revenue/Total Assets at the beginning of this year (Mar13)
=1661.725/11806.864
=0.14074228

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=2311.89/11238.213
=0.20571687

Yamana Gold Inc's asset turnover of this year was 0.14074228. Yamana Gold Inc's asset turnover of last year was 0.20571687. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=0+1+0+1+0+0+1+0+0
=3

Good or high score = 8 or 9

Bad or low score = 0 or 1

Yamana Gold Inc has an F-score of 3 indicating the company's financial situation is typical for a stable company.


Explanation

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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Yamana Gold Inc Annual Data

Feb04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1001111110
Q2 1101111111
Q3 1001001100
Q4 1111011111
Q5 1010101100
Q6 1000111000
Q7 1000000000
Q8 1011011100
Q9 1000011110
F-score 9235468742

Yamana Gold Inc Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Q1 1111111100
Q2 1111111111
Q3 1100000000
Q4 1111111111
Q5 1000000000
Q6 0010000000
Q7 0000000011
Q8 1100000000
Q9 1111100000
F-score 7665433333
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