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Bank of Hawaii Corporation (NYSE:BOH)
Piotroski F-Score
4 (As of Today)

The zones of discrimination were as such:

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

Bank of Hawaii Corporation has an F-score of 4 indicating the company's financial situation is typical for a stable company.

BOH' s 10-Year Piotroski F-Score Range
Min: 4   Max: 7
Current: 4

4
7

During the past 13 years, the highest Piotroski F-Score of Bank of Hawaii Corporation was 7. The lowest was 4. And the median was 5.


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 (Dec13) TTM:Last Year (Dec12) TTM:
Net Income was 39.055 + 37.704 + 37.763 + 35.98 = $150.5 Mil.
Cash Flow from Operations was 72.896 + 47.184 + 94.004 + 27.879 = $242.0 Mil.
Revenue was 137.398 + 136.013 + 135.381 + 136.338 = $545.1 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.0 Mil.
Total Assets at the begining of this year (Dec12) was $13,728.4 Mil.
Total Assets was $14,084.3 Mil.
Long-Term Debt was $174.7 Mil.
Total Current Assets was $0.0 Mil.
Total Current Liabilities was $0.0 Mil.
Net Income was 40.287 + 41.232 + 40.747 + 43.81 = $166.1 Mil.

Revenue was 143.292 + 146.006 + 142.229 + 146.03 = $577.6 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.0 Mil.
Total Assets at the begining of last year (Dec11) was $13,846.4 Mil.
Total Assets was $13,728.4 Mil.
Long-Term Debt was $128.1 Mil.
Total Current Assets was $0.0 Mil.
Total Current Liabilities was $0.0 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.

Bank of Hawaii Corporation's current net income was 150.5. ==> Positive ==> Score 1.

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.

Bank of Hawaii Corporation's current cash flow from operations was 242.0. ==> 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 (Dec12)
=150.502/13728.372
=0.01096284

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Dec11)
=166.076/13846.391
=0.01199417

Bank of Hawaii Corporation's return on assets of this year was 0.01096284. Bank of Hawaii Corporation's return on assets of last year was 0.01199417. ==> 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.

Bank of Hawaii Corporation's current net income was 150.5. Bank of Hawaii Corporation's current cash flow from operations was 242.0. ==> 242.0 > 150.5 ==> 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 1 if gearing is lower, 0 if it’s higher.

Gearing (This Year)=Long-Term Debt/Total Assets
=174.706/14084.28
=0.01240433

Gearing (Last Year)=Long-Term Debt/Total Assets
=128.055/13728.372
=0.00932776

Bank of Hawaii Corporation's gearing of this year was 0.01240433. Bank of Hawaii Corporation's gearing of last year was 0.00932776. ==> Last year is lower ==> 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
=0/0
=

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=0/0
=

Bank of Hawaii Corporation's current ratio of this year was . Bank of Hawaii Corporation's current ratio of last year was . ==> 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 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

Bank of Hawaii Corporation's number of shares in issue this year was 44.5. Bank of Hawaii Corporation's number of shares in issue last year was 44.7. ==> There is the same number of shares in issue this year, or fewer. ==> 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
=0/545.13
=0

Gross Margin (Last Year)=Gross Profit/Revenue
=0/577.557
=0

Bank of Hawaii Corporation's gross margin of this year was 0. Bank of Hawaii Corporation's gross margin of last year was 0. ==> 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 (Dec12)
=545.13/13728.372
=0.03970828

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Dec11)
=577.557/13846.391
=0.04171174

Bank of Hawaii Corporation's asset turnover of this year was 0.03970828. Bank of Hawaii Corporation's asset turnover of last year was 0.04171174. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+0+0+1+0+0
=4

Good or high score = 8 or 9

Bad or low score = 0 or 1

Bank of Hawaii Corporation has an F-score of 4 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.

Bank of Hawaii Corporation Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111111111
Q2 1111111111
Q3 1100101000
Q4 1111011111
Q5 0101111100
Q6 0000000000
Q7 1111110111
Q8 0000000000
Q9 1100100000
F-score 6745655544

Bank of Hawaii Corporation Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
Q1 1111111111
Q2 1111111111
Q3 0001000000
Q4 1111111111
Q5 1111100000
Q6 0000000000
Q7 1111111111
Q8 0000000000
Q9 0000000000
F-score 5556544444
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