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Cameco Corp (NYSE:CCJ)
Piotroski F-Score
5 (As of Today)

The zones of discrimination were as such:

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

Cameco Corp has an F-score of 5 indicating the company's financial situation is typical for a stable company.

CCJ' s 10-Year Piotroski F-Score Range
Min: 3   Max: 8
Current: 5

3
8

During the past 13 years, the highest Piotroski F-Score of Cameco Corp was 8. The lowest was 3. And the median was 6.


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 (Jun14) TTM:Last Year (Jun13) TTM:
Net Income was 203.925675676 + 58.8080438757 + 119.505914468 + 118.44320298 = $501 Mil.
Cash Flow from Operations was 130.870656371 + 147.940585009 + 6.3585077343 + -23.7169459963 = $261 Mil.
Revenue was 575.847490347 + 893.437842779 + 381.464058235 + 467.384543762 = $2,318 Mil.
Gross Profit was 219.67953668 + 169.174588665 + 97.907188353 + 126.472067039 = $613 Mil.
Average Total Assets from the begining of this year (Jun13)
to the end of this year (Jun14) was
(7372.04230769 + 7495.68918919 + 7348.55301645 + 7411.54413103 + 8053.15270019) / 5 = $7,536 Mil.
Total Assets was $8,053 Mil.
Long-Term Debt was $1,388 Mil.
Total Current Assets was $2,105 Mil.
Total Current Liabilities was $758 Mil.
Net Income was 79.5390070922 + 41.8094758065 + 8.37880274779 + 33.0326923077 = $163 Mil.

Revenue was 300.092198582 + 853.181451613 + 435.628066732 + 404.633653846 = $1,994 Mil.
Gross Profit was 86.327254306 + 256.700604839 + 93.2757605496 + 95.2076923077 = $532 Mil.
Average Total Assets from the begining of last year (Jun12)
to the end of last year (Jun13) was
(7422.67455621 + 7699.30091185 + 7490.98185484 + 7462.90873405 + 7372.04230769) / 5 = $7,490 Mil.
Total Assets was $7,372 Mil.
Long-Term Debt was $1,243 Mil.
Total Current Assets was $1,553 Mil.
Total Current Liabilities was $601 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by average total assets throughout the year.

Score 1 if positive, 0 if negative.

Cameco Corp's current net income (ttm) was 501. ==> Positive ==> Score 1.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by average total assets throughout the year.

Score 1 if positive, 0 if negative.

Cameco Corp's current cash flow from operations (ttm) was 261. ==> 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 (TTM)/Average Total Assets from Jun13 to Jun14
=500.682836999/7536.19626891
=0.06643708

ROA (Last Year)=Net Income (TTM)/Average Total Assets from Jun12 to Jun13
=162.759977954/7489.58167293
=0.02173152

Cameco Corp's return on assets of this year was 0.06643708. Cameco Corp's return on assets of last year was 0.02173152. ==> This year is higher. ==> Score 1.

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.

Cameco Corp's current net income (ttm) was 501. Cameco Corp's current cash flow from operations (ttm) was 261. ==> 261 =< 501 ==> CFROA =< ROA ==> Score 0.

Funding

Q5. Change in Gearing or Leverage

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

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

Gearing (This Year: Jun14)=Long-Term Debt/Total Assets
=1387.86778399/8053.15270019
=0.17233844

Gearing (Last Year: Jun13)=Long-Term Debt/Total Assets
=1243.17596154/7372.04230769
=0.16863386

Cameco Corp's gearing of this year was 0.17233844. Cameco Corp's gearing of last year was 0.16863386. ==> 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: Jun14)=Total Current Assets/Total Current Liabilities
=2105.3547486/757.724394786
=2.77852312

Current Ratio (Last Year: Jun13)=Total Current Assets/Total Current Liabilities
=1553.17211538/600.738461538
=2.58543811

Cameco Corp's current ratio of this year was 2.77852312. Cameco Corp's current ratio of last year was 2.58543811. ==> This year's current ratio is higher. ==> Score 1.

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.

Cameco Corp's number of shares in issue this year was 396.1. Cameco Corp's number of shares in issue last year was 395.5. ==> There is larger number of shares in issue this year. ==> Score 0.

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: TTM)=Gross Profit/Revenue
=613.233380737/2318.13393512
=0.26453751

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=531.511312002/1993.53537077
=0.26661745

Cameco Corp's gross margin of this year was 0.26453751. Cameco Corp's gross margin of last year was 0.26661745. ==> Last year's gross margin is higher ==> Score 0.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by average total assets throughout 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 (TTM)/Average Total Assets from Jun13 to Jun14
=2318.13393512/7536.19626891
=0.3076

Asset Turnover (Last Year)=Revenue (TTM)/Average Total Assets from Jun12 to Jun13
=1993.53537077/7489.58167293
=0.26617446

Cameco Corp's asset turnover of this year was 0.3076. Cameco Corp's asset turnover of last year was 0.26617446. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+1+0+0+1+0+0+1
=5

Good or high score = 8 or 9

Bad or low score = 0 or 1

Cameco Corp has an F-score of 5 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, Altman Z-Score, Beneish M-Score


Historical Data

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

Cameco Corp Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111111111
Q2 1111111111
Q3 1011010001
Q4 0111101111
Q5 1011010101
Q6 0010011000
Q7 0001100001
Q8 1011000100
Q9 1111010001
F-score 6488464537

Cameco Corp Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
Q1 1111111111
Q2 1111111111
Q3 1010000111
Q4 1111111100
Q5 1110000110
Q6 0000000011
Q7 1100000100
Q8 1110000000
Q9 1100001111
F-score 8763334765
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