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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
DST Systems 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 DST Systems's Piotroski F-Score or its related term are showing as below:
The historical data trend for DST Systems'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.
DST Systems Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 9.00 | 6.00 | 5.00 | 6.00 | 6.00 |
DST Systems Quarterly Data | ||||||||||||||||||||
Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 8.00 | 7.00 | 5.00 | 6.00 |
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.
This Year (Dec17) TTM: | Last Year (Dec16) TTM: |
Net Income was 246.4 + 75.4 + 48.5 + 81.2 = $452 Mil. Cash Flow from Operations was -20.7 + 5.5 + 101.3 + 65.8 = $152 Mil. Revenue was 405.5 + 656.2 + 562.6 + 593.9 = $2,218 Mil. Gross Profit was 79.1 + 131 + 90.5 + 112.6 = $413 Mil. Average Total Assets from the begining of this year (Dec16) to the end of this year (Dec17) was (2771.8 + 3031.7 + 2964.9 + 3002.2 + 2938.2) / 5 = $2941.76 Mil. Total Assets at the begining of this year (Dec16) was $2,772 Mil. Long-Term Debt & Capital Lease Obligation was $537 Mil. Total Current Assets was $1,038 Mil. Total Current Liabilities was $971 Mil. |
Net Income was 58.1 + 53 + 273.3 + 42.9 = $427 Mil. Revenue was 380.7 + 390.5 + 386.7 + 398.8 = $1,557 Mil. Gross Profit was 73.8 + 70.1 + 97.1 + 102.3 = $343 Mil. Average Total Assets from the begining of last year (Dec15) to the end of last year (Dec16) was (2813.2 + 2604.5 + 2602.8 + 2565.3 + 2771.8) / 5 = $2671.52 Mil. Total Assets at the begining of last year (Dec15) was $2,813 Mil. Long-Term Debt & Capital Lease Obligation was $300 Mil. Total Current Assets was $1,118 Mil. Total Current Liabilities was $1,091 Mil. |
*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.
DST Systems's current Net Income (TTM) was 452.
==> 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.
Score 1 if positive, 0 if negative.
DST Systems's current Cash Flow from Operations (TTM) was 152.
==> Positive ==> Score 1.
Question 3. 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 (Dec16) |
= | 451.5 | / | 2771.8 | |
= | 0.16289054 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec15) |
= | 427.3 | / | 2813.2 | |
= | 0.15189108 |
DST Systems's return on assets of this year was 0.16289054. DST Systems's return on assets of last year was 0.15189108.
==> This year is higher. ==> Score 1.
Question 4. 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.
DST Systems's current Net Income (TTM) was 452. DST Systems's current Cash Flow from Operations (TTM) was 152.
==> 152 <= 452 ==> CFROA <= ROA ==> Score 0.
Funding
Question 5. 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: Dec17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec16 to Dec17 |
= | 537.1 | / | 2941.76 | |
= | 0.18257778 |
Gearing (Last Year: Dec16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec15 to Dec16 |
= | 299.7 | / | 2671.52 | |
= | 0.11218333 |
DST Systems's gearing of this year was 0.18257778. DST Systems's gearing of last year was 0.11218333.
==> Last year is lower than this year ==> Score 0.
Question 6. 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: Dec17) | = | Total Current Assets | / | Total Current Liabilities |
= | 1037.7 | / | 971.3 | |
= | 1.06836199 |
Current Ratio (Last Year: Dec16) | = | Total Current Assets | / | Total Current Liabilities |
= | 1118.2 | / | 1091.4 | |
= | 1.02455562 |
DST Systems's current ratio of this year was 1.06836199. DST Systems's current ratio of last year was 1.02455562.
==> 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.
DST Systems's number of shares in issue this year was 60.3. DST Systems's number of shares in issue last year was 64.5.
==> 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.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 413.2 | / | 2218.2 | |
= | 0.18627716 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 343.3 | / | 1556.7 | |
= | 0.22053061 |
DST Systems's gross margin of this year was 0.18627716. DST Systems's gross margin of last year was 0.22053061.
==> 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
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Dec16) |
= | 2218.2 | / | 2771.8 | |
= | 0.80027419 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec15) |
= | 1556.7 | / | 2813.2 | |
= | 0.55335561 |
DST Systems's asset turnover of this year was 0.80027419. DST Systems's asset turnover of last year was 0.55335561.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
DST Systems has an F-score of 6 indicating the company's financial situation is typical for a stable company.
DST Systems (NYSE:DST) Piotroski F-Score 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.
Thank you for viewing the detailed overview of DST Systems's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Samuel G Liss | director | VERISK ANALYTICS, INC., 545 WASHINGTON BOULEVARD, JERSEY CITY NJ 07310 |
Gary D Forsee | director | C/O INGERSOLL-RAND COMPANY, 155 CHESTNUT RIDGE ROAD, MONTVALE NJ 07645 |
Joseph C Antonellis | director | STATE STREET CORPORATION, ONE LINCOLN STREET, BOSTON MA 02111 |
Charles E Haldeman | director | C/O JBG/OPERATING PARTNERS, L.P., 4445 WILLARD AVENUE, SUITE 400, CHEVY CHASE MD 20815 |
Edmund J Burke | officer: President of Subsidiary | 1290 BROADWAY, SUITE 1100, DENVER CO 80203 |
Lynn Dorsey Bleil | director | 333 WEST 11TH STREET, KANSAS CITY MO 64105 |
Stephen C Hooley | director, officer: Chairman, CEO & President | 2355 WAUKEGAN ROAD, BANNOCKBURN IL 60015 |
A Edward Allinson | director | STATE STREET BOSTON CORP 225 FRANKLIN STREET BOSTON MA 02110 |
John W Clark | director | 949 SOUTH COAST DRIVE, SUITE 650, COSTA MESA CA 92626 |
George L Argyros | director | ARNEL & AFFILIATES, 949 SOUTH COAST DR SUITE 600, COSTA MESA CA 92626 |
Lawrence M Higby | director | C/O APRIA HEALTHCARE GROUP INC, 26220 ENTERPRISE COURT, LAKE FOREST CA 92630 |
Thomas A Mcdonnell | director, officer: CEO & Director | C/O KANSAS CITY SOUTHERN, 427 W 12TH STREET, KANSAS CITY MO 64105 |
M Jeannine Strandjord | other: Retired Director as of 5/9/12 | |
William C Nelson | director | 6521 WE NONGA TERRACE, MISSION HILLS KY 66208 |
Thomas A Mccullough | director | C/O DST SYSTEMS, 333 WEST 11TH ST 5TH FL, KANSAS CITY MO 64105 |
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