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National Bank of Greece (NYSE:NBG)
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

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

NBG' s 10-Year Piotroski F-Score Range
Min: 1   Max: 6
Current: 5

1
6

During the past 13 years, the highest Piotroski F-Score of National Bank of Greece was 6. The lowest was 1. And the median was 3.


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 250 + -306.539509537 + -110.504774898 + 414.921465969 = $248 Mil.
Cash Flow from Operations was 415.745856354 + 2880.10899183 + -532.060027285 + -1067.05759162 = $1,697 Mil.
Revenue was 1383.97790055 + 2425.06811989 + 1321.96452933 + 1433.2460733 = $6,564 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0 Mil.
Total Assets at the begining of this year (Mar13) was $135,794 Mil.
Total Assets was $154,646 Mil.
Long-Term Debt was $5,356 Mil.
Total Current Assets was $0 Mil.
Total Current Liabilities was $0 Mil.
Net Income was 34.9413298566 + 0 + -719.342412451 + -1437.08845209 = $-2,121 Mil.

Revenue was 1270.92307692 + 0 + 912.996108949 + 1062.64864865 = $3,247 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0 Mil.
Total Assets at the begining of last year (Mar12) was $136,967 Mil.
Total Assets was $135,794 Mil.
Long-Term Debt was $2,969 Mil.
Total Current Assets was $0 Mil.
Total Current Liabilities was $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.

National Bank of Greece's current net income was 248. ==> 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.

National Bank of Greece's current cash flow from operations was 1,697. ==> 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)
=247.877181534/135793.960887
=0.00182539

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=-2121.48953468/136967.076316
=-0.01548905

National Bank of Greece's return on assets of this year was 0.00182539. National Bank of Greece's return on assets of last year was -0.01548905. ==> 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.

National Bank of Greece's current net income was 248. National Bank of Greece's current cash flow from operations was 1,697. ==> 1,697 > 248 ==> 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
=5356.35359116/154646.40884
=0.03463613

Gearing (Last Year)=Long-Term Debt/Total Assets
=2968.83441982/135793.960887
=0.02186279

National Bank of Greece's gearing of this year was 0.03463613. National Bank of Greece's gearing of last year was 0.02186279. ==> 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
=0/0
=

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

National Bank of Greece's current ratio of this year was . National Bank of Greece'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 0 if there is larger number of shares in issue this year, 1 otherwise.

National Bank of Greece's number of shares in issue this year was 2396.5. National Bank of Greece's number of shares in issue last year was 109.1. ==> 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)=Gross Profit/Revenue
=0/6564.25662307
=0

Gross Margin (Last Year)=Gross Profit/Revenue
=0/3246.56783452
=0

National Bank of Greece's gross margin of this year was 0. National Bank of Greece'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 (Mar13)
=6564.25662307/135793.960887
=0.04833983

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=3246.56783452/136967.076316
=0.02370327

National Bank of Greece's asset turnover of this year was 0.04833983. National Bank of Greece's asset turnover of last year was 0.02370327. ==> 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+1+0+0+0+0+1
=5

Good or high score = 8 or 9

Bad or low score = 0 or 1

National Bank of Greece 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


Historical Data

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

National Bank of Greece Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111110001
Q2 1011101001
Q3 1111000011
Q4 1011101111
Q5 0000110101
Q6 0000000000
Q7 0000000000
Q8 0000000000
Q9 1111010011
F-score 5355432236

National Bank of Greece Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Q1 0000000111
Q2 0001000011
Q3 0000111111
Q4 1111000011
Q5 1111100000
Q6 0000000000
Q7 0000100000
Q8 0000000000
Q9 0000111111
F-score 2223432355
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