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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
OneBeacon Insurance Group has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for OneBeacon Insurance Group's Piotroski F-Score or its related term are showing as below:
The historical data trend for OneBeacon Insurance Group'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.
OneBeacon Insurance Group Annual Data | |||||||||||||||||||||
Trend | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | - | - | - | - | - |
OneBeacon Insurance Group Quarterly Data | ||||||||||||||||||||
Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | |
Piotroski F-Score | Get a 7-Day Free Trial | - | - | - | - | - |
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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Net Income was 28.3 + 8.2 + 32.1 + -0.1 = $69 Mil. Cash Flow from Operations was 71.4 + -6.8 + -1.3 + 87.5 = $151 Mil. Revenue was 307 + 267.9 + 292.4 + 306.3 = $1,174 Mil. Average Total Assets from the begining of this year (Jun16) to the end of this year (Jun17) was (3570.8 + 3648.6 + 3589.9 + 3572 + 3696.4) / 5 = $3615.54 Mil. Total Assets at the begining of this year (Jun16) was $3,571 Mil. Long-Term Debt & Capital Lease Obligation was $273 Mil. Total Assets was $3,696 Mil. Total Liabilities was $2,682 Mil. |
Net Income was -13.4 + 22.7 + 46.4 + 24.5 = $80 Mil. Revenue was 267.8 + 296.2 + 310.5 + 309 = $1,184 Mil. Average Total Assets from the begining of last year (Jun15) to the end of last year (Jun16) was (3662.3 + 3707.8 + 3602.6 + 3529 + 3570.8) / 5 = $3614.5 Mil. Total Assets at the begining of last year (Jun15) was $3,662 Mil. Long-Term Debt & Capital Lease Obligation was $273 Mil. Total Assets was $3,571 Mil. Total Liabilities was $2,545 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.
OneBeacon Insurance Group's current Net Income (TTM) was 69.
==> 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.
OneBeacon Insurance Group's current Cash Flow from Operations (TTM) was 151.
==> 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 (Jun16) |
= | 68.5 | / | 3570.8 | |
= | 0.01918338 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun15) |
= | 80.2 | / | 3662.3 | |
= | 0.02189881 |
OneBeacon Insurance Group's return on assets of this year was 0.01918338. OneBeacon Insurance Group's return on assets of last year was 0.02189881.
==> Last year is higher ==> Score 0.
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.
OneBeacon Insurance Group's current Net Income (TTM) was 69. OneBeacon Insurance Group's current Cash Flow from Operations (TTM) was 151.
==> 151 > 69 ==> CFROA > ROA ==> Score 1.
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: Jun17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun16 to Jun17 |
= | 273.3 | / | 3615.54 | |
= | 0.07559037 |
Gearing (Last Year: Jun16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun15 to Jun16 |
= | 273 | / | 3614.5 | |
= | 0.07552912 |
OneBeacon Insurance Group's gearing of this year was 0.07559037. OneBeacon Insurance Group's gearing of last year was 0.07552912.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Jun17) | = | Total Assets | / | Total Liabilities |
= | 3696.4 | / | 2681.6 | |
= | 1.37843079 |
Current Ratio (Last Year: Jun16) | = | Total Assets | / | Total Liabilities |
= | 3570.8 | / | 2544.9 | |
= | 1.40311997 |
OneBeacon Insurance Group's current ratio of this year was 1.37843079. OneBeacon Insurance Group's current ratio of last year was 1.40311997.
==> Last year's current ratio is higher ==> Score 0.
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.
OneBeacon Insurance Group's number of shares in issue this year was 94. OneBeacon Insurance Group's number of shares in issue last year was 93.9.
==> There is larger number of shares in issue this year. ==> Score 0.
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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 68.5 | / | 1173.6 | |
= | 0.05836742 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 80.2 | / | 1183.5 | |
= | 0.0677651 |
OneBeacon Insurance Group's net margin of this year was 0.05836742. OneBeacon Insurance Group's net margin of last year was 0.0677651.
==> Last year's net 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 (Jun16) |
= | 1173.6 | / | 3570.8 | |
= | 0.32866585 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun15) |
= | 1183.5 | / | 3662.3 | |
= | 0.32315758 |
OneBeacon Insurance Group's asset turnover of this year was 0.32866585. OneBeacon Insurance Group's asset turnover of last year was 0.32315758.
==> 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 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
OneBeacon Insurance Group has an F-score of 4 indicating the company's financial situation is typical for a stable company.
OneBeacon Insurance Group (NYSE:OB) 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 OneBeacon Insurance Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kent D Urness | director | 1 BEACON LANE, CANTON MA 02021 |
John C Treacy | officer: SVP & Chief Accounting Officer | 601 CARLSON PARKWAY, SUITE 600, MINNETONKA MN 55305 |
T Michael Miller | director, officer: President & CEO | C/O ONEBEACON INSURANCE GROUP, LTD, 1 BEACON LANE, CANTON MA 02021 |
Paul H. Mcdonough | officer: EVP & Chief Financial Officer | ONE BEACON LANE, CANTON MA 02021 |
Morgan W Davis | director | 80 SOUTH MAIN STREET, HANOVER NH 03755 |
Lowndes Andrew Smith | director | C/O WHITE MOUNTIAN INSURANCE GROUP, 80 S MIAN ST, HANOVER NH 03755 |
Patrick A Thiele | director | PARTNERRE LTD, WELLESLEY HOUSE 90 PITTS BAY RD, PEMBROKE BERMUDA D0 HM 08 |
George Manning Rountree | director | C/O 80 SOUTH MAIN STREET, HANOVER NH 03755 |
Michael J Mcsally | officer: SVP OneBeacon Insurance Co. | 10375 PROFESSIONAL CIRCLE, RENO NV 89521 |
Kevin James Rehnberg | officer: SVP, OneBeacon Insurance Co. | C/O ONEBEACON INSURANCE GROUP, LTD, 1 BEACON LANE, CANTON MA 02021 |
Barrette Raymond Joseph Rene | director | C/O WHITE MOUNTAINS INS, 80 S. MAIN ST, HANOVER NH 03755 |
Allan Lewis Waters | director | 14 WESLEY STREET, HAMILTON D0 HM11 |
Steven Elliot Fass | director | 10 DEPUTY MINISTER DR, COLTS NECK NJ 07722 |
Reid Tarlton Campbell | director | C/O WHITE MOUNTAINS INSURANCE GROUP, 80 SOUTH MAIN STREET, HANOVER NH 03755 |
David Thomas Foy | director | C/O WHITE MOUNTAINS INSURANCE GROUP LTD, 80 SOUTH MAIN STREET, HANOVER NH 03755 |
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