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Caldwell Partners International Inc (TSX:CWL)
Piotroski F-Score
7 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

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

Caldwell Partners International Inc has an F-score of 7 indicating the company's financial situation is typical for a stable company.

TSX:CWL' s 10-Year Piotroski F-Score Range
Min: 3   Max: 8
Current: 7

3
8

During the past 13 years, the highest Piotroski F-Score of Caldwell Partners International Inc 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 (May14) TTM:Last Year (May13) TTM:
Net Income was 0.793 + 0.393 + 0.043 + 0.639 = C$1.87 Mil.
Cash Flow from Operations was 3.537 + 2.182 + -1.702 + 0.865 = C$4.88 Mil.
Revenue was 10.338 + 10.339 + 9.158 + 12.359 = C$42.19 Mil.
Gross Profit was 2.731 + 2.584 + 2.298 + 3.09 = C$10.70 Mil.
Average Total Assets from the begining of this year (May13)
to the end of this year (May14) was
(18.65 + 22.734 + 22.568 + 23.94 + 28.317) / 5 = C$23.24 Mil.
Total Assets was C$28.32 Mil.
Long-Term Debt was C$0.00 Mil.
Total Current Assets was C$24.82 Mil.
Total Current Liabilities was C$14.18 Mil.
Net Income was 0.956 + -0.056 + -0.653 + -0.366 = C$-0.12 Mil.

Revenue was 8.856 + 7.417 + 6.825 + 9.223 = C$32.32 Mil.
Gross Profit was 2.621 + 1.797 + 1.23 + 2.04 = C$7.69 Mil.
Average Total Assets from the begining of last year (May12)
to the end of last year (May13) was
(18.697 + 20.129 + 18.711 + 16.349 + 18.65) / 5 = C$18.51 Mil.
Total Assets was C$18.65 Mil.
Long-Term Debt was C$0.00 Mil.
Total Current Assets was C$15.12 Mil.
Total Current Liabilities was C$8.61 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.

Caldwell Partners International Inc's current net income (ttm) was 1.87. ==> 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.

Caldwell Partners International Inc's current cash flow from operations (ttm) was 4.88. ==> 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 May13 to May14
=1.868/23.2418
=0.08037243

ROA (Last Year)=Net Income (TTM)/Average Total Assets from May12 to May13
=-0.119/18.5072
=-0.00642993

Caldwell Partners International Inc's return on assets of this year was 0.08037243. Caldwell Partners International Inc's return on assets of last year was -0.00642993. ==> 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.

Caldwell Partners International Inc's current net income (ttm) was 1.87. Caldwell Partners International Inc's current cash flow from operations (ttm) was 4.88. ==> 4.88 > 1.87 ==> CFROA > ROA ==> Score 1.

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: May14)=Long-Term Debt/Total Assets
=0/28.317
=0

Gearing (Last Year: May13)=Long-Term Debt/Total Assets
=0/18.65
=0

Caldwell Partners International Inc's gearing of this year was 0. Caldwell Partners International Inc's gearing of last year was 0. ==> This year is lower or equal to last year. ==> Score 1.

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: May14)=Total Current Assets/Total Current Liabilities
=24.815/14.184
=1.74950649

Current Ratio (Last Year: May13)=Total Current Assets/Total Current Liabilities
=15.122/8.611
=1.75612589

Caldwell Partners International Inc's current ratio of this year was 1.74950649. Caldwell Partners International Inc's current ratio of last year was 1.75612589. ==> 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.

Caldwell Partners International Inc's number of shares in issue this year was 21.1. Caldwell Partners International Inc's number of shares in issue last year was 17.1. ==> 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: TTM)=Gross Profit/Revenue
=10.703/42.194
=0.25366166

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7.688/32.321
=0.23786393

Caldwell Partners International Inc's gross margin of this year was 0.25366166. Caldwell Partners International Inc's gross margin of last year was 0.23786393. ==> This year's gross margin is higher. ==> Score 1.

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 May13 to May14
=42.194/23.2418
=1.81543598

Asset Turnover (Last Year)=Revenue (TTM)/Average Total Assets from May12 to May13
=32.321/18.5072
=1.7464014

Caldwell Partners International Inc's asset turnover of this year was 1.81543598. Caldwell Partners International Inc's asset turnover of last year was 1.7464014. ==> 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+1+0+0+1+1
=7

Good or high score = 8 or 9

Bad or low score = 0 or 1

Caldwell Partners International Inc has an F-score of 7 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.

Caldwell Partners International Inc Annual Data

Aug04Aug05Aug06Aug07Aug08Aug09Aug10Aug11Aug12Aug13
Q1 1111000110
Q2 1111101101
Q3 1010001110
Q4 1111111001
Q5 1111111111
Q6 0110010010
Q7 1111110110
Q8 0000001010
Q9 0111101101
F-score 6786546664

Caldwell Partners International Inc Quarterly Data

Feb12May12Aug12Nov12Feb13May13Aug13Nov13Feb14May14
Q1 1111100111
Q2 0000111111
Q3 1111100001
Q4 0000111111
Q5 1111111111
Q6 1111100000
Q7 0010000000
Q8 1111100001
Q9 0011111111
F-score 5565844557
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