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

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Caldwell Partners International Inc has an F-score of 6 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: 5

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 5.


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 (May15) TTM:Last Year (May14) TTM:
Net Income was 0.892 + 0.277 + 0.282 + 0.768 = C$2.22 Mil.
Cash Flow from Operations was 6.306 + -2.386 + -5.085 + 4.035 = C$2.87 Mil.
Revenue was 13.231 + 12.436 + 11.874 + 14.814 = C$52.36 Mil.
Gross Profit was 3.061 + 3.264 + 3.023 + 4.012 = C$13.36 Mil.
Average Total Assets from the begining of this year (May14)
to the end of this year (May15) was
(28.317 + 36.215 + 34.225 + 30.159 + 34.353) / 5 = C$32.6538 Mil.
Total Assets at the begining of this year (May14) was C$28.32 Mil.
Long-Term Debt was C$0.00 Mil.
Total Current Assets was C$25.48 Mil.
Total Current Liabilities was C$17.68 Mil.
Net Income was 0.793 + 0.393 + 0.043 + 0.639 = C$1.87 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 last year (May13)
to the end of last year (May14) was
(18.65 + 22.734 + 22.568 + 23.94 + 28.317) / 5 = C$23.2418 Mil.
Total Assets at the begining of last year (May13) was C$18.65 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.

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.

Caldwell Partners International Inc's current net income (TTM) was 2.22. ==> 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.

Caldwell Partners International Inc's current cash flow from operations (TTM) was 2.87. ==> 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 (TTM)/Total Assets at the Beginning of This Year (May14)
=2.219/28.317
=0.07836282

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (May13)
=1.868/18.65
=0.10016086

Caldwell Partners International Inc's return on assets of this year was 0.07836282. Caldwell Partners International Inc's return on assets of last year was 0.10016086. ==> 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.

Caldwell Partners International Inc's current net income (TTM) was 2.22. Caldwell Partners International Inc's current cash flow from operations (TTM) was 2.87. ==> 2.87 > 2.22 ==> 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: May15)=Long-Term Debt/Average Total Assets from May14 to May15
=0/32.6538
=0

Gearing (Last Year: May14)=Long-Term Debt/Average Total Assets from May13 to May14
=0/23.2418
=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.

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: May15)=Total Current Assets/Total Current Liabilities
=25.48/17.681
=1.44109496

Current Ratio (Last Year: May14)=Total Current Assets/Total Current Liabilities
=24.815/14.184
=1.74950649

Caldwell Partners International Inc's current ratio of this year was 1.44109496. Caldwell Partners International Inc's current ratio of last year was 1.74950649. ==> 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.

Caldwell Partners International Inc's number of shares in issue this year was 0. Caldwell Partners International Inc's number of shares in issue last year was 21.1. ==> 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
=13.36/52.355
=0.25518098

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=10.703/42.194
=0.25366166

Caldwell Partners International Inc's gross margin of this year was 0.25518098. Caldwell Partners International Inc's gross margin of last year was 0.25366166. ==> This year's gross margin is higher. ==> Score 1.

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 (TTM)/Total Assets at the Beginning of This Year (May14)
=52.355/28.317
=1.84888936

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (May13)
=42.194/18.65
=2.26241287

Caldwell Partners International Inc's asset turnover of this year was 1.84888936. Caldwell Partners International Inc's asset turnover of last year was 2.26241287. ==> Last year's asset turnover is higher ==> Score 0.

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+1+0+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Caldwell Partners International Inc has an F-score of 6 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.

Caldwell Partners International Inc Annual Data

Aug05Aug06Aug07Aug08Aug09Aug10Aug11Aug12Aug13Aug14
Question 1 1110001101
Question 2 1111011011
Question 3 0100011101
Question 4 1111110011
Question 5 1111111111
Question 6 1100100100
Question 7 0111101100
Question 8 0000000101
Question 9 1011011011
F-score 6765456647

Caldwell Partners International Inc Quarterly Data

Feb13May13Aug13Nov13Feb14May14Aug14Nov14Feb15May15
Question 1 1001111111
Question 2 1111111101
Question 3 1000011110
Question 4 1111111101
Question 5 1111111111
Question 6 1000000000
Question 7 0000000000
Question 8 1000011111
Question 9 1111111100
F-score 8445577745
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