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University Bancorp Inc (OTCPK:UNIB)
Piotroski F-Score
0 (As of Today)

The zones of discrimination were as such:

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

University Bancorp Inc has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

UNIB' s 10-Year Piotroski F-Score Range
Min: 0   Max: 0
Current: 0


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 (Sep08) TTM:Last Year (Sep07) TTM:
Net Income was -0.371 + 0.257 + 0.091 + 0.121 = $0.10 Mil.
Cash Flow from Operations was 0 + -0.963 + -2.696 + -7.768 = $-11.43 Mil.
Revenue was 0 + 2.305 + 2.984 + 3.442 = $8.73 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Average Total Assets from the begining of this year (Sep07)
to the end of this year (Sep08) was
(87.487 + 88.238 + 101.992 + 112.541 + 112.969) / 5 = $100.65 Mil.
Total Assets was $112.97 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Net Income was -0.054 + 0.16 + 0.905 + -0.05 = $0.96 Mil.

Revenue was 2.025 + 2.171 + 3.244 + 2.145 = $9.59 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Average Total Assets from the begining of last year (Sep06)
to the end of last year (Sep07) was
(65.842 + 87.272 + 89.663 + 86.841 + 87.487) / 5 = $83.42 Mil.
Total Assets was $87.49 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $0.00 Mil.
Total Current Liabilities was $0.00 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.

University Bancorp Inc's current net income (ttm) was 0.10. ==> 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.

University Bancorp Inc's current cash flow from operations (ttm) was -11.43. ==> Negative ==> Score 0.

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 Sep07 to Sep08
=0.098/100.6454
=0.00097372

ROA (Last Year)=Net Income (TTM)/Average Total Assets from Sep06 to Sep07
=0.961/83.421
=0.01151988

University Bancorp Inc's return on assets of this year was 0.00097372. University Bancorp Inc's return on assets of last year was 0.01151988. ==> Last year is higher ==> Score 0.

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.

University Bancorp Inc's current net income (ttm) was 0.10. University Bancorp Inc's current cash flow from operations (ttm) was -11.43. ==> -11.43 =< 0.10 ==> CFROA =< ROA ==> Score 0.

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: Sep08)=Long-Term Debt/Total Assets
=0/112.969
=0

Gearing (Last Year: Sep07)=Long-Term Debt/Total Assets
=0/87.487
=0

University Bancorp Inc's gearing of this year was 0. University Bancorp 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: Sep08)=Total Current Assets/Total Current Liabilities
=0/0
=

Current Ratio (Last Year: Sep07)=Total Current Assets/Total Current Liabilities
=0/0
=

University Bancorp Inc's current ratio of this year was . University Bancorp Inc'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.

University Bancorp Inc's number of shares in issue this year was 4.3. University Bancorp Inc's number of shares in issue last year was 4.2. ==> 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
=0/8.731
=0

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0/9.585
=0

University Bancorp Inc's gross margin of this year was 0. University Bancorp Inc'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 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 Sep07 to Sep08
=8.731/100.6454
=0.08675011

Asset Turnover (Last Year)=Revenue (TTM)/Average Total Assets from Sep06 to Sep07
=9.585/83.421
=0.11489913

University Bancorp Inc's asset turnover of this year was 0.08675011. University Bancorp Inc's asset turnover of last year was 0.11489913. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+0+0+0+1+0+0+0+0
=2

Good or high score = 8 or 9

Bad or low score = 0 or 1

University Bancorp Inc has an F-score of 2. It is a bad or low score, which usually implies poor business operation.


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.

University Bancorp Inc Annual Data

Dec98Dec99Dec00Dec01Dec02Dec03Dec04Dec05Dec06Dec07
Q1 0000110101
Q2 1110110110
Q3 1011100101
Q4 1110110010
Q5 1010111111
Q6 0000000000
Q7 0000000000
Q8 0000000000
Q9 1101100100
F-score 5342641533

University Bancorp Inc Quarterly Data

Jun06Sep06Dec06Mar07Jun07Sep07Dec07Mar08Jun08Sep08
Q1 1100111101
Q2 1110111100
Q3 1100001100
Q4 1111111100
Q5 1111111111
Q6 0000000000
Q7 0000010000
Q8 0000000000
Q9 1100000000
F-score 5521445402
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