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Yahoo Japan Corp (OTCPK:YAHOY)
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

Yahoo Japan Corp has an F-score of 5 indicating the company's financial situation is typical for a stable company.

YAHOY' s 10-Year Piotroski F-Score Range
Min: 4   Max: 5
Current: 5

4
5

During the past 13 years, the highest Piotroski F-Score of Yahoo Japan Corp was 5. The lowest was 4. 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 (Mar14) TTM:Last Year (Mar13) TTM:
Net Income was 315.104725839 + 296.768535384 + 312.733967475 + 326.307023968 = $1,251 Mil.
Cash Flow from Operations was 551.601631888 + 102.524069737 + 579.809757594 + 90.1648390236 = $1,324 Mil.
Revenue was 989.41029495 + 933.597401721 + 978.919914084 + 926.339128952 = $3,828 Mil.
Gross Profit was 864.227293135 + 815.499079616 + 853.359926358 + 809.035546236 = $3,342 Mil.
Total Assets at the begining of this year (Mar13) was $7,604 Mil.
Total Assets was $8,225 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $6,493 Mil.
Total Current Liabilities was $2,080 Mil.
Net Income was 327.973158207 + 350.097689146 + 344.462303672 + 319.148666624 = $1,342 Mil.

Revenue was 1002.21976718 + 995.20537178 + 997.139711187 + 983.036675746 = $3,978 Mil.
Gross Profit was 879.508582418 + 892.238765748 + 896.624606077 + 890.745550136 = $3,559 Mil.
Total Assets at the begining of last year (Mar12) was $6,917 Mil.
Total Assets was $7,604 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $5,893 Mil.
Total Current Liabilities was $1,934 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.

Yahoo Japan Corp's current net income was 1,251. ==> 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.

Yahoo Japan Corp's current cash flow from operations was 1,324. ==> 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)
=1250.91425267/7603.58231551
=0.16451643

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=1341.68181765/6917.02358096
=0.19396808

Yahoo Japan Corp's return on assets of this year was 0.16451643. Yahoo Japan Corp's return on assets of last year was 0.19396808. ==> 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.

Yahoo Japan Corp's current net income was 1,251. Yahoo Japan Corp's current cash flow from operations was 1,324. ==> 1,324 > 1,251 ==> 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 1 if gearing is lower, 0 if it’s higher.

Gearing (This Year)=Long-Term Debt/Total Assets
=0/8225.31183509
=0

Gearing (Last Year)=Long-Term Debt/Total Assets
=0/7603.58231551
=0

Yahoo Japan Corp's gearing of this year was 0. Yahoo Japan Corp's gearing of last year was 0. ==> Last year is lower ==> 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
=6492.97273029/2080.08159441
=3.12149905

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=5893.1442951/1934.24579063
=3.04674014

Yahoo Japan Corp's current ratio of this year was 3.12149905. Yahoo Japan Corp's current ratio of last year was 3.04674014. ==> This year's current ratio is higher. ==> Score 1.

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

Yahoo Japan Corp's number of shares in issue this year was 1709.3. Yahoo Japan Corp's number of shares in issue last year was 1735.4. ==> There is the same number of shares in issue this year, or fewer. ==> Score 1.

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
=3342.12184534/3828.26673971
=0.87301175

Gross Margin (Last Year)=Gross Profit/Revenue
=3559.11750438/3977.60152589
=0.89478986

Yahoo Japan Corp's gross margin of this year was 0.87301175. Yahoo Japan Corp's gross margin of last year was 0.89478986. ==> 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)
=3828.26673971/7603.58231551
=0.50348199

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=3977.60152589/6917.02358096
=0.57504525

Yahoo Japan Corp's asset turnover of this year was 0.50348199. Yahoo Japan Corp's asset turnover of last year was 0.57504525. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+0+1+1+0+0
=5

Good or high score = 8 or 9

Bad or low score = 0 or 1

Yahoo Japan Corp 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.

Yahoo Japan Corp Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 111111111
Q2 111111111
Q3 000010000
Q4 111110011
Q5 001110000
Q6 001011101
Q7 011111011
Q8 110101100
Q9 000010000
F-score 456685445

Yahoo Japan Corp Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Q1 1111111111
Q2 1111111111
Q3 0000000000
Q4 1011111111
Q5 0000000000
Q6 1111100001
Q7 1000011111
Q8 1111000000
Q9 0000000000
F-score 5455444645
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