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Delaware Investments Natl Muniome Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicating very healthy situation.

The zones of discrimination were as such:

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

Delaware Investments Natl Muniome has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Delaware Investments Natl Muniome's Piotroski F-Score or its related term are showing as below:

AMEX:VFL' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 8

3
8

During the past 11 years, the highest Piotroski F-Score of Delaware Investments Natl Muniome was 8. The lowest was 3. And the median was 5.


Delaware Investments Natl Muniome Piotroski F-Score Historical Data

The historical data trend for Delaware Investments Natl Muniome'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.

* Premium members only.

Delaware Investments Natl Muniome Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 6.00 6.00 3.00 8.00

Delaware Investments Natl Muniome Semi-Annual Data
Mar12 Sep12 Mar13 Sep13 Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 3.00 - 8.00 -

Competitive Comparison

For the Asset Management subindustry, Delaware Investments Natl Muniome's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Delaware Investments Natl Muniome Piotroski F-Score Distribution

For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Delaware Investments Natl Muniome's Piotroski F-Score falls into.


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 (Mar21) TTM:Last Year (Mar20) TTM:
Net Income was $7.68 Mil.
Cash Flow from Operations was $0.14 Mil.
Revenue was $7.96 Mil.
Average Total Assets from the begining of this year (Mar20)
to the end of this year (Mar21) was (93.402 + 97.452) / 2 = $95.427 Mil.
Total Assets at the begining of this year (Mar20) was $93.40 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $97.45 Mil.
Total Liabilities was $30.27 Mil.
Net Income was $-0.16 Mil.

Revenue was $0.20 Mil.
Average Total Assets from the begining of last year (Mar19)
to the end of last year (Mar20) was (98.345 + 93.402) / 2 = $95.8735 Mil.
Total Assets at the begining of last year (Mar19) was $98.35 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $93.40 Mil.
Total Liabilities was $31.32 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.

Delaware Investments Natl Muniome's current Net Income (TTM) was 7.68. ==> 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.

Delaware Investments Natl Muniome's current Cash Flow from Operations (TTM) was 0.14. ==> 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 (Mar20)
=7.675/93.402
=0.08217169

ROA (Last Year)=Net Income/Total Assets (Mar19)
=-0.163/98.345
=-0.00165743

Delaware Investments Natl Muniome's return on assets of this year was 0.08217169. Delaware Investments Natl Muniome's return on assets of last year was -0.00165743. ==> This year is higher. ==> Score 1.

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.

Delaware Investments Natl Muniome's current Net Income (TTM) was 7.68. Delaware Investments Natl Muniome's current Cash Flow from Operations (TTM) was 0.14. ==> 0.14 <= 7.68 ==> CFROA <= ROA ==> Score 0.

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: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=0/95.427
=0

Gearing (Last Year: Mar20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar19 to Mar20
=0/95.8735
=0

Delaware Investments Natl Muniome's gearing of this year was 0. Delaware Investments Natl Muniome'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

* 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: Mar21)=Total Assets/Total Liabilities
=97.452/30.269
=3.21953153

Current Ratio (Last Year: Mar20)=Total Assets/Total Liabilities
=93.402/31.317
=2.98246959

Delaware Investments Natl Muniome's current ratio of this year was 3.21953153. Delaware Investments Natl Muniome's current ratio of last year was 2.98246959. ==> This year's current ratio is higher. ==> Score 1.

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.

Delaware Investments Natl Muniome's number of shares in issue this year was 4.514. Delaware Investments Natl Muniome's number of shares in issue last year was 5.419. ==> 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.

* 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
=7.675/7.961
=0.96407486

Net Margin (Last Year: TTM)=Net Income/Revenue
=-0.163/0.195
=-0.83589744

Delaware Investments Natl Muniome's net margin of this year was 0.96407486. Delaware Investments Natl Muniome's net margin of last year was -0.83589744. ==> This year's net 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/Total Assets at the Beginning of This Year (Mar20)
=7.961/93.402
=0.08523372

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar19)
=0.195/98.345
=0.00198282

Delaware Investments Natl Muniome's asset turnover of this year was 0.08523372. Delaware Investments Natl Muniome's asset turnover of last year was 0.00198282. ==> 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+1+0+1+1+1+1+1
=8

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

Delaware Investments Natl Muniome has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Delaware Investments Natl Muniome  (AMEX:VFL) 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.


Delaware Investments Natl Muniome Piotroski F-Score Related Terms

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Delaware Investments Natl Muniome Business Description

Delaware Investments Natl Muniome logo
Industry
Financial Services » Asset Management NAICS : 523920 SIC : 6799
Traded in Other Exchanges
N/A
Address
610 Market Street, Philadelphia, PA, USA, 19106
Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund seeks to provide current income exempt from regular federal income tax consistent with the preservation of capital.
Executives
Wells Fargo Bank N A 10 percent owner 101 NORTH PHILLIPS AVENUE SIOUX FALLS SD 57104
Toronto Dominion Holdings Usa Inc 10 percent owner 40 WALL STREET NEW YORK NY 10003
Toronto Dominion Bank 10 percent owner 66 WELLINGTON STREET WEST 15TH FLOOR, TD TOWER TORONTO, ONTARIO A6 M5K 1A2
Toronto Dominion Investments, Inc. 10 percent owner 909 FANIN SUITE 1950 HOUSTON TX 77010
Td Group Us Holdings Llc 10 percent owner 251 LITTLE FALLS DRIVE WILMINGTON DE 19808
Van Roden Jake officer: SVP/Portfolio Manager 2005 MARKET STREET PHILADELPHIA PA 19103
Wood Christianna director 330 OLD Y ROAD GOLDEN CO 80401
Abernathy Jerome director 2005 MARKET STREET PHILADELPHIA PA 19103
Lytle Shawn director, officer: Trustee C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Borowiec Ann Dully director, officer: Board Member C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Chow Joseph W director STATE STREET CORP 225 FRANKLIN ST BOSTON MA 02110
Whitford Thomas K director 249 FIFTH AVE P1-POPP-30-1 PITTSBURGH PA 15222
Gizzi Gregory A. officer: VP/Portfolio Manager C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Sevilla-sacasa Frances Aldrich director 3 GREENWAY PLAZA SUITE 1300 HOUSTON TX 77046
Zecher Richard director 2 SUTTON PLACE SOUTH, 19A NEW YORK NY 10022

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