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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ambassadors Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Ambassadors Group's Piotroski F-Score or its related term are showing as below:
The historical data trend for Ambassadors Group'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.
Ambassadors Group Annual Data | |||||||||||||||||||||
Trend | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 5.00 | 5.00 | 4.00 | 4.00 |
Ambassadors Group Quarterly Data | ||||||||||||||||||||
Sep10 | Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 4.00 | 4.00 | 4.00 | 6.00 |
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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Net Income was 2.338 + -8.144 + -6.612 + 13.214 = $0.80 Mil. Cash Flow from Operations was -14.7 + 4.588 + 17.442 + -7.623 = $-0.29 Mil. Revenue was 16.714 + 0.796 + 0.27 + 19.481 = $37.26 Mil. Gross Profit was 13.342 + 0.893 + 0.143 + 17.655 = $32.03 Mil. Average Total Assets from the begining of this year (Jun14) to the end of this year (Jun15) was (95.878 + 64.427 + 66.485 + 87.459 + 85.05) / 5 = $79.8598 Mil. Total Assets at the begining of this year (Jun14) was $95.88 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Current Assets was $83.50 Mil. Total Current Liabilities was $38.18 Mil. |
Net Income was -1.614 + -5.496 + -7.551 + -4.185 = $-18.85 Mil. Revenue was 21.367 + 0.506 + 0.389 + 21.657 = $43.92 Mil. Gross Profit was 17.239 + 0.513 + 0.18 + 18.869 = $36.80 Mil. Average Total Assets from the begining of last year (Jun13) to the end of last year (Jun14) was (123.47 + 82.731 + 88.359 + 114.813 + 95.878) / 5 = $101.0502 Mil. Total Assets at the begining of last year (Jun13) was $123.47 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Current Assets was $76.90 Mil. Total Current Liabilities was $48.37 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.
Ambassadors Group's current Net Income (TTM) was 0.80.
==> 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.
Ambassadors Group's current Cash Flow from Operations (TTM) was -0.29.
==> Negative ==> Score 0.
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 (Jun14) |
= | 0.796 | / | 95.878 | |
= | 0.00830222 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun13) |
= | -18.846 | / | 123.47 | |
= | -0.15263627 |
Ambassadors Group's return on assets of this year was 0.00830222. Ambassadors Group's return on assets of last year was -0.15263627.
==> 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.
Ambassadors Group's current Net Income (TTM) was 0.80. Ambassadors Group's current Cash Flow from Operations (TTM) was -0.29.
==> -0.29 <= 0.80 ==> 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: Jun15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun14 to Jun15 |
= | 0 | / | 79.8598 | |
= | 0 |
Gearing (Last Year: Jun14) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun13 to Jun14 |
= | 0 | / | 101.0502 | |
= | 0 |
Ambassadors Group's gearing of this year was 0. Ambassadors Group'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: Jun15) | = | Total Current Assets | / | Total Current Liabilities |
= | 83.501 | / | 38.18 | |
= | 2.1870351 |
Current Ratio (Last Year: Jun14) | = | Total Current Assets | / | Total Current Liabilities |
= | 76.899 | / | 48.368 | |
= | 1.58987347 |
Ambassadors Group's current ratio of this year was 2.1870351. Ambassadors Group's current ratio of last year was 1.58987347.
==> 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.
Ambassadors Group's number of shares in issue this year was 17.377. Ambassadors Group's number of shares in issue last year was 17.159.
==> There is larger number of shares in issue this year. ==> Score 0.
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 |
= | 32.033 | / | 37.261 | |
= | 0.85969244 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 36.801 | / | 43.919 | |
= | 0.83792891 |
Ambassadors Group's gross margin of this year was 0.85969244. Ambassadors Group's gross margin of last year was 0.83792891.
==> 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 | / | Total Assets at the Beginning of This Year (Jun14) |
= | 37.261 | / | 95.878 | |
= | 0.3886293 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun13) |
= | 43.919 | / | 123.47 | |
= | 0.35570584 |
Ambassadors Group's asset turnover of this year was 0.3886293. Ambassadors Group's asset turnover of last year was 0.35570584.
==> 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 | + | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ambassadors Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Ambassadors Group (OTCPK:EPAX) 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.
Thank you for viewing the detailed overview of Ambassadors Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Philip B Livingston | director, officer: CEO | 1241 EAST MAIN ST, STAMFORD CT 06902 |
Miller Lloyd I Iii | 10 percent owner | |
Peter H Kamin | director | 2720 DONALD ROSS ROAD, #311, PALM BEACH GARDENS FL 33410 |
Jefferson Gramm | director | C/O BANDERA PARTNERS LLC, 50 BROAD STREET, SUITE 1820, NEW YORK NY 10004 |
James M Kalustian | director | 901 MARQUETTE AVENUE, SUITE 3200, SAN DIEGO CA 55402 |
Anthony F Dombrowik | officer: Interim CEO | 201 W NOAN RIVER DR SPOKANE WA 99201 |
Bandera Partners Llc | 10 percent owner | 50 BROAD STREET, SUITE 1820, NEW YORK NY 10004 |
Gregory Bylinsky | 10 percent owner | C/O BANDERA PARTNERS LLC, 50 BROAD STREET, SUITE 1820, NEW YORK NY 10004 |
Andrew Shpiz | 10 percent owner | C/O BANDERA PARTNERS LLC, 50 BROAD STREET, SUITE 1820, NEW YORK NY 10004 |
Dale F Frey | director | 8 WRIGHT ST, WESTPORT CT 06880 |
Peter V Ueberroth | 10 percent owner | CONTRARIAN GROUP INC, 1071 CAMELBACK ST, NEWPORT BEACH CA 92660 |
Kenneth G Langone | other: (1)(2) | 375 PARK AVENUE, STE 2205, NEW YORK NY 10152 |
Invemed Catalyst Fund Lp | 10 percent owner | 375 PARK AVE, STE 2205, NEW YORK NY 10152 |
Gladwyne Catalyst Genpar Llc | other: (1)(2) | 600 THE TIMES BLDG, ARDMORE PA 19003 |
Invemed Securities Inc | other: (1)(2) | 375 PARK AVE, STE 2205, NEW YORK NY 10152 |
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