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Altice Europe NV Piotroski F-Score

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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

Altice Europe NV has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Altice Europe NV's Piotroski F-Score or its related term are showing as below:


Altice Europe NV Piotroski F-Score Historical Data

The historical data trend for Altice Europe NV'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.

Altice Europe NV Annual Data
Trend Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 5.00 7.00 6.00

Altice Europe NV Quarterly Data
Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20
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 7.00 6.00 4.00 5.00 4.00

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 (Sep20) TTM:Last Year (Sep19) TTM:
Net Income was -445.7 + -123.8 + -502.6 + -393.2 = €-1,465 Mil.
Cash Flow from Operations was 1515 + 1455.7 + 1270.5 + 1558.1 = €5,799 Mil.
Revenue was 4032.4 + 3625.3 + 3539.9 + 3765.1 = €14,963 Mil.
Gross Profit was 2912.8 + 2653.9 + 2627.6 + 2745.7 = €10,940 Mil.
Average Total Assets from the begining of this year (Sep19)
to the end of this year (Sep20) was
(51280.2 + 47181.4 + 47239.8 + 46747.5 + 45510.7) / 5 = €47591.92 Mil.
Total Assets at the begining of this year (Sep19) was €51,280 Mil.
Long-Term Debt & Capital Lease Obligation was €33,647 Mil.
Total Current Assets was €6,904 Mil.
Total Current Liabilities was €10,295 Mil.
Net Income was -357.4 + 1486.7 + -525.1 + -270.5 = €334 Mil.

Revenue was 3621.2 + 3511.2 + 3593.2 + 3659.5 = €14,385 Mil.
Gross Profit was 2416.6 + 2610.2 + 2616.2 + 2709.1 = €10,352 Mil.
Average Total Assets from the begining of last year (Sep18)
to the end of last year (Sep19) was
(44217.9 + 45330.8 + 51148.2 + 48493.7 + 51280.2) / 5 = €48094.16 Mil.
Total Assets at the begining of last year (Sep18) was €44,218 Mil.
Long-Term Debt & Capital Lease Obligation was €35,368 Mil.
Total Current Assets was €9,013 Mil.
Total Current Liabilities was €13,149 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.

Altice Europe NV's current Net Income (TTM) was -1,465. ==> Negative ==> Score 0.

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.

Altice Europe NV's current Cash Flow from Operations (TTM) was 5,799. ==> 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 (Sep19)
=-1465.3/51280.2
=-0.02857438

ROA (Last Year)=Net Income/Total Assets (Sep18)
=333.7/44217.9
=0.00754672

Altice Europe NV's return on assets of this year was -0.02857438. Altice Europe NV's return on assets of last year was 0.00754672. ==> 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.

Altice Europe NV's current Net Income (TTM) was -1,465. Altice Europe NV's current Cash Flow from Operations (TTM) was 5,799. ==> 5,799 > -1,465 ==> 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: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=33646.8/47591.92
=0.70698556

Gearing (Last Year: Sep19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep18 to Sep19
=35367.6/48094.16
=0.73538242

Altice Europe NV's gearing of this year was 0.70698556. Altice Europe NV's gearing of last year was 0.73538242. ==> 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: Sep20)=Total Current Assets/Total Current Liabilities
=6904.4/10294.5
=0.67068823

Current Ratio (Last Year: Sep19)=Total Current Assets/Total Current Liabilities
=9013/13148.5
=0.68547743

Altice Europe NV's current ratio of this year was 0.67068823. Altice Europe NV's current ratio of last year was 0.68547743. ==> 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.

Altice Europe NV's number of shares in issue this year was 1195.9. Altice Europe NV's number of shares in issue last year was 1195.4. ==> 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
=10940/14962.7
=0.73115146

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=10352.1/14385.1
=0.71964046

Altice Europe NV's gross margin of this year was 0.73115146. Altice Europe NV's gross margin of last year was 0.71964046. ==> 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 (Sep19)
=14962.7/51280.2
=0.29178318

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep18)
=14385.1/44217.9
=0.325323

Altice Europe NV's asset turnover of this year was 0.29178318. Altice Europe NV's asset turnover of last year was 0.325323. ==> 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
=0+1+0+1+1+0+0+1+0
=4

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

Altice Europe NV has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Altice Europe NV  (FRA:6AT) 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.


Altice Europe NV Piotroski F-Score Related Terms

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Altice Europe NV Business Description

Altice Europe NV logo
Traded in Other Exchanges
N/A
Address
Oostdam 1, Woerden, NLD, 3441 EM
Altice Europe NV is engaged in telecom, content, media, entertainment and advertising. The company delivers products and solutions over fibre networks and mobile broadband. It is also a provider of enterprise digital solutions to business customers. The company's segments areFrance, Portugal, Israel, Dominican Republic, Teads, Altice TV, and Others.

Altice Europe NV Headlines

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