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Blue Sphere 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

Blue Sphere 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 Blue Sphere's Piotroski F-Score or its related term are showing as below:


Blue Sphere Piotroski F-Score Historical Data

The historical data trend for Blue Sphere'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.

Blue Sphere Annual Data
Trend Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Dec16 Dec17 Dec18
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 3.00 2.00 4.00 -

Blue Sphere Quarterly Data
Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18
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 4.00 4.00 3.00 - -

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 (Dec18) TTM:Last Year (Dec17) TTM:
Net Income was -2.105 + -5.854 + -4.852 + 2.368 = $-10.44 Mil.
Cash Flow from Operations was 0.382 + 0.467 + 0.044 + 0 = $0.89 Mil.
Revenue was 3.023 + 2.678 + 2.388 + 2.812 = $10.90 Mil.
Gross Profit was 0.766 + 0.536 + -0.016 + 0.536 = $1.82 Mil.
Average Total Assets from the begining of this year (Dec17)
to the end of this year (Dec18) was
(41.087 + 42.765 + 40.921 + 43.956 + 42.713) / 5 = $42.2884 Mil.
Total Assets at the begining of this year (Dec17) was $41.09 Mil.
Long-Term Debt & Capital Lease Obligation was $14.66 Mil.
Total Current Assets was $9.39 Mil.
Total Current Liabilities was $27.53 Mil.
Net Income was -1.981 + 6.076 + -4.233 + -3.77 = $-3.91 Mil.

Revenue was 0 + 0 + 1.284 + 2.539 = $3.82 Mil.
Gross Profit was 0 + 0 + 0.475 + 1.123 = $1.60 Mil.
Average Total Assets from the begining of last year (Dec16)
to the end of last year (Dec17) was
(16.521 + 17.156 + 20.952 + 45.771 + 41.087) / 5 = $28.2974 Mil.
Total Assets at the begining of last year (Dec16) was $16.52 Mil.
Long-Term Debt & Capital Lease Obligation was $16.96 Mil.
Total Current Assets was $8.64 Mil.
Total Current Liabilities was $24.87 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.

Blue Sphere's current Net Income (TTM) was -10.44. ==> 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.

Blue Sphere's current Cash Flow from Operations (TTM) was 0.89. ==> 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 (Dec17)
=-10.443/41.087
=-0.25416799

ROA (Last Year)=Net Income/Total Assets (Dec16)
=-3.908/16.521
=-0.23654742

Blue Sphere's return on assets of this year was -0.25416799. Blue Sphere's return on assets of last year was -0.23654742. ==> 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.

Blue Sphere's current Net Income (TTM) was -10.44. Blue Sphere's current Cash Flow from Operations (TTM) was 0.89. ==> 0.89 > -10.44 ==> 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: Dec18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec17 to Dec18
=14.658/42.2884
=0.34661988

Gearing (Last Year: Dec17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec16 to Dec17
=16.956/28.2974
=0.59920699

Blue Sphere's gearing of this year was 0.34661988. Blue Sphere's gearing of last year was 0.59920699. ==> 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: Dec18)=Total Current Assets/Total Current Liabilities
=9.386/27.533
=0.34090001

Current Ratio (Last Year: Dec17)=Total Current Assets/Total Current Liabilities
=8.642/24.866
=0.34754283

Blue Sphere's current ratio of this year was 0.34090001. Blue Sphere's current ratio of last year was 0.34754283. ==> 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.

Blue Sphere's number of shares in issue this year was 721.977. Blue Sphere's number of shares in issue last year was 3.726. ==> 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
=1.822/10.901
=0.16714063

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1.598/3.823
=0.41799634

Blue Sphere's gross margin of this year was 0.16714063. Blue Sphere's gross margin of last year was 0.41799634. ==> Last year's gross margin is higher ==> Score 0.

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 (Dec17)
=10.901/41.087
=0.26531506

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec16)
=3.823/16.521
=0.23140246

Blue Sphere's asset turnover of this year was 0.26531506. Blue Sphere's asset turnover of last year was 0.23140246. ==> 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
=0+1+0+1+1+0+0+0+1
=4

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

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

Blue Sphere  (GREY:BLSP) 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.


Blue Sphere Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Blue Sphere's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Blue Sphere Business Description

Blue Sphere logo
Industry
Traded in Other Exchanges
N/A
Address
301 McCullough Drive, 4th Floor, Charlotte, NC, USA, 28262
Blue Sphere Corp is an international clean-tech independent power producer that develops, owns and manages waste-to-energy facilities. It focuses on developing or acquiring projects with clean energy technologies, including waste-to-energy facilities that generate clean energy, such as electricity, natural gas, heat, soil amendment and other by-products. Geographically operates the project in the region of United States, Italy, and Israel.
Executives
Keret Yosef officer: Chief Financial Officer 4 YEHOSHUA BEN NOON ST. HOD HASHARON L3 4523602
Daniel Ran officer: Chief Financial Officer 101 WEST 90TH STREET NEW YORK NY 10024
Bentovim Lyron L other: Former Director 60 CUTTER MILL ROAD GREAT NECK NEW YORK NY 11021
Lazarus Israel Opportunities Fund Lllp 10 percent owner C/O IBEX GP LLC 260 NORTH JOSEPHINE STREET, SUITE 300 DENVER CO 80206
Lazarus Investment Partners Lllp 10 percent owner C/O IBEX INVESTORS LLC 260 NORTH JOSEPHINE STREET, SUITE 300 DENVER CO 80206
Borus Justin B 10 percent owner 260 N. JOSEPHINE STREET SUITE 300 DENVER CO 80206
Lazarus Management Co Llc 10 percent owner 260 N. JOSEPHINE STREET SUITE 300 DENVER CO 80206
Dr Borenstein Ltd 10 percent owner 18 REINES ST TEL AVIV L3 00000
Weber Alex officer: Chief Financial Officer POB - 961, NARKIS 2 KOHAV YAIR L3 44864
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