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Good Sign:
Piotroski F-Score is 7, indicates a 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
Pioneer Muni Highome Advantage Tr has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Pioneer Muni Highome Advantage Tr's Piotroski F-Score or its related term are showing as below:
During the past 7 years, the highest Piotroski F-Score of Pioneer Muni Highome Advantage Tr was 7. The lowest was 4. And the median was 4.
The historical data trend for Pioneer Muni Highome Advantage Tr'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.
Pioneer Muni Highome Advantage Tr Annual Data | ||||||||||||||||
Trend | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | Mar24 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 4.00 | 4.00 | 5.00 | 7.00 |
Pioneer Muni Highome Advantage Tr Semi-Annual Data | |||||||||||||||
Sep17 | Mar18 | Sep18 | Mar19 | Sep19 | Mar20 | Sep20 | Mar21 | Sep21 | Mar22 | Sep22 | Mar23 | Sep23 | Mar24 | Sep24 | |
Piotroski F-Score | Get a 7-Day Free Trial |
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- | 5.00 | - | 7.00 | - |
For the Asset Management subindustry, Pioneer Muni Highome Advantage Tr'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.
For the Asset Management industry and Financial Services sector, Pioneer Muni Highome Advantage Tr's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Pioneer Muni Highome Advantage Tr'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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was $3.86 Mil. Cash Flow from Operations was $99.09 Mil. Revenue was $4.56 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (365.585 + 271.123) / 2 = $318.354 Mil. Total Assets at the begining of this year (Mar23) was $365.59 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Assets was $271.12 Mil. Total Liabilities was $51.05 Mil. |
Net Income was $-20.71 Mil. Revenue was $-20.07 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (439.425 + 365.585) / 2 = $402.505 Mil. Total Assets at the begining of last year (Mar22) was $439.43 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Assets was $365.59 Mil. Total Liabilities was $141.04 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.
Pioneer Muni Highome Advantage Tr's current Net Income (TTM) was 3.86.
==> 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.
Pioneer Muni Highome Advantage Tr's current Cash Flow from Operations (TTM) was 99.09.
==> 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 (Mar23) |
= | 3.855 | / | 365.585 | |
= | 0.01054474 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | -20.713 | / | 439.425 | |
= | -0.0471366 |
Pioneer Muni Highome Advantage Tr's return on assets of this year was 0.01054474. Pioneer Muni Highome Advantage Tr's return on assets of last year was -0.0471366.
==> 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.
Pioneer Muni Highome Advantage Tr's current Net Income (TTM) was 3.86. Pioneer Muni Highome Advantage Tr's current Cash Flow from Operations (TTM) was 99.09.
==> 99.09 > 3.86 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 0 | / | 318.354 | |
= | 0 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 0 | / | 402.505 | |
= | 0 |
Pioneer Muni Highome Advantage Tr's gearing of this year was 0. Pioneer Muni Highome Advantage Tr'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: Mar24) | = | Total Assets | / | Total Liabilities |
= | 271.123 | / | 51.046 | |
= | 5.31134663 |
Current Ratio (Last Year: Mar23) | = | Total Assets | / | Total Liabilities |
= | 365.585 | / | 141.04 | |
= | 2.59206608 |
Pioneer Muni Highome Advantage Tr's current ratio of this year was 5.31134663. Pioneer Muni Highome Advantage Tr's current ratio of last year was 2.59206608.
==> 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.
Pioneer Muni Highome Advantage Tr's number of shares in issue this year was 24.091. Pioneer Muni Highome Advantage Tr's number of shares in issue last year was 23.808.
==> 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.
* 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 |
= | 3.855 | / | 4.56 | |
= | 0.84539474 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -20.713 | / | -20.071 | |
= | 1.03198645 |
Pioneer Muni Highome Advantage Tr's net margin of this year was 0.84539474. Pioneer Muni Highome Advantage Tr's net margin of last year was 1.03198645.
==> Last year's net 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 (Mar23) |
= | 4.56 | / | 365.585 | |
= | 0.01247316 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | -20.071 | / | 439.425 | |
= | -0.0456756 |
Pioneer Muni Highome Advantage Tr's asset turnover of this year was 0.01247316. Pioneer Muni Highome Advantage Tr's asset turnover of last year was -0.0456756.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pioneer Muni Highome Advantage Tr has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Pioneer Muni Highome Advantage Tr (NYSE:MAV) 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 Pioneer Muni Highome Advantage Tr's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Saba Capital Management, L.p. | 10 percent owner | 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174 |
Boaz Weinstein | 10 percent owner | 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174 |
Yana Karalnik | officer: CHIEF COMPLIANCE OFFICER | 60 STATE STREET, BOSTON MA 02109 |
Bank Of America Corp /de/ | 10 percent owner | BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST, CHARLOTTE NC 28255 |
Banc Of America Preferred Funding Corp | 10 percent owner | 214 NORTH TRYON STREET, CHARLOTTE NC 28255 |
Michael Melnick | officer: Assistant Treasurer | 60 STATE STREET, BOSTON MA 02109 |
Koenig Anthony J Jr | officer: Treasurer | 60 STATE STREET, BOSTON MA 02109 |
Diane Durnin | other: Trustee | 60 STATE STREET, BOSTON MA 02109 |
Baumgardner John E Jr. | other: Trustee | 60 STATE STREET, BOSTON MA 02109 |
Mark Edward Bradley | officer: Treasurer | 60 STATE STREET, BOSTON MA 02109 |
John Michael Malone | officer: Chief Compliance Officer | 60 STATE STREET, BOSTON MA 02019 |
Group Ag Ubs | 10 percent owner | BAHNHOFSTRASSE 45, ZURICH V8 CH-8001 |
Wells Fargo & Company/mn | 10 percent owner | 420 MONTGOMERY STREET, SAN FRANCISCO CA 94163 |
Wells Fargo Municipal Capital Strategies, Llc | 10 percent owner | 375 PARK AVENUE, NEW YORK NY 10152 |
Wfc Holdings Corp | 10 percent owner | 420 MONTGOMERY STREET, SAN FRANCISCO CA 94104 |
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