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Liberty Global Piotroski F-Score

: 5 (As of Today)
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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

Liberty Global has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

LBTYK' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Liberty Global was 8. The lowest was 3. And the median was 6.


Liberty Global Piotroski F-Score Historical Data

The historical data trend for Liberty Global'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.

Liberty Global Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 6.00 6.00

Liberty Global Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
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 5.00 5.00 6.00 6.00 5.00

Competitive Comparison

For the Telecom Services subindustry, Liberty Global'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.

   

Liberty Global Piotroski F-Score Distribution

For the Telecommunication Services industry and Communication Services sector, Liberty Global's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Liberty Global'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 (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 277.1 + 636.1 + 1038.3 + 2786.6 = $4,738 Mil.
Cash Flow from Operations was 612.6 + 991.3 + 656.7 + 757.4 = $3,018 Mil.
Revenue was 1901.4 + 1920.8 + 1853.3 + 1754.2 = $7,430 Mil.
Gross Profit was 1379 + 1348.9 + 1316.5 + 1273.6 = $5,318 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(48554.6 + 46844.8 + 46917 + 45547.5 + 44159.6) / 5 = $46404.7 Mil.
Total Assets at the begining of this year (Jun21) was $48,555 Mil.
Long-Term Debt & Capital Lease Obligation was $14,128 Mil.
Total Current Assets was $5,605 Mil.
Total Current Liabilities was $3,586 Mil.
Net Income was -1023.1 + -1030.5 + 1385.4 + 11128.2 = $10,460 Mil.

Revenue was 2845.4 + 3311.7 + 3499.9 + 2989.2 = $12,646 Mil.
Gross Profit was 2054.4 + 2296.1 + 2420.5 + 2145.3 = $8,916 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(47340.2 + 51163.4 + 59092.7 + 57447.4 + 48554.6) / 5 = $52719.66 Mil.
Total Assets at the begining of last year (Jun20) was $47,340 Mil.
Long-Term Debt & Capital Lease Obligation was $15,450 Mil.
Total Current Assets was $5,501 Mil.
Total Current Liabilities was $4,192 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.

Liberty Global's current Net Income (TTM) was 4,738. ==> 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.

Liberty Global's current Cash Flow from Operations (TTM) was 3,018. ==> 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 (Jun21)
=4738.1/48554.6
=0.09758293

ROA (Last Year)=Net Income/Total Assets (Jun20)
=10460/47340.2
=0.22095386

Liberty Global's return on assets of this year was 0.09758293. Liberty Global's return on assets of last year was 0.22095386. ==> 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.

Liberty Global's current Net Income (TTM) was 4,738. Liberty Global's current Cash Flow from Operations (TTM) was 3,018. ==> 3,018 <= 4,738 ==> 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: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=14128/46404.7
=0.30445192

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=15450.4/52719.66
=0.29306714

Liberty Global's gearing of this year was 0.30445192. Liberty Global's gearing of last year was 0.29306714. ==> Last year is lower than this year ==> Score 0.

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: Jun22)=Total Current Assets/Total Current Liabilities
=5604.5/3586.3
=1.5627527

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=5500.9/4192.1
=1.31220629

Liberty Global's current ratio of this year was 1.5627527. Liberty Global's current ratio of last year was 1.31220629. ==> 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.

Liberty Global's number of shares in issue this year was 509.443. Liberty Global's number of shares in issue last year was 569.101. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=5318/7429.7
=0.71577587

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=8916.3/12646.2
=0.70505765

Liberty Global's gross margin of this year was 0.71577587. Liberty Global's gross margin of last year was 0.70505765. ==> 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 (Jun21)
=7429.7/48554.6
=0.15301743

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=12646.2/47340.2
=0.26713449

Liberty Global's asset turnover of this year was 0.15301743. Liberty Global's asset turnover of last year was 0.26713449. ==> 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
=1+1+0+0+0+1+1+1+0
=5

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

Liberty Global has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Liberty Global  (NAS:LBTYK) 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.


Liberty Global Piotroski F-Score Related Terms

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Liberty Global Business Description

Liberty Global logo
Address
161 Hammersmith Road, Griffin House, London, GBR, W6 8BS
Liberty Global is a holding company with interests in cable and telecom companies in the U.K., Netherlands, Belgium, Switzerland, Ireland, and Slovakia. Liberty is the owner of the main cable network in each of these geographies and has pursued a strategy since 2016 to merge or partner with mobile-network-operators to be able to offer converged services. Liberty also owns minority stakes in other media, entertainment, and cloud companies.
Executives
Drew Marisa D director 161 HAMMERSMITH ROAD LONDON X0 XO
Sanchez Daniel E. director C/O DISCOVERY, INC. 8403 COLESVILLE ROAD SILVER SPRING MD 20910
Berkshire Hathaway Inc 10 percent owner 3555 FARNAM STREET OMAHA NE 68131
Buffett Warren E 10 percent owner 3555 FARNAM ST STE 1440 OMAHA NE 68131
Salvato Andrea officer: SVP, CHIEF DEVELOPMENT OFFICER 161 HAMMERSMITH ROAD LONDON X0 W6 8BS
Rodriguez Enrique officer: EVP, Chief Technology Officer 1221 AVENUE OF THE AMERICAS 37TH FLOOR NEW YORK NY 10020
Malone John C director, 10 percent owner 12300 LIBERTY BLVD ENGLEWOOD CO 80112
Waldron Jason officer: SVP & CAO 1550 WEWATTA STREET SUITE 1000 DENVER CO 80202
Wargo J David director C/O WARGO & CO 712 FIFTH AVENUE 41ST FLOOR NEW YORK NY 10019
Gould Paul A director 711 FIFTH AVENUE 9TH FLOOR NEW YORK NY 10022
Cole John P Jr director 1919 PENNSYLVANIA AVE N.W. STE 200 WASHINGTON DC 20006
Dvorak Bernard G officer: EVP & Co-CFO C/O LIBERTY GLOBAL, INC. 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Karsten Diederik officer: EVP, European BB Ops C/O LIBERTY GLOBAL, INC. 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Sparkman J C director 201 EAST SANDPOINTE 8TH FLOOR SANTA ANA CA 92707
Curtis Miranda director C/O LIBERTY GLOBAL, INC. 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112

Liberty Global Headlines

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