>
Switch to:

BCE Piotroski F-Score

: 4 (As of Today)
View and export this data going back to 1983. Start your Free Trial

The zones of discrimination were as such:

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

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

NYSE:BCE' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 9
Current: 4

1
9

During the past 13 years, the highest Piotroski F-Score of BCE was 9. The lowest was 1. And the median was 5.


BCE Piotroski F-Score Historical Data

The historical data trend for BCE'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.

BCE Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 5.00 6.00 6.00

BCE Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 5.00 4.00

Competitive Comparison

For the Telecom Services subindustry, BCE'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.

   

BCE Piotroski F-Score Distribution

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

* The bar in red indicates where BCE'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 (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was 547.24111866969 + 719.02568506519 + 536.23995544594 + 586.74304418985 = $2,389 Mil.
Cash Flow from Operations was 1594.8601662887 + 1273.3234444531 + 1584.8516190628 + 2045.0081833061 = $6,498 Mil.
Revenue was 4374.1496598639 + 4763.837926458 + 4539.7406317129 + 4662.8477905074 = $18,341 Mil.
Gross Profit was 2201.0582010582 + 2289.7962370208 + 2284.986872464 + 2387.8887070376 = $9,164 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(45152.74498229 + 46577.475434618 + 47361.230384886 + 51117.033972472 + 52480.360065466) / 5 = $48537.76896795 Mil.
Total Assets at the begining of this year (Jun20) was $45,153 Mil.
Long-Term Debt & Capital Lease Obligation was $20,804 Mil.
Total Current Assets was $5,684 Mil.
Total Current Liabilities was $6,836 Mil.
Net Income was 682.7278906427 + 539.14496165237 + 514.32664756447 + 199.97048406139 = $1,936 Mil.

Revenue was 4486.0660070992 + 4764.9783582656 + 4040.1146131805 + 3950.7083825266 = $17,242 Mil.
Gross Profit was 2304.2066309191 + 2268.2056344445 + 2069.4842406877 + 2093.4179456907 = $8,735 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(45310.40710362 + 45786.572011177 + 45672.412483864 + 46930.515759312 + 45152.74498229) / 5 = $45770.53046805 Mil.
Total Assets at the begining of last year (Jun19) was $45,310 Mil.
Long-Term Debt & Capital Lease Obligation was $18,465 Mil.
Total Current Assets was $5,506 Mil.
Total Current Liabilities was $6,003 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.

BCE's current Net Income (TTM) was 2,389. ==> 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.

BCE's current Cash Flow from Operations (TTM) was 6,498. ==> 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 (Jun20)
=2389.2498033707/45152.74498229
=0.05291483

ROA (Last Year)=Net Income/Total Assets (Jun19)
=1936.1699839209/45310.40710362
=0.04273124

BCE's return on assets of this year was 0.05291483. BCE's return on assets of last year was 0.04273124. ==> 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.

BCE's current Net Income (TTM) was 2,389. BCE's current Cash Flow from Operations (TTM) was 6,498. ==> 6,498 > 2,389 ==> 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: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=20803.600654664/48537.76896795
=0.42860645

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=18465.171192444/45770.53046805
=0.40342926

BCE's gearing of this year was 0.42860645. BCE's gearing of last year was 0.40342926. ==> 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: Jun21)=Total Current Assets/Total Current Liabilities
=5684.124386252/6835.5155482815
=0.83155752

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=5506.1983471074/6002.8040141677
=0.91727105

BCE's current ratio of this year was 0.83155752. BCE's current ratio of last year was 0.91727105. ==> 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.

BCE's number of shares in issue this year was 905.3. BCE's number of shares in issue last year was 904.4. ==> 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
=9163.7300175807/18340.576008542
=0.49964243

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=8735.314451742/17241.867361072
=0.5066339

BCE's gross margin of this year was 0.49964243. BCE's gross margin of last year was 0.5066339. ==> 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 (Jun20)
=18340.576008542/45152.74498229
=0.40618961

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=17241.867361072/45310.40710362
=0.38052775

BCE's asset turnover of this year was 0.40618961. BCE's asset turnover of last year was 0.38052775. ==> 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+0+0+0+0+1
=5

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

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

BCE  (NYSE:BCE) 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.


BCE Piotroski F-Score Related Terms

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


BCE Business Description

BCE logo
Industry
Address
1 Carrefour Alexander-Graham-Bell, Building A, 7th Floor, Verdun, QC, CAN, H3E 3B3
BCE is both a wireless and Internet service provider, offering wireless, broadband, television, and landline phone services in Canada. It is one of the big three national wireless carriers, with its roughly 10 million customers constituting about 30% of the market. It is also the ILEC (incumbent local exchange carrier--the legacy telephone provider) throughout much of the eastern half of Canada, including in the most populous Canadian provinces--Ontario and Quebec. Additionally, BCE has a media segment, which holds television, radio, and digital media assets. BCE licenses the Canadian rights to movie channels including HBO, Showtime, and Starz. In 2020, the wireline segment accounted for 55% of total EBITDA, while wireless composed 38%, and media provided the remainder.

BCE Headlines

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)