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Carnival Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score of 7 is 7, indicating 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

Carnival has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

NYSE:CCL' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Max: 9
Current: 7

2
9

During the past 13 years, the highest Piotroski F-Score of Carnival was 9. The lowest was 2. And the median was 6.


Carnival Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Carnival Annual Data
Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 Nov17 Nov18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 7.00 6.00 8.00

Carnival Quarterly Data
Aug14 Nov14 Feb15 May15 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19
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 8.00 8.00 8.00 7.00

Competitive Comparison
* 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.


Carnival Piotroski F-Score Distribution

* The bar in red indicates where Carnival's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (May19) TTM:Last Year (May18) TTM:
Net Income was 1707 + 493 + 336 + 451 = $2,987 Mil.
Cash Flow from Operations was 1349 + 1113 + 1116 + 2053 = $5,631 Mil.
Revenue was 5836 + 4456 + 4674 + 4838 = $19,804 Mil.
Gross Profit was 2878 + 1715 + 1532 + 1679 = $7,804 Mil.
Average Total Assets from the begining of this year (May18)
to the end of this year (May19) was
(42184 + 41753 + 42401 + 43930 + 44512) / 5 = $42956 Mil.
Total Assets at the begining of this year (May18) was $42,184 Mil.
Long-Term Debt & Capital Lease Obligation was $9,080 Mil.
Total Current Assets was $2,835 Mil.
Total Current Liabilities was $10,377 Mil.
Net Income was 1329 + 546 + 391 + 561 = $2,827 Mil.

Revenue was 5515 + 4259 + 4232 + 4357 = $18,363 Mil.
Gross Profit was 2502 + 1642 + 1523 + 1676 = $7,343 Mil.
Average Net Income from the begining of last year (May17)
to the end of last year (May18) was
(40451 + 40643 + 40778 + 41441 + 42184) / 5 = $41099.4 Mil.
Total Assets at the begining of last year (May17) was $40,451 Mil.
Long-Term Debt & Capital Lease Obligation was $8,172 Mil.
Total Current Assets was $2,278 Mil.
Total Current Liabilities was $9,308 Mil.

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.

Carnival's current Net Income (TTM) was 2,987. ==> 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.

Carnival's current Cash Flow from Operations (TTM) was 5,631. ==> 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(May18)
=2987/42184
=0.07080884

ROA (Last Year)=Net Income/Total Assets(May17)
=2827/40451
=0.06988702

Carnival's return on assets of this year was 0.07080884. Carnival's return on assets of last year was 0.06988702. ==> 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.

Carnival's current Net Income (TTM) was 2,987. Carnival's current Cash Flow from Operations (TTM) was 5,631. ==> 5,631 > 2,987 ==> 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: May19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom May18 to May19
=9080/42956
=0.21137909

Gearing (Last Year: May18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom May17 to May18
=8172/41099.4
=0.19883502

Carnival's gearing of this year was 0.21137909. Carnival's gearing of last year was 0.19883502. ==> 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: May19)=Total Current Assets/Total Current Liabilities
=2835/10377
=0.27320035

Current Ratio (Last Year: May18)=Total Current Assets/Total Current Liabilities
=2278/9308
=0.24473571

Carnival's current ratio of this year was 0.27320035. Carnival's current ratio of last year was 0.24473571. ==> 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.

Carnival's number of shares in issue this year was 693. Carnival's number of shares in issue last year was 715. ==> 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
=7804/19804
=0.39406181

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7343/18363
=0.39988019

Carnival's gross margin of this year was 0.39406181. Carnival's gross margin of last year was 0.39988019. ==> 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 (May18)
=19804/42184
=0.4694671

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May17)
=18363/40451
=0.45395664

Carnival's asset turnover of this year was 0.4694671. Carnival's asset turnover of last year was 0.45395664. ==> 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+1+1+0+1
=7

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

Carnival has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Carnival  (NYSE:CCL) 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.


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