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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
Enbridge Energy Partners LP 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 Enbridge Energy Partners LP's Piotroski F-Score or its related term are showing as below:
The historical data trend for Enbridge Energy Partners LP'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.
Enbridge Energy Partners LP Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 6.00 | 4.00 | 5.00 | 5.00 |
Enbridge Energy Partners LP Quarterly Data | ||||||||||||||||||||
Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 5.00 | 7.00 | 6.00 | 5.00 |
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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Net Income was -6 + 74 + 95 + 104 = $267 Mil. Cash Flow from Operations was 112 + 322 + 294 + 322 = $1,050 Mil. Revenue was 611 + 592 + 537 + 560 = $2,300 Mil. Gross Profit was 886 + 482 + 451 + 362 = $2,181 Mil. Average Total Assets from the begining of this year (Sep17) to the end of this year (Sep18) was (14738.2 + 14828 + 14886 + 14835 + 14950) / 5 = $14847.44 Mil. Total Assets at the begining of this year (Sep17) was $14,738 Mil. Long-Term Debt & Capital Lease Obligation was $6,876 Mil. Total Current Assets was $286 Mil. Total Current Liabilities was $1,045 Mil. |
Net Income was 104.7 + 89 + 106 + 93 = $393 Mil. Revenue was 630.4 + 605 + 596 + 616 = $2,447 Mil. Gross Profit was 568.5 + 496 + 484 + 422 = $1,971 Mil. Average Total Assets from the begining of last year (Sep16) to the end of last year (Sep17) was (18100 + 18110 + 19379.1 + 14667.4 + 14738.2) / 5 = $16998.94 Mil. Total Assets at the begining of last year (Sep16) was $18,100 Mil. Long-Term Debt & Capital Lease Obligation was $6,835 Mil. Total Current Assets was $319 Mil. Total Current Liabilities was $1,024 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.
Enbridge Energy Partners LP's current Net Income (TTM) was 267.
==> 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.
Enbridge Energy Partners LP's current Cash Flow from Operations (TTM) was 1,050.
==> 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 (Sep17) |
= | 267 | / | 14738.2 | |
= | 0.01811619 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep16) |
= | 392.7 | / | 18100 | |
= | 0.02169613 |
Enbridge Energy Partners LP's return on assets of this year was 0.01811619. Enbridge Energy Partners LP's return on assets of last year was 0.02169613.
==> 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.
Enbridge Energy Partners LP's current Net Income (TTM) was 267. Enbridge Energy Partners LP's current Cash Flow from Operations (TTM) was 1,050.
==> 1,050 > 267 ==> 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: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep17 to Sep18 |
= | 6876 | / | 14847.44 | |
= | 0.46311014 |
Gearing (Last Year: Sep17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep16 to Sep17 |
= | 6835.1 | / | 16998.94 | |
= | 0.40208978 |
Enbridge Energy Partners LP's gearing of this year was 0.46311014. Enbridge Energy Partners LP's gearing of last year was 0.40208978.
==> 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: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
= | 286 | / | 1045 | |
= | 0.27368421 |
Current Ratio (Last Year: Sep17) | = | Total Current Assets | / | Total Current Liabilities |
= | 318.9 | / | 1023.8 | |
= | 0.31148662 |
Enbridge Energy Partners LP's current ratio of this year was 0.27368421. Enbridge Energy Partners LP's current ratio of last year was 0.31148662.
==> 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.
Enbridge Energy Partners LP's number of shares in issue this year was 431. Enbridge Energy Partners LP's number of shares in issue last year was 421.
==> 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 |
= | 2181 | / | 2300 | |
= | 0.94826087 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1970.5 | / | 2447.4 | |
= | 0.80514015 |
Enbridge Energy Partners LP's gross margin of this year was 0.94826087. Enbridge Energy Partners LP's gross margin of last year was 0.80514015.
==> 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 (Sep17) |
= | 2300 | / | 14738.2 | |
= | 0.15605705 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep16) |
= | 2447.4 | / | 18100 | |
= | 0.13521547 |
Enbridge Energy Partners LP's asset turnover of this year was 0.15605705. Enbridge Energy Partners LP's asset turnover of last year was 0.13521547.
==> 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 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Enbridge Energy Partners LP has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Enbridge Energy Partners LP (NYSE:EEP) 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 Enbridge Energy Partners LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dan Allen Westbrook | director | 5400 WESTHEIMER COURT, HOUSTON TX 77056 |
James Herbert England | director | 15687 VILLORESI WAY, NAPLES FL 34110 |
Stephen J Neyland | director, officer: Vice President | 5400 WESTHEIMER COURT, HOUSTON TX 77056 |
Mark A. Maki | director, officer: President | 425 - 1ST STREET S.W., CALGARY A0 T2P 3L8 |
William S Waldheim | director | 304 MARINA VIEW CT., LAKEWAY TX 78734 |
Laura Buss Sayavedra | director | 5400 WESTHEIMER COURT, HOUSTON TX 77056 |
Allen C Capps | officer: Controller | 5400 WESTHEIMER COURT, HOUSTON TX 77056-5310 |
Cynthia L Hansen | officer: Sr.VP-Liquids Pipelines, Ops | 500 CONSUMERS ROAD, NORTH YORK A6 M2J 1P8 |
John K Whelen | director | 425 - 1ST STREET SW, CALGARY A0 T2P 3L8 |
D Guy Jarvis | director, officer: Exec Vice Pres.-Liquids PL | 3000, 425 - 1ST STREET SW, CALGARY A0 T2P 3L8 |
C Gregory Harper | director | 185 INTERNATIONAL DRIVE, PORTSMOUTH NH 03801 |
Rebecca B Roberts | director | 1000 LOUISIANA, SUITE 5800, HOUSTON TX 77002 |
George K Petty | director, other: Reitred Director-ret.w/n 6 mos | 1317 HANOVER PLACE, SAN LUIS OBISPO CA 93401 |
Byron C Neiles | officer: Vice President -Major Projects | 3000, 425 1ST STREET SW, CALGARY A0 T2P 3L8 |
Letwin Stephen J J | director, officer: Managing Director | HESS MIDSTREAM PARTNERS LP, 1185 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
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