EHI has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
EHI has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
Good Sign:
Piotroski F-Score is 8, 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
Western Asset Global High Fd has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Western Asset Global High Fd's Piotroski F-Score or its related term are showing as below:
During the past 6 years, the highest Piotroski F-Score of Western Asset Global High Fd was 8. The lowest was 3. And the median was 6.
The historical data trend for Western Asset Global High Fd'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.
Western Asset Global High Fd Annual Data | |||||||||||||||
Trend | May18 | May19 | May20 | May21 | May22 | May23 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | N/A | 3.00 | 8.00 | 4.00 | 8.00 |
Western Asset Global High Fd Semi-Annual Data | |||||||||||||
Nov17 | May18 | Nov18 | May19 | Nov19 | May20 | Nov20 | May21 | Nov21 | May22 | Nov22 | May23 | Nov23 | |
Piotroski F-Score | Get a 7-Day Free Trial | - | 4.00 | - | 8.00 | - |
For the Asset Management subindustry, Western Asset Global High Fd'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, Western Asset Global High Fd's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Western Asset Global High Fd'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 (May23) TTM: | Last Year (May22) TTM: |
Net Income was $-12.63 Mil. Cash Flow from Operations was $42.02 Mil. Revenue was $-11.96 Mil. Average Total Assets from the begining of this year (May22) to the end of this year (May23) was (295.578 + 240.914) / 2 = $268.246 Mil. Total Assets at the begining of this year (May22) was $295.58 Mil. Long-Term Debt & Capital Lease Obligation was $76.63 Mil. Total Assets was $240.91 Mil. Total Liabilities was $78.85 Mil. |
Net Income was $-30.74 Mil. Revenue was $-30.14 Mil. Average Total Assets from the begining of last year (May21) to the end of last year (May22) was (355.439 + 295.578) / 2 = $325.5085 Mil. Total Assets at the begining of last year (May21) was $355.44 Mil. Long-Term Debt & Capital Lease Obligation was $100.06 Mil. Total Assets was $295.58 Mil. Total Liabilities was $102.70 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.
Western Asset Global High Fd's current Net Income (TTM) was -12.63.
==> Negative ==> Score 0.
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.
Western Asset Global High Fd's current Cash Flow from Operations (TTM) was 42.02.
==> 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 (May22) |
= | -12.625 | / | 295.578 | |
= | -0.04271292 |
ROA (Last Year) | = | Net Income | / | Total Assets (May21) |
= | -30.738 | / | 355.439 | |
= | -0.08647897 |
Western Asset Global High Fd's return on assets of this year was -0.04271292. Western Asset Global High Fd's return on assets of last year was -0.08647897.
==> 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.
Western Asset Global High Fd's current Net Income (TTM) was -12.63. Western Asset Global High Fd's current Cash Flow from Operations (TTM) was 42.02.
==> 42.02 > -12.63 ==> 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: May23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from May22 to May23 |
= | 76.634 | / | 268.246 | |
= | 0.28568553 |
Gearing (Last Year: May22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from May21 to May22 |
= | 100.057 | / | 325.5085 | |
= | 0.30738675 |
Western Asset Global High Fd's gearing of this year was 0.28568553. Western Asset Global High Fd's gearing of last year was 0.30738675.
==> 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: May23) | = | Total Assets | / | Total Liabilities |
= | 240.914 | / | 78.845 | |
= | 3.05553935 |
Current Ratio (Last Year: May22) | = | Total Assets | / | Total Liabilities |
= | 295.578 | / | 102.703 | |
= | 2.87798798 |
Western Asset Global High Fd's current ratio of this year was 3.05553935. Western Asset Global High Fd's current ratio of last year was 2.87798798.
==> 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.
Western Asset Global High Fd's number of shares in issue this year was 22.544. Western Asset Global High Fd's number of shares in issue last year was 22.602.
==> 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.
* 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 |
= | -12.625 | / | -11.961 | |
= | 1.05551375 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -30.738 | / | -30.137 | |
= | 1.01994226 |
Western Asset Global High Fd's net margin of this year was 1.05551375. Western Asset Global High Fd's net margin of last year was 1.01994226.
==> This year's net 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 (May22) |
= | -11.961 | / | 295.578 | |
= | -0.04046648 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (May21) |
= | -30.137 | / | 355.439 | |
= | -0.08478811 |
Western Asset Global High Fd's asset turnover of this year was -0.04046648. Western Asset Global High Fd's asset turnover of last year was -0.08478811.
==> 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 |
= | 0 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Western Asset Global High Fd has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Western Asset Global High Fd (NYSE:EHI) 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 Western Asset Global High Fd's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Oliveira Marc De | officer: Secretary/Chief Legal Officer | C/O LEGG MASON & CO. LLC, ONE FIRST STAMFORD PLACE, STAMFORD CT 06902 |
Hoffmann Courtney A. | other: Secretary/GC Subadviser | WESTERN ASSET MANAGEMENT COMPANY, LLC, 385 EAST COLORADO BOULEVARD, PASADENA CA 91101 |
Andrew J. Bowden | other: COO/Subadviser | WESTERN ASSET MANAGEMENT COMPANY, LLC, 385 EAST COLORADO BOULEVARD, PASADENA CA 91101 |
Daniel P Cronin | director | 235 EAST 42ND ST, NEW YORK NY 10017 |
Brian Eakes | other: Manager/Investment Manager | 100 INTERNATIONAL DRIVE, BALTIMORE MD 21202 |
Laura F Fergerson | other: Manager/Investment Manager | 3310 QUALITY DRIVE, 2ND FLOOR, RANCHO CORDOVA CA 95670 |
George P. Hoyt | officer: Secretary and Ch Lgl Officer | C/O FRANKLIN TEMPLETON, 100 FIRST STAMFORD PLACE, STAMFORD CT 06902 |
Matthew Nicholls | other: Director of Sub-Adviser | ONE FRANKLIN PARKWAY, SAN MATEO CA 94403 |
Jed A. Plafker | other: Director of Sub-Adviser | ONE FRANKLIN PARKWAY, SAN MATEO CA 94403 |
Jennifer M Johnson | other: Director of Sub-Adviser | C/O FRANKLIN RESOURCES, INC., ONE FRANKLIN PARKWAY, SAN MATEO CA 94403-1906 |
Saba Capital Management, L.p. | 10 percent owner | 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174 |
Fred Steven Jensen | officer: Chief Compliance Officer | LEGG MASON, 620 EIGHTH AVENUE, 49TH FLOOR, NEW YORK NY 10018 |
William R Hutchinson | director | 535 N MICHIGAN STE 1012, CHICAGO IL 60611 |
Christopher Berarducci | officer: Treas/Principal Finan Officer | LEGG MASON, 620 EIGHTH AVENUE, NEW YORK NY 10018 |
Nisha Kumar | director | 1735 MARKET STREET, 32ND FLOOR, PHILADELPHIA PA 19103 |
From GuruFocus
By Business Wire Business Wire • 06-23-2020
By Business Wire Business Wire • 05-27-2020
By Business Wire Business Wire • 11-17-2020
By Business Wire Business Wire • 10-26-2020
By Business Wire Business Wire • 10-20-2021
By Business Wire Business Wire • 06-23-2020
By Business Wire Business Wire • 06-23-2020
By Business Wire Business Wire • 04-27-2022
By Business Wire Business Wire • 04-28-2020
By Business Wire Business Wire • 08-14-2020
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.