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Western Asset Global High Fd Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, 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

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:

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

3
8

During the past 4 years, the highest Piotroski F-Score of Western Asset Global High Fd was 8. The lowest was 3. And the median was 6.


Western Asset Global High Fd Piotroski F-Score Historical Data

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.

* Premium members only.

Western Asset Global High Fd Annual Data
Trend May18 May19 May20 May21
Piotroski F-Score
N/A N/A 3.00 8.00

Western Asset Global High Fd Semi-Annual Data
Nov17 May18 Nov18 May19 Nov19 May20 Nov20 May21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only N/A - 3.00 - 8.00

Competitive Comparison

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.

   

Western Asset Global High Fd Piotroski F-Score Distribution

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 (May21) TTM:Last Year (May20) TTM:
Net Income was $59.64 Mil.
Cash Flow from Operations was $328.19 Mil.
Revenue was $60.25 Mil.
Average Total Assets from the begining of this year (May20)
to the end of this year (May21) was (628.177 + 355.439) / 2 = $491.808 Mil.
Total Assets at the begining of this year (May20) was $628.18 Mil.
Long-Term Debt & Capital Lease Obligation was $85.50 Mil.
Total Assets was $355.44 Mil.
Total Liabilities was $113.58 Mil.
Net Income was $-1.29 Mil.

Revenue was $0.47 Mil.
Average Total Assets from the begining of last year (May19)
to the end of last year (May20) was (673.765 + 628.177) / 2 = $650.971 Mil.
Total Assets at the begining of last year (May19) was $673.77 Mil.
Long-Term Debt & Capital Lease Obligation was $158.00 Mil.
Total Assets was $628.18 Mil.
Total Liabilities was $200.66 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 59.64. ==> 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.

Western Asset Global High Fd's current Cash Flow from Operations (TTM) was 328.19. ==> 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 (May20)
=59.643/628.177
=0.09494617

ROA (Last Year)=Net Income/Total Assets (May19)
=-1.286/673.765
=-0.00190868

Western Asset Global High Fd's return on assets of this year was 0.09494617. Western Asset Global High Fd's return on assets of last year was -0.00190868. ==> 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 59.64. Western Asset Global High Fd's current Cash Flow from Operations (TTM) was 328.19. ==> 328.19 > 59.64 ==> 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: May21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May20 to May21
=85.5/491.808
=0.17384833

Gearing (Last Year: May20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May19 to May20
=158/650.971
=0.24271435

Western Asset Global High Fd's gearing of this year was 0.17384833. Western Asset Global High Fd's gearing of last year was 0.24271435. ==> 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: May21)=Total Assets/Total Liabilities
=355.439/113.576
=3.1295256

Current Ratio (Last Year: May20)=Total Assets/Total Liabilities
=628.177/200.659
=3.13056977

Western Asset Global High Fd's current ratio of this year was 3.1295256. Western Asset Global High Fd's current ratio of last year was 3.13056977. ==> 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.

Western Asset Global High Fd's number of shares in issue this year was 22.697. Western Asset Global High Fd's number of shares in issue last year was 43.867. ==> 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
=59.643/60.246
=0.98999104

Net Margin (Last Year: TTM)=Net Income/Revenue
=-1.286/0.467
=-2.75374732

Western Asset Global High Fd's net margin of this year was 0.98999104. Western Asset Global High Fd's net margin of last year was -2.75374732. ==> 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 (May20)
=60.246/628.177
=0.09590609

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May19)
=0.467/673.765
=0.00069312

Western Asset Global High Fd's asset turnover of this year was 0.09590609. Western Asset Global High Fd's asset turnover of last year was 0.00069312. ==> 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+1+0+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.


Western Asset Global High Fd Piotroski F-Score Related Terms

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Western Asset Global High Fd Business Description

Western Asset Global High Fd logo
Industry
Financial Services » Asset Management NAICS : 523930 SIC : 6282
Traded in Other Exchanges
N/A
Address
620 Eighth Avenue, 49th Floor, New York, NY, USA, 10018
Western Asset Global High Inc Fd Inc is a non-diversified, closed-end management investment company. Its investment objective is high current income and total return by investing in a global portfolio of securities. The fund invests in various sectors such as Consumer Discretionary, Energy, Healthcare, Industrials, materials, and others.
Executives
Fergerson Laura F other: Manager/Investment Manager 3310 QUALITY DRIVE 2ND FLOOR RANCHO CORDOVA CA 95670
Eakes Brian other: Manager/Investment Manager 100 INTERNATIONAL DRIVE BALTIMORE MD 21202
Hoyt George P. officer: Secretary and Ch Lgl Officer C/O FRANKLIN TEMPLETON 100 FIRST STAMFORD PLACE STAMFORD CT 06902
Nicholls Matthew other: Director of Sub-Adviser ONE FRANKLIN PARKWAY SAN MATEO CA 94403
Bolt Jennifer J other: Director of Sub-Adviser C/O FRANKLIN RESOURCES, INC. ONE FRANKLIN PARKWAY SAN MATEO CA 94403-1906
Plafker Jed A. other: Director of Sub-Adviser ONE FRANKLIN PARKWAY SAN MATEO CA 94403
Saba Capital Management, L.p. 10 percent owner 405 LEXINGTON AVENUE 58TH FLOOR NEW YORK NY 10174
Weinstein Boaz 10 percent owner 405 LEXINGTON AVENUE 58TH FLOOR NEW YORK NY 10174
Jensen Fred Steven officer: Chief Compliance Officer LEGG MASON 620 EIGHTH AVENUE, 49TH FLOOR NEW YORK NY 10018
Cronin Daniel P director 235 EAST 42ND ST NEW YORK NY 10017
Hutchinson William R director 535 N MICHIGAN STE 1012 CHICAGO IL 60611
Berarducci Christopher officer: Treas/Principal Finan Officer LEGG MASON 620 EIGHTH AVENUE NEW YORK NY 10018
Kumar Nisha director 1735 MARKET STREET 32ND FLOOR PHILADELPHIA PA 19103
Berg Jennifer S officer: Treasurer 100 INTERNATIONAL DRIVE 7TH FLOOR BALTIMORE MD 21202
Kuehl Todd F officer: Chief Compliance Officer 1555 PEACHTREE STREET NE ATLANTA 2Q 30309

Western Asset Global High Fd Headlines

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