* 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.
* 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 (Mar17) TTM:
Last Year (Mar16) TTM:
Net Income was 83.914 + 133.721 + 23.801 + 19.428 = $261 Mil. Cash Flow from Operations was 64.901 + 24.87 + 356.105 + -143.3 = $303 Mil. Revenue was 641.021 + 685.148 + 614.892 + 597.653 = $2,539 Mil.
Average Total Assets from the begining of this year (Mar16)
to the end of this year (Mar17) was
(14282.186 + 14831.667 + 14830.433 + 14122.861 + 15383.182) / 5 = $14690.0658 Mil. Total Assets at the begining of this year (Mar16) was $14,282 Mil. Long-Term Debt & Capital Lease Obligation was $705 Mil. Total Assets was $15,383 Mil. Total Liabilities was $10,187 Mil.
Net Income was 84.206 + 51.823 + 99.587 + 115.581 = $351 Mil.
Revenue was 501.032 + 578.754 + 566.078 + 575.092 = $2,221 Mil.
Average Total Assets from the begining of last year (Mar15)
to the end of last year (Mar16) was
(10380.144 + 10715.281 + 14028.835 + 13241.525 + 14282.186) / 5 = $12529.5942 Mil. Total Assets at the begining of last year (Mar15) was $10,380 Mil. Long-Term Debt & Capital Lease Obligation was $704 Mil. Total Assets was $14,282 Mil. Total Liabilities was $9,041 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.
Endurance Specialty Holdings's current Net Income (TTM) was 261.
==> 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.
Endurance Specialty Holdings's current Cash Flow from Operations (TTM) was 303.
==> 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.
Endurance Specialty Holdings's return on assets of this year was 0.01826499. Endurance Specialty Holdings's return on assets of last year was 0.03383354.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Endurance Specialty Holdings's gearing of this year was 0.04802136. Endurance Specialty Holdings's gearing of last year was 0.0561865.
==> 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.
Endurance Specialty Holdings's current ratio of this year was 1.51010891. Endurance Specialty Holdings's current ratio of last year was 1.57978822.
==> 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.
Endurance Specialty Holdings's number of shares in issue this year was 0. Endurance Specialty Holdings's number of shares in issue last year was 65.697.
==> 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.
Endurance Specialty Holdings's net margin of this year was 0.10275439. Endurance Specialty Holdings's net margin of last year was 0.15812875.
==> Last year's net 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
Endurance Specialty Holdings's asset turnover of this year was 0.17775388. Endurance Specialty Holdings's asset turnover of last year was 0.21396196.
==> Last year's asset turnover is higher ==> Score 0.
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
+
1
+
0
+
1
+
0
+
0
=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Endurance Specialty Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
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.
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.
Endurance Specialty Holdings Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Endurance Specialty Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Endurance Specialty Holdings (Endurance Specialty Holdings) Business Description
Endurance Specialty Holdings is a property and casualty insurance holding company that underwrites its products on a global basis. Operations are organized into two business segments: insurance and reinsurance. Endurance generates the vast majority of its revenue from the insurance segment, where most of its revenue is derived from its agriculture insurance line. The reinsurance segment derives most of its revenue through its catastrophe insurance line. The company's key strategies include an emphasis on profitability, deep client relationships, risk management, and proactively managing its capital base.
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