Market Cap : 1.22 B | Enterprise Value : 1.22 B | PE Ratio : 6.40 | PB Ratio : 0.79 |
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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
Virtus Dividend, Interest & Premium Strategy Fund has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Virtus Dividend, Interest & Premium Strategy Fund's Piotroski F-Score or its related term are showing as below:
During the past 5 years, the highest Piotroski F-Score of Virtus Dividend, Interest & Premium Strategy Fund was 5. The lowest was 4. And the median was 4.
The historical data trend for Virtus Dividend, Interest & Premium Strategy Fund'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.
For the Asset Management subindustry, Virtus Dividend, Interest & Premium Strategy Fund'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, Virtus Dividend, Interest & Premium Strategy Fund's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Virtus Dividend, Interest & Premium Strategy Fund'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 (Jan22) TTM: | Last Year (Jan21) TTM: |
Net Income was $192.0 Mil. Cash Flow from Operations was $0.0 Mil. Revenue was $193.1 Mil. Average Total Assets from the begining of this year (Jan21) to the end of this year (Jan22) was (1446.048 + 1582.146) / 2 = $1514.097 Mil. Total Assets at the begining of this year (Jan21) was $1,446.0 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Assets was $1,582.1 Mil. Total Liabilities was $33.8 Mil. |
Net Income was $167.2 Mil. Revenue was $168.0 Mil. Average Total Assets from the begining of last year (Jan20) to the end of last year (Jan21) was (1394.19 + 1446.048) / 2 = $1420.119 Mil. Total Assets at the begining of last year (Jan20) was $1,394.2 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Assets was $1,446.0 Mil. Total Liabilities was $4.4 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.
Virtus Dividend, Interest & Premium Strategy Fund's current Net Income (TTM) was 192.0.
==> 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.
Virtus Dividend, Interest & Premium Strategy Fund's current Cash Flow from Operations (TTM) was 0.0.
==> Negative ==> Score 0.
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 (Jan21) |
= | 192.027 | / | 1446.048 | |
= | 0.13279435 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jan20) |
= | 167.172 | / | 1394.19 | |
= | 0.11990618 |
Virtus Dividend, Interest & Premium Strategy Fund's return on assets of this year was 0.13279435. Virtus Dividend, Interest & Premium Strategy Fund's return on assets of last year was 0.11990618.
==> 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.
Virtus Dividend, Interest & Premium Strategy Fund's current Net Income (TTM) was 192.0. Virtus Dividend, Interest & Premium Strategy Fund's current Cash Flow from Operations (TTM) was 0.0.
==> 0.0 <= 192.0 ==> CFROA <= ROA ==> Score 0.
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: Jan22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jan21 to Jan22 |
= | 0 | / | 1514.097 | |
= | 0 |
Gearing (Last Year: Jan21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jan20 to Jan21 |
= | 0 | / | 1420.119 | |
= | 0 |
Virtus Dividend, Interest & Premium Strategy Fund's gearing of this year was 0. Virtus Dividend, Interest & Premium Strategy Fund's gearing of last year was 0.
==> 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: Jan22) | = | Total Assets | / | Total Liabilities |
= | 1582.146 | / | 33.774 | |
= | 46.84508794 |
Current Ratio (Last Year: Jan21) | = | Total Assets | / | Total Liabilities |
= | 1446.048 | / | 4.382 | |
= | 329.99726152 |
Virtus Dividend, Interest & Premium Strategy Fund's current ratio of this year was 46.84508794. Virtus Dividend, Interest & Premium Strategy Fund's current ratio of last year was 329.99726152.
==> 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.
Virtus Dividend, Interest & Premium Strategy Fund's number of shares in issue this year was 95.063. Virtus Dividend, Interest & Premium Strategy Fund's number of shares in issue last year was 94.447.
==> 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.
* 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 |
= | 192.027 | / | 193.084 | |
= | 0.9945257 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 167.172 | / | 168.009 | |
= | 0.99501812 |
Virtus Dividend, Interest & Premium Strategy Fund's net margin of this year was 0.9945257. Virtus Dividend, Interest & Premium Strategy Fund's net margin of last year was 0.99501812.
==> 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
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Jan21) |
= | 193.084 | / | 1446.048 | |
= | 0.1335253 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jan20) |
= | 168.009 | / | 1394.19 | |
= | 0.12050653 |
Virtus Dividend, Interest & Premium Strategy Fund's asset turnover of this year was 0.1335253. Virtus Dividend, Interest & Premium Strategy Fund's asset turnover of last year was 0.12050653.
==> 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 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Virtus Dividend, Interest & Premium Strategy Fund has an F-score of 4 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.
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 Virtus Dividend, Interest & Premium Strategy Fund's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mowrey John R. | other: Portfolio Manager | 1633 BROADWAY NEW YORK NY 10019 |
Oliver Thomas W Jr | other: Affiliated Person | 2121 SAN JACINTO DRIVE DALLAS TX 75201 |
Pushpaharan Gem | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Viggiano John | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Cogan Sarah E | director | 1633 BROADWAY NEW YORK NY 10019 |
Macleod James S | director | 250 E KILBOURN AVE MILWAUKEE WI 53202 |
Parker Jeffrey D | other: See Remarks | 1345 AVENUE OF THE AMERICAS NEW YORK NY 10105 |
Holt Erick | director | 1633 BROADWAY NEW YORK NY 10019 |
Ruckman Craig | officer: Assistant Secretary | 1633 BROADWAY NEW YORK NY 10019 |
Rappaport Alan | director | C/O PIMCO 650 NEWPORT CENTER DRIVE NEWPORT BEACH CA 92660 |
Magnuson Paul A | other: Portfolio Manager | 2121 SAN JACINTO, SUITE 1840 DALLAS TX 75201 |
Mildner Heiko | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Thompson Kathleen C. | other: Affiliated Person | 1633 BROADWAY NEW YORK NY 10019 |
Fischer Ben J | other: Portfolio Manager | 1633 BROADWAY NEW YORK NY 10019 |
Grau William | other: SEE REMARKS | C/O ALLIANZ GLOBAL INVESTORS U.S. LLC 1633 BROADWAY NEW YORK NY 10019 |
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By Seekingalpha 2020-05-01