* 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.
Competitive Comparison of Flaherty & Crumrine Prfdome Oppo's Piotroski F-Score
For the Asset Management subindustry, Flaherty & Crumrine Prfdome Oppo'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.
Flaherty & Crumrine Prfdome Oppo's Piotroski F-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Flaherty & Crumrine Prfdome Oppo's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Flaherty & Crumrine Prfdome Oppo'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.
*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.
Flaherty & Crumrine Prfdome Oppo's current Net Income (TTM) was 1.58.
==> 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.
Flaherty & Crumrine Prfdome Oppo's current Cash Flow from Operations (TTM) was 7.63.
==> 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.
Flaherty & Crumrine Prfdome Oppo's return on assets of this year was 0.00774123. Flaherty & Crumrine Prfdome Oppo's return on assets of last year was -0.10286452.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Flaherty & Crumrine Prfdome Oppo's gearing of this year was 0.40072887. Flaherty & Crumrine Prfdome Oppo's gearing of last year was 0.3648685.
==> 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
* 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.
Flaherty & Crumrine Prfdome Oppo's current ratio of this year was 2.43832363. Flaherty & Crumrine Prfdome Oppo's current ratio of last year was 2.5142836.
==> 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.
Flaherty & Crumrine Prfdome Oppo's number of shares in issue this year was 13.164. Flaherty & Crumrine Prfdome Oppo's number of shares in issue last year was 13.075.
==> 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.
Flaherty & Crumrine Prfdome Oppo's net margin of this year was 0.71460877. Flaherty & Crumrine Prfdome Oppo's net margin of last year was 1.02735294.
==> 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
Flaherty & Crumrine Prfdome Oppo's asset turnover of this year was 0.01083282. Flaherty & Crumrine Prfdome Oppo's asset turnover of last year was -0.10012579.
==> 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
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0
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0
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0
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0
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1
=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Flaherty & Crumrine Prfdome Oppo 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.
Flaherty & Crumrine Prfdome Oppo Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Flaherty & Crumrine Prfdome Oppo's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Flaherty & Crumrine Prfd Income Oppo is the United States-based diversified, closed-end investment company. Its primary investment objective is to produce high current income consistent with the preservation of capital. The fund invests primarily in a diversified portfolio of preferred securities which includes traditional preferred stocks eligible for the inter-corporate dividends received a deduction and fully taxable preferred securities.
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