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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
Zayo Group Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Zayo Group Holdings's Piotroski F-Score or its related term are showing as below:
The historical data trend for Zayo Group Holdings'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.
Zayo Group Holdings Annual Data | |||||||||||||||||
Trend | Jun12 | Jun13 | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 6.00 | 6.00 | 6.00 | 6.00 |
Zayo Group Holdings Quarterly Data | ||||||||||||||||||||
Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 6.00 | 6.00 | 5.00 |
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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Net Income was 34.7 + 63 + 17.9 + 61.4 = $177 Mil. Cash Flow from Operations was 253.6 + 225.1 + 311.8 + 256.4 = $1,047 Mil. Revenue was 647.2 + 650.6 + 638.6 + 653.7 = $2,590 Mil. Gross Profit was 420.9 + 412 + 407.6 + 421.5 = $1,662 Mil. Average Total Assets from the begining of this year (Dec18) to the end of this year (Dec19) was (9137.4 + 9263.8 + 9334.6 + 9881.8 + 9961.2) / 5 = $9515.76 Mil. Total Assets at the begining of this year (Dec18) was $9,137 Mil. Long-Term Debt & Capital Lease Obligation was $6,247 Mil. Total Current Assets was $431 Mil. Total Current Liabilities was $791 Mil. |
Net Income was 23.5 + 42.9 + 22.1 + 30.2 = $119 Mil. Revenue was 649 + 657.3 + 641.1 + 639.1 = $2,587 Mil. Gross Profit was 414.1 + 418 + 412.7 + 417.1 = $1,662 Mil. Average Total Assets from the begining of last year (Dec17) to the end of last year (Dec18) was (8935.9 + 9241.5 + 9209.9 + 9314.9 + 9137.4) / 5 = $9167.92 Mil. Total Assets at the begining of last year (Dec17) was $8,936 Mil. Long-Term Debt & Capital Lease Obligation was $6,069 Mil. Total Current Assets was $480 Mil. Total Current Liabilities was $563 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.
Zayo Group Holdings's current Net Income (TTM) was 177.
==> 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.
Zayo Group Holdings's current Cash Flow from Operations (TTM) was 1,047.
==> 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 (Dec18) |
= | 177 | / | 9137.4 | |
= | 0.01937094 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec17) |
= | 118.7 | / | 8935.9 | |
= | 0.0132835 |
Zayo Group Holdings's return on assets of this year was 0.01937094. Zayo Group Holdings's return on assets of last year was 0.0132835.
==> 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.
Zayo Group Holdings's current Net Income (TTM) was 177. Zayo Group Holdings's current Cash Flow from Operations (TTM) was 1,047.
==> 1,047 > 177 ==> 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: Dec19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec18 to Dec19 |
= | 6247 | / | 9515.76 | |
= | 0.65648987 |
Gearing (Last Year: Dec18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec17 to Dec18 |
= | 6068.5 | / | 9167.92 | |
= | 0.66192768 |
Zayo Group Holdings's gearing of this year was 0.65648987. Zayo Group Holdings's gearing of last year was 0.66192768.
==> 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
Current Ratio (This Year: Dec19) | = | Total Current Assets | / | Total Current Liabilities |
= | 430.7 | / | 790.6 | |
= | 0.54477612 |
Current Ratio (Last Year: Dec18) | = | Total Current Assets | / | Total Current Liabilities |
= | 480 | / | 562.5 | |
= | 0.85333333 |
Zayo Group Holdings's current ratio of this year was 0.54477612. Zayo Group Holdings's current ratio of last year was 0.85333333.
==> 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.
Zayo Group Holdings's number of shares in issue this year was 239.5. Zayo Group Holdings's number of shares in issue last year was 238.8.
==> 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.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 1662 | / | 2590.1 | |
= | 0.64167407 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1661.9 | / | 2586.5 | |
= | 0.64252851 |
Zayo Group Holdings's gross margin of this year was 0.64167407. Zayo Group Holdings's gross margin of last year was 0.64252851.
==> Last year's gross 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 (Dec18) |
= | 2590.1 | / | 9137.4 | |
= | 0.28346138 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec17) |
= | 2586.5 | / | 8935.9 | |
= | 0.28945042 |
Zayo Group Holdings's asset turnover of this year was 0.28346138. Zayo Group Holdings's asset turnover of last year was 0.28945042.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Zayo Group Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Zayo Group Holdings (NYSE:ZAYO) 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 Zayo Group Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Scott William Drake | director | 9965 FEDERAL DRIVE, COLORADO SPRINGS CO 80921 |
Emily White | director | C/O LULULEMON ATHLETICA INC., 1818 CORNWALL AVENUE, VANCOUVER A1 V6J 1C7 |
Yancey L. Spruill | director | 1601 DRY CREEK DRIVE, SUITE 260, LONGMONT CO 80503 |
Steven N Kaplan | director | 1101 EAST 58TH STREET, CHICAGO IL 60637 |
Mary Catherine Morris | director | ARROW ELECTRONICS, INC., 9201 EAST DRY CREEK ROAD, CENTENNIAL CO 80112 |
Richard W. Connor | director | 1625 17TH STREET, DENVER CO 80202 |
Nina Richardson | director | C/O SILICON LABORATORIES, 400 W CESAR CHAVEZ, AUSTIN TX 78701 |
Charlesbank Capital Partners Llc | 10 percent owner | 600 ATLANTIC AVENUE, BOSTON MA 02210 |
Oak Investment Partners Xii L P | 10 percent owner | 901 MAIN AVENUE, SUITE 600, NORWALK CT 06851 |
Michael W. Choe | director | C/O CHARLESBANK CAPITAL PARTNERS, 200 CLARENDON STREET, 54TH FLOOR, BOSTON MA 02109 |
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