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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
Bristow Group Old has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Bristow Group Old's Piotroski F-Score or its related term are showing as below:
The historical data trend for Bristow Group Old'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.
Bristow Group Old Annual Data | |||||||||||||||||||||
Trend | Mar10 | Mar11 | Mar12 | Mar13 | Mar14 | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 4.00 | 2.00 | 4.00 | 2.00 |
Bristow Group Old Quarterly Data | ||||||||||||||||||||
Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 3.00 | 2.00 | 2.00 | 2.00 |
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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Net Income was -85.944 + -74.605 + -169.246 + -162.974 = $-493 Mil. Cash Flow from Operations was -42 + -40.535 + -36.762 + -20.403 = $-140 Mil. Revenue was 331.329 + 319.782 + 333.176 + 318.22 = $1,303 Mil. Gross Profit was 24.813 + 11.966 + 27.944 + 37.422 = $102 Mil. Average Total Assets from the begining of this year (Sep18) to the end of this year (Sep19) was (2860.804 + 2731.744 + 2652.599 + 2767.955 + 2792.575) / 5 = $2761.1354 Mil. Total Assets at the begining of this year (Sep18) was $2,861 Mil. Long-Term Debt & Capital Lease Obligation was $327 Mil. Total Current Assets was $578 Mil. Total Current Liabilities was $1,273 Mil. |
Net Income was -8.273 + -99.927 + -31.864 + -143.947 = $-284 Mil. Revenue was 360.735 + 347.455 + 366.668 + 349.343 = $1,424 Mil. Gross Profit was 42.434 + 19.48 + 39.772 + 26.443 = $128 Mil. Average Total Assets from the begining of last year (Sep17) to the end of last year (Sep18) was (3088.523 + 2967.157 + 3170.359 + 3047.798 + 2860.804) / 5 = $3026.9282 Mil. Total Assets at the begining of last year (Sep17) was $3,089 Mil. Long-Term Debt & Capital Lease Obligation was $1,399 Mil. Total Current Assets was $728 Mil. Total Current Liabilities was $329 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.
Bristow Group Old's current Net Income (TTM) was -493.
==> Negative ==> Score 0.
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.
Bristow Group Old's current Cash Flow from Operations (TTM) was -140.
==> 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 (Sep18) |
= | -492.769 | / | 2860.804 | |
= | -0.17224843 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep17) |
= | -284.011 | / | 3088.523 | |
= | -0.0919569 |
Bristow Group Old's return on assets of this year was -0.17224843. Bristow Group Old's return on assets of last year was -0.0919569.
==> Last year is higher ==> Score 0.
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.
Bristow Group Old's current Net Income (TTM) was -493. Bristow Group Old's current Cash Flow from Operations (TTM) was -140.
==> -140 > -493 ==> 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: Sep19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep18 to Sep19 |
= | 327.01 | / | 2761.1354 | |
= | 0.11843316 |
Gearing (Last Year: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep17 to Sep18 |
= | 1398.911 | / | 3026.9282 | |
= | 0.46215533 |
Bristow Group Old's gearing of this year was 0.11843316. Bristow Group Old's gearing of last year was 0.46215533.
==> 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: Sep19) | = | Total Current Assets | / | Total Current Liabilities |
= | 577.647 | / | 1273.063 | |
= | 0.45374581 |
Current Ratio (Last Year: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
= | 728.097 | / | 329.217 | |
= | 2.21160207 |
Bristow Group Old's current ratio of this year was 0.45374581. Bristow Group Old's current ratio of last year was 2.21160207.
==> 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.
Bristow Group Old's number of shares in issue this year was 0. Bristow Group Old's number of shares in issue last year was 35.768.
==> 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.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 102.145 | / | 1302.507 | |
= | 0.07842184 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 128.129 | / | 1424.201 | |
= | 0.08996553 |
Bristow Group Old's gross margin of this year was 0.07842184. Bristow Group Old's gross margin of last year was 0.08996553.
==> 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 (Sep18) |
= | 1302.507 | / | 2860.804 | |
= | 0.45529404 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep17) |
= | 1424.201 | / | 3088.523 | |
= | 0.46112689 |
Bristow Group Old's asset turnover of this year was 0.45529404. Bristow Group Old's asset turnover of last year was 0.46112689.
==> 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 |
= | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Bristow Group Old has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Bristow Group Old (OTCPK:BRSWQ) 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 Bristow Group Old's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
George Mark Mickelson | director | 101 N. MAIN AVENUE, STE. 321, SIOUX FALLS SD 57104 |
Wesley E. Kern | director | 5004 GREGORY PLACE, WEST LAKE HILLS TX 78746 |
Lorin L. Brass | director | 46652 278TH ST., LENNOX SD 57039 |
Brian D. Truelove | director | HESS CORPORATION, 1185 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Robert Manzo | director | PARK 80 W PLZ 2, SADDLE BROOK NJ 07663 |
Alan Corbett | officer: Senior Vice President, EAMEA | UNIT 1, DYCE AVENUE, ABERDEEN X0 AB21 0LQ |
Christopher Gillette | officer: Chief Accounting Officer | 20215 EVERGREEN SPRINGS LANE, SPRING TX 77379 |
L. Don Miller | officer: President and CEO | 2000 WEST SAM HOUSTON PARKWAY S., SUITE 1700, HOUSTON TX 77042 |
Thomas C Knudson | director | P.O. BOX 5-C, LAFAYETTE LA 70505 |
South Dakota Investment Council | 10 percent owner | 4009 W. 49TH STREET, SUITE 300, SIOUX FALLS SD 57106 |
Aris Kekedjian | director | 655 THIRD AVENUE, 8TH FLOOR, 10017 NY 10017 |
Thomas N Amonett | director | C/O HERCULES OFFSHORE, INC., 11 GREENWAY PLAZA, SUITE 2950, HOUSTON TX 77046 |
Lori Gobillot | director | 5103 CITY WEST BLVD., 4TH FLOOR, HOUSTON TX 77042 |
Biggs C Porter | director | TXU CORP.,, 1601 BRYAN STREET, DALLAS TX 75201 |
Andrew William Higgins | director | C/O CIRCOR INTERNATIONAL, INC., 25 CORPORATE DRIVE, BURLINGTON MA 01803 |
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