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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
Spanish Broadcasting System 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 Spanish Broadcasting System's Piotroski F-Score or its related term are showing as below:
The historical data trend for Spanish Broadcasting System'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.
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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Net Income was -10.168 + -4.458 + 3.837 + -9.278 = $-20.1 Mil. Cash Flow from Operations was 1.911 + -3.297 + -7.664 + 6.313 = $-2.7 Mil. Revenue was 15.528 + 29.954 + 40.182 + 24.643 = $110.3 Mil. Gross Profit was 15.528 + 29.954 + 40.182 + 24.643 = $110.3 Mil. Average Total Assets from the begining of this year (Mar20) to the end of this year (Mar21) was (453.361 + 444.598 + 446.354 + 451.219 + 426.086) / 5 = $444.3236 Mil. Total Assets at the begining of this year (Mar20) was $453.4 Mil. Long-Term Debt & Capital Lease Obligation was $321.6 Mil. Total Current Assets was $53.1 Mil. Total Current Liabilities was $25.9 Mil. |
Net Income was -1.769 + -0.345 + 5.118 + -14.33 = $-11.3 Mil. Revenue was 36.931 + 36.261 + 46.118 + 36.275 = $155.6 Mil. Gross Profit was 36.931 + 36.261 + 46.118 + 36.275 = $155.6 Mil. Average Total Assets from the begining of last year (Mar19) to the end of last year (Mar20) was (455.098 + 454.099 + 455.176 + 469.044 + 453.361) / 5 = $457.3556 Mil. Total Assets at the begining of last year (Mar19) was $455.1 Mil. Long-Term Debt & Capital Lease Obligation was $17.4 Mil. Total Current Assets was $78.9 Mil. Total Current Liabilities was $461.1 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.
Spanish Broadcasting System's current Net Income (TTM) was -20.1.
==> 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.
Spanish Broadcasting System's current Cash Flow from Operations (TTM) was -2.7.
==> 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 (Mar20) |
= | -20.067 | / | 453.361 | |
= | -0.04426274 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar19) |
= | -11.326 | / | 455.098 | |
= | -0.02488695 |
Spanish Broadcasting System's return on assets of this year was -0.04426274. Spanish Broadcasting System's return on assets of last year was -0.02488695.
==> 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.
Spanish Broadcasting System's current Net Income (TTM) was -20.1. Spanish Broadcasting System's current Cash Flow from Operations (TTM) was -2.7.
==> -2.7 > -20.1 ==> 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: Mar21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar20 to Mar21 |
= | 321.55 | / | 444.3236 | |
= | 0.72368427 |
Gearing (Last Year: Mar20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar19 to Mar20 |
= | 17.35 | / | 457.3556 | |
= | 0.03793547 |
Spanish Broadcasting System's gearing of this year was 0.72368427. Spanish Broadcasting System's gearing of last year was 0.03793547.
==> 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
Current Ratio (This Year: Mar21) | = | Total Current Assets | / | Total Current Liabilities |
= | 53.138 | / | 25.883 | |
= | 2.05300777 |
Current Ratio (Last Year: Mar20) | = | Total Current Assets | / | Total Current Liabilities |
= | 78.927 | / | 461.125 | |
= | 0.17116183 |
Spanish Broadcasting System's current ratio of this year was 2.05300777. Spanish Broadcasting System's current ratio of last year was 0.17116183.
==> This year's current ratio is higher. ==> Score 1.
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.
Spanish Broadcasting System's number of shares in issue this year was 7.342. Spanish Broadcasting System's number of shares in issue last year was 7.342.
==> 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 |
= | 110.307 | / | 110.307 | |
= | 1 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 155.585 | / | 155.585 | |
= | 1 |
Spanish Broadcasting System's gross margin of this year was 1. Spanish Broadcasting System's gross margin of last year was 1.
==> 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 (Mar20) |
= | 110.307 | / | 453.361 | |
= | 0.24330942 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar19) |
= | 155.585 | / | 455.098 | |
= | 0.34187142 |
Spanish Broadcasting System's asset turnover of this year was 0.24330942. Spanish Broadcasting System's asset turnover of last year was 0.34187142.
==> 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 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Spanish Broadcasting System has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Spanish Broadcasting System (OTCPK:SBSAA) 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 Spanish Broadcasting System's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jose I. Molina | officer: Chief Financial Officer | C/O 7007 NW 77TH AVENUE MIAMI FL 33166 |
Richard D. Lara | officer: See Remarks | 7007 NW 77TH AVENUE MIAMI FL 33166 |
Raul Alarcon | director, 10 percent owner, officer: Chairman, CEO & President | 7007 N.W. 77TH AVENUE MIAMI FL 33166 |
Jason L Shrinsk | director | |
Joseph A Garcia | director, officer: CFO, SR. EVP | 3191 CORAL WAY MIAMI FL 33145 |
Jose Antonio Villamil | director | 2601 SOUTH BAYSHORE DRIVE, PH II, COCONUT GROVE FL 33133 |
A. Yelen Mitchell | director | C/O SPANISH BROADCASTING SYSTEM, INC., 2601 S. BAYSHORE DR. PH2 COCONUT GROVE FL 33133 |
Manuel E. Machado | director | C/O SPANISH BROADCASTING SYSTEM, INC. 2601 S. BAYSHORE DRIVE, PHII COCONUT GROVE FL 33133 |
Alberto Rodriguez | officer: Chief Revenue Officer of SBS | C/O 2601 S. BAYSHORE DRIVE PHII COCONUT GROVE FL 33133 |
Melanie Montenegro | other: EVP & General Counsel | C/O SPANISH BROADCASTING SYSTEM, INC. 2601 S. BAYSHORE DRIVE, PHII FL 33133 |
Marko Radlovic | officer: Chief Revenue Officer | |
Antonio S Fernandez | director | 2601 S BAYSHORE DRIVE MIAMI FL 33133 |
Frank Flores | officer: Chief Revenue Officer | C/O SPANISH BROADCASTING SYSTEM, INC. PH II COCONUT GROVE FL 33133 |
Cynthia Hudson-fernandez | officer: Chief Creative Officer & EVP | C/O SPANISH BROADCASTING SYSTEM, INC. 2601 S. BAYSHORE DRIVE, PH II COCONUT GROVE FL 33133 |
Dan Mason | director | C/O SPANISH BROADCASTING SYSTEM INC 2801 SOUTH BAYSHORE DR PENTHOUSE #2 COCONUT GROVE FL 33133 |
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