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Spark Infrastructure Group Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Spark Infrastructure Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

OTCPK:SFDPF' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 7

3
7

During the past 13 years, the highest Piotroski F-Score of Spark Infrastructure Group was 7. The lowest was 3. And the median was 5.


Spark Infrastructure Group Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Spark Infrastructure Group Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 4.00 4.00 7.00

Spark Infrastructure Group Semi-Annual Data
Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 0.00 4.00 0.00 7.00

Competitive Comparison
* 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.


Spark Infrastructure Group Piotroski F-Score Distribution

* The bar in red indicates where Spark Infrastructure Group's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Dec20) TTM:Last Year (Dec19) TTM:
Net Income was $79.07 Mil.
Cash Flow from Operations was $144.95 Mil.
Revenue was $5.30 Mil.
Gross Profit was $5.30 Mil.
Average Total Assets from the begining of this year (Dec19)
to the end of this year (Dec20) was (2123.291322314 + 2297.8237951807) / 2 = $2210.5575587474 Mil.
Total Assets at the begining of this year (Dec19) was $2,123.29 Mil.
Long-Term Debt & Capital Lease Obligation was $826.77 Mil.
Total Current Assets was $70.11 Mil.
Total Current Liabilities was $109.77 Mil.
Net Income was $54.50 Mil.

Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Average Total Assets from the begining of last year (Dec18)
to the end of last year (Dec19) was (2302.7304659498 + 2123.291322314) / 2 = $2213.0108941319 Mil.
Total Assets at the begining of last year (Dec18) was $2,302.73 Mil.
Long-Term Debt & Capital Lease Obligation was $738.76 Mil.
Total Current Assets was $34.03 Mil.
Total Current Liabilities was $121.54 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.

Spark Infrastructure Group's current Net Income (TTM) was 79.07. ==> 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.

Spark Infrastructure Group's current Cash Flow from Operations (TTM) was 144.95. ==> 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 (Dec19)
=79.068524096386/2123.291322314
=0.03723866

ROA (Last Year)=Net Income/Total Assets (Dec18)
=54.502754820937/2302.7304659498
=0.02366875

Spark Infrastructure Group's return on assets of this year was 0.03723866. Spark Infrastructure Group's return on assets of last year was 0.02366875. ==> 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.

Spark Infrastructure Group's current Net Income (TTM) was 79.07. Spark Infrastructure Group's current Cash Flow from Operations (TTM) was 144.95. ==> 144.95 > 79.07 ==> 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: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=826.77409638554/2210.5575587474
=0.37401157

Gearing (Last Year: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=738.75619834711/2213.0108941319
=0.33382402

Spark Infrastructure Group's gearing of this year was 0.37401157. Spark Infrastructure Group's gearing of last year was 0.33382402. ==> 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: Dec20)=Total Current Assets/Total Current Liabilities
=70.112198795181/109.7688253012
=0.63872596

Current Ratio (Last Year: Dec19)=Total Current Assets/Total Current Liabilities
=34.026859504132/121.53787878788
=0.27996917

Spark Infrastructure Group's current ratio of this year was 0.63872596. Spark Infrastructure Group's current ratio of last year was 0.27996917. ==> 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.

Spark Infrastructure Group's number of shares in issue this year was 1721.992. Spark Infrastructure Group's number of shares in issue last year was 1687.085. ==> 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
=5.3049698795181/5.3049698795181
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0/0
=

Spark Infrastructure Group's gross margin of this year was 1. Spark Infrastructure Group's gross margin of last year was . ==> This year's gross margin is higher. ==> Score 1.

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 (Dec19)
=5.3049698795181/2123.291322314
=0.00249847

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec18)
=0/2302.7304659498
=0

Spark Infrastructure Group's asset turnover of this year was 0.00249847. Spark Infrastructure Group's asset turnover of last year was 0. ==> 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+0+1+0+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Spark Infrastructure Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Spark Infrastructure Group  (OTCPK:SFDPF) 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.


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