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Super Micro Computer Inc  (OTCPK:SMCI) Piotroski F-Score: 0 (As of Today)

The zones of discrimination were as such:

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

Super Micro Computer Inc has an F-score of 3. It is a bad or low score, which usually implies poor business operation.


Super Micro Computer Inc  (OTCPK:SMCI) 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.

Super Micro Computer Inc Annual Data

Jun08 Jun09 Jun10 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 6.00 6.00 4.00 3.00

Super Micro Computer Inc Quarterly Data

Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17
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 5.00 2.00 2.00 3.00

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 (Jun17) TTM:Last Year (Jun16) TTM:
Net Income was 15.373 + 22.876 + 15.35 + 13.255 = $67 Mil.
Cash Flow from Operations was -10.841 + -44.36 + -35.286 + -5.701 = $-96 Mil.
Revenue was 528.763 + 663.2 + 614.798 + 678.168 = $2,485 Mil.
Gross Profit was 82.552 + 96.136 + 85.337 + 85.933 = $350 Mil.
Average Total Assets from the begining of this year (Jun16)
to the end of this year (Jun17) was
(1191.483 + 1220.581 + 1349.856 + 1404.456 + 1515.13) / 5 = $1336.3012 Mil.
Total Assets at the begining of this year (Jun16) was $1,191 Mil.
Long-Term Debt & Capital Lease Obligation was $93 Mil.
Total Current Assets was $1,261 Mil.
Total Current Liabilities was $673 Mil.
Net Income was 17.351 + 33.204 + 16.046 + 5.48 = $72 Mil.

Revenue was 539.104 + 641.235 + 513.468 + 531.215 = $2,225 Mil.
Gross Profit was 77.475 + 103.187 + 78.983 + 70.856 = $331 Mil.
Average Net Income from the begining of last year (Jun15)
to the end of last year (Jun16) was
(1089.809 + 1081.987 + 1192.638 + 1181.113 + 1191.483) / 5 = $1147.406 Mil.
Total Assets at the begining of last year (Jun15) was $1,090 Mil.
Long-Term Debt & Capital Lease Obligation was $40 Mil.
Total Current Assets was $954 Mil.
Total Current Liabilities was $410 Mil.

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.

Super Micro Computer Inc's current Net Income (TTM) was 67. ==> 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.

Super Micro Computer Inc's current Cash Flow from Operations (TTM) was -96. ==> 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(Jun16)
=66.854/1191.483
=0.05610991

ROA (Last Year)=Net Income/Total Assets(Jun15)
=72.081/1089.809
=0.06614095

Super Micro Computer Inc's return on assets of this year was 0.05610991. Super Micro Computer Inc's return on assets of last year was 0.06614095. ==> 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.

Super Micro Computer Inc's current Net Income (TTM) was 67. Super Micro Computer Inc's current Cash Flow from Operations (TTM) was -96. ==> -96 <= 67 ==> CFROA <= ROA ==> Score 0.

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: Jun17)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun16 to Jun17
=92.927/1336.3012
=0.06954046

Gearing (Last Year: Jun16)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun15 to Jun16
=40/1147.406
=0.03486124

Super Micro Computer Inc's gearing of this year was 0.06954046. Super Micro Computer Inc's gearing of last year was 0.03486124. ==> 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: Jun17)=Total Current Assets/Total Current Liabilities
=1261.166/672.53
=1.87525612

Current Ratio (Last Year: Jun16)=Total Current Assets/Total Current Liabilities
=954.328/409.63
=2.32973171

Super Micro Computer Inc's current ratio of this year was 1.87525612. Super Micro Computer Inc's current ratio of last year was 2.32973171. ==> 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.

Super Micro Computer Inc's number of shares in issue this year was 52. Super Micro Computer Inc's number of shares in issue last year was 52.4. ==> 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
=349.958/2484.929
=0.14083219

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=330.501/2225.022
=0.14853831

Super Micro Computer Inc's gross margin of this year was 0.14083219. Super Micro Computer Inc's gross margin of last year was 0.14853831. ==> 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 (Jun16)
=2484.929/1191.483
=2.08557655

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun15)
=2225.022/1089.809
=2.04166235

Super Micro Computer Inc's asset turnover of this year was 2.08557655. Super Micro Computer Inc's asset turnover of last year was 2.04166235. ==> 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+0+0+0+0+0+1+0+1
=3

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

Super Micro Computer Inc has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Super Micro Computer Inc  (OTCPK:SMCI) 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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