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Seychelle Environmental Technologies Piotroski F-Score

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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

Seychelle Environmental Technologies has an F-score of 5 indicating the company's financial situation is typical for a stable company.


Seychelle Environmental Technologies Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Seychelle Environmental Technologies Annual Data
Feb11 Feb12 Feb13 Feb14 Feb15 Feb16 Feb17 Feb18 Feb19 Feb20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 3.00 9.00 6.00 5.00

Seychelle Environmental Technologies Quarterly Data
May15 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20
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 6.00 4.00 3.00 3.00 5.00

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

This Year (Feb20) TTM:Last Year (Feb19) TTM:
Net Income was 0.048 + -0.126 + 0.01 + -0.052 = $-0.12 Mil.
Cash Flow from Operations was 0.103 + 0.003 + -0.04 + 0.197 = $0.26 Mil.
Revenue was 0.68 + 0.79 + 0.816 + 0.799 = $3.09 Mil.
Gross Profit was 0.397 + 0.257 + 0.394 + 0.336 = $1.38 Mil.
Average Total Assets from the begining of this year (Feb19)
to the end of this year (Feb20) was
(3.749 + 4.366 + 4.168 + 4.196 + 4.181) / 5 = $4.132 Mil.
Total Assets at the begining of this year (Feb19) was $3.75 Mil.
Long-Term Debt & Capital Lease Obligation was $0.11 Mil.
Total Current Assets was $3.70 Mil.
Total Current Liabilities was $0.75 Mil.
Net Income was 0.093 + -0.13 + -0.126 + -0.077 = $-0.24 Mil.

Revenue was 1.134 + 0.736 + 0.609 + 0.674 = $3.15 Mil.
Gross Profit was 0.53 + 0.385 + 0.317 + 0.288 = $1.52 Mil.
Average Total Assets from the begining of last year (Feb18)
to the end of last year (Feb19) was
(4.301 + 4.019 + 3.903 + 3.907 + 3.749) / 5 = $3.9758 Mil.
Total Assets at the begining of last year (Feb18) was $4.30 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $3.56 Mil.
Total Current Liabilities was $0.30 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.

Seychelle Environmental Technologies's current Net Income (TTM) was -0.12. ==> 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.

Seychelle Environmental Technologies's current Cash Flow from Operations (TTM) was 0.26. ==> 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 (Feb19)
=-0.12/3.749
=-0.03200854

ROA (Last Year)=Net Income/Total Assets (Feb18)
=-0.24/4.301
=-0.05580098

Seychelle Environmental Technologies's return on assets of this year was -0.03200854. Seychelle Environmental Technologies's return on assets of last year was -0.05580098. ==> 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.

Seychelle Environmental Technologies's current Net Income (TTM) was -0.12. Seychelle Environmental Technologies's current Cash Flow from Operations (TTM) was 0.26. ==> 0.26 > -0.12 ==> 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: Feb20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb19 to Feb20
=0.108/4.132
=0.02613746

Gearing (Last Year: Feb19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb18 to Feb19
=0.003/3.9758
=0.00075457

Seychelle Environmental Technologies's gearing of this year was 0.02613746. Seychelle Environmental Technologies's gearing of last year was 0.00075457. ==> 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: Feb20)=Total Current Assets/Total Current Liabilities
=3.699/0.75
=4.932

Current Ratio (Last Year: Feb19)=Total Current Assets/Total Current Liabilities
=3.564/0.304
=11.72368421

Seychelle Environmental Technologies's current ratio of this year was 4.932. Seychelle Environmental Technologies's current ratio of last year was 11.72368421. ==> 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.

Seychelle Environmental Technologies's number of shares in issue this year was 26.574. Seychelle Environmental Technologies's number of shares in issue last year was 26.574. ==> 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
=1.384/3.085
=0.44862237

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1.52/3.153
=0.48208056

Seychelle Environmental Technologies's gross margin of this year was 0.44862237. Seychelle Environmental Technologies's gross margin of last year was 0.48208056. ==> 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 (Feb19)
=3.085/3.749
=0.8228861

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Feb18)
=3.153/4.301
=0.73308533

Seychelle Environmental Technologies's asset turnover of this year was 0.8228861. Seychelle Environmental Technologies's asset turnover of last year was 0.73308533. ==> 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
=0+1+1+1+0+0+1+0+1
=5

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

Seychelle Environmental Technologies has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Seychelle Environmental Technologies  (OTCPK:SYEV) 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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