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Voltari 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

Voltari has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Voltari's Piotroski F-Score or its related term are showing as below:


Voltari Piotroski F-Score Historical Data

The historical data trend for Voltari'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.

* Premium members only.

Voltari Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 4.00 5.00 5.00 6.00

Voltari Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
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 6.00 5.00 4.00

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 (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was -0.345 + -0.366 + -0.878 + -0.711 = $-2.30 Mil.
Cash Flow from Operations was 0.121 + 0.04 + 0.021 + -0.416 = $-0.23 Mil.
Revenue was 0.528 + 0.527 + 0.528 + 0.528 = $2.11 Mil.
Gross Profit was 0.528 + 0.527 + 0.528 + 0.528 = $2.11 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was
(23.809 + 23.565 + 23.494 + 23.145 + 22.429) / 5 = $23.2884 Mil.
Total Assets at the begining of this year (Jun18) was $23.81 Mil.
Long-Term Debt & Capital Lease Obligation was $23.00 Mil.
Total Current Assets was $0.84 Mil.
Total Current Liabilities was $4.86 Mil.
Net Income was -0.4 + -0.61 + -0.468 + -0.347 = $-1.83 Mil.

Revenue was 0.081 + 0.08 + 0.081 + 0.418 = $0.66 Mil.
Gross Profit was 0.081 + 0.08 + 0.081 + 0.418 = $0.66 Mil.
Average Total Assets from the begining of last year (Jun17)
to the end of last year (Jun18) was
(6.872 + 7.05 + 6.648 + 6.97 + 23.809) / 5 = $10.2698 Mil.
Total Assets at the begining of last year (Jun17) was $6.87 Mil.
Long-Term Debt & Capital Lease Obligation was $23.00 Mil.
Total Current Assets was $1.13 Mil.
Total Current Liabilities was $3.58 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.

Voltari's current Net Income (TTM) was -2.30. ==> 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.

Voltari's current Cash Flow from Operations (TTM) was -0.23. ==> 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 (Jun18)
=-2.3/23.809
=-0.09660213

ROA (Last Year)=Net Income/Total Assets (Jun17)
=-1.825/6.872
=-0.26557043

Voltari's return on assets of this year was -0.09660213. Voltari's return on assets of last year was -0.26557043. ==> 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.

Voltari's current Net Income (TTM) was -2.30. Voltari's current Cash Flow from Operations (TTM) was -0.23. ==> -0.23 > -2.30 ==> 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: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=23/23.2884
=0.98761615

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun17 to Jun18
=23/10.2698
=2.23957623

Voltari's gearing of this year was 0.98761615. Voltari's gearing of last year was 2.23957623. ==> 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: Jun19)=Total Current Assets/Total Current Liabilities
=0.84/4.859
=0.17287508

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=1.13/3.582
=0.31546622

Voltari's current ratio of this year was 0.17287508. Voltari's current ratio of last year was 0.31546622. ==> 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.

Voltari's number of shares in issue this year was 8.995. Voltari's number of shares in issue last year was 8.995. ==> 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
=2.111/2.111
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0.66/0.66
=1

Voltari's gross margin of this year was 1. Voltari'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 (Jun18)
=2.111/23.809
=0.08866395

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=0.66/6.872
=0.09604191

Voltari's asset turnover of this year was 0.08866395. Voltari's asset turnover of last year was 0.09604191. ==> 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+1+1+1+0+1+0+0
=4

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

Voltari has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Voltari  (OTCPK:VLTC) 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.


Voltari Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Voltari's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Voltari Business Description

Voltari logo
Industry
Real Estate » Real Estate NAICS : 531190 SIC : 6531
Traded in Other Exchanges
N/A
Address
767 Fifth Avenue, Suite 4700, New York, NY, USA, 10153
Voltari Corp is a US-based company which is in the business of acquiring, financing and leasing commercial real properties. The company owns two commercial real properties in Long Branch, New Jersey and in Flanders, New York. It leases its property to JPMorgan Chase Bank, N.A, and 7-Eleven Corporation. The company operates through the single segment being the Acquiring, financing, and leasing commercial real estate properties. The company derives its revenue from the rental income received through the leasing agreements.
Executives
Icahn Carl C 10 percent owner C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH-1 SUNNY ISLES BEACH FL 33160
Fong Nathan Yu-gai officer: Chief Financial Officer THE ORCHARD ENTERPRISES, INC. 23 E. 4TH ST., 3RD FL. NEW YORK NY 10003
Firestone Jaffrey Adam director C/O CVR ENERGY, INC. 2277 PLAZA DRIVE, SUITE 500 SUGAR LAND TX 77479
Nelson James Larry director 2747 PARADISE ROAD PH2804 LAS VEGAS NV 89109
Leigh Richard Jr officer: SVP, Gen Counsel & Corp Sec 601 108TH AVE. NORTHEAST SUITE 800 BELLEVUE WA 98004
Gary Hunter Clark director C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH SUNNY ISLES FL 33160
Icahn Brett director C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH SUNNY ISLES FL 33160
Turner Brian V director P.O. BOX 91123 SEATTLE WA 98111-9223
Reynolds Jon Q Jr 10 percent owner, other: May be part of 13(d) group 250 MIDDLEFIELD RD MENLO PARK CA 94025
Hoag Jay C 10 percent owner, other: May be part of 13(d) group 250 MIDDLEFIELD RD MENLO PARK CA 94025
Tcv Member Fund L P 10 percent owner, other: May be part of 13(d) group 528 RAMONA STREET PALO ALTO CA 94301
Technology Crossover Management V Llc 10 percent owner, other: May be part of 13(d) group C/O TECHNOLOGY CROSSOVER VENTURES 250 MIDDLEFIELD ROAD MENLO PARK CA 94025
Tcv V Lp 10 percent owner, other: May be part of 13(d) group 528 RAMONA STREET PALO ALTO CA 94301
Kimball Rick 10 percent owner, other: May be part of 13(d) group 250 MIDDLEFIELD RD MENLO PARK CA 94025
Griffith William 10 percent owner, other: May be part of 13(d) group 528 RAMONA STREET PALO ALTO CA 94301
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