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Ziegler (Ziegler) Piotroski F-Score : 0 (As of Apr. 26, 2024)


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What is Ziegler Piotroski F-Score?

The zones of discrimination were as such:

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

Ziegler has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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


Ziegler Piotroski F-Score Historical Data

The historical data trend for Ziegler'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.

Ziegler Piotroski F-Score Chart

Ziegler Annual Data
Trend Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 6.00 - 6.00 2.00

Ziegler Quarterly Data
Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 Sep09 Dec09 Mar10 Jun10 Sep10 Dec10 Mar11 Jun11
Piotroski F-Score Get a 7-Day Free Trial 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 5.00 2.00 - 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 (Jun11) TTM:Last Year (Jun10) TTM:
Net Income was 0.385 + -0.424 + -1.13 + 1.553 = $0.38 Mil.
Cash Flow from Operations was -0.623 + -0.074 + -2.703 + 4.396 = $1.00 Mil.
Revenue was 17.66 + 21.255 + 11.071 + 16.248 = $66.23 Mil.
Average Total Assets from the begining of this year (Jun10)
to the end of this year (Jun11) was
(168.366 + 159.184 + 111.883 + 110.448 + 111.746) / 5 = $132.3254 Mil.
Total Assets at the begining of this year (Jun10) was $168.37 Mil.
Long-Term Debt & Capital Lease Obligation was $13.93 Mil.
Total Assets was $111.75 Mil.
Total Liabilities was $81.51 Mil.
Net Income was 0.843 + 2.026 + 0.654 + 0.216 = $3.74 Mil.

Revenue was 19.977 + -2.351 + 21.042 + 17.384 = $56.05 Mil.
Average Total Assets from the begining of last year (Jun09)
to the end of last year (Jun10) was
(197.468 + 159.449 + 208.23 + 163.611 + 168.366) / 5 = $179.4248 Mil.
Total Assets at the begining of last year (Jun09) was $197.47 Mil.
Long-Term Debt & Capital Lease Obligation was $16.11 Mil.
Total Assets was $168.37 Mil.
Total Liabilities was $128.99 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.

Ziegler's current Net Income (TTM) was 0.38. ==> 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.

Ziegler's current Cash Flow from Operations (TTM) was 1.00. ==> 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 (Jun10)
=0.384/168.366
=0.00228075

ROA (Last Year)=Net Income/Total Assets (Jun09)
=3.739/197.468
=0.01893471

Ziegler's return on assets of this year was 0.00228075. Ziegler's return on assets of last year was 0.01893471. ==> 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.

Ziegler's current Net Income (TTM) was 0.38. Ziegler's current Cash Flow from Operations (TTM) was 1.00. ==> 1.00 > 0.38 ==> 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: Jun11)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun10 to Jun11
=13.927/132.3254
=0.10524812

Gearing (Last Year: Jun10)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun09 to Jun10
=16.105/179.4248
=0.08975905

Ziegler's gearing of this year was 0.10524812. Ziegler's gearing of last year was 0.08975905. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Jun11)=Total Assets/Total Liabilities
=111.746/81.505
=1.37103245

Current Ratio (Last Year: Jun10)=Total Assets/Total Liabilities
=168.366/128.994
=1.3052235

Ziegler's current ratio of this year was 1.37103245. Ziegler's current ratio of last year was 1.3052235. ==> 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.

Ziegler's number of shares in issue this year was 1.212. Ziegler's number of shares in issue last year was 1.283. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=0.384/66.234
=0.00579763

Net Margin (Last Year: TTM)=Net Income/Revenue
=3.739/56.052
=0.06670592

Ziegler's net margin of this year was 0.00579763. Ziegler's net margin of last year was 0.06670592. ==> Last year's net 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 (Jun10)
=66.234/168.366
=0.39339297

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun09)
=56.052/197.468
=0.28385359

Ziegler's asset turnover of this year was 0.39339297. Ziegler's asset turnover of last year was 0.28385359. ==> 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+0+1+0+1+1+0+1
=6

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

Ziegler has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Ziegler  (OTCPK:ZGCO) 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.


Ziegler Piotroski F-Score Related Terms

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Ziegler (Ziegler) Business Description

Traded in Other Exchanges
N/A
Address
One North Wacker Drive, Suite 2000, Chicago, IL, USA, 60606
Ziegler Companies Inc provides investment banking services for the healthcare, senior living, religion and education sectors, as well as general municipal and structured finance. The company offers services such as Investment Banking, Corporate Finance, Capital Markets, Proprietary Investment and FHA/HUD Mortgage Lending.

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