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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
Rouse Properties has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Rouse Properties's Piotroski F-Score or its related term are showing as below:
The historical data trend for Rouse Properties'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.
Rouse Properties Annual Data | ||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | - | 6.00 | 5.00 | 6.00 | 6.00 |
Rouse Properties Quarterly Data | ||||||||||||||||||||
Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 6.00 | 6.00 | 5.00 |
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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Net Income was -0.688 + -1.302 + -0.719 + -10.082 = $-12.8 Mil. Cash Flow from Operations was 22.99 + 20.743 + 14.963 + 14.645 = $73.3 Mil. Revenue was 72.409 + 73.553 + 84.861 + 80.632 = $311.5 Mil. Gross Profit was 46.128 + 48.458 + 57.902 + 53.742 = $206.2 Mil. Average Total Assets from the begining of this year (Mar15) to the end of this year (Mar16) was (2227.352 + 2277.092 + 2309.605 + 2529.258 + 2523.557) / 5 = $2373.3728 Mil. Total Assets at the begining of this year (Mar15) was $2,227.4 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Current Assets was $128.7 Mil. Total Current Liabilities was $1,863.9 Mil. |
Net Income was -8.175 + -26.566 + -12.591 + 44.401 = $-2.9 Mil. Revenue was 67.79 + 74.783 + 81.714 + 74.561 = $298.8 Mil. Gross Profit was 41.958 + 46.463 + 53.801 + 46.827 = $189.0 Mil. Average Total Assets from the begining of last year (Mar14) to the end of last year (Mar15) was (2060.115 + 2161.937 + 2266.022 + 2270.4 + 2227.352) / 5 = $2197.1652 Mil. Total Assets at the begining of last year (Mar14) was $2,060.1 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Current Assets was $203.4 Mil. Total Current Liabilities was $1,659.0 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.
Rouse Properties's current Net Income (TTM) was -12.8.
==> 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.
Rouse Properties's current Cash Flow from Operations (TTM) was 73.3.
==> 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 (Mar15) |
= | -12.791 | / | 2227.352 | |
= | -0.00574269 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar14) |
= | -2.931 | / | 2060.115 | |
= | -0.00142274 |
Rouse Properties's return on assets of this year was -0.00574269. Rouse Properties's return on assets of last year was -0.00142274.
==> 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.
Rouse Properties's current Net Income (TTM) was -12.8. Rouse Properties's current Cash Flow from Operations (TTM) was 73.3.
==> 73.3 > -12.8 ==> 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: Mar16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar15 to Mar16 |
= | 0 | / | 2373.3728 | |
= | 0 |
Gearing (Last Year: Mar15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar14 to Mar15 |
= | 0 | / | 2197.1652 | |
= | 0 |
Rouse Properties's gearing of this year was 0. Rouse Properties's gearing of last year was 0.
==> 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: Mar16) | = | Total Current Assets | / | Total Current Liabilities |
= | 128.677 | / | 1863.918 | |
= | 0.06903576 |
Current Ratio (Last Year: Mar15) | = | Total Current Assets | / | Total Current Liabilities |
= | 203.441 | / | 1658.969 | |
= | 0.12263098 |
Rouse Properties's current ratio of this year was 0.06903576. Rouse Properties's current ratio of last year was 0.12263098.
==> 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.
Rouse Properties's number of shares in issue this year was 57.643. Rouse Properties's number of shares in issue last year was 58.287.
==> 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 |
= | 206.23 | / | 311.455 | |
= | 0.66215023 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 189.049 | / | 298.848 | |
= | 0.63259249 |
Rouse Properties's gross margin of this year was 0.66215023. Rouse Properties's gross margin of last year was 0.63259249.
==> 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 (Mar15) |
= | 311.455 | / | 2227.352 | |
= | 0.13983196 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar14) |
= | 298.848 | / | 2060.115 | |
= | 0.14506375 |
Rouse Properties's asset turnover of this year was 0.13983196. Rouse Properties's asset turnover of last year was 0.14506375.
==> 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 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Rouse Properties has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Rouse Properties (NYSE:RSE) 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.
Thank you for viewing the detailed overview of Rouse Properties's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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Brookfield Property Partners Ltd | 10 percent owner | 73 FRONT STREET 5TH FLOOR HAMILTON D0 HM 12 |
Brookfield Retail Holdings Iv-c Sub Ii Llc | other: See footnotes (1)(2)(3) | 250 VESEY STREET, 15TH FLOOR NEW YORK NY 10281 |
Brookfield Retail Holdings Iv-d Sub Ii Llc | other: See footnotes (1)(2)(3) | 250 VESEY STREET, 15TH FLOOR NEW YORK NY 10281 |
Brookfield Retail Holdings Iv-a Sub Ii Llc | other: See footnotes (1)(2)(3) | 250 VESEY STREET, 15TH FLOOR NEW YORK NY 10281 |
Brookfield Retail Holdings Iii Sub Ii Llc | other: See footnotes (1)(2)(3) | 250 VESEY STREET, 15TH FLOOR NEW YORK NY 10281 |
Brookfield Retail Holdings Iv-b Sub Ii Llc | other: See footnotes (1)(2)(3) | 250 VESEY STREET, 15TH FLOOR NEW YORK NY 10281 |
Brookfield Retail Holdings Ii Sub Iii Llc | other: See footnotes (1)(2)(3) | 250 VESEY STREET, 15TH FLOOR NEW YORK NY 10281 |
Michael Hegarty | director | MFS INVESTMENT MANAGEMENT, 500 BOYLSTON STREET, BOSTON MA 02116 |
Brian Harper | officer: CHIEF OPERATING OFFICER | C/O RAMCO GERSHENSON PROPERTIES TRUST, 31500 NORTHWESTERN HIGHWAY, SUITE 300, FARMINGTON HILLS MI 48334 |
Benjamin Schall | officer: Chief Operating Officer | 261 BROADWAY, NO.11B, NEW YORK NY 10007 |
From GuruFocus
By GuruFocus GuruFocus • 01-21-2014
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