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Spin Master (TSX:TOY) Piotroski F-Score : 5 (As of Apr. 30, 2024)


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What is Spin Master 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

Spin Master 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 Spin Master's Piotroski F-Score or its related term are showing as below:

TSX:TOY' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 5

During the past 10 years, the highest Piotroski F-Score of Spin Master was 8. The lowest was 3. And the median was 5.


Spin Master Piotroski F-Score Historical Data

The historical data trend for Spin Master'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.

Spin Master Piotroski F-Score Chart

Spin Master Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 5.00 8.00 6.00 5.00

Spin Master Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 6.00 6.00 4.00 5.00

Competitive Comparison of Spin Master's Piotroski F-Score

For the Leisure subindustry, Spin Master's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Spin Master's Piotroski F-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Spin Master's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Spin Master's Piotroski F-Score falls into.


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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -2.6 + 37.201 + 210.272 + -40.382 = C$204 Mil.
Cash Flow from Operations was -5.884 + 25.376 + 195.252 + 91.095 = C$306 Mil.
Revenue was 371.357 + 558.942 + 960.972 + 674.288 = C$2,566 Mil.
Gross Profit was 216.876 + 306.907 + 523.514 + 351.499 = C$1,399 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(2452.228 + 2283.83 + 2402.242 + 2756.535 + 2669.382) / 5 = C$2512.8434 Mil.
Total Assets at the begining of this year (Dec22) was C$2,452 Mil.
Long-Term Debt & Capital Lease Obligation was C$68 Mil.
Total Current Assets was C$1,770 Mil.
Total Current Liabilities was C$599 Mil.
Net Income was 57.73 + 112.803 + 188.613 + -18.747 = C$340 Mil.

Revenue was 537.037 + 648.267 + 832.354 + 632.789 = C$2,650 Mil.
Gross Profit was 300.422 + 363.249 + 467.399 + 315.715 = C$1,447 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(2222.976 + 2031.17 + 2210.611 + 2465.981 + 2452.228) / 5 = C$2276.5932 Mil.
Total Assets at the begining of last year (Dec21) was C$2,223 Mil.
Long-Term Debt & Capital Lease Obligation was C$75 Mil.
Total Current Assets was C$1,538 Mil.
Total Current Liabilities was C$581 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.

Spin Master's current Net Income (TTM) was 204. ==> 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.

Spin Master's current Cash Flow from Operations (TTM) was 306. ==> 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 (Dec22)
=204.491/2452.228
=0.08338988

ROA (Last Year)=Net Income/Total Assets (Dec21)
=340.399/2222.976
=0.15312761

Spin Master's return on assets of this year was 0.08338988. Spin Master's return on assets of last year was 0.15312761. ==> 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.

Spin Master's current Net Income (TTM) was 204. Spin Master's current Cash Flow from Operations (TTM) was 306. ==> 306 > 204 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=68.019/2512.8434
=0.02706854

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=74.582/2276.5932
=0.03276035

Spin Master's gearing of this year was 0.02706854. Spin Master's gearing of last year was 0.03276035. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=1769.57/599.024
=2.95408865

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1538.094/580.895
=2.64780038

Spin Master's current ratio of this year was 2.95408865. Spin Master's current ratio of last year was 2.64780038. ==> 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.

Spin Master's number of shares in issue this year was 106.9. Spin Master's number of shares in issue last year was 106.7. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=1398.796/2565.559
=0.54522075

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1446.785/2650.447
=0.54586453

Spin Master's gross margin of this year was 0.54522075. Spin Master's gross margin of last year was 0.54586453. ==> 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 (Dec22)
=2565.559/2452.228
=1.04621552

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=2650.447/2222.976
=1.19229672

Spin Master's asset turnover of this year was 1.04621552. Spin Master's asset turnover of last year was 1.19229672. ==> 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
=1+1+0+1+1+1+0+0+0
=5

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

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

Spin Master  (TSX:TOY) 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.


Spin Master Piotroski F-Score Related Terms

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Spin Master (TSX:TOY) Business Description

Traded in Other Exchanges
Address
225 King Street West, Suite 200, Toronto, ON, CAN, M5V 3M2
Spin Master is a children's entertainment company operating in the just over $100 billion global toy industry. The company creates, designs, manufactures, and markets a portfolio of products, brands, and entertainment properties across four key categories (outdoor, wheels & action, preschool and dolls & interactive, and activities, games and puzzles and plush). Spin Master has increased brand awareness via homegrown brands including Paw Patrol, Rusty Rivets, and Bakugan but has leaned on a robust acquisition strategy to reach adjacent markets through tie-ups like Rubik's, Swimways, and Melissa & Doug (which is set to come on board in 2024). The company has global reach, with more than 30 offices in nearly 20 countries and sales in over 100 markets.

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