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Aveo Healthcare (ASX:AEH) Piotroski F-Score : 0 (As of May. 12, 2024)


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What is Aveo Healthcare 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

Aveo Healthcare 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 Aveo Healthcare's Piotroski F-Score or its related term are showing as below:


Aveo Healthcare Piotroski F-Score Historical Data

The historical data trend for Aveo Healthcare'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.

Aveo Healthcare Piotroski F-Score Chart

Aveo Healthcare Annual Data
Trend Jun04 Jun05 Jun06 Jun07 Jun08 Jun09 Jun10 Jun11 Jun12 Jun13
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 6.00 5.00 5.00 5.00

Aveo Healthcare Semi-Annual Data
Jun04 Dec04 Jun05 Dec05 Jun06 Dec06 Jun07 Dec07 Jun08 Dec08 Jun09 Dec09 Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13
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 4.00 5.00 4.00 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 (Jun13) TTM:Last Year (Jun12) TTM:
Net Income was A$-3.26 Mil.
Cash Flow from Operations was A$25.75 Mil.
Revenue was A$25.40 Mil.
Gross Profit was A$25.40 Mil.
Average Total Assets from the begining of this year (Jun12)
to the end of this year (Jun13) was (627.848 + 616.036) / 2 = A$621.942 Mil.
Total Assets at the begining of this year (Jun12) was A$627.85 Mil.
Long-Term Debt & Capital Lease Obligation was A$26.57 Mil.
Total Current Assets was A$14.13 Mil.
Total Current Liabilities was A$298.67 Mil.
Net Income was A$-43.10 Mil.

Revenue was A$31.84 Mil.
Gross Profit was A$31.84 Mil.
Average Total Assets from the begining of last year (Jun11)
to the end of last year (Jun12) was (675.674 + 627.848) / 2 = A$651.761 Mil.
Total Assets at the begining of last year (Jun11) was A$675.67 Mil.
Long-Term Debt & Capital Lease Obligation was A$29.22 Mil.
Total Current Assets was A$18.27 Mil.
Total Current Liabilities was A$292.12 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.

Aveo Healthcare's current Net Income (TTM) was -3.26. ==> 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.

Aveo Healthcare's current Cash Flow from Operations (TTM) was 25.75. ==> 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 (Jun12)
=-3.264/627.848
=-0.00519871

ROA (Last Year)=Net Income/Total Assets (Jun11)
=-43.096/675.674
=-0.06378224

Aveo Healthcare's return on assets of this year was -0.00519871. Aveo Healthcare's return on assets of last year was -0.06378224. ==> 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.

Aveo Healthcare's current Net Income (TTM) was -3.26. Aveo Healthcare's current Cash Flow from Operations (TTM) was 25.75. ==> 25.75 > -3.26 ==> 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: Jun13)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun12 to Jun13
=26.568/621.942
=0.04271781

Gearing (Last Year: Jun12)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun11 to Jun12
=29.224/651.761
=0.04483852

Aveo Healthcare's gearing of this year was 0.04271781. Aveo Healthcare's gearing of last year was 0.04483852. ==> 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: Jun13)=Total Current Assets/Total Current Liabilities
=14.128/298.672
=0.04730273

Current Ratio (Last Year: Jun12)=Total Current Assets/Total Current Liabilities
=18.274/292.121
=0.06255627

Aveo Healthcare's current ratio of this year was 0.04730273. Aveo Healthcare's current ratio of last year was 0.06255627. ==> 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.

Aveo Healthcare's number of shares in issue this year was 82.579. Aveo Healthcare's number of shares in issue last year was 82.579. ==> 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
=25.404/25.404
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=31.838/31.838
=1

Aveo Healthcare's gross margin of this year was 1. Aveo Healthcare'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 (Jun12)
=25.404/627.848
=0.04046202

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun11)
=31.838/675.674
=0.04712036

Aveo Healthcare's asset turnover of this year was 0.04046202. Aveo Healthcare's asset turnover of last year was 0.04712036. ==> 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+1+1+1+0+1+0+0
=5

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

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

Aveo Healthcare  (ASX:AEH) 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.


Aveo Healthcare Piotroski F-Score Related Terms

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Aveo Healthcare (ASX:AEH) Business Description

Traded in Other Exchanges
N/A
Address
Aveo Healthcare Ltd provides retirement communities in South-East Queensland. The Company's healthcare's portfolio comprises five retirement villages, located in Albany Creet, Clayfield, Cleveland, Durack and Taringa.

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