GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Western Asset Invstm Grd Dfnd Opp Tr Inc (NYSE:IGI) » Definitions » Piotroski F-Score

Western Asset Invstm Grd Dfnd Opp Tr (Western Asset Invstm Grd Dfnd Opp Tr) Piotroski F-Score : 5 (As of May. 14, 2024)


View and export this data going back to . Start your Free Trial

What is Western Asset Invstm Grd Dfnd Opp Tr 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

Western Asset Invstm Grd Dfnd Opp Tr 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 Western Asset Invstm Grd Dfnd Opp Tr's Piotroski F-Score or its related term are showing as below:

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

During the past 7 years, the highest Piotroski F-Score of Western Asset Invstm Grd Dfnd Opp Tr was 5. The lowest was 3. And the median was 3.


Western Asset Invstm Grd Dfnd Opp Tr Piotroski F-Score Historical Data

The historical data trend for Western Asset Invstm Grd Dfnd Opp Tr'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.

Western Asset Invstm Grd Dfnd Opp Tr Piotroski F-Score Chart

Western Asset Invstm Grd Dfnd Opp Tr Annual Data
Trend Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23
Piotroski F-Score
Get a 7-Day Free Trial 5.00 3.00 3.00 3.00 5.00

Western Asset Invstm Grd Dfnd Opp Tr Semi-Annual Data
Nov17 May18 Nov18 May19 Nov19 May20 Nov20 May21 Nov21 May22 Nov22 May23 Nov23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 - 3.00 - 5.00

Competitive Comparison of Western Asset Invstm Grd Dfnd Opp Tr's Piotroski F-Score

For the Asset Management subindustry, Western Asset Invstm Grd Dfnd Opp Tr'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.


Western Asset Invstm Grd Dfnd Opp Tr's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Western Asset Invstm Grd Dfnd Opp Tr's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Western Asset Invstm Grd Dfnd Opp Tr'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 (Nov23) TTM:Last Year (Nov22) TTM:
Net Income was $6.94 Mil.
Cash Flow from Operations was $0.00 Mil.
Revenue was $7.12 Mil.
Average Total Assets from the begining of this year (Nov22)
to the end of this year (Nov23) was (188.739 + 186.168) / 2 = $187.4535 Mil.
Total Assets at the begining of this year (Nov22) was $188.74 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $186.17 Mil.
Total Liabilities was $1.00 Mil.
Net Income was $-37.27 Mil.

Revenue was $-37.00 Mil.
Average Total Assets from the begining of last year (Nov21)
to the end of last year (Nov22) was (234.608 + 188.739) / 2 = $211.6735 Mil.
Total Assets at the begining of last year (Nov21) was $234.61 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $188.74 Mil.
Total Liabilities was $1.79 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.

Western Asset Invstm Grd Dfnd Opp Tr's current Net Income (TTM) was 6.94. ==> 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.

Western Asset Invstm Grd Dfnd Opp Tr's current Cash Flow from Operations (TTM) was 0.00. ==> 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 (Nov22)
=6.943/188.739
=0.03678625

ROA (Last Year)=Net Income/Total Assets (Nov21)
=-37.268/234.608
=-0.15885221

Western Asset Invstm Grd Dfnd Opp Tr's return on assets of this year was 0.03678625. Western Asset Invstm Grd Dfnd Opp Tr's return on assets of last year was -0.15885221. ==> 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.

Western Asset Invstm Grd Dfnd Opp Tr's current Net Income (TTM) was 6.94. Western Asset Invstm Grd Dfnd Opp Tr's current Cash Flow from Operations (TTM) was 0.00. ==> 0.00 <= 6.94 ==> CFROA <= ROA ==> Score 0.

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: Nov23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Nov22 to Nov23
=0/187.4535
=0

Gearing (Last Year: Nov22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Nov21 to Nov22
=0/211.6735
=0

Western Asset Invstm Grd Dfnd Opp Tr's gearing of this year was 0. Western Asset Invstm Grd Dfnd Opp Tr'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

* 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: Nov23)=Total Assets/Total Liabilities
=186.168/0.997
=186.72818455

Current Ratio (Last Year: Nov22)=Total Assets/Total Liabilities
=188.739/1.789
=105.49972051

Western Asset Invstm Grd Dfnd Opp Tr's current ratio of this year was 186.72818455. Western Asset Invstm Grd Dfnd Opp Tr's current ratio of last year was 105.49972051. ==> 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.

Western Asset Invstm Grd Dfnd Opp Tr's number of shares in issue this year was 10.848. Western Asset Invstm Grd Dfnd Opp Tr's number of shares in issue last year was 10.834. ==> 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.

* 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
=6.943/7.12
=0.97514045

Net Margin (Last Year: TTM)=Net Income/Revenue
=-37.268/-37
=1.00724324

Western Asset Invstm Grd Dfnd Opp Tr's net margin of this year was 0.97514045. Western Asset Invstm Grd Dfnd Opp Tr's net margin of last year was 1.00724324. ==> 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 (Nov22)
=7.12/188.739
=0.03772405

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Nov21)
=-37/234.608
=-0.15770988

Western Asset Invstm Grd Dfnd Opp Tr's asset turnover of this year was 0.03772405. Western Asset Invstm Grd Dfnd Opp Tr's asset turnover of last year was -0.15770988. ==> 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+0+1+0+1+1+0+0+1
=5

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

Western Asset Invstm Grd Dfnd Opp Tr has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Western Asset Invstm Grd Dfnd Opp Tr  (NYSE:IGI) 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.


Western Asset Invstm Grd Dfnd Opp Tr Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Western Asset Invstm Grd Dfnd Opp Tr's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Western Asset Invstm Grd Dfnd Opp Tr (Western Asset Invstm Grd Dfnd Opp Tr) Business Description

Traded in Other Exchanges
N/A
Address
620 Eighth Avenue, 47th Floor, New York, NY, USA, 10018
Western Asset Invstm Grd Dfnd Opp Tr Inc operates as a non-diversified closed-end management investment company. Its primary investment objective is to provide current income and then liquidate & distribute substantially all of the Fund's net assets to stockholders. As a secondary investment objective, the Fund will seek capital appreciation. The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets in investment-grade corporate fixed-income securities of varying maturities.
Executives
Oliveira Marc De officer: Secretary/Chief Legal Officer C/O LEGG MASON & CO. LLC, ONE FIRST STAMFORD PLACE, STAMFORD CT 06902
Eileen A Kamerick director 200 NORTH ADAMS STREET, GREEN BAY WI 54301
Hoffmann Courtney A. other: Secretary/GC Subadviser WESTERN ASSET MANAGEMENT COMPANY, LLC, 385 EAST COLORADO BOULEVARD, PASADENA CA 91101
Andrew J. Bowden other: COO/Subadviser WESTERN ASSET MANAGEMENT COMPANY, LLC, 385 EAST COLORADO BOULEVARD, PASADENA CA 91101
Daniel P Cronin director 235 EAST 42ND ST, NEW YORK NY 10017
Laura F Fergerson other: Manager/Investment Manager 3310 QUALITY DRIVE, 2ND FLOOR, RANCHO CORDOVA CA 95670
Brian Eakes other: Manager/Investment Manager 100 INTERNATIONAL DRIVE, BALTIMORE MD 21202
George P. Hoyt officer: Secretary and Ch Lgl Officer C/O FRANKLIN TEMPLETON, 100 FIRST STAMFORD PLACE, STAMFORD CT 06902
Matthew Nicholls other: Director of Sub-Adviser ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Jed A. Plafker other: Director of Sub-Adviser ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Jennifer M Johnson other: Director of Sub-Adviser C/O FRANKLIN RESOURCES, INC., ONE FRANKLIN PARKWAY, SAN MATEO CA 94403-1906
Fred Steven Jensen officer: Chief Compliance Officer LEGG MASON, 620 EIGHTH AVENUE, 49TH FLOOR, NEW YORK NY 10018
Christopher Berarducci officer: Treas/Principal Finan Officer LEGG MASON, 620 EIGHTH AVENUE, NEW YORK NY 10018
Nisha Kumar director 1735 MARKET STREET, 32ND FLOOR, PHILADELPHIA PA 19103
Jennifer S Berg officer: Treasurer 100 INTERNATIONAL DRIVE, 7TH FLOOR, BALTIMORE MD 21202