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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
Central European Media Enterprises 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 Central European Media Enterprises's Piotroski F-Score or its related term are showing as below:
The historical data trend for Central European Media Enterprises'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.
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 (Jun20) TTM: | Last Year (Jun19) TTM: |
Net Income was 13.745 + 49.672 + 9.041 + 31.179 = $103.6 Mil. Cash Flow from Operations was 27.693 + 11.679 + 115.914 + 39.081 = $194.4 Mil. Revenue was 138.851 + 225.795 + 143.816 + 135.545 = $644.0 Mil. Gross Profit was 56.341 + 115.228 + 55.043 + 69.221 = $295.8 Mil. Average Total Assets from the begining of this year (Jun19) to the end of this year (Jun20) was (1468.526 + 1339.181 + 1447.862 + 1411.162 + 1462.542) / 5 = $1425.8546 Mil. Total Assets at the begining of this year (Jun19) was $1,468.5 Mil. Long-Term Debt & Capital Lease Obligation was $605.6 Mil. Total Current Assets was $340.9 Mil. Total Current Liabilities was $167.1 Mil. |
Net Income was 68.571 + 55.83 + 11.758 + 43.959 = $180.1 Mil. Revenue was 137.038 + 228.251 + 146.559 + 183.599 = $695.4 Mil. Gross Profit was 52.45 + 113.401 + 52.531 + 89.17 = $307.6 Mil. Average Total Assets from the begining of last year (Jun18) to the end of last year (Jun19) was (1522.292 + 1471.456 + 1488.361 + 1445.669 + 1468.526) / 5 = $1479.2608 Mil. Total Assets at the begining of last year (Jun18) was $1,522.3 Mil. Long-Term Debt & Capital Lease Obligation was $672.7 Mil. Total Current Assets was $361.0 Mil. Total Current Liabilities was $169.4 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.
Central European Media Enterprises's current Net Income (TTM) was 103.6.
==> 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.
Central European Media Enterprises's current Cash Flow from Operations (TTM) was 194.4.
==> 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 (Jun19) |
= | 103.637 | / | 1468.526 | |
= | 0.07057212 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun18) |
= | 180.118 | / | 1522.292 | |
= | 0.11832027 |
Central European Media Enterprises's return on assets of this year was 0.07057212. Central European Media Enterprises's return on assets of last year was 0.11832027.
==> 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.
Central European Media Enterprises's current Net Income (TTM) was 103.6. Central European Media Enterprises's current Cash Flow from Operations (TTM) was 194.4.
==> 194.4 > 103.6 ==> 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: Jun20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun19 to Jun20 |
= | 605.627 | / | 1425.8546 | |
= | 0.42474667 |
Gearing (Last Year: Jun19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun18 to Jun19 |
= | 672.663 | / | 1479.2608 | |
= | 0.45472915 |
Central European Media Enterprises's gearing of this year was 0.42474667. Central European Media Enterprises's gearing of last year was 0.45472915.
==> 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: Jun20) | = | Total Current Assets | / | Total Current Liabilities |
= | 340.895 | / | 167.145 | |
= | 2.03951659 |
Current Ratio (Last Year: Jun19) | = | Total Current Assets | / | Total Current Liabilities |
= | 360.963 | / | 169.413 | |
= | 2.13066884 |
Central European Media Enterprises's current ratio of this year was 2.03951659. Central European Media Enterprises's current ratio of last year was 2.13066884.
==> 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.
Central European Media Enterprises's number of shares in issue this year was 266.776. Central European Media Enterprises's number of shares in issue last year was 265.932.
==> 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 |
= | 295.833 | / | 644.007 | |
= | 0.45936302 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 307.552 | / | 695.447 | |
= | 0.44223643 |
Central European Media Enterprises's gross margin of this year was 0.45936302. Central European Media Enterprises's gross margin of last year was 0.44223643.
==> 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 (Jun19) |
= | 644.007 | / | 1468.526 | |
= | 0.43853973 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun18) |
= | 695.447 | / | 1522.292 | |
= | 0.45684205 |
Central European Media Enterprises's asset turnover of this year was 0.43853973. Central European Media Enterprises's asset turnover of last year was 0.45684205.
==> 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 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Central European Media Enterprises has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Central European Media Enterprises (NAS:CETV) 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 Central European Media Enterprises's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christoph Mainusch | officer: co-Chief Executive Officer | KRIZENECKEHO NAM. 1078/5A PRAGUE 5 2N 15200 |
Daniel Penn | officer: EVP, General Counsel | C/O CME MEDIA SERVICES LIMITED BRANCH KRIZENECKEHO NAM. 1078/5A PRAGUE 2N 15200 |
Nin Michael Del | officer: co-Chief Executive Officer | C/O CME MEDIA SERVICES LIMITED BRANCH, KRIZENECKEHO NAM. 1078/5A, PRAGUE 2N 15200 |
Alfred W Langer | director | C/O CME MEDIA SERVICES LIMITED BRANCH KRIZENECKEHO NAM. 1078/5A PRAGUE 2N 15200 |
John Billock | director | C/O CME MEDIA SERVICES LIMITED BRANCH KRIZENECKEHO NAM. 1078/5A PRAGUE 2N 15200 |
Kelli Turner | director | C/O CME MEDIA SERVICES LTD, KRIZENECKEHO NAM. 1078/5A, PRAGUE 2N 15200 |
David Sturgeon | officer: EVP, Chief Financial Officer | C/O CME MEDIA SERVICES LIMITED BRANCH KRIZENECKEHO NAM. 1078/5A PRAGUE 2N 15200 |
Parm Sandhu | director | C/O MEDIA SERVICES LIMITED BRANCH KRIZENECKEHO NAM. 1078/5A PRAGUE 2N 15200 |
Peter H Knag | director | 208 S AKARD STREET DALLAS TX 75202 |
Turner Theodore Mckinley Iii | director | ONE TIME WARNER CENTER NEW YORK NY 10019 |
At&t Inc. | director, 10 percent owner | 208 S. AKARD ST ATTN : JAMES LACY DALLAS TX 75202 |
Bruce Maggin | director | C/O CME MEDIA SERVICES LIMITED, KRIZENECKEHO NAM 1078/5A, PRAGUE 2N 15200 |
Time Warner Inc. | director, 10 percent owner | ONE TIME WARNER CENTER, NEW YORK NY 10019 |
Tw Media Holdings Llc | director, 10 percent owner | ONE TIME WARNER CENTER NEW YORK NY 10019 |
Time Warner Media Holdings B.v. | director, 10 percent owner | ONE TIME WARNER CENTER NEW YORK NY 10019 |
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