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BOLT Piotroski Altman Beneish

BOLT Piotroski Altman Beneish

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Published by Jae Jun
http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/
http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/

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categoriesBusiness/Law
Published by: Jae Jun on Jun 28, 2010
Copyright:Attribution Non-commercial

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02/13/2011

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Bolt Technology Corp(BOLT)
6/28/2010
2000200120022003200420052006200720082009TTM
Piotroski F Scores
56848756656
Piotroski 1:
Net Income
11101111111
Piotroski 2:
Operating Cash Flo
11111111111
Piotroski 3:
Return on Assets
00101111100
Piotroski 4:
Quality of Earnings
11111100001
Piotroski 5:
LT Debt vs Assets
11000000000
Piotroski 6:
Current Ratio
00111001111
Piotroski 7:
Shares Outstanding
11111110111
Piotroski 8:
Gross Margin
00101101111
Piotroski 9:
Asset Turnover
01101111000
X1
= Working Capital/Total Assets
X2
= Retained Earnings/Total Assets
X3
= EBITDA/Total Assets
X4
= Market Value of Equity/Total Liabilities
X5
= Net Sales/Total Assets
MRQ
2000/062001/062002/062003/062004/062005/062006/062007/062008/062009/062010/03Working Capital
8$ 6$ 9$ 8$ 9$ 11$ 15$ 27$ 39$ 50$ 54$
Total Assets
25$ 25$ 23$ 22$ 23$ 27$ 35$ 48$ 62$ 71$ 72$
Total Liabilities
7$ 6$ 2$ 1$ 1$ 4$ 6$ 7$ 6$ 4$ 2$
Retained Earnings
(8)$ (7)$ (6)$ (6)$ (5)$ (3)$ 2$ 12$ 27$ 37$ 41$
EBITDA
3$ 2$ 4$ (0)$ 2$ 3$ 8$ 16$ 21$ 16$ 1$
Market Value of Equity
22$ 29$ 22$ 19$ 21$ 43$ 93$ 212$ 151$ 74$ 74$
Net Sales
15$ 16$ 18$ 11$ 15$ 19$ 33$ 51$ 62$ 49$ 6$
Normal Altman Z Score
2.893.807.3810.0211.747.4711.1421.9317.5913.8527.9
Revised Altman Z Score
5.266.4113.1518.1721.1213.5920.0339.5632.5326.8352.5
X1
0.710.75
X2
0.530.57
X3
0.230.02
X4
18.0443.51
X5
0.690.08
Altman Z ScoreMRQ Edit
Piotroski Score
AnnualMR
26.8352.56
Revised Altman Z Score
Annual 
There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:
Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4
MRQ 
Annual
13.8527.93
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks,nine being the best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements.For every criteria (below) that is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.
Profitability
* Positive return on assets in the current year
(1 point)
* Positive operating cash flow in the current year
(1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year
(1 point)
* Cash flow from operations are greater than ROA
(1 point)Leverage, Liquidity and Source of Funds
* Lower ratio of long term debt to in the current period compared value in the previous year
(1 point)
* Higher current ratio this year compared to the previous year
(1 point)
* No new shares were issued in the last year
(1 point)Operating Efficiency
* A higher gross margin compared to the previous year
(1 point)
* A higher asset turnover ratio compared to the previous year
(1 point)
Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate income andbalance sheet values to measure the financial health of a company.The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of bankruptcy.Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)
Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5
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