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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
Fresh Del Monte Produce has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Fresh Del Monte Produce's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Fresh Del Monte Produce was 9. The lowest was 4. And the median was 6.
The historical data trend for Fresh Del Monte Produce'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.
Fresh Del Monte Produce Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 5.00 | 7.00 | 6.00 | 6.00 |
Fresh Del Monte Produce 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 | 6.00 | 7.00 | 7.00 | 7.00 | 6.00 |
For the Farm Products subindustry, Fresh Del Monte Produce'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.
For the Consumer Packaged Goods industry and Consumer Defensive sector, Fresh Del Monte Produce's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Fresh Del Monte Produce'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 39 + 47.7 + 8.4 + -106.5 = $-11 Mil. Cash Flow from Operations was 15.5 + 117.2 + 47.4 + -2.2 = $178 Mil. Revenue was 1128.5 + 1180.5 + 1003.1 + 1008.6 = $4,321 Mil. Gross Profit was 97 + 116.8 + 74.4 + 62.5 = $351 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (3458.9 + 3443.1 + 3372.5 + 3348.6 + 3184.1) / 5 = $3361.44 Mil. Total Assets at the begining of this year (Dec22) was $3,459 Mil. Long-Term Debt & Capital Lease Obligation was $548 Mil. Total Current Assets was $1,144 Mil. Total Current Liabilities was $541 Mil. |
Net Income was 25.8 + 21.2 + 33.3 + 18.3 = $99 Mil. Revenue was 1136.9 + 1211.9 + 1053.5 + 1039.9 = $4,442 Mil. Gross Profit was 89.8 + 80.7 + 88 + 81.7 = $340 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (3398.1 + 3501.8 + 3395.7 + 3395.5 + 3458.9) / 5 = $3430 Mil. Total Assets at the begining of last year (Dec21) was $3,398 Mil. Long-Term Debt & Capital Lease Obligation was $694 Mil. Total Current Assets was $1,241 Mil. Total Current Liabilities was $607 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.
Fresh Del Monte Produce's current Net Income (TTM) was -11.
==> 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.
Fresh Del Monte Produce's current Cash Flow from Operations (TTM) was 178.
==> 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) |
= | -11.4 | / | 3458.9 | |
= | -0.00329585 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 98.6 | / | 3398.1 | |
= | 0.02901621 |
Fresh Del Monte Produce's return on assets of this year was -0.00329585. Fresh Del Monte Produce's return on assets of last year was 0.02901621.
==> 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.
Fresh Del Monte Produce's current Net Income (TTM) was -11. Fresh Del Monte Produce's current Cash Flow from Operations (TTM) was 178.
==> 178 > -11 ==> 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 |
= | 548.2 | / | 3361.44 | |
= | 0.16308487 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 694.4 | / | 3430 | |
= | 0.20244898 |
Fresh Del Monte Produce's gearing of this year was 0.16308487. Fresh Del Monte Produce's gearing of last year was 0.20244898.
==> 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 |
= | 1144.3 | / | 540.6 | |
= | 2.11672216 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 1241.4 | / | 607 | |
= | 2.04514003 |
Fresh Del Monte Produce's current ratio of this year was 2.11672216. Fresh Del Monte Produce's current ratio of last year was 2.04514003.
==> 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.
Fresh Del Monte Produce's number of shares in issue this year was 47.869. Fresh Del Monte Produce's number of shares in issue last year was 48.046.
==> 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 |
= | 350.7 | / | 4320.7 | |
= | 0.0811674 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 340.2 | / | 4442.2 | |
= | 0.07658367 |
Fresh Del Monte Produce's gross margin of this year was 0.0811674. Fresh Del Monte Produce's gross margin of last year was 0.07658367.
==> 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 (Dec22) |
= | 4320.7 | / | 3458.9 | |
= | 1.24915436 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 4442.2 | / | 3398.1 | |
= | 1.30725994 |
Fresh Del Monte Produce's asset turnover of this year was 1.24915436. Fresh Del Monte Produce's asset turnover of last year was 1.30725994.
==> 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 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Fresh Del Monte Produce has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Fresh Del Monte Produce (NYSE:FDP) 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 Fresh Del Monte Produce's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jesus Rodriguez Calvo | officer: SVP, NA Sales & Marketing | C/O FRESH DEL MONTE PRODUCE INC, P.O. BOX 149222, CORAL GABLES FL 33114 |
Tarek Ahmad Betti | officer: Chief Human Resources Officer | C/O FRESH DEL MONTE PRODUCE INC., P.O. BOX 149222, CORAL GABLES FL 33114 |
Michael J Berthelot | director | P O BOX 7277, RANCHO SANTA FE CA 92067 |
Mohammed Abbas | officer: V.P. Middle East and N. Africa | C/O FRESH DEL MONTE PRODUCE INC., P.O. BOX 149222, CORAL GABLES FL 33134 |
Monica Vicente | officer: SVP, Chief Financial Officer | C/O FRESH DEL MONTE PRODUCE INC., P.O. BOX 149222, CORAL GABLES FL 33114 |
Effie D Silva | officer: SVP, General Counsel & Secy | C/O FRESH DEL MONTE PRODUCE INC., P.O. BOX 149222, CORAL GABLES FL 33114 |
Reyes Jorge Pelaez | officer: VP, Central America | C/O FRESH DEL MONTE PRODUCE INC., PO BOX 149222, CORAL GABLES FL 33114 |
Sergio Mancilla | officer: VP South America | C/O FRESH DEL MONTE PRODUCE INC., P.O. BOX 149222, CORAL GABLES FL 33114 |
Hans Sauter | officer: SVP, R&D and Agriculture | C/O FRESH DEL MONTE PRODUCE INC.,, PO BOX 149222, CORAL GABLES FL 33114 |
Ziad Nabulsi | officer: SVP, North American Operations | C/O FRESH DEL MONTE PRODUCE INC, P.O. BOX 149222, CORAL GABLES FL 33114 |
Helmuth Lutty | officer: SVP, Shipping Operations | C/O FRESH DEL MONTE PRODUCE INC., PO BOX 149222, CORAL GABLES FL 33114 |
Gianpaolo Renino | officer: V.P. Europe and Africa | C/O FRESH DEL MONTE, INC., PO BOX 149222, CORAL GABLES FL 33134 |
Mohammad Abu-ghazaleh | director, 10 percent owner, officer: Chief Executive Officer | P.O. BOX 149222, CORAL GABLES FL 33114-9222 |
Eduardo Guarita Bezerra | officer: SVP and CFO | C/O FRESH DEL MONTE PRODUCE INC., PO BOX 149222, CORAL GABLES FL 33134 |
Marlene Gordon | officer: SVP, General Counsel | C/O FRESH DEL MONTE PRODUCE INC.,, PO BOX 149222, CORAL GABLES FL 33134 |
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