Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Kesko Oyj has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Kesko Oyj's Piotroski F-Score or its related term are showing as below:
KKOYY'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 3
During the past 13 years, the highest Piotroski F-Score of Kesko Oyj was 8. The lowest was 3. And the median was 6.
Kesko Oyj Piotroski F-Score Historical Data
The historical data trend for Kesko Oyj'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.
Competitive Comparison of Kesko Oyj's Piotroski F-Score
For the Grocery Stores subindustry, Kesko Oyj'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.
Kesko Oyj's Piotroski F-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Kesko Oyj's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Kesko Oyj'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 (Mar24) TTM:
Last Year (Mar23) TTM:
Net Income was 162.622 + 158.805 + 123.119 + 65.652 = $510 Mil. Cash Flow from Operations was 308.992 + 421.451 + 373.391 + 122.391 = $1,226 Mil. Revenue was 3363.705 + 3147.385 + 3164.667 + 2999.457 = $12,675 Mil. Gross Profit was 479.848 + 445.464 + 460.96 + 408.37 = $1,795 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(8221.842 + 8538.245 + 8275.667 + 8456.161 + 8818.152) / 5 = $8462.0134 Mil. Total Assets at the begining of this year (Mar23) was $8,222 Mil. Long-Term Debt & Capital Lease Obligation was $2,577 Mil. Total Current Assets was $2,911 Mil. Total Current Liabilities was $3,516 Mil.
Net Income was 189.746 + 183.762 + 150 + 89.722 = $613 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.
Kesko Oyj's current Net Income (TTM) was 510.
==> 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.
Kesko Oyj's return on assets of this year was 0.06205398. Kesko Oyj's return on assets of last year was 0.0766432.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Kesko Oyj's current ratio of this year was 0.82777901. Kesko Oyj's current ratio of last year was 0.83565293.
==> 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.
Kesko Oyj's number of shares in issue this year was 805.333. Kesko Oyj's number of shares in issue last year was 798.095.
==> 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.
Kesko Oyj's gross margin of this year was 0.14158672. Kesko Oyj's gross margin of last year was 0.14658702.
==> 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
Kesko Oyj's asset turnover of this year was 1.54165137. Kesko Oyj's asset turnover of last year was 1.55655565.
==> 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
+
0
+
0
+
0
+
0
+
0
=
3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Kesko Oyj has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
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.
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.
Kesko Oyj Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Kesko Oyj's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kesko Oyj is a Finland-based retail conglomerate that operates in three divisions: Grocery, Building and Technical, and Car. The Grocery segment provides the customers with K-food retailers running their locally tailored stores, acting in a chain business model. Chains include K-Citymarket, K-Supermarket, K-Market, and Neste K. The Building and Technical Sector produces construction materials, leisure athletic goods, and infrastructure tools and operates out of Scandinavia and Eastern Europe, both in digital and brick-and-mortar stores. The Car division acts as an importer and leaser for various European car brands, including Volkswagen, SEAT, Audi, and Porsche as well as a seller of used cars online and in-store. The Grocery segment in Finland produces the most revenue.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
KKOYY has been successfully added to your 