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Societe Generale Ghana (XGHA:SOGEGH) Piotroski F-Score : 9 (As of May. 17, 2024)


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What is Societe Generale Ghana Piotroski F-Score?

Good Sign:

Piotroski F-Score is 9, indicates a very healthy situation.

The zones of discrimination were as such:

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

Societe Generale Ghana has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Societe Generale Ghana's Piotroski F-Score or its related term are showing as below:

XGHA:SOGEGH' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 9

During the past 13 years, the highest Piotroski F-Score of Societe Generale Ghana was 9. The lowest was 2. And the median was 6.


Societe Generale Ghana Piotroski F-Score Historical Data

The historical data trend for Societe Generale Ghana'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.

Societe Generale Ghana Piotroski F-Score Chart

Societe Generale Ghana Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 6.00 7.00 6.00 6.00

Societe Generale Ghana Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 4.00 7.00 6.00 9.00

Competitive Comparison of Societe Generale Ghana's Piotroski F-Score

For the Banks - Regional subindustry, Societe Generale Ghana'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.


Societe Generale Ghana's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Societe Generale Ghana's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Societe Generale Ghana'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 84.828 + 113.995 + 152.428 + 94.108 = GHS445 Mil.
Cash Flow from Operations was 1772.774 + -253.722 + -780.248 + -47.601 = GHS691 Mil.
Revenue was 271.733 + 289.107 + 334.255 + 338.832 = GHS1,234 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(7589.18 + 8465.249 + 8197.646 + 8529.827 + 9034.7) / 5 = GHS8363.3204 Mil.
Total Assets at the begining of this year (Mar23) was GHS7,589 Mil.
Long-Term Debt & Capital Lease Obligation was GHS814 Mil.
Total Assets was GHS9,035 Mil.
Total Liabilities was GHS7,428 Mil.
Net Income was 79.942 + 36.797 + -39.581 + 73.552 = GHS151 Mil.

Revenue was 203.356 + 187.092 + 153.225 + 310.344 = GHS854 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(6155.986 + 5892.88 + 7019.805 + 6595.836 + 7589.18) / 5 = GHS6650.7374 Mil.
Total Assets at the begining of last year (Mar22) was GHS6,156 Mil.
Long-Term Debt & Capital Lease Obligation was GHS909 Mil.
Total Assets was GHS7,589 Mil.
Total Liabilities was GHS6,425 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.

Societe Generale Ghana's current Net Income (TTM) was 445. ==> 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.

Societe Generale Ghana's current Cash Flow from Operations (TTM) was 691. ==> 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 (Mar23)
=445.359/7589.18
=0.05868342

ROA (Last Year)=Net Income/Total Assets (Mar22)
=150.71/6155.986
=0.02448186

Societe Generale Ghana's return on assets of this year was 0.05868342. Societe Generale Ghana's return on assets of last year was 0.02448186. ==> 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.

Societe Generale Ghana's current Net Income (TTM) was 445. Societe Generale Ghana's current Cash Flow from Operations (TTM) was 691. ==> 691 > 445 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=814.329/8363.3204
=0.0973691

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=908.757/6650.7374
=0.13664004

Societe Generale Ghana's gearing of this year was 0.0973691. Societe Generale Ghana's gearing of last year was 0.13664004. ==> 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: Mar24)=Total Assets/Total Liabilities
=9034.7/7427.59
=1.21637032

Current Ratio (Last Year: Mar23)=Total Assets/Total Liabilities
=7589.18/6425.203
=1.18115801

Societe Generale Ghana's current ratio of this year was 1.21637032. Societe Generale Ghana's current ratio of last year was 1.18115801. ==> 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.

Societe Generale Ghana's number of shares in issue this year was 709.141. Societe Generale Ghana's number of shares in issue last year was 709.141. ==> 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.

* 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
=445.359/1233.927
=0.36092816

Net Margin (Last Year: TTM)=Net Income/Revenue
=150.71/854.017
=0.1764719

Societe Generale Ghana's net margin of this year was 0.36092816. Societe Generale Ghana's net margin of last year was 0.1764719. ==> This year's net 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 (Mar23)
=1233.927/7589.18
=0.16259029

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=854.017/6155.986
=0.13872952

Societe Generale Ghana's asset turnover of this year was 0.16259029. Societe Generale Ghana's asset turnover of last year was 0.13872952. ==> 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+1+1+1+1+1+1+1+1
=9

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

Societe Generale Ghana has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

Societe Generale Ghana  (XGHA:SOGEGH) 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.


Societe Generale Ghana Piotroski F-Score Related Terms

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Societe Generale Ghana (XGHA:SOGEGH) Business Description

Traded in Other Exchanges
N/A
Address
2nd Crescent, Royalt Castle Road, P. O. Box: 13119, Ring Road Central, Accra, GHA
Societe Generale Ghana PLC is a financial institution that provides retail banking, corporate banking, investment banking, and other financial intermediary financial services to individuals and corporate. Its business lines include Retail Banking, Corporate Banking, and Treasury. The retail banking unit serves the needs of individuals, high net worth clients, and institutional clients. Corporate banking is responsible for providing loans and other credit facilities, as well as mobilizing deposits. The Treasury unit undertakes the bank's funding activities.

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