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Blackmores Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

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

Blackmores has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

ASX:BKL' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 3

3
9

During the past 13 years, the highest Piotroski F-Score of Blackmores was 9. The lowest was 3. And the median was 5.


Blackmores Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Blackmores Annual Data
Jun10 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 Jun19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 4.00 4.00 3.00

Blackmores Semi-Annual Data
Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 0.00 4.00 0.00 3.00 0.00

Competitive Comparison
* 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.


Blackmores Piotroski F-Score Distribution

* The bar in red indicates where Blackmores's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was AUD 53.5 Mil.
Cash Flow from Operations was AUD 19.8 Mil.
Revenue was AUD 609.5 Mil.
Gross Profit was AUD 365.5 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was (464.85 + 490.928) / 2 = AUD 477.889 Mil.
Total Assets at the begining of this year (Jun18) was AUD 464.9 Mil.
Long-Term Debt & Capital Lease Obligation was AUD 119.0 Mil.
Total Current Assets was AUD 305.5 Mil.
Total Current Liabilities was AUD 150.5 Mil.
Net Income was AUD 70.0 Mil.

Revenue was AUD 601.1 Mil.
Gross Profit was AUD 368.8 Mil.
Average Net Income from the begining of last year (Jun17)
to the end of last year (Jun18) was (412.174 + 464.85) / 2 = AUD 438.512 Mil.
Total Assets at the begining of last year (Jun17) was AUD 412.2 Mil.
Long-Term Debt & Capital Lease Obligation was AUD 86.0 Mil.
Total Current Assets was AUD 302.5 Mil.
Total Current Liabilities was AUD 174.5 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.

Blackmores's current Net Income (TTM) was 53.5. ==> 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.

Blackmores's current Cash Flow from Operations (TTM) was 19.8. ==> 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 (Jun18)
=53.469/464.85
=0.1150242

ROA (Last Year)=Net Income/Total Assets (Jun17)
=70.005/412.174
=0.16984332

Blackmores's return on assets of this year was 0.1150242. Blackmores's return on assets of last year was 0.16984332. ==> 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.

Blackmores's current Net Income (TTM) was 53.5. Blackmores's current Cash Flow from Operations (TTM) was 19.8. ==> 19.8 <= 53.5 ==> CFROA <= ROA ==> Score 0.

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: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=119/477.889
=0.2490118

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun17 to Jun18
=86/438.512
=0.19611778

Blackmores's gearing of this year was 0.2490118. Blackmores's gearing of last year was 0.19611778. ==> Last year is lower than this year ==> Score 0.

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: Jun19)=Total Current Assets/Total Current Liabilities
=305.526/150.509
=2.0299517

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=302.507/174.467
=1.73389237

Blackmores's current ratio of this year was 2.0299517. Blackmores's current ratio of last year was 1.73389237. ==> 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.

Blackmores's number of shares in issue this year was 17.295. Blackmores's number of shares in issue last year was 17.255. ==> 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
=365.515/609.502
=0.5996945

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=368.762/601.136
=0.61344188

Blackmores's gross margin of this year was 0.5996945. Blackmores's gross margin of last year was 0.61344188. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun18)
=609.502/464.85
=1.31117995

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=601.136/412.174
=1.45845201

Blackmores's asset turnover of this year was 1.31117995. Blackmores's asset turnover of last year was 1.45845201. ==> 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+0+0+1+0+0+0
=3

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

Blackmores has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Blackmores  (ASX:BKL) 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.


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