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National Australia Bank (ASX:NABPH.PFD) Piotroski F-Score : 2 (As of Dec. 14, 2024)


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What is National Australia Bank Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 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

National Australia Bank has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for National Australia Bank's Piotroski F-Score or its related term are showing as below:

ASX:NABPH.PFD' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 6
Current: 2

During the past 13 years, the highest Piotroski F-Score of National Australia Bank was 6. The lowest was 2. And the median was 5.


National Australia Bank Piotroski F-Score Historical Data

The historical data trend for National Australia Bank'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.

National Australia Bank Piotroski F-Score Chart

National Australia Bank Annual Data
Trend Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 6.00 5.00 2.00

National Australia Bank Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
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 6.00 - 5.00 - 2.00

Competitive Comparison of National Australia Bank's Piotroski F-Score

For the Banks - Diversified subindustry, National Australia Bank'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.


National Australia Bank's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, National Australia Bank's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where National Australia Bank'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was A$6,960.00 Mil.
Cash Flow from Operations was A$-35,781.00 Mil.
Revenue was A$19,629.00 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was (1059083 + 1080248) / 2 = A$1069665.5 Mil.
Total Assets at the begining of this year (Sep23) was A$1,059,083.00 Mil.
Long-Term Debt & Capital Lease Obligation was A$214,292.00 Mil.
Total Assets was A$1,080,248.00 Mil.
Total Liabilities was A$1,018,035.00 Mil.
Net Income was A$7,414.00 Mil.

Revenue was A$19,773.00 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was (1055126 + 1059083) / 2 = A$1057104.5 Mil.
Total Assets at the begining of last year (Sep22) was A$1,055,126.00 Mil.
Long-Term Debt & Capital Lease Obligation was A$197,792.00 Mil.
Total Assets was A$1,059,083.00 Mil.
Total Liabilities was A$997,580.00 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.

National Australia Bank's current Net Income (TTM) was 6,960.00. ==> 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.

National Australia Bank's current Cash Flow from Operations (TTM) was -35,781.00. ==> Negative ==> Score 0.

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 (Sep23)
=6960/1059083
=0.00657172

ROA (Last Year)=Net Income/Total Assets (Sep22)
=7414/1055126
=0.00702665

National Australia Bank's return on assets of this year was 0.00657172. National Australia Bank's return on assets of last year was 0.00702665. ==> 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.

National Australia Bank's current Net Income (TTM) was 6,960.00. National Australia Bank's current Cash Flow from Operations (TTM) was -35,781.00. ==> -35,781.00 <= 6,960.00 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=214292/1069665.5
=0.20033553

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=197792/1057104.5
=0.18710733

National Australia Bank's gearing of this year was 0.20033553. National Australia Bank's gearing of last year was 0.18710733. ==> 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

* 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: Sep24)=Total Assets/Total Liabilities
=1080248/1018035
=1.06111087

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=1059083/997580
=1.0616522

National Australia Bank's current ratio of this year was 1.06111087. National Australia Bank's current ratio of last year was 1.0616522. ==> 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.

National Australia Bank's number of shares in issue this year was 0. National Australia Bank's number of shares in issue last year was 0. ==> 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
=6960/19629
=0.35457741

Net Margin (Last Year: TTM)=Net Income/Revenue
=7414/19773
=0.37495575

National Australia Bank's net margin of this year was 0.35457741. National Australia Bank's net margin of last year was 0.37495575. ==> Last year's net 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 (Sep23)
=19629/1059083
=0.01853396

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=19773/1055126
=0.01873994

National Australia Bank's asset turnover of this year was 0.01853396. National Australia Bank's asset turnover of last year was 0.01873994. ==> 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+0+0+0+0+0+1+0+0
=2

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

National Australia Bank has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

National Australia Bank  (ASX:NABPH.PFD) 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.


National Australia Bank Piotroski F-Score Related Terms

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National Australia Bank Business Description

Address
395 Bourke Street, Level 28, Melbourne, VIC, AUS, 3000
National Australia Bank is the most business-focused of the four major banks, holding the largest share of business loans and the number-three spot in home loans. National Australia Bank is currently the second-largest bank by market capitalization, with the franchise covering consumer, small business, corporate, and institutional sectors. Under the UBank brand the bank also owns one of Australia's largest digital-only banks. Offshore operations in New Zealand round out the group.

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