Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tourah Cement Co 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 Tourah Cement Co's Piotroski F-Score or its related term are showing as below:
Tourah Cement Co Piotroski F-Score Historical Data
The historical data trend for Tourah Cement Co'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.
* 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 (Sep19) TTM:
Last Year (Sep18) TTM:
Net Income was 55.758 + -50.898 + -410.357 + -55.306 = E£-460.8 Mil. Cash Flow from Operations was -94.238 + -85.576 + -95.653 + -336.06 = E£-611.5 Mil. Revenue was 265.488 + 290.802 + 182.403 + 15.301 = E£754.0 Mil. Gross Profit was 34.615 + -16.573 + -33.101 + -7.804 = E£-22.9 Mil.
Average Total Assets from the begining of this year (Sep18)
to the end of this year (Sep19) was
(806.761 + 854.119 + 875.839 + 785.11 + 719.028) / 5 = E£808.1714 Mil. Total Assets at the begining of this year (Sep18) was E£806.8 Mil. Long-Term Debt & Capital Lease Obligation was E£0.0 Mil. Total Current Assets was E£381.9 Mil. Total Current Liabilities was E£1,431.3 Mil.
Net Income was -475.478 + -13.843 + 11.601 + -17.423 = E£-495.1 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.
Tourah Cement Co's current Net Income (TTM) was -460.8.
==> 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.
Tourah Cement Co's return on assets of this year was -0.57117659. Tourah Cement Co's return on assets of last year was -0.54538255.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tourah Cement Co's gearing of this year was 0. Tourah Cement Co's gearing of last year was 0.
==> 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
Tourah Cement Co's current ratio of this year was 0.26685666. Tourah Cement Co's current ratio of last year was 0.39621221.
==> 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.
Tourah Cement Co's number of shares in issue this year was 82.546. Tourah Cement Co's number of shares in issue last year was 72.597.
==> 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.
Tourah Cement Co's gross margin of this year was -0.03032252. Tourah Cement Co's gross margin of last year was -0.0881459.
==> 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
Tourah Cement Co's asset turnover of this year was 0.93459401. Tourah Cement Co's asset turnover of last year was 1.23282321.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tourah Cement Co has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Tourah Cement Co (CAI:TORA.CA) 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.
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.
Tourah Cement Co Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Tourah Cement Co's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tourah Cement Co (CAI:TORA.CA) Business Description
Tourah Cement Co is a cement manufacturing company. It manufactures cement, lime, construction materials, and related products. The company's products include ordinary Portland cement, sea-water cement, rapid-hardening cement and Karnak cement (mixed cement).
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