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South Manganese Investment (FRA:00D0) 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.
South Manganese Investment Piotroski F-Score Related Terms
South Manganese Investment Piotroski F-Score Historical Data
* 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.
South Manganese Investment Piotroski F-Score Chart
South Manganese Investment Piotroski F-Score Competitor Comparison
For the Other Industrial Metals & Mining subindustry, South Manganese Investment'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.
South Manganese Investment Piotroski F-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, South Manganese Investment's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where South Manganese Investment's Piotroski F-Score falls into.
* 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.
*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.
South Manganese Investment's current Net Income (TTM) was 18.3.
==> 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.
South Manganese Investment's current Cash Flow from Operations (TTM) was 162.8.
==> 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.
South Manganese Investment's return on assets of this year was 0.01698693. South Manganese Investment's return on assets of last year was -0.06674714.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
South Manganese Investment's gearing of this year was 0.0838547. South Manganese Investment's gearing of last year was 0.10539777.
==> 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
South Manganese Investment's current ratio of this year was 0.7367924. South Manganese Investment's current ratio of last year was 0.69170185.
==> 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.
South Manganese Investment's number of shares in issue this year was 4240.769. South Manganese Investment's number of shares in issue last year was 3428.459.
==> 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.
South Manganese Investment's gross margin of this year was 0.16744514. South Manganese Investment's gross margin of last year was 0.03076076.
==> 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
South Manganese Investment's asset turnover of this year was 0.64755155. South Manganese Investment's asset turnover of last year was 1.21611484.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
South Manganese Investment has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
South Manganese Investment (FRA:00D0) has a Piotroski F-Score of 7 as of Aug. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on South Manganese Investment and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, South Manganese Investment's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, South Manganese Investment ranks #118 out of 2511 companies in the Metals & Mining industry, placing it in the top 4.7%.
Is South Manganese Investment's Piotroski F-Score too high?
South Manganese Investment's current Piotroski F-Score of 7 is 17% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Metals & Mining industry median Piotroski F-Score is 3.00. South Manganese Investment's value of 7 is 133.3% above this industry median. Based on the distribution chart, South Manganese Investment ranks #118 out of 2511 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, South Manganese Investment has a GF Score™ of 42/100, reflecting its overall financial health beyond just this single metric.
How does South Manganese Investment's Piotroski F-Score compare to competitors?
According to the Metals & Mining industry distribution chart, South Manganese Investment ranks #118 out of 2511 companies for Piotroski F-Score. This places South Manganese Investment in the top 5% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 3.00. South Manganese Investment's value of 7 is 133.3% above this benchmark. Historically, South Manganese Investment's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 3.00, South Manganese Investment has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Metals & Mining company?
The median Piotroski F-Score among Metals & Mining companies is 3.00, based on 2,511 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. South Manganese Investment's current Piotroski F-Score of 7 is 133.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on South Manganese Investment and its competitors. For the Metals & Mining industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. South Manganese Investment's current Piotroski F-Score is 7, which is 17% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is South Manganese Investment stock overvalued right now?
South Manganese Investment (FRA:00D0) has a current Piotroski F-Score of 7. The stock's GF Value™ is €0.01, compared to a current price of €0.03 — trading 225% above its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 133.3% above the Metals & Mining industry median of 3.00. South Manganese Investment's overall GF Score™ is 42/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For South Manganese Investment (FRA:00D0), the current Piotroski F-Score is 7 as of Aug. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is South Manganese Investment (FRA:00D0) Overvalued in 2026?
Based on GuruFocus' analysis, South Manganese Investment stock appears to be overvalued.
The current stock price of €0.03 is trading 225% above its estimated GF Value™ of €0.01.
Key valuation signals for FRA:00D0:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: €0.01 vs. price of €0.03 (225% above fair value)
Industry Position: 133.3% above the Metals & Mining median (#118 of 2511)
No single metric tells the full story. See the FRA:00D0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
South Manganese Investment Ltd is a mining company engaged in manganese mining, ore processing in China and Gabon, and downstream processing operations in the PRC. The company operates in four segments namely Manganese mining which engages in the mining and production of manganese products including mining, beneficiation, concentrating, grinding and the production of manganese concentrates; EMM and alloying materials production segment comprise hydrometallurgical processing and pyrometallurgical processing; Battery materials production segment engages in the production and sale of battery materials products, including Electrolytic Manganese Dioxide; and others business segment includes trading of various commodities such as manganese ore, sales of scraps, and others.
42GF Score
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