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Burford Capital (FRA:9BFA) Piotroski F-Score : N/A (As of Dec. 12, 2024)


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What is Burford Capital Piotroski F-Score?

The zones of discrimination were as such:

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

Burford Capital has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

During the past 13 years, the highest Piotroski F-Score of Burford Capital was 6. The lowest was 1. And the median was 2.


Burford Capital Piotroski F-Score Historical Data

The historical data trend for Burford Capital'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.

Burford Capital Piotroski F-Score Chart

Burford Capital 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 1.00 1.00 2.00 5.00 6.00

Burford Capital Quarterly Data
Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 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 N/A 6.00 N/A N/A N/A

Competitive Comparison of Burford Capital's Piotroski F-Score

For the Asset Management subindustry, Burford Capital'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.


Burford Capital's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Burford Capital's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Burford Capital'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 91.787 + -27.542 + 49.93 + 122.214 = €236.4 Mil.
Cash Flow from Operations was -64.585 + 0 + 0 + 0 = €-64.6 Mil.
Revenue was 57.113 + 4.381 + 100.708 + 194.819 = €357.0 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(5178.176 + 5352.89 + 5531.231 + 0 + 5653.687) / 5 = €5428.996 Mil.
Total Assets at the begining of this year (Sep23) was €5,178.2 Mil.
Long-Term Debt & Capital Lease Obligation was €1,615.7 Mil.
Total Assets was €5,653.7 Mil.
Total Liabilities was €2,682.8 Mil.
Net Income was 77.327 + 242.303 + -19.881 + 255.372 = €555.1 Mil.

Revenue was 87.792 + 316.207 + 17.266 + 301.931 = €723.2 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(0 + 4048.211 + 4372.347 + 4779.028 + 5178.176) / 5 = €4594.4405 Mil.
Total Assets at the begining of last year (Sep22) was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,428.1 Mil.
Total Assets was €5,178.2 Mil.
Total Liabilities was €2,332.4 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.

Burford Capital's current Net Income (TTM) was 236.4. ==> 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.

Burford Capital's current Cash Flow from Operations (TTM) was -64.6. ==> 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)
=236.389/5178.176
=0.04565102

ROA (Last Year)=Net Income/Total Assets (Sep22)
=555.121/0
=

Burford Capital's return on assets of this year was 0.04565102. Burford Capital's return on assets of last year was . ==> 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.

Burford Capital's current Net Income (TTM) was 236.4. Burford Capital's current Cash Flow from Operations (TTM) was -64.6. ==> -64.6 <= 236.4 ==> 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
=1615.681/5428.996
=0.29760217

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=1428.061/4594.4405
=0.3108237

Burford Capital's gearing of this year was 0.29760217. Burford Capital's gearing of last year was 0.3108237. ==> 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: Sep24)=Total Assets/Total Liabilities
=5653.687/2682.773
=2.10740417

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=5178.176/2332.402
=2.22010442

Burford Capital's current ratio of this year was 2.10740417. Burford Capital's current ratio of last year was 2.22010442. ==> 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.

Burford Capital's number of shares in issue this year was 219.421. Burford Capital's number of shares in issue last year was 222.887. ==> 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
=236.389/357.021
=0.66211511

Net Margin (Last Year: TTM)=Net Income/Revenue
=555.121/723.196
=0.76759412

Burford Capital's net margin of this year was 0.66211511. Burford Capital's net margin of last year was 0.76759412. ==> 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)
=357.021/5178.176
=0.06894725

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=723.196/0
=

Burford Capital's asset turnover of this year was 0.06894725. Burford Capital's asset turnover of last year was . ==> 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+0+1+0+1+0+1+0+1
=5

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

Burford Capital has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Burford Capital  (FRA:9BFA) 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.


Burford Capital Piotroski F-Score Related Terms

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Burford Capital Business Description

Traded in Other Exchanges
Address
Hirzel Street, Oak House, St Peter Port, GGY, GY1 2NP
Burford Capital Ltd is a finance firm providing litigation finance, insurance, and risk transfer, law firm lending, corporate intelligence and judgment enforcement, and a wide range of investment activities. It operates in two segments: Capital provision, which is the provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the group's managed funds; Asset management and other services, which includes the provision of services to the legal industry, including litigation insurance; and other corporate. The geographical segments include the United States, United Kingdom, Singapore, Hong Kong, China, and, Australia.

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