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Oakbay Resources and Energy (JSE:46926) Piotroski F-Score : 0 (As of Jun. 08, 2024)


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What is Oakbay Resources and Energy 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

Oakbay Resources and Energy has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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


Oakbay Resources and Energy Piotroski F-Score Historical Data

The historical data trend for Oakbay Resources and Energy'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.

Oakbay Resources and Energy Piotroski F-Score Chart

Oakbay Resources and Energy Annual Data
Trend Feb14 Feb15 Feb16 Feb17
Piotroski F-Score
- - 6.00 4.00

Oakbay Resources and Energy Semi-Annual Data
Feb14 Aug14 Feb15 Aug15 Feb16 Aug16 Feb17
Piotroski F-Score Get a 7-Day Free Trial - - 6.00 - 4.00

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 (Feb17) TTM:Last Year (Feb16) TTM:
Net Income was R-570.3 Mil.
Cash Flow from Operations was R-28.3 Mil.
Revenue was R462.6 Mil.
Gross Profit was R48.6 Mil.
Average Total Assets from the begining of this year (Feb16)
to the end of this year (Feb17) was (11229.881 + 9650.082) / 2 = R10439.9815 Mil.
Total Assets at the begining of this year (Feb16) was R11,229.9 Mil.
Long-Term Debt & Capital Lease Obligation was R71.6 Mil.
Total Current Assets was R264.5 Mil.
Total Current Liabilities was R280.5 Mil.
Net Income was R-5.1 Mil.

Revenue was R273.7 Mil.
Gross Profit was R46.0 Mil.
Average Total Assets from the begining of last year (Feb15)
to the end of last year (Feb16) was (8300.844 + 11229.881) / 2 = R9765.3625 Mil.
Total Assets at the begining of last year (Feb15) was R8,300.8 Mil.
Long-Term Debt & Capital Lease Obligation was R82.3 Mil.
Total Current Assets was R504.2 Mil.
Total Current Liabilities was R487.4 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.

Oakbay Resources and Energy's current Net Income (TTM) was -570.3. ==> 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.

Score 1 if positive, 0 if negative.

Oakbay Resources and Energy's current Cash Flow from Operations (TTM) was -28.3. ==> 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 (Feb16)
=-570.345/11229.881
=-0.05078816

ROA (Last Year)=Net Income/Total Assets (Feb15)
=-5.092/8300.844
=-0.00061343

Oakbay Resources and Energy's return on assets of this year was -0.05078816. Oakbay Resources and Energy's return on assets of last year was -0.00061343. ==> 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.

Oakbay Resources and Energy's current Net Income (TTM) was -570.3. Oakbay Resources and Energy's current Cash Flow from Operations (TTM) was -28.3. ==> -28.3 > -570.3 ==> CFROA > ROA ==> Score 1.

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: Feb17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb16 to Feb17
=71.646/10439.9815
=0.00686266

Gearing (Last Year: Feb16)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb15 to Feb16
=82.349/9765.3625
=0.00843276

Oakbay Resources and Energy's gearing of this year was 0.00686266. Oakbay Resources and Energy's gearing of last year was 0.00843276. ==> 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

Current Ratio (This Year: Feb17)=Total Current Assets/Total Current Liabilities
=264.488/280.46
=0.9430507

Current Ratio (Last Year: Feb16)=Total Current Assets/Total Current Liabilities
=504.15/487.415
=1.03433419

Oakbay Resources and Energy's current ratio of this year was 0.9430507. Oakbay Resources and Energy's current ratio of last year was 1.03433419. ==> 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.

Oakbay Resources and Energy's number of shares in issue this year was 800. Oakbay Resources and Energy's number of shares in issue last year was 800. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=48.6/462.622
=0.10505337

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=45.957/273.714
=0.16790153

Oakbay Resources and Energy's gross margin of this year was 0.10505337. Oakbay Resources and Energy's gross margin of last year was 0.16790153. ==> 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 (Feb16)
=462.622/11229.881
=0.04119563

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Feb15)
=273.714/8300.844
=0.03297424

Oakbay Resources and Energy's asset turnover of this year was 0.04119563. Oakbay Resources and Energy's asset turnover of last year was 0.03297424. ==> 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
=0+0+0+1+1+0+1+0+1
=4

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

Oakbay Resources and Energy has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Oakbay Resources and Energy  (JSE:46926) 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.


Oakbay Resources and Energy Piotroski F-Score Related Terms

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Oakbay Resources and Energy (JSE:46926) Business Description

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Address
Oakbay Resources and Energy Ltd mines for energy resources with a focus on uranium development and coal production. The company's Shiva Uranium project inferred uranium resources more than 190 million pounds and indicated and inferred gold resources more than 5 million ounces. It mines for gold deposits as a by-product and offers outsourced contracting to the mining industry. The company's segments consist of Gold Operations, Uranium Development, Central Services and Contract Mining. The majority of its revenues are derived from mining and sale of gold in the Republic of South Africa.

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