Burstone GroupJSE:BTN +0.84%74 Piotroski F-Score is 3 as of Jul. 01, 2026, which is 25% below its 10-year median of 4.00. GuruFocus rates JSE:BTN with a GF Score™ of 74/100 and a GF Value™ of R8.69 (Fairly Valued). The stock has 10 warning signs investors should review. Among 888 REITs companies, Burstone Group ranks worse than 89.41% on this metric.
Warning Sign:
Piotroski F-Score of 3 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
Burstone Group has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Burstone Group's Piotroski F-Score or its related term are showing as below:
JSE:BTN'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 4 Max: 7
Current: 3
During the past 13 years, the highest Piotroski F-Score of Burstone Group was 7. The lowest was 2. And the median was 4.
Burstone Group (JSE:BTN) 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.
Burstone Group Piotroski F-Score Related Terms
Burstone Group Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Burstone Group'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.
JSE:BTN vs VICI, WPC: Piotroski F-Score Comparison
For the REIT - Diversified subindustry, Burstone Group'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.
Burstone Group Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Burstone Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Burstone Group'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.
Burstone Group's current Net Income (TTM) was 800.
==> 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.
Burstone Group's return on assets of this year was 0.04306963. Burstone Group's return on assets of last year was -0.08603682.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Burstone Group's gearing of this year was 0.31632879. Burstone Group's gearing of last year was 0.26770551.
==> 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
Burstone Group's current ratio of this year was 0.51143287. Burstone Group's current ratio of last year was 0.85077709.
==> 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.
Burstone Group's number of shares in issue this year was 803.683. Burstone Group's number of shares in issue last year was 794.707.
==> 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.
Burstone Group's gross margin of this year was 0.61935253. Burstone Group's gross margin of last year was 0.61971489.
==> 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
Burstone Group's asset turnover of this year was 0.10901233. Burstone Group's asset turnover of last year was 0.07772766.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Burstone Group has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Burstone Group (JSE:BTN) has a Piotroski F-Score of 3 as of Jul. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Burstone Group and its competitors. This is 25% below median its historical median of 4.00. Over the past decade, Burstone Group's Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, Burstone Group ranks #794 out of 888 companies in the REITs industry, placing it in the top 89.4%.
Is Burstone Group's Piotroski F-Score too high?
Burstone Group's current Piotroski F-Score of 3 is 25% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The REITs industry median Piotroski F-Score is 6.00. Burstone Group's value of 3 is 50% below this industry median. Based on the distribution chart, Burstone Group ranks #794 out of 888 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Burstone Group has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Burstone Group's Piotroski F-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Burstone Group ranks #794 out of 888 companies for Piotroski F-Score. This places Burstone Group in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Burstone Group's value of 3 is 50% below this benchmark. Historically, Burstone Group's own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 6.00, Burstone Group has consistently been below 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 888 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. Burstone Group's current Piotroski F-Score of 3 is 50% below 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 Burstone Group and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Burstone Group's current Piotroski F-Score is 3, which is 25% below median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Burstone Group stock overvalued right now?
Based on GuruFocus' analysis, Burstone Group (JSE:BTN) is currently considered Fairly Valued. The stock's GF Value™ is R8.69, compared to a current price of R9.58 — trading 10.2% above its estimated fair value. The current Piotroski F-Score is 3, which is 25% below median its 10-year median of 4.00 and 50% below the REITs industry median of 6.00. Burstone Group's overall GF Score™ is 74/100 with 10 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 Burstone Group (JSE:BTN), the current Piotroski F-Score is 3 as of Jul. 01, 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 Burstone Group (JSE:BTN) Overvalued in 2026?
Based on GuruFocus' analysis, Burstone Group stock appears to be overvalued.
The current stock price of R9.58 is trading 10.2% above its estimated GF Value™ of R8.69.
GuruFocus considers Burstone Group to be Fairly Valued.
Key valuation signals for JSE:BTN:
Piotroski F-Score: 3 (25% below median its 10-year median of 4.00)
GF Value™: R8.69 vs. price of R9.58 (10.2% above fair value)
Industry Position: 50% below the REITs median (#794 of 888)
No single metric tells the full story. See the JSE:BTN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Burstone Group Ltd is a real estate investment trust operating in South Africa and formed with the purpose of investing in direct real estate. The objective of the fund is to expand its asset base by investing in well-priced income-producing investment properties. The fund invests in the office, industrial, and retail property sectors and is managed and operated by Investec Property, which is a wholly-owned subsidiary of Investec. The fund is well diversified in terms of sectoral spread but mostly concentrates investments in the province of Gauteng from a geographical spread standpoint. The vast majority of the fund's revenue is derived from contracted rental fees.
74GF Score
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