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Exemplar REITail (JSE:EXP) Piotroski F-Score : 5 (As of May. 25, 2024)


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What is Exemplar REITail 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

Exemplar REITail 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 Exemplar REITail's Piotroski F-Score or its related term are showing as below:

JSE:EXP' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 7
Current: 5

During the past 8 years, the highest Piotroski F-Score of Exemplar REITail was 7. The lowest was 1. And the median was 5.


Exemplar REITail Piotroski F-Score Historical Data

The historical data trend for Exemplar REITail'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.

Exemplar REITail Piotroski F-Score Chart

Exemplar REITail Annual Data
Trend Feb15 Feb16 Feb17 Feb19 Feb20 Feb21 Feb22 Feb23
Piotroski F-Score
Get a 7-Day Free Trial 4.00 6.00 1.00 5.00 5.00

Exemplar REITail Semi-Annual Data
Feb15 Feb16 Feb17 Aug17 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 5.00 - 5.00 -

Competitive Comparison of Exemplar REITail's Piotroski F-Score

For the REIT - Retail subindustry, Exemplar REITail'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.


Exemplar REITail's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Exemplar REITail's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Exemplar REITail'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 (Feb23) TTM:Last Year (Feb22) TTM:
Net Income was R975 Mil.
Cash Flow from Operations was R19 Mil.
Revenue was R1,047 Mil.
Gross Profit was R693 Mil.
Average Total Assets from the begining of this year (Feb22)
to the end of this year (Feb23) was (7518.9 + 8463.754) / 2 = R7991.327 Mil.
Total Assets at the begining of this year (Feb22) was R7,519 Mil.
Long-Term Debt & Capital Lease Obligation was R2,592 Mil.
Total Current Assets was R208 Mil.
Total Current Liabilities was R795 Mil.
Net Income was R914 Mil.

Revenue was R885 Mil.
Gross Profit was R550 Mil.
Average Total Assets from the begining of last year (Feb21)
to the end of last year (Feb22) was (6738.606 + 7518.9) / 2 = R7128.753 Mil.
Total Assets at the begining of last year (Feb21) was R6,739 Mil.
Long-Term Debt & Capital Lease Obligation was R2,691 Mil.
Total Current Assets was R394 Mil.
Total Current Liabilities was R213 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.

Exemplar REITail's current Net Income (TTM) was 975. ==> 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.

Exemplar REITail's current Cash Flow from Operations (TTM) was 19. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Feb22)
=975.342/7518.9
=0.12971871

ROA (Last Year)=Net Income/Total Assets (Feb21)
=914.275/6738.606
=0.13567717

Exemplar REITail's return on assets of this year was 0.12971871. Exemplar REITail's return on assets of last year was 0.13567717. ==> 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.

Exemplar REITail's current Net Income (TTM) was 975. Exemplar REITail's current Cash Flow from Operations (TTM) was 19. ==> 19 <= 975 ==> 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: Feb23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb22 to Feb23
=2592.272/7991.327
=0.32438567

Gearing (Last Year: Feb22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Feb21 to Feb22
=2690.94/7128.753
=0.37747696

Exemplar REITail's gearing of this year was 0.32438567. Exemplar REITail's gearing of last year was 0.37747696. ==> 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: Feb23)=Total Current Assets/Total Current Liabilities
=208.157/794.949
=0.2618495

Current Ratio (Last Year: Feb22)=Total Current Assets/Total Current Liabilities
=394.223/212.797
=1.85257781

Exemplar REITail's current ratio of this year was 0.2618495. Exemplar REITail's current ratio of last year was 1.85257781. ==> 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.

Exemplar REITail's number of shares in issue this year was 338.116. Exemplar REITail's number of shares in issue last year was 332.291. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=692.537/1047.495
=0.66113633

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=550.076/884.606
=0.62183164

Exemplar REITail's gross margin of this year was 0.66113633. Exemplar REITail's gross margin of last year was 0.62183164. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Feb22)
=1047.495/7518.9
=0.13931493

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Feb21)
=884.606/6738.606
=0.13127433

Exemplar REITail's asset turnover of this year was 0.13931493. Exemplar REITail's asset turnover of last year was 0.13127433. ==> 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+1+0+0+1+0+0+1+1
=5

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

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

Exemplar REITail  (JSE:EXP) 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.


Exemplar REITail Piotroski F-Score Related Terms

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Exemplar REITail (JSE:EXP) Business Description

Traded in Other Exchanges
N/A
Address
Corner Lyttelton Road and Leyden Avenue, Clubview, Centurion, Sokatami Estate, Pretoria, ZAF, 0157
Exemplar REITail Ltd is a real estate investment trust which develops, owns, and manages township and rural retail real estate. The company is the only fund in the country focused purely on retail in under-serviced areas that offers stakeholders a unique investment opportunity.