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Ninety One (JSE:NY1) Piotroski F-Score : 5 (As of May. 15, 2024)


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What is Ninety One 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

Ninety One 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 Ninety One's Piotroski F-Score or its related term are showing as below:

JSE:NY1' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 9
Current: 5

During the past 7 years, the highest Piotroski F-Score of Ninety One was 9. The lowest was 5. And the median was 7.


Ninety One Piotroski F-Score Historical Data

The historical data trend for Ninety One'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.

Ninety One Piotroski F-Score Chart

Ninety One Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial 7.00 7.00 9.00 6.00 5.00

Ninety One Semi-Annual Data
Mar17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 6.00 - 5.00 -

Competitive Comparison of Ninety One's Piotroski F-Score

For the Asset Management subindustry, Ninety One'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.


Ninety One's Piotroski F-Score Distribution in the Asset Management Industry

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

* The bar in red indicates where Ninety One'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 (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was R3,630 Mil.
Cash Flow from Operations was R1,653 Mil.
Revenue was R16,520 Mil.
Gross Profit was R8,649 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (230252.806 + 239598.323) / 2 = R234925.5645 Mil.
Total Assets at the begining of this year (Mar22) was R230,253 Mil.
Long-Term Debt & Capital Lease Obligation was R2,043 Mil.
Total Current Assets was R235,698 Mil.
Total Current Liabilities was R228,516 Mil.
Net Income was R4,046 Mil.

Revenue was R15,671 Mil.
Gross Profit was R8,448 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (205580.207 + 230252.806) / 2 = R217916.5065 Mil.
Total Assets at the begining of last year (Mar21) was R205,580 Mil.
Long-Term Debt & Capital Lease Obligation was R1,961 Mil.
Total Current Assets was R226,739 Mil.
Total Current Liabilities was R220,362 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.

Ninety One's current Net Income (TTM) was 3,630. ==> 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.

Ninety One's current Cash Flow from Operations (TTM) was 1,653. ==> 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 (Mar22)
=3629.74/230252.806
=0.01576415

ROA (Last Year)=Net Income/Total Assets (Mar21)
=4046.439/205580.207
=0.01968302

Ninety One's return on assets of this year was 0.01576415. Ninety One's return on assets of last year was 0.01968302. ==> 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.

Ninety One's current Net Income (TTM) was 3,630. Ninety One's current Cash Flow from Operations (TTM) was 1,653. ==> 1,653 <= 3,630 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=2043.114/234925.5645
=0.00869686

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=1961.133/217916.5065
=0.00899947

Ninety One's gearing of this year was 0.00869686. Ninety One's gearing of last year was 0.00899947. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=235698.235/228516.313
=1.03142849

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=226738.534/220362.387
=1.02893482

Ninety One's current ratio of this year was 1.03142849. Ninety One's current ratio of last year was 1.02893482. ==> 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.

Ninety One's number of shares in issue this year was 904.8. Ninety One's number of shares in issue last year was 917.7. ==> 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
=8648.887/16519.972
=0.52354126

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=8447.655/15671.327
=0.53905167

Ninety One's gross margin of this year was 0.52354126. Ninety One's gross margin of last year was 0.53905167. ==> 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 (Mar22)
=16519.972/230252.806
=0.0717471

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=15671.327/205580.207
=0.07622975

Ninety One's asset turnover of this year was 0.0717471. Ninety One's asset turnover of last year was 0.07622975. ==> Last year's asset turnover is higher ==> Score 0.

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+1+1+0+0
=5

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

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

Ninety One  (JSE:NY1) 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.


Ninety One Piotroski F-Score Related Terms

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Ninety One (JSE:NY1) Business Description

Traded in Other Exchanges
Address
36 Hans Strijdom Avenue, Foreshore, Cape Town, WC, ZAF, 8001
Ninety One Ltd is an asset manager. The company provides a range of differentiated strategies managed by its specialist investment teams, providing access to a diverse range of asset classes and regions. It serves its client base via five regional teams namely Africa, the United Kingdom, Asia Pacific, the Americas and Europe and across two distribution channels Institutional and Advisor. Institutional clients include private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations and central banks, while Advisor clients include large retail groups, wealth managers, private banks and intermediaries serving individual investors. Geographically, it derives a majority of revenue from the United Kingdom and others.

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