GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Tongaat Hulett Ltd (JSE:TON) » Definitions » Piotroski F-Score

Tongaat Hulett (JSE:TON) Piotroski F-Score : 0 (As of Oct. 31, 2024)


View and export this data going back to 1952. Start your Free Trial

What is Tongaat Hulett 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

Tongaat Hulett 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 Tongaat Hulett's Piotroski F-Score or its related term are showing as below:


Tongaat Hulett Piotroski F-Score Historical Data

The historical data trend for Tongaat Hulett'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.

Tongaat Hulett Piotroski F-Score Chart

Tongaat Hulett Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 5.00 5.00 7.00 4.00

Tongaat Hulett Semi-Annual Data
Mar12 Sep12 Mar13 Sep13 Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21
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 - 7.00 - 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 (Mar21) TTM:Last Year (Mar20) TTM:
Net Income was R2,419 Mil.
Cash Flow from Operations was R1,452 Mil.
Revenue was R14,918 Mil.
Gross Profit was R4,269 Mil.
Average Total Assets from the begining of this year (Mar20)
to the end of this year (Mar21) was (18148 + 13276) / 2 = R15712 Mil.
Total Assets at the begining of this year (Mar20) was R18,148 Mil.
Long-Term Debt & Capital Lease Obligation was R426 Mil.
Total Current Assets was R7,393 Mil.
Total Current Liabilities was R10,498 Mil.
Net Income was R120 Mil.

Revenue was R15,382 Mil.
Gross Profit was R6,791 Mil.
Average Total Assets from the begining of last year (Mar19)
to the end of last year (Mar20) was (15033 + 18148) / 2 = R16590.5 Mil.
Total Assets at the begining of last year (Mar19) was R15,033 Mil.
Long-Term Debt & Capital Lease Obligation was R384 Mil.
Total Current Assets was R10,429 Mil.
Total Current Liabilities was R16,927 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.

Tongaat Hulett's current Net Income (TTM) was 2,419. ==> 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.

Tongaat Hulett's current Cash Flow from Operations (TTM) was 1,452. ==> 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 (Mar20)
=2419/18148
=0.13329292

ROA (Last Year)=Net Income/Total Assets (Mar19)
=120/15033
=0.00798244

Tongaat Hulett's return on assets of this year was 0.13329292. Tongaat Hulett's return on assets of last year was 0.00798244. ==> 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.

Tongaat Hulett's current Net Income (TTM) was 2,419. Tongaat Hulett's current Cash Flow from Operations (TTM) was 1,452. ==> 1,452 <= 2,419 ==> 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: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=426/15712
=0.02711303

Gearing (Last Year: Mar20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar19 to Mar20
=384/16590.5
=0.02314578

Tongaat Hulett's gearing of this year was 0.02711303. Tongaat Hulett's gearing of last year was 0.02314578. ==> 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

Current Ratio (This Year: Mar21)=Total Current Assets/Total Current Liabilities
=7393/10498
=0.70422938

Current Ratio (Last Year: Mar20)=Total Current Assets/Total Current Liabilities
=10429/16927
=0.61611626

Tongaat Hulett's current ratio of this year was 0.70422938. Tongaat Hulett's current ratio of last year was 0.61611626. ==> 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.

Tongaat Hulett's number of shares in issue this year was 135.489. Tongaat Hulett's number of shares in issue last year was 134.958. ==> 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
=4269/14918
=0.28616437

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6791/15382
=0.44149005

Tongaat Hulett's gross margin of this year was 0.28616437. Tongaat Hulett's gross margin of last year was 0.44149005. ==> 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 (Mar20)
=14918/18148
=0.82201896

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar19)
=15382/15033
=1.02321559

Tongaat Hulett's asset turnover of this year was 0.82201896. Tongaat Hulett's asset turnover of last year was 1.02321559. ==> 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+1+0+0+1+0+0+0
=4

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

Tongaat Hulett has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Tongaat Hulett  (JSE:TON) 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.


Tongaat Hulett Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Tongaat Hulett's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Tongaat Hulett Business Description

Traded in Other Exchanges
N/A
Address
Amanzimnyama Hill Road, P O Box 3, Tongaat, NL, ZAF, 4400
Tongaat Hulett Ltd produces sugar and glucose in Africa. It procures its raw materials both from land it owns and from private farmers. Tongaat sells its products to customers in the foodservice industry and to consumers as branded products. Raw sugar sales make up most of the company's revenue. Its biggest markets are South Africa, Zimbabwe, and Mozambique. The company also earns revenue by converting and developing land that it owns and has used for agricultural purposes. Additionally, the by-products from its manufacturing processes create renewable energy, which the company uses to supply electricity to the grid in some instances.

Tongaat Hulett Headlines

No Headlines