0(0%) Volume: 121,177 3:15AM EST| Market Cap : 5.47 M | Enterprise Value : 1 | P/E (TTM) : | P/B : 0.27 |
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Warning Sign:
Piotroski F-Score of 2 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
Mongolia Growth Group has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
During the past 12 years, the highest Piotroski F-Score of Mongolia Growth Group was 6. The lowest was 1. And the median was 4.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Mongolia Growth Group Quarterly Data | ||||||||||||||||||||
| Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | |
| Piotroski F-Score |
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6.00 | 4.00 | 4.00 | 4.00 | 2.00 |
* The bar in red indicates where Mongolia Growth Group's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| This Year (Sep19) TTM: | Last Year (Sep18) TTM: |
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Net Income was -0.429443286692 + 0.197442225712 + 0.13394536835 + -0.51280114795 = $-0.61 Mil. Cash Flow from Operations was -0.26719261685 + -0.0987211128562 + -0.23026563323 + 0.0120836794804 = $-0.58 Mil. Revenue was 0.273891039 + 0.269987285917 + 0.27993076981 + 0.285476927724 = $1.11 Mil. Gross Profit was 0.266448347723 + 0.269987285917 + 0.248325682896 + 0.279435087984 = $1.06 Mil. Average Total Assets from the begining of this year (Sep18) to the end of this year (Sep19) was (24.4322541046 + 23.0857398035 + 23.1620671603 + 22.6661148318 + 24.1235556227) / 5 = $23.4939463046 Mil. Total Assets at the begining of this year (Sep18) was $24.43 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Current Assets was $5.11 Mil. Total Current Liabilities was $2.61 Mil. |
Net Income was -0.564648758713 + -0.211087914637 + 0.0982857142857 + 1.74850391284 = $1.07 Mil. Revenue was 0.518443104393 + 0.276038042218 + 0.272 + 0.299217431333 = $1.37 Mil. Gross Profit was 0.518443104393 + 0.276038042218 + 0.262095238095 + 0.282338499309 = $1.34 Mil. Average Net Income from the begining of last year (Sep17) to the end of last year (Sep18) was (23.9245866927 + 23.0292113713 + 23.307043996 + 22.9424761905 + 24.4322541046) / 5 = $23.527114471 Mil. Total Assets at the begining of last year (Sep17) was $23.92 Mil. Long-Term Debt & Capital Lease Obligation was $0.52 Mil. Total Current Assets was $4.36 Mil. Total Current Liabilities was $0.41 Mil. |
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.
Mongolia Growth Group's current Net Income (TTM) was -0.61.
==> 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.
Mongolia Growth Group's current Cash Flow from Operations (TTM) was -0.58.
==> 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(Sep18) |
| = | -0.61085684058 | / | 24.4322541046 | |
| = | -0.02500207 |
| ROA (Last Year) | = | Net Income | / | Total Assets(Sep17) |
| = | 1.07105295378 | / | 23.9245866927 | |
| = | 0.04476788 |
Mongolia Growth Group's return on assets of this year was -0.02500207. Mongolia Growth Group's return on assets of last year was 0.04476788.
==> 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.
Mongolia Growth Group's current Net Income (TTM) was -0.61. Mongolia Growth Group's current Cash Flow from Operations (TTM) was -0.58.
==> -0.58 > -0.61 ==> 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: Sep19) | = | Long-Term Debt & Capital Lease Obligation | / | Total Assetsfrom Sep18 to Sep19 |
| = | 0 | / | 23.4939463046 | |
| = | 0 |
| Gearing (Last Year: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Total Assetsfrom Sep17 to Sep18 |
| = | 0.515574650913 | / | 23.527114471 | |
| = | 0.02191406 |
Mongolia Growth Group's gearing of this year was 0. Mongolia Growth Group's gearing of last year was 0.02191406.
==> 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: Sep19) | = | Total Current Assets | / | Total Current Liabilities |
| = | 5.10837550034 | / | 2.6115852277 | |
| = | 1.95604396 |
| Current Ratio (Last Year: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
| = | 4.35553168636 | / | 0.407396041123 | |
| = | 10.69114878 |
Mongolia Growth Group's current ratio of this year was 1.95604396. Mongolia Growth Group's current ratio of last year was 10.69114878.
==> 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.
Mongolia Growth Group's number of shares in issue this year was 33. Mongolia Growth Group's number of shares in issue last year was 28.5.
==> 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 |
| = | 1.06419640452 | / | 1.10928602245 | |
| = | 0.95935258 |
| Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
| = | 1.33891488402 | / | 1.36569857794 | |
| = | 0.98038828 |
Mongolia Growth Group's gross margin of this year was 0.95935258. Mongolia Growth Group's gross margin of last year was 0.98038828.
==> 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 (Sep18) |
| = | 1.10928602245 | / | 24.4322541046 | |
| = | 0.04540252 |
| Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep17) |
| = | 1.36569857794 | / | 23.9245866927 | |
| = | 0.05708348 |
Mongolia Growth Group's asset turnover of this year was 0.04540252. Mongolia Growth Group's asset turnover of last year was 0.05708348.
==> 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 |
| = | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
| = | 2 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Mongolia Growth Group has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
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.
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