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MTY Food Group Inc  (GREY:MTYFF) Piotroski F-Score: 5 (As of Today)

The zones of discrimination were as such:

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

MTY Food Group Inc has an F-score of 5 indicating the company's financial situation is typical for a stable company.

GREY:MTYFF' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 9
Current: 5

3
9

During the past 13 years, the highest Piotroski F-Score of MTY Food Group Inc was 9. The lowest was 3. And the median was 6.


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

MTY Food Group Inc Annual Data

Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 Nov17 Nov18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 6.00 5.00 6.00 7.00

MTY Food Group Inc Quarterly Data

May14 Aug14 Nov14 Feb15 May15 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 6.00 7.00 5.00

Competitive Comparison
* 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.


MTY Food Group Inc Distribution

* The bar in red indicates where MTY Food Group Inc'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 (Feb19) TTM:Last Year (Feb18) TTM:
Net Income was 14.0214518887 + 17.0794356694 + 9.79401741764 + 11.1651146945 = $52.1 Mil.
Cash Flow from Operations was 19.7256334525 + 21.758932679 + 22.867853086 + 20.2566431978 = $84.6 Mil.
Revenue was 69.8189025338 + 69.9555282932 + 82.1832639152 + 81.2302218185 = $303.2 Mil.
Gross Profit was 37.7001399036 + 40.305167919 + 33.3358576297 + 43.3128927247 = $154.7 Mil.
Average Total Assets from the begining of this year (Feb18)
to the end of this year (Feb19) was
(728.277724817 + 929.146587906 + 920.257629198 + 931.697841727 + 951.619350443) / 5 = $892.199826818 Mil.
Total Assets at the begining of this year (Feb18) was $728.3 Mil.
Long-Term Debt & Capital Lease Obligation was $210.7 Mil.
Total Current Assets was $80.5 Mil.
Total Current Liabilities was $160.4 Mil.
Net Income was 11.7837718654 + 9.54552664975 + 15.207077429 + 35.1731808071 = $71.7 Mil.

Revenue was 51.4199617816 + 57.4016497462 + 54.5940656071 + 59.9690181125 = $223.4 Mil.
Gross Profit was 26.2597383507 + 30.6765545685 + 28.7583183277 + 35.313790912 = $121.0 Mil.
Average Net Income from the begining of last year (Feb17)
to the end of last year (Feb18) was
(636.632084827 + 637.355578421 + 652.899746193 + 669.390902685 + 728.277724817) / 5 = $664.911207389 Mil.
Total Assets at the begining of last year (Feb17) was $636.6 Mil.
Long-Term Debt & Capital Lease Obligation was $223.2 Mil.
Total Current Assets was $112.6 Mil.
Total Current Liabilities was $145.2 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.

MTY Food Group Inc's current Net Income (TTM) was 52.1. ==> 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.

MTY Food Group Inc's current Cash Flow from Operations (TTM) was 84.6. ==> 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(Feb18)
=52.0600196702/728.277724817
=0.07148375

ROA (Last Year)=Net Income/Total Assets(Feb17)
=71.7095567512/636.632084827
=0.11263893

MTY Food Group Inc's return on assets of this year was 0.07148375. MTY Food Group Inc's return on assets of last year was 0.11263893. ==> 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.

MTY Food Group Inc's current Net Income (TTM) was 52.1. MTY Food Group Inc's current Cash Flow from Operations (TTM) was 84.6. ==> 84.6 > 52.1 ==> 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: Feb19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Feb18 to Feb19
=210.693466576/892.199826818
=0.23615054

Gearing (Last Year: Feb18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Feb17 to Feb18
=223.174451859/664.911207389
=0.3356455

MTY Food Group Inc's gearing of this year was 0.23615054. MTY Food Group Inc's gearing of last year was 0.3356455. ==> 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: Feb19)=Total Current Assets/Total Current Liabilities
=80.5004163828/160.411083352
=0.50183824

Current Ratio (Last Year: Feb18)=Total Current Assets/Total Current Liabilities
=112.588179218/145.193040991
=0.77543785

MTY Food Group Inc's current ratio of this year was 0.50183824. MTY Food Group Inc's current ratio of last year was 0.77543785. ==> 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.

MTY Food Group Inc's number of shares in issue this year was 25.2. MTY Food Group Inc's number of shares in issue last year was 21.4. ==> 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
=154.654058177/303.187916561
=0.51009308

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=121.008402159/223.384695247
=0.54170409

MTY Food Group Inc's gross margin of this year was 0.51009308. MTY Food Group Inc's gross margin of last year was 0.54170409. ==> 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 (Feb18)
=303.187916561/728.277724817
=0.4163081

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Feb17)
=223.384695247/636.632084827
=0.35088507

MTY Food Group Inc's asset turnover of this year was 0.4163081. MTY Food Group Inc's asset turnover of last year was 0.35088507. ==> 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+1+1+0+0+0+1
=5

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

MTY Food Group Inc has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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.


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