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BUA Foods (NSA:BUAFOODS) Piotroski F-Score : 6 (As of Apr. 19, 2025)


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What is BUA Foods 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

BUA Foods has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for BUA Foods's Piotroski F-Score or its related term are showing as below:

NSA:BUAFOODS' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 6

During the past 4 years, the highest Piotroski F-Score of BUA Foods was 7. The lowest was 4. And the median was 6.


BUA Foods Piotroski F-Score Historical Data

The historical data trend for BUA Foods'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.

BUA Foods Piotroski F-Score Chart

BUA Foods Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A 7.00 6.00

BUA Foods Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 N/A 6.00 5.00 4.00 6.00

Competitive Comparison of BUA Foods's Piotroski F-Score

For the Packaged Foods subindustry, BUA Foods'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.


BUA Foods's Piotroski F-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, BUA Foods's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where BUA Foods's Piotroski F-Score falls into.


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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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 6479.867 + 55822.597 + 75107.643 + 73712.038 = ₦211,122 Mil.
Cash Flow from Operations was -375380.537 + 124954.093 + 163541.913 + 126958.485 = ₦40,074 Mil.
Revenue was 205015.237 + 356921.621 + 315471.583 + 398403.266 = ₦1,275,812 Mil.
Gross Profit was 76679.424 + 115418.081 + 105020.272 + 115381.667 = ₦412,499 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(757845.877 + 1070439.862 + 1082505.39 + 1106430.999 + 1071124.109) / 5 = ₦1017669.2474 Mil.
Total Assets at the begining of this year (Sep23) was ₦757,846 Mil.
Long-Term Debt & Capital Lease Obligation was ₦1,345 Mil.
Total Current Assets was ₦702,261 Mil.
Total Current Liabilities was ₦678,466 Mil.
Net Income was 22582.765 + 40468.949 + 54713.561 + 1915.922 = ₦119,681 Mil.

Revenue was 128527.945 + 144318.353 + 176611.95 + 203497.815 = ₦652,956 Mil.
Gross Profit was 38614.035 + 56657.653 + 74512.377 + 51115.202 = ₦220,899 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(630397.972 + 607224.625 + 649630.715 + 757922 + 757845.877) / 5 = ₦680604.2378 Mil.
Total Assets at the begining of last year (Sep22) was ₦630,398 Mil.
Long-Term Debt & Capital Lease Obligation was ₦8,450 Mil.
Total Current Assets was ₦406,250 Mil.
Total Current Liabilities was ₦426,036 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.

BUA Foods's current Net Income (TTM) was 211,122. ==> 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.

BUA Foods's current Cash Flow from Operations (TTM) was 40,074. ==> 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 (Sep23)
=211122.145/757845.877
=0.2785819

ROA (Last Year)=Net Income/Total Assets (Sep22)
=119681.197/630397.972
=0.18985023

BUA Foods's return on assets of this year was 0.2785819. BUA Foods's return on assets of last year was 0.18985023. ==> 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.

BUA Foods's current Net Income (TTM) was 211,122. BUA Foods's current Cash Flow from Operations (TTM) was 40,074. ==> 40,074 <= 211,122 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=1344.517/1017669.2474
=0.00132117

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=8450.031/680604.2378
=0.01241548

BUA Foods's gearing of this year was 0.00132117. BUA Foods's gearing of last year was 0.01241548. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=702260.787/678466.288
=1.03507101

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=406249.677/426035.89
=0.9535574

BUA Foods's current ratio of this year was 1.03507101. BUA Foods's current ratio of last year was 0.9535574. ==> 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.

BUA Foods's number of shares in issue this year was 17978.546. BUA Foods's number of shares in issue last year was 17417.473. ==> 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
=412499.444/1275811.707
=0.32332314

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=220899.267/652956.063
=0.33830648

BUA Foods's gross margin of this year was 0.32332314. BUA Foods's gross margin of last year was 0.33830648. ==> 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 (Sep23)
=1275811.707/757845.877
=1.6834712

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=652956.063/630397.972
=1.03578389

BUA Foods's asset turnover of this year was 1.6834712. BUA Foods's asset turnover of last year was 1.03578389. ==> 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+1+0+1+1+0+0+1
=6

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

BUA Foods has an F-score of 6 indicating the company's financial situation is typical for a stable company.

BUA Foods  (NSA:BUAFOODS) 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.


BUA Foods Piotroski F-Score Related Terms

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BUA Foods Business Description

Traded in Other Exchanges
N/A
Address
Churchgate Street, 3rd Floor BUA Towers, PC 32, P.O.Box 70106, Victoria Island, Lagos, NGA
BUA Foods PLC is involved in the food and fast-moving consumer goods business which processes, manufactures, and distributes food as well as packaged food. The company's business operations comprise five divisions, including Sugar, Flour, Pasta, Rice, and Edible Oils. It has four segments Flour segment, Sugar segment, Pasta segment, and Others. Maximum revenue is from sales of sugar.

BUA Foods Headlines

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