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Anglogold Ashanti Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

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

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

NYSE:AU' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 5

2
8

During the past 13 years, the highest Piotroski F-Score of Anglogold Ashanti was 8. The lowest was 2. And the median was 5.


Anglogold Ashanti Piotroski F-Score 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.

Anglogold Ashanti Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 4.00 6.00 5.00

Anglogold Ashanti Semi-Annual Data
Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20
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 0.00 6.00 0.00 5.00 0.00

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.


Anglogold Ashanti Piotroski F-Score Distribution

* The bar in red indicates where Anglogold Ashanti'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 (Dec19) TTM:Last Year (Dec18) TTM:
Net Income was $-12 Mil.
Cash Flow from Operations was $1,047 Mil.
Revenue was $3,525 Mil.
Gross Profit was $899 Mil.
Average Total Assets from the begining of this year (Dec18)
to the end of this year (Dec19) was (6643 + 6863) / 2 = $6753 Mil.
Total Assets at the begining of this year (Dec18) was $6,643 Mil.
Long-Term Debt & Capital Lease Obligation was $1,425 Mil.
Total Current Assets was $1,982 Mil.
Total Current Liabilities was $1,437 Mil.
Net Income was $150 Mil.

Revenue was $3,336 Mil.
Gross Profit was $752 Mil.
Average Total Assets from the begining of last year (Dec17)
to the end of last year (Dec18) was (7219 + 6643) / 2 = $6931 Mil.
Total Assets at the begining of last year (Dec17) was $7,219 Mil.
Long-Term Debt & Capital Lease Obligation was $1,911 Mil.
Total Current Assets was $1,227 Mil.
Total Current Liabilities was $793 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.

Anglogold Ashanti's current Net Income (TTM) was -12. ==> 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.

Anglogold Ashanti's current Cash Flow from Operations (TTM) was 1,047. ==> 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 (Dec18)
=-12/6643
=-0.00180641

ROA (Last Year)=Net Income/Total Assets (Dec17)
=150/7219
=0.0207785

Anglogold Ashanti's return on assets of this year was -0.00180641. Anglogold Ashanti's return on assets of last year was 0.0207785. ==> 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.

Anglogold Ashanti's current Net Income (TTM) was -12. Anglogold Ashanti's current Cash Flow from Operations (TTM) was 1,047. ==> 1,047 > -12 ==> 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: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=1425/6753
=0.21101733

Gearing (Last Year: Dec18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec17 to Dec18
=1911/6931
=0.27571779

Anglogold Ashanti's gearing of this year was 0.21101733. Anglogold Ashanti's gearing of last year was 0.27571779. ==> 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: Dec19)=Total Current Assets/Total Current Liabilities
=1982/1437
=1.37926235

Current Ratio (Last Year: Dec18)=Total Current Assets/Total Current Liabilities
=1227/793
=1.54728878

Anglogold Ashanti's current ratio of this year was 1.37926235. Anglogold Ashanti's current ratio of last year was 1.54728878. ==> 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.

Anglogold Ashanti's number of shares in issue this year was 418.35. Anglogold Ashanti's number of shares in issue last year was 417.379. ==> 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
=899/3525
=0.25503546

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=752/3336
=0.22541966

Anglogold Ashanti's gross margin of this year was 0.25503546. Anglogold Ashanti's gross margin of last year was 0.22541966. ==> This year's gross margin is higher. ==> Score 1.

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 (Dec18)
=3525/6643
=0.53063375

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec17)
=3336/7219
=0.46211387

Anglogold Ashanti's asset turnover of this year was 0.53063375. Anglogold Ashanti's asset turnover of last year was 0.46211387. ==> 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
=0+1+0+1+1+0+0+1+1
=5

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

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

Anglogold Ashanti  (NYSE:AU) 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.


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