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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
AGL Resources has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for AGL Resources's Piotroski F-Score or its related term are showing as below:
The historical data trend for AGL Resources'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.
AGL Resources Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 5.00 | 6.00 | 6.00 | 5.00 |
AGL Resources Quarterly Data | ||||||||||||||||||||
Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Net Income was 42 + 11 + 107 + 182 = $342 Mil. Cash Flow from Operations was 365 + -75 + -29 + 841 = $1,102 Mil. Revenue was 674 + 584 + 962 + 1334 = $3,554 Mil. Gross Profit was 452 + 438 + 620 + 756 = $2,266 Mil. Average Total Assets from the begining of this year (Mar15) to the end of this year (Mar16) was (14119 + 13835 + 14206 + 14754 + 14336) / 5 = $14250 Mil. Total Assets at the begining of this year (Mar15) was $14,119 Mil. Long-Term Debt & Capital Lease Obligation was $3,273 Mil. Total Current Assets was $1,537 Mil. Total Current Liabilities was $2,489 Mil. |
Net Income was 58 + -8 + 148 + 193 = $391 Mil. Revenue was 889 + 589 + 1445 + 1721 = $4,644 Mil. Gross Profit was 487 + 391 + 680 + 786 = $2,344 Mil. Average Total Assets from the begining of last year (Mar14) to the end of last year (Mar15) was (15264 + 14159 + 13932 + 14888 + 14119) / 5 = $14472.4 Mil. Total Assets at the begining of last year (Mar14) was $15,264 Mil. Long-Term Debt & Capital Lease Obligation was $3,505 Mil. Total Current Assets was $2,079 Mil. Total Current Liabilities was $2,371 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.
AGL Resources's current Net Income (TTM) was 342.
==> 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.
AGL Resources's current Cash Flow from Operations (TTM) was 1,102.
==> 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 (Mar15) |
= | 342 | / | 14119 | |
= | 0.02422268 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar14) |
= | 391 | / | 15264 | |
= | 0.02561583 |
AGL Resources's return on assets of this year was 0.02422268. AGL Resources's return on assets of last year was 0.02561583.
==> 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.
AGL Resources's current Net Income (TTM) was 342. AGL Resources's current Cash Flow from Operations (TTM) was 1,102.
==> 1,102 > 342 ==> 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: Mar16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar15 to Mar16 |
= | 3273 | / | 14250 | |
= | 0.22968421 |
Gearing (Last Year: Mar15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar14 to Mar15 |
= | 3505 | / | 14472.4 | |
= | 0.24218512 |
AGL Resources's gearing of this year was 0.22968421. AGL Resources's gearing of last year was 0.24218512.
==> 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: Mar16) | = | Total Current Assets | / | Total Current Liabilities |
= | 1537 | / | 2489 | |
= | 0.61751708 |
Current Ratio (Last Year: Mar15) | = | Total Current Assets | / | Total Current Liabilities |
= | 2079 | / | 2371 | |
= | 0.87684521 |
AGL Resources's current ratio of this year was 0.61751708. AGL Resources's current ratio of last year was 0.87684521.
==> 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.
AGL Resources's number of shares in issue this year was 120.4. AGL Resources's number of shares in issue last year was 119.6.
==> 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 |
= | 2266 | / | 3554 | |
= | 0.63759145 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 2344 | / | 4644 | |
= | 0.5047373 |
AGL Resources's gross margin of this year was 0.63759145. AGL Resources's gross margin of last year was 0.5047373.
==> 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 (Mar15) |
= | 3554 | / | 14119 | |
= | 0.25171754 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar14) |
= | 4644 | / | 15264 | |
= | 0.30424528 |
AGL Resources's asset turnover of this year was 0.25171754. AGL Resources's asset turnover of last year was 0.30424528.
==> 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 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
AGL Resources has an F-score of 5 indicating the company's financial situation is typical for a stable company.
AGL Resources (NYSE:GAS) 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.
Thank you for viewing the detailed overview of AGL Resources's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Bettina M Whyte | director | 9 W 57TH ST 34TH FLR, NEW YORK NY 10019 |
Dennis M Love | director | TEN PEACHTREE PLACE, DEPT. 1466, ATLANTA GA 30309 |
Dean R Ohare | director | 15 MOUNTAIN VIEW ROAD, WARREN NJ 07059 |
Norman Bobins | director | 1100 N. WOOD DALE ROAD, WOOD DALE IL 60191 |
Brenda J Gaines | director | 1445 ROSS AVENUE, SUITE 1400, DALLAS TX 75202 |
James A Rubright | director | 3435 WOODHAVEN RD NW, ATLANTA GA 30305 |
Sandra N Bane | director | |
Henry C Wolf | director | NORFOLK SOUTHERN CORP, THREE COMMERCIAL PLACE, NORFOLK VA 23510-9219 |
Andrew W Evans | director, officer: President & CEO | TEN PEACHTREE PLACE, LOC. 1466, ATLANTA GA 30309 |
Charles R Crisp | director | 1301 MCKINNEY STE 700, HOUSTON TX 77010 |
Bell Thomas D Jr | director | |
Armando J Olivera | director | C/O FLUOR CORPORATION, 6700 LAS COLINAS BLVD, IRVING TX 75039 |
Arthur E Johnson | director | IKON OFFICE SOLUTIONS INC, 70 VALLEY STREAM PARKWAY, MALVERN PA 19355 |
John Rau | director | MIAMI CORPORATION, 410 N. MICHIGAN AVENUE, ROOM 590, CHICAGO IL 60611 |
Somerhalder John W Ii | director, officer: Chairman and CEO | 76 SOUTH MAIN STREET, AKRON OH 44308 |
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