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Pernod Ricard Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

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

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

OTCPK:PDRDF' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 7

4
8

During the past 13 years, the highest Piotroski F-Score of Pernod Ricard was 8. The lowest was 4. And the median was 6.


Pernod Ricard 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.

Pernod Ricard Annual Data
Jun10 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 Jun19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 8.00 6.00 7.00

Pernod Ricard Semi-Annual Data
Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19
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 7.00 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.


Pernod Ricard Piotroski F-Score Distribution

* The bar in red indicates where Pernod Ricard'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 (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was $1,644 Mil.
Cash Flow from Operations was $1,922 Mil.
Revenue was $10,375 Mil.
Gross Profit was $6,383 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was (34530.373831776 + 35079.096045198) / 2 = $34804.734938487 Mil.
Total Assets at the begining of this year (Jun18) was $34,530 Mil.
Long-Term Debt & Capital Lease Obligation was $7,270 Mil.
Total Current Assets was $9,468 Mil.
Total Current Liabilities was $5,286 Mil.
Net Income was $1,842 Mil.

Revenue was $10,189 Mil.
Gross Profit was $6,179 Mil.
Average Net Income from the begining of last year (Jun17)
to the end of last year (Jun18) was (33806.741573034 + 34530.373831776) / 2 = $34168.557702405 Mil.
Total Assets at the begining of last year (Jun17) was $33,807 Mil.
Long-Term Debt & Capital Lease Obligation was $8,458 Mil.
Total Current Assets was $9,138 Mil.
Total Current Liabilities was $4,373 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.

Pernod Ricard's current Net Income (TTM) was 1,644. ==> 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.

Pernod Ricard's current Cash Flow from Operations (TTM) was 1,922. ==> 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 (Jun18)
=1644.0677966102/34530.373831776
=0.04761222

ROA (Last Year)=Net Income/Total Assets (Jun17)
=1842.2897196262/33806.741573034
=0.05449474

Pernod Ricard's return on assets of this year was 0.04761222. Pernod Ricard's return on assets of last year was 0.05449474. ==> 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.

Pernod Ricard's current Net Income (TTM) was 1,644. Pernod Ricard's current Cash Flow from Operations (TTM) was 1,922. ==> 1,922 > 1,644 ==> 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: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=7270.0564971751/34804.734938487
=0.20888125

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun17 to Jun18
=8457.9439252336/34168.557702405
=0.24753588

Pernod Ricard's gearing of this year was 0.20888125. Pernod Ricard's gearing of last year was 0.24753588. ==> 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: Jun19)=Total Current Assets/Total Current Liabilities
=9467.7966101695/5285.8757062147
=1.79115006

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=9137.8504672897/4372.6635514019
=2.08976757

Pernod Ricard's current ratio of this year was 1.79115006. Pernod Ricard's current ratio of last year was 2.08976757. ==> 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.

Pernod Ricard's number of shares in issue this year was 265.42. Pernod Ricard's number of shares in issue last year was 265.543. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=6383.0508474576/10375.141242938
=0.61522544

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6178.738317757/10189.252336449
=0.60639762

Pernod Ricard's gross margin of this year was 0.61522544. Pernod Ricard's gross margin of last year was 0.60639762. ==> 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 (Jun18)
=10375.141242938/34530.373831776
=0.3004642

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=10189.252336449/33806.741573034
=0.30139705

Pernod Ricard's asset turnover of this year was 0.3004642. Pernod Ricard's asset turnover of last year was 0.30139705. ==> 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+1+1+0
=6

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

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

Pernod Ricard  (OTCPK:PDRDF) 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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