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Refresco Group NV (Refresco Group NV) Piotroski F-Score : 0 (As of Apr. 26, 2024)


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What is Refresco Group NV 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

Refresco Group NV 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 Refresco Group NV's Piotroski F-Score or its related term are showing as below:


Refresco Group NV Piotroski F-Score Historical Data

The historical data trend for Refresco Group NV'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.

Refresco Group NV Piotroski F-Score Chart

Refresco Group NV Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17
Piotroski F-Score
- - 7.00 8.00 6.00

Refresco Group NV Quarterly Data
Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18
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 Premium Member Only Premium Member Only 8.00 7.00 6.00 6.00 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 (Mar18) TTM:Last Year (Mar17) TTM:
Net Income was 29.888 + 13.111 + 12.308 + -49.322 = $6 Mil.
Cash Flow from Operations was 74.27 + 45.292 + 44.379 + 18.496 = $182 Mil.
Revenue was 721.348 + 694.875 + 615.148 + 954.377 = $2,986 Mil.
Gross Profit was 309.213 + 307.509 + 180 + 404.439 = $1,201 Mil.
Average Total Assets from the begining of this year (Mar17)
to the end of this year (Mar18) was
(2088.77 + 2256.517 + 2331.347 + 2281.538 + 4030.826) / 5 = $2597.7996 Mil.
Total Assets at the begining of this year (Mar17) was $2,089 Mil.
Long-Term Debt & Capital Lease Obligation was $2,226 Mil.
Total Current Assets was $1,379 Mil.
Total Current Liabilities was $1,021 Mil.
Net Income was 32.472 + 33.67 + 17.405 + 6.417 = $90 Mil.

Revenue was 627.753 + 641.975 + 558.439 + 560.428 = $2,389 Mil.
Gross Profit was 267.64 + 279.461 + 172.785 + 252.406 = $972 Mil.
Average Total Assets from the begining of last year (Mar16)
to the end of last year (Mar17) was
(1799.443 + 1985.506 + 2135.354 + 2071.73 + 2088.77) / 5 = $2016.1606 Mil.
Total Assets at the begining of last year (Mar16) was $1,799 Mil.
Long-Term Debt & Capital Lease Obligation was $800 Mil.
Total Current Assets was $811 Mil.
Total Current Liabilities was $619 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.

Refresco Group NV's current Net Income (TTM) was 6. ==> 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.

Refresco Group NV's current Cash Flow from Operations (TTM) was 182. ==> 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 (Mar17)
=5.985/2088.77
=0.00286532

ROA (Last Year)=Net Income/Total Assets (Mar16)
=89.964/1799.443
=0.04999547

Refresco Group NV's return on assets of this year was 0.00286532. Refresco Group NV's return on assets of last year was 0.04999547. ==> 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.

Refresco Group NV's current Net Income (TTM) was 6. Refresco Group NV's current Cash Flow from Operations (TTM) was 182. ==> 182 > 6 ==> 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: Mar18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar17 to Mar18
=2225.647/2597.7996
=0.85674315

Gearing (Last Year: Mar17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar16 to Mar17
=800/2016.1606
=0.39679379

Refresco Group NV's gearing of this year was 0.85674315. Refresco Group NV's gearing of last year was 0.39679379. ==> Last year is lower than this year ==> Score 0.

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: Mar18)=Total Current Assets/Total Current Liabilities
=1378.545/1020.962
=1.35024124

Current Ratio (Last Year: Mar17)=Total Current Assets/Total Current Liabilities
=810.695/619.251
=1.30915412

Refresco Group NV's current ratio of this year was 1.35024124. Refresco Group NV's current ratio of last year was 1.30915412. ==> 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.

Refresco Group NV's number of shares in issue this year was 81.161. Refresco Group NV's number of shares in issue last year was 81.2. ==> 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
=1201.161/2985.748
=0.40229818

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=972.292/2388.595
=0.40705603

Refresco Group NV's gross margin of this year was 0.40229818. Refresco Group NV's gross margin of last year was 0.40705603. ==> 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 (Mar17)
=2985.748/2088.77
=1.4294288

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar16)
=2388.595/1799.443
=1.32740798

Refresco Group NV's asset turnover of this year was 1.4294288. Refresco Group NV's asset turnover of last year was 1.32740798. ==> 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+0+1+1+0+1
=6

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

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

Refresco Group NV  (OTCPK:RFFRY) 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.


Refresco Group NV Piotroski F-Score Related Terms

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Refresco Group NV (Refresco Group NV) Business Description

Traded in Other Exchanges
N/A
Address
Refresco Group NV is an independent bottler of fruit juices, water, carbonated soft drinks, and other soft drinks. The company has more than two dozen manufacturing sites throughout Europe where it produces beverages for its customers. Refresco's customers are retailers that sell private-label beverages and name-brand beverage manufacturers. Most of Refresco's production volume is for private-label retailers. Depending on the company's contract with a given customer, Refresco earns its revenue from selling the products it produces or as a fee for its services. Refresco's biggest markets by sales volume are Germany, Benelux, France, Italy, and the United Kingdom.

Refresco Group NV (Refresco Group NV) Headlines

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