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Jollibee Foods (PHS:JFC) Piotroski F-Score : 8 (As of Apr. 26, 2024)


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What is Jollibee Foods Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a 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

Jollibee Foods has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

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

PHS:JFC' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Jollibee Foods was 8. The lowest was 3. And the median was 6.


Jollibee Foods Piotroski F-Score Historical Data

The historical data trend for Jollibee 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.

Jollibee Foods Piotroski F-Score Chart

Jollibee Foods Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 3.00 7.00 7.00 8.00

Jollibee Foods Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 Premium Member Only Premium Member Only 7.00 6.00 7.00 6.00 8.00

Competitive Comparison of Jollibee Foods's Piotroski F-Score

For the Restaurants subindustry, Jollibee 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.


Jollibee Foods's Piotroski F-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Jollibee Foods's Piotroski F-Score distribution charts can be found below:

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


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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 2063.057 + 2325.193 + 2434.413 + 1943.449 = ₱8,766 Mil.
Cash Flow from Operations was 6254.336 + 10392.47 + 10181.465 + 10984.829 = ₱37,813 Mil.
Revenue was 55064.344 + 60787.27 + 61531.429 + 66653.34 = ₱244,036 Mil.
Gross Profit was 9982.143 + 10924.171 + 11260.626 + 13062.745 = ₱45,230 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(233402.705 + 228669.116 + 231785.647 + 237844.167 + 244174.216) / 5 = ₱235175.1702 Mil.
Total Assets at the begining of this year (Dec22) was ₱233,403 Mil.
Long-Term Debt & Capital Lease Obligation was ₱82,803 Mil.
Total Current Assets was ₱74,175 Mil.
Total Current Liabilities was ₱67,758 Mil.
Net Income was 2308.525 + 2788.169 + 2142.168 + 319.64 = ₱7,559 Mil.

Revenue was 42836.84 + 52051.484 + 55447.505 + 61495.027 = ₱211,831 Mil.
Gross Profit was 6890.723 + 9329.64 + 9475.649 + 11188.969 = ₱36,885 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(210838.227 + 207664.275 + 215800.759 + 236988.698 + 233402.705) / 5 = ₱220938.9328 Mil.
Total Assets at the begining of last year (Dec21) was ₱210,838 Mil.
Long-Term Debt & Capital Lease Obligation was ₱84,836 Mil.
Total Current Assets was ₱74,861 Mil.
Total Current Liabilities was ₱61,492 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.

Jollibee Foods's current Net Income (TTM) was 8,766. ==> 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.

Jollibee Foods's current Cash Flow from Operations (TTM) was 37,813. ==> 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 (Dec22)
=8766.112/233402.705
=0.03755789

ROA (Last Year)=Net Income/Total Assets (Dec21)
=7558.502/210838.227
=0.03584977

Jollibee Foods's return on assets of this year was 0.03755789. Jollibee Foods's return on assets of last year was 0.03584977. ==> 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.

Jollibee Foods's current Net Income (TTM) was 8,766. Jollibee Foods's current Cash Flow from Operations (TTM) was 37,813. ==> 37,813 > 8,766 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=82802.672/235175.1702
=0.35208935

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=84835.525/220938.9328
=0.38397726

Jollibee Foods's gearing of this year was 0.35208935. Jollibee Foods's gearing of last year was 0.38397726. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=74175.202/67758.455
=1.09470031

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=74860.841/61492.067
=1.21740648

Jollibee Foods's current ratio of this year was 1.09470031. Jollibee Foods's current ratio of last year was 1.21740648. ==> 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.

Jollibee Foods's number of shares in issue this year was 1116.807. Jollibee Foods's number of shares in issue last year was 1117.742. ==> 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
=45229.685/244036.383
=0.18533993

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=36884.981/211830.856
=0.17412468

Jollibee Foods's gross margin of this year was 0.18533993. Jollibee Foods's gross margin of last year was 0.17412468. ==> 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 (Dec22)
=244036.383/233402.705
=1.04555936

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=211830.856/210838.227
=1.00470801

Jollibee Foods's asset turnover of this year was 1.04555936. Jollibee Foods's asset turnover of last year was 1.00470801. ==> 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+1+1+0+1+1+1
=8

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

Jollibee Foods has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Jollibee Foods  (PHS:JFC) 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.


Jollibee Foods Piotroski F-Score Related Terms

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Jollibee Foods (PHS:JFC) Business Description

Traded in Other Exchanges
Address
10 F. Ortigas Junior avenue, 10th Floor, Jollibee Plaza Building, Ortigas Centre, Pasig, PHL, 1605
Jollibee Foods Corp is engaged in operating and franchising quick-service restaurants. The company has three business segments; The food service segment is involved in the operations of QSRs and the manufacture of food, products to be sold to JFC Group-owned and franchised QSR outlets, The franchising segment is involved in the franchising of the JFC Group's QSR store concepts, and The leasing segment leases store sites mainly to the JFC Group's independent franchisees. The group's geographical segments are based on the location of the assets producing revenues in the Philippines and in other locations which include PRC, USA, Canada, Vietnam, Singapore, Malaysia, Italy, UK, UAE, Hongkong, Macau, Brunei, Taiwan, and Australia.

Jollibee Foods (PHS:JFC) Headlines

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