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RCG (RENN Fund) Piotroski F-Score : 5 (As of Dec. 15, 2024)


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What is RENN Fund 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

RENN Fund 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 RENN Fund's Piotroski F-Score or its related term are showing as below:

RCG' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of RENN Fund was 7. The lowest was 2. And the median was 5.


RENN Fund Piotroski F-Score Historical Data

The historical data trend for RENN Fund'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.

RENN Fund Piotroski F-Score Chart

RENN Fund 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 5.00 7.00 3.00 5.00

RENN Fund Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
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 - 3.00 - 5.00 -

Competitive Comparison of RENN Fund's Piotroski F-Score

For the Asset Management subindustry, RENN Fund'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.


RENN Fund's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, RENN Fund's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where RENN Fund'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 $-0.89 Mil.
Cash Flow from Operations was $0.00 Mil.
Revenue was $-0.61 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (14.923 + 13.954) / 2 = $14.4385 Mil.
Total Assets at the begining of this year (Dec22) was $14.92 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $13.95 Mil.
Total Liabilities was $0.12 Mil.
Net Income was $-4.23 Mil.

Revenue was $-3.99 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (17.08 + 14.923) / 2 = $16.0015 Mil.
Total Assets at the begining of last year (Dec21) was $17.08 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $14.92 Mil.
Total Liabilities was $0.09 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.

RENN Fund's current Net Income (TTM) was -0.89. ==> 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.

RENN Fund's current Cash Flow from Operations (TTM) was 0.00. ==> Negative ==> Score 0.

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)
=-0.885/14.923
=-0.05930443

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-4.232/17.08
=-0.24777518

RENN Fund's return on assets of this year was -0.05930443. RENN Fund's return on assets of last year was -0.24777518. ==> 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.

RENN Fund's current Net Income (TTM) was -0.89. RENN Fund's current Cash Flow from Operations (TTM) was 0.00. ==> 0.00 > -0.89 ==> 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
=0/14.4385
=0

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0/16.0015
=0

RENN Fund's gearing of this year was 0. RENN Fund's gearing of last year was 0. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec23)=Total Assets/Total Liabilities
=13.954/0.117
=119.26495726

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=14.923/0.094
=158.75531915

RENN Fund's current ratio of this year was 119.26495726. RENN Fund's current ratio of last year was 158.75531915. ==> 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.

RENN Fund's number of shares in issue this year was 7.372. RENN Fund's number of shares in issue last year was 6.511. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=-0.885/-0.609
=1.45320197

Net Margin (Last Year: TTM)=Net Income/Revenue
=-4.232/-3.991
=1.06038587

RENN Fund's net margin of this year was 1.45320197. RENN Fund's net margin of last year was 1.06038587. ==> This year's net 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)
=-0.609/14.923
=-0.04080949

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=-3.991/17.08
=-0.23366511

RENN Fund's asset turnover of this year was -0.04080949. RENN Fund's asset turnover of last year was -0.23366511. ==> 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+0+1+1+1+0+0+1+1
=5

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

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

RENN Fund  (AMEX:RCG) 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.


RENN Fund Piotroski F-Score Related Terms

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RENN Fund Business Description

Traded in Other Exchanges
N/A
Address
470 Park Avenue South, New York, NY, USA, 10016
RENN Fund Inc is active in the financial services domain. It is a closed-end management investment company formed to provide return through capital appreciation and income by a long-term, value-oriented investment process that invests in a wide variety of financial instruments, including but not limited to, common stocks, fixed-income securities including convertible and non-convertible debt securities or loans, distressed debt, warrants, and preferred stock, exchange-traded funds and exchange-traded notes, and other instruments. It invests in various industries, including communication services, surgical and medical instruments and apparatus, Oil and Gas, medical chemicals, botanical products, and others.
Executives
Murray Stahl director, officer: President and CEO C/O HORIZON KINETICS LLC, 470 PARK AVE S 8TH FL S, NEW YORK NY 10016
Jay H Kesslen officer: President and CEO C/O HORIZON KINETICS LLC, 470 PARK AVE S, 8TH FL S, NEW YORK NY 10016
Alice C Brennan director C/O RENN FUND, INC., 470 PARK AVE S 8TH FL S, NEW YORK NY 10016
Grimaldi Russell officer: Secretary C/O HORIZON KINETICS LLC, 470 PARK AVE S, 8TH FL S, NEW YORK NY 10016
Alun Williams officer: Treasurer C/O HORIZON KINETICS LLC, 470 PARK AVE S, 8TH FL S, NEW YORK NY 10016
Doug Cohen director HORIZON KINETICS, LLC, 470 PARK AVE S, 4TH FL S, NEW YORK NY 10016
Peter Doyle other: Co-Portfolio Manager 470 PARK AVENUE SOUTH, 8TH FLOOR, NEW YORK NY 10016
Steven Bregman other: Co-Portfolio Manager HORIZON KINETICS LLC, 470 PARK AVENUE SOUTH, 4TH FLOOR SOUTH, NEW YORK NY 10016
Eric Sites director C/O RENN FUND, INC., 470 PARK AVE S 8TH FL S, NEW YORK NY 10016
Herbert M Chain director C/O RENN FUND, INC., 470 PARK AVE S 8TH FL S, NEW YORK NY 10016
J Philip Mccormick director
Pierce Charles C Jr director C/O RENAISSANCE CAPITAL GROUP INC, 8080 N. CENTRAL EXPRESSWAY #210 LB-59, DALLAS TX 75206
Barbara Butschek officer: Secretary and Treasurer
Renn Capital Group, Inc. 10 percent owner 8080 N. CENTRAL EXPRESSWAY, SUITE 210, LB-59, DALLAS TX 75204
Zed Eric Stephens officer: Vice President RENN CAPITAL GROUP, INC., 8080 N. CENTRAL EXPRESSWAY, SUITE 210, DALLAS TX 75206

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