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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
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:
During the past 13 years, the highest Piotroski F-Score of RENN Fund was 7. The lowest was 2. And the median was 5.
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.
RENN Fund Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 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 | - | 3.00 | - | 5.00 | - |
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.
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.
Thank you for viewing the detailed overview of RENN Fund's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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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