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Total SA  (NYSE:TOT) Piotroski F-Score: 8 (As of Today)

Good Sign:

Piotroski F-Score of 8 is 8, 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

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

NYSE:TOT' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Max: 9
Current: 8

2
9

During the past 13 years, the highest Piotroski F-Score of Total SA was 9. The lowest was 2. And the median was 5.


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.

Total SA Annual Data

Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 3.00 4.00 6.00 6.00

Total SA Quarterly Data

Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17
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 5.00 5.00 6.00 7.00 8.00

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.

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 (Jun17) TTM:Last Year (Jun16) TTM:
Net Income was 1954 + 548 + 2849 + 2037 = $7,388 Mil.
Cash Flow from Operations was 4740 + 7018 + 4701 + 4640 = $21,099 Mil.
Revenue was 31825 + 36867 + 36093 + 34482 = $139,267 Mil.
Gross Profit was 10602 + 12900 + 12106 + 11084 = $46,692 Mil.
Average Total Assets from the begining of this year (Jun16)
to the end of this year (Jun17) was
(225346 + 229505 + 230978 + 231009 + 233905) / 5 = $230148.6 Mil.
Total Assets at the begining of this year ({FiscalYear0}) was $225,346 Mil.
Long-Term Debt & Capital Lease Obligation was $41,548 Mil.
Total Current Assets was $73,989 Mil.
Total Current Liabilities was $50,426 Mil.
Total Assets was 1079 + -1626 + 1606 + 2088 = $3,147 Mil.

Revenue was 34897 + 32292 + 27522 + 31711 = $126,422 Mil.
Gross Profit was 10657 + 10418 + 9883 + 11163 = $42,121 Mil.
Average Total Assets from the begining of last year (Jun15)
to the end of last year (Jun16) was
(234476 + 229125 + 224484 + 224159 + 225346) / 5 = $227518 Mil.
Total Assets at the begining of last year (Jun15) was $234,476 Mil.
Long-Term Debt & Capital Lease Obligation was $41,668 Mil.
Total Current Assets was $67,732 Mil.
Total Current Liabilities was $50,287 Mil.

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.

Total SA's current Net Income (TTM) was {NetIncome0_f}. ==> 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.

Total SA's current Cash Flow from Operations (TTM) was 21,099. ==> 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(Jun16)
=7388/225346
=0.03278514

ROA (Last Year)=Net Income/Total Assets(Jun15)
=3147/234476
=0.01342142

Total SA's return on assets of this year was 0.03278514. Total SA's return on assets of last year was 0.01342142. ==> 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.

Total SA's current Net Income (TTM) was 7,388. Total SA's current Cash Flow from Operations (TTM) was 21,099. ==> 21,099 > 7,388 ==> 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: Jun17)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun16 to Jun17
=41548/230148.6
=0.18052684

Gearing (Last Year: Jun16)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun15 to Jun16
=41668/227518
=0.18314155

Total SA's gearing of this year was 0.18052684. Total SA's gearing of last year was 0.18314155. ==> 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: Jun17)=Total Current Assets/Total Current Liabilities
=73989/50426
=1.46727878

Current Ratio (Last Year: Jun16)=Total Current Assets/Total Current Liabilities
=67732/50287
=1.34690874

Total SA's current ratio of this year was 1.46727878. Total SA's current ratio of last year was 1.34690874. ==> 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.

Total SA's number of shares in issue this year was 2578.5. Total SA's number of shares in issue last year was 2427.9. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=46692/139267
=0.33526966

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=42121/126422
=0.33317777

Total SA's gross margin of this year was 0.33526966. Total SA's gross margin of last year was 0.33317777. ==> 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 (Jun16)
=139267/225346
=0.61801408

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun15)
=126422/234476
=0.53916819

Total SA's asset turnover of this year was 0.61801408. Total SA's asset turnover of last year was 0.53916819. ==> 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+1+0+1+1
=8

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

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

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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