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Heineken NV Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, 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

Heineken NV has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

XAMS:HEIA' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 7   Max: 9
Current: 7

4
9

During the past 13 years, the highest Piotroski F-Score of Heineken NV was 9. The lowest was 4. And the median was 7.


Heineken NV Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Heineken NV Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 7.00 4.00 7.00

Heineken NV Semi-Annual Data
Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20
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 0.00 4.00 0.00 7.00 0.00

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.


Heineken NV Piotroski F-Score Distribution

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


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

This Year (Dec19) TTM:Last Year (Dec18) TTM:
Net Income was €2,166 Mil.
Cash Flow from Operations was €4,337 Mil.
Revenue was €23,969 Mil.
Gross Profit was €9,377 Mil.
Average Total Assets from the begining of this year (Dec18)
to the end of this year (Dec19) was (42151 + 46504) / 2 = €44327.5 Mil.
Total Assets at the begining of this year (Dec18) was €42,151 Mil.
Long-Term Debt & Capital Lease Obligation was €13,366 Mil.
Total Current Assets was €8,419 Mil.
Total Current Liabilities was €12,307 Mil.
Net Income was €1,913 Mil.

Revenue was €22,489 Mil.
Gross Profit was €8,488 Mil.
Average Total Assets from the begining of last year (Dec17)
to the end of last year (Dec18) was (41034 + 42151) / 2 = €41592.5 Mil.
Total Assets at the begining of last year (Dec17) was €41,034 Mil.
Long-Term Debt & Capital Lease Obligation was €12,628 Mil.
Total Current Assets was €9,125 Mil.
Total Current Liabilities was €10,429 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.

Heineken NV's current Net Income (TTM) was 2,166. ==> 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.

Heineken NV's current Cash Flow from Operations (TTM) was 4,337. ==> 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 (Dec18)
=2166/42151
=0.05138668

ROA (Last Year)=Net Income/Total Assets (Dec17)
=1913/41034
=0.04661988

Heineken NV's return on assets of this year was 0.05138668. Heineken NV's return on assets of last year was 0.04661988. ==> 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.

Heineken NV's current Net Income (TTM) was 2,166. Heineken NV's current Cash Flow from Operations (TTM) was 4,337. ==> 4,337 > 2,166 ==> 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: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=13366/44327.5
=0.3015284

Gearing (Last Year: Dec18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec17 to Dec18
=12628/41592.5
=0.30361243

Heineken NV's gearing of this year was 0.3015284. Heineken NV's gearing of last year was 0.30361243. ==> 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: Dec19)=Total Current Assets/Total Current Liabilities
=8419/12307
=0.68408223

Current Ratio (Last Year: Dec18)=Total Current Assets/Total Current Liabilities
=9125/10429
=0.87496404

Heineken NV's current ratio of this year was 0.68408223. Heineken NV's current ratio of last year was 0.87496404. ==> 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.

Heineken NV's number of shares in issue this year was 574.217. Heineken NV's number of shares in issue last year was 570.664. ==> 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
=9377/23969
=0.39121365

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=8488/22489
=0.37742897

Heineken NV's gross margin of this year was 0.39121365. Heineken NV's gross margin of last year was 0.37742897. ==> 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 (Dec18)
=23969/42151
=0.56864606

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec17)
=22489/41034
=0.54805771

Heineken NV's asset turnover of this year was 0.56864606. Heineken NV's asset turnover of last year was 0.54805771. ==> 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+0+1+1
=7

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

Heineken NV has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Heineken NV  (XAMS:HEIA) 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.


Heineken NV Piotroski F-Score Related Terms


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