Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Sep. 2024, Uni-President Enterprises has a Sloan Ratio of -1.34%, indicating the company is in the safe zone and there is no funny business with accruals.
Uni-President Enterprises Sloan Ratio % Historical Data
* 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.
Competitive Comparison of Uni-President Enterprises's Sloan Ratio %
For the Packaged Foods subindustry, Uni-President Enterprises's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Uni-President Enterprises's Sloan Ratio % Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Uni-President Enterprises's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Uni-President Enterprises's Sloan Ratio % falls into.
Uni-President Enterprises Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Uni-President Enterprises's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
Uni-President Enterprises's Net Income for the trailing twelve months (TTM) ended in Sep. 2024 was 1562.387 (Dec. 2023 ) + 5533.901 (Mar. 2024 ) + 5909.138 (Jun. 2024 ) + 6091.955 (Sep. 2024 ) = NT$19,097 Mil.
Uni-President Enterprises's Cash Flow from Operations for the trailing twelve months (TTM) ended in Sep. 2024 was 16412.096 (Dec. 2023 ) + 8867.792 (Mar. 2024 ) + 22541.557 (Jun. 2024 ) + 25940.507 (Sep. 2024 ) = NT$73,762 Mil.
Uni-President Enterprises's Cash Flow from Investing for the trailing twelve months (TTM) ended in Sep. 2024 was -11161.173 (Dec. 2023 ) + -7636.845 (Mar. 2024 ) + -14916.079 (Jun. 2024 ) + -11480.233 (Sep. 2024 ) = NT$-45,194 Mil.
* 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.
Uni-President Enterprises (TPE:1216) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Sep. 2024, Uni-President Enterprises has a Sloan Ratio of -1.34%, indicating the company is in the safe zone and there is no funny business with accruals.
Uni-President Enterprises Sloan Ratio % Related Terms
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Uni-President Enterprises is one of the largest food conglomerates in Asia. It produces and sells a comprehensive range of food products through its company and affiliates. Core business includes food manufacturing and investments in other related business. Product categories include feeds, flour, edible oils, soy sauce, meat products, instant noodles, bread, beverages, dairy products, frozen food, and health food. Through its network of 200 affiliates, its convenient stores, retail, logistics, finance, and recreation operations are located all across Taiwan, mainland China, and Southeast Asia.
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