GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » SalMar ASA (OSL:SALM) » Definitions » Piotroski F-Score

SalMar ASA (OSL:SALM) Piotroski F-Score : 6 (As of May. 05, 2024)


View and export this data going back to 2007. Start your Free Trial

What is SalMar ASA 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

SalMar ASA has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for SalMar ASA's Piotroski F-Score or its related term are showing as below:

OSL:SALM' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of SalMar ASA was 7. The lowest was 4. And the median was 5.


SalMar ASA Piotroski F-Score Historical Data

The historical data trend for SalMar ASA'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.

SalMar ASA Piotroski F-Score Chart

SalMar ASA 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 5.00 4.00 6.00 4.00 6.00

SalMar ASA Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 4.00 6.00 4.00 5.00 6.00

Competitive Comparison of SalMar ASA's Piotroski F-Score

For the Farm Products subindustry, SalMar ASA'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.


SalMar ASA's Piotroski F-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, SalMar ASA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where SalMar ASA'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 1734 + -844 + 995 + 1317.756 = kr3,203 Mil.
Cash Flow from Operations was 1486 + 2228 + 2977 + 2284.477 = kr8,975 Mil.
Revenue was 6792 + 5895 + 7512 + 7900.174 = kr28,099 Mil.
Gross Profit was 4506 + 3915 + 4680 + 3498.428 = kr16,599 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(62500.963 + 62481 + 63867 + 53256 + 53330.911) / 5 = kr59087.1748 Mil.
Total Assets at the begining of this year (Dec22) was kr62,501 Mil.
Long-Term Debt & Capital Lease Obligation was kr13,713 Mil.
Total Current Assets was kr17,798 Mil.
Total Current Liabilities was kr9,793 Mil.
Net Income was 1081 + 1837 + 559 + -164.045 = kr3,313 Mil.

Revenue was 4682 + 4172 + 4898 + 6317.115 = kr20,069 Mil.
Gross Profit was 2940 + 3904 + 2053 + 2049.356 = kr10,946 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(28085.251 + 29117 + 31678 + 32176 + 62500.963) / 5 = kr36711.4428 Mil.
Total Assets at the begining of last year (Dec21) was kr28,085 Mil.
Long-Term Debt & Capital Lease Obligation was kr19,502 Mil.
Total Current Assets was kr28,946 Mil.
Total Current Liabilities was kr16,898 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.

SalMar ASA's current Net Income (TTM) was 3,203. ==> 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.

SalMar ASA's current Cash Flow from Operations (TTM) was 8,975. ==> 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 (Dec22)
=3202.756/62500.963
=0.05124331

ROA (Last Year)=Net Income/Total Assets (Dec21)
=3312.955/28085.251
=0.11796067

SalMar ASA's return on assets of this year was 0.05124331. SalMar ASA's return on assets of last year was 0.11796067. ==> Last year is higher ==> Score 0.

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.

SalMar ASA's current Net Income (TTM) was 3,203. SalMar ASA's current Cash Flow from Operations (TTM) was 8,975. ==> 8,975 > 3,203 ==> 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
=13712.967/59087.1748
=0.23208026

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=19502.188/36711.4428
=0.53122913

SalMar ASA's gearing of this year was 0.23208026. SalMar ASA's gearing of last year was 0.53122913. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=17797.823/9793.387
=1.81733072

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=28946.227/16898.331
=1.71296366

SalMar ASA's current ratio of this year was 1.81733072. SalMar ASA's current ratio of last year was 1.71296366. ==> 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.

SalMar ASA's number of shares in issue this year was 131.077. SalMar ASA's number of shares in issue last year was 126.424. ==> 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
=16599.428/28099.174
=0.59074434

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=10946.356/20069.115
=0.54543292

SalMar ASA's gross margin of this year was 0.59074434. SalMar ASA's gross margin of last year was 0.54543292. ==> 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 (Dec22)
=28099.174/62500.963
=0.44957986

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=20069.115/28085.251
=0.71457845

SalMar ASA's asset turnover of this year was 0.44957986. SalMar ASA's asset turnover of last year was 0.71457845. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+0+1+0
=6

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

SalMar ASA has an F-score of 6 indicating the company's financial situation is typical for a stable company.

SalMar ASA  (OSL:SALM) 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.


SalMar ASA Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of SalMar ASA's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


SalMar ASA (OSL:SALM) Business Description

Traded in Other Exchanges
Address
Industriveien 51, Kverva, NOR, N-7266
SalMar ASA produces and sells farmed salmon internationally. It operates hatcheries and controls the farming at all stages until the fish are ready to be harvested, processed, and packaged into various products. Products are developed with new mixes and packing methods to make it more convenient for customers. The salmon are sold through an in-house salesforce and through close partners of the company. Proximity to customers and tracking the use of resources plays a factor in delivering the raw material. Customers include importers, exporters, and larger processing companies and retail chains.