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Arabian Centres Co (SAU:4321) Piotroski F-Score : 0 (As of May. 28, 2024)


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What is Arabian Centres Co 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

Arabian Centres Co 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 Arabian Centres Co's Piotroski F-Score or its related term are showing as below:


Arabian Centres Co Piotroski F-Score Historical Data

The historical data trend for Arabian Centres Co'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.

Arabian Centres Co Piotroski F-Score Chart

Arabian Centres Co Annual Data
Trend Mar18 Mar19 Mar20 Mar21
Piotroski F-Score
N/A N/A 5.00 4.00

Arabian Centres Co Quarterly Data
Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22
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 7.00 5.00 6.00 6.00 6.00

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 (Dec22) TTM:Last Year (Dec21) TTM:
Net Income was -327.679 + 126.009 + 244.214 + 459.102 = ﷼502 Mil.
Cash Flow from Operations was 461.895 + 120.116 + 361.741 + 386.111 = ﷼1,330 Mil.
Revenue was 519.168 + 562.949 + 573.748 + 550.837 = ﷼2,207 Mil.
Gross Profit was -91.841 + 306.14 + 354.278 + 462.474 = ﷼1,031 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was
(18144.188 + 18281.163 + 18518.157 + 17677.551 + 27737.141) / 5 = ﷼20071.64 Mil.
Total Assets at the begining of this year (Dec21) was ﷼18,144 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼9,822 Mil.
Total Current Assets was ﷼2,451 Mil.
Total Current Liabilities was ﷼1,893 Mil.
Net Income was 129.451 + 126.607 + 91.57 + 355.67 = ﷼703 Mil.

Revenue was 446.248 + 510.679 + 497.042 + 510.596 = ﷼1,965 Mil.
Gross Profit was 220.773 + 285.678 + 266.874 + 423.404 = ﷼1,197 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was
(17910.18 + 17654.778 + 18254.005 + 18122.711 + 18144.188) / 5 = ﷼18017.1724 Mil.
Total Assets at the begining of last year (Dec20) was ﷼17,910 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼10,944 Mil.
Total Current Assets was ﷼1,753 Mil.
Total Current Liabilities was ﷼1,094 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.

Arabian Centres Co's current Net Income (TTM) was 502. ==> 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.

Arabian Centres Co's current Cash Flow from Operations (TTM) was 1,330. ==> 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 (Dec21)
=501.646/18144.188
=0.02764775

ROA (Last Year)=Net Income/Total Assets (Dec20)
=703.298/17910.18
=0.03926806

Arabian Centres Co's return on assets of this year was 0.02764775. Arabian Centres Co's return on assets of last year was 0.03926806. ==> 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.

Arabian Centres Co's current Net Income (TTM) was 502. Arabian Centres Co's current Cash Flow from Operations (TTM) was 1,330. ==> 1,330 > 502 ==> 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: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=9822.48/20071.64
=0.48937107

Gearing (Last Year: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=10943.999/18017.1724
=0.60742045

Arabian Centres Co's gearing of this year was 0.48937107. Arabian Centres Co's gearing of last year was 0.60742045. ==> 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: Dec22)=Total Current Assets/Total Current Liabilities
=2451.473/1893.417
=1.29473486

Current Ratio (Last Year: Dec21)=Total Current Assets/Total Current Liabilities
=1753.313/1093.817
=1.60293084

Arabian Centres Co's current ratio of this year was 1.29473486. Arabian Centres Co's current ratio of last year was 1.60293084. ==> 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.

Arabian Centres Co's number of shares in issue this year was 475. Arabian Centres Co's number of shares in issue last year was 475. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=1031.051/2206.702
=0.46723617

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1196.729/1964.565
=0.60915724

Arabian Centres Co's gross margin of this year was 0.46723617. Arabian Centres Co's gross margin of last year was 0.60915724. ==> Last year's gross margin is higher ==> Score 0.

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 (Dec21)
=2206.702/18144.188
=0.12162032

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec20)
=1964.565/17910.18
=0.10968985

Arabian Centres Co's asset turnover of this year was 0.12162032. Arabian Centres Co's asset turnover of last year was 0.10968985. ==> 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+0+1+1+0+1+0+1
=6

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

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

Arabian Centres Co  (SAU:4321) 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.


Arabian Centres Co Piotroski F-Score Related Terms

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Arabian Centres Co (SAU:4321) Business Description

Traded in Other Exchanges
N/A
Address
8838, Prince Turki Ibn Abdulaziz Al Awwal Road, King Saud University District, Riyadh, SAU, 12373-4925
Arabian Centres Co is a Saudi Arabia-based company. The company owns, operates, and develops lifestyle centers. Its principal activities include the purchase of land for the construction of buildings, development, and investment by selling or renting and contracting works for residential and commercial buildings, including demolition, restoration, drilling, and maintenance work. The company also provides maintenance and operation of commercial centers, tourist resorts, hotels, and restaurants, as well as managing and operating temporary and permanent exhibitions, compounds, and hospitals. It derives the vast majority of its revenue from rental income.

Arabian Centres Co (SAU:4321) Headlines

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