Canadian Companies : The Piotroski F-Score

by Avrex on October 26, 2015

In a previous post, I discussed The Piotroski F-Score, as a metric to assist in determining the financial health of a company. Review the post, The Piotroski F-Score, to see how this score is calculated.

Today, let’s apply this metric to our home market: Canada.

Here are the Piotroski F-Scores for companies in the S&P/TSX Composite Index (which represents approximately 95% of Canada’s equity market capitalization). Note that Hudson’s Bay (HBC.TO) is the only company in this index with a perfect score of ‘9’.

TickerCompanyIndustry GroupPiotroski F Score
HBC.TOHudson's BayRetail - Apparel & Specialty9
ARE.TOAecon GroupEngineering & Construction8
CSU.TOConstellation SoftwareApplication Software8
L.TOLoblaw CompaniesRetail - Defensive8
MG.TOMagna InternationalAutos8
MRU.TOMetroRetail - Defensive8
TRI.TOThomson ReutersPublishing8
WN.TOGeorge Weston LimitedRetail - Defensive8
AEM.TOAgnico Eagle MinesMetals & Mining7
AQN.TOAlgonquin PowerUtilities - Independent Power Producers7
CCO.TOCamecoMetals & Mining7
CHE.UN.TOChemtrade LogisticsChemicals7
CIX.TOCI FinancialAsset Management7
CNR.TOCanadian National RailwayTransportation & Logistics7
CSH.UN.TOChartwell RetirementREITs7
DOL.TODollaramaRetail - Defensive7
DSG.TODescartes Systems GroupApplication Software7
EFN.TOElement FinancialCredit Services7
EFX.TOEnerflexOil & Gas - Services7
EMP.A.TOEmpire CoRetail - Defensive7
EXE.TOExtendicareHealth Care Providers7
FCR.TOFirst Capital RealtyReal Estate Services7
FTS.TOFortisUtilities - Regulated7
HNL.TOHorizon North LogisticsOil & Gas - Services7
IFC.TOIntact FinancialInsurance - Property & Casualty7
LIF.TOLabrador Iron Ore RoyaltySteel7
RBA.TORitchie Bros AuctioneersBusiness Services7
TRQ.TOTurquoise Hill ResourcesMetals & Mining7
X.TOTMX GroupBrokers & Exchanges7
AAV.TOAdvantage Oil & GasOil & Gas - E&P6
ACO.X.TOAtcoUtilities - Regulated6
AGF.B.TOAGF ManagementAsset Management6
AIM.TOAimiaBusiness Services6
ARX.TOARC ResourcesOil & Gas - E&P6
ATD.B.TOAlimentation Couche-TardRetail - Defensive6
BB.TOBlackBerryCommunication Equipment6
BCE.TOBCECommunication Services6
CCA.TOCogeco CableCommunication Services6
CCL.B.TOCCL IndustriesPackaging & Containers6
CEU.TOCanadian Energy ServicesOil & Gas - Drilling6
CG.TOCenterra GoldMetals & Mining6
CTC.A.TOCanadian TireRetail - Apparel & Specialty6
DDC.TODominion DiamondMetals & Mining6
DGC.TODetour GoldMetals & Mining6
DOO.TOBRPTravel & Leisure6
EMA.TOEmeraUtilities - Regulated6
FNV.TOFranco-NevadaMetals & Mining6
FRC.TOCanyon Services GroupOil & Gas - Services6
GIB.A.TOCGI GroupApplication Software6
LUN.TOLundin MiningMetals & Mining6
MDI.TOMajor Drilling GroupMetals & Mining6
MRE.TOMartinrea InternationalAutos6
NPI.TONorthland PowerUtilities - Independent Power Producers6
NPR.UN.TONorthern Property RealREITs6
NSU.TONevsun ResourcesMetals & Mining6
NVA.TONuvista EnergyOil & Gas - E&P6
OGC.TOOceanaGoldMetals & Mining6
PEY.TOPeyto Exploration & DevOil & Gas - E&P6
PJC.A.TOJean Coutu Group PJCRetail - Defensive6
POT.TOPotash of SaskatchewanAgriculture6
QBR.B.TOQuebecorCommunication Services6
RON.TORonaRetail - Apparel & Specialty6
SAP.TOSaputoConsumer Packaged Goods6
SLF.TOSun Life FinancialInsurance6
SPB.TOSuperior PlusUtilities - Regulated6
SVY.TOSavanna Energy ServicesOil & Gas - Drilling6
TA.TOTransAltaUtilities - Independent Power Producers6
TDG.TOTrinidad DrillingOil & Gas - Drilling6
THO.TOTahoe ResourcesMetals & Mining6
TRP.TOTransCanadaOil & Gas - Midstream6
VSN.TOVeresenOil & Gas - Midstream6
WFT.TOWest Fraser TimberForest Products6
WJA.TOWestjet AirlinesAirlines6
WTE.TOWestshore TerminalsCoal6
YRI.TOYamana GoldMetals & Mining6
AD.TOAlaris RoyaltyCredit Services5
ALA.TOAltaGasOil & Gas - Midstream5
AP.UN.TOAllied Properties REITREITs5
AR.TOArgonaut GoldMetals & Mining5
ATA.TOATS Automation ToolingIndustrial Products5
BAD.TOBadger DaylightingEngineering & Construction5
BBD.B.TOBombardierAerospace & Defense5
BCB.TOCottBeverages - Non-Alcoholic5
BIN.TOProgressive WasteWaste Management5
BNK.TOBankers PetroleumOil & Gas - E&P5
BNP.TOBonavista EnergyOil & Gas - E&P5
CAE.TOCAEAerospace & Defense5
CF.TOCanaccord Genuity GroupBrokers & Exchanges5
CFP.TOCanforForest Products5
CFW.TOCalfrac Well ServicesOil & Gas - Services5
CGG.TOChina Gold Intl ResourcesMetals & Mining5
CJR.B.TOCorus EntertainmentEntertainment5
CLS.TOCelesticaComputer Hardware5
CP.TOCanadian Pacific RailwayTransportation & Logistics5
CPX.TOCapital PowerUtilities - Regulated5
CR.TOCrew EnergyOil & Gas - E&P5
D.UN.TODream Office REITREITs5
DH.TODHApplication Software5
ENB.TOEnbridgeOil & Gas - Midstream5
ESI.TOEnsign Energy ServicesOil & Gas - Drilling5
FM.TOFirst Quantum MineralsMetals & Mining5
FRU.TOFreehold RoyaltiesOil & Gas - E&P5
FTT.TOFinning InternationalIndustrial Distribution5
FVI.TOFortuna Silver MinesMetals & Mining5
GRT.UN.TOGranite Real EstateReal Estate Services5
GTE.TOGran Tierra EnergyOil & Gas - E&P5
GWO.TOGreat-West LifecoInsurance - Life5
HBM.TOHudBay MineralsMetals & Mining5
HR.UN.TOH&R Real EstateREITs5
IGM.TOIGM FinancialAsset Management5
IMO.TOImperial OilOil & Gas - Integrated5
INE.TOInnergex Renewable EnergyUtilities - Independent Power Producers5
IPL.TOInter PipelineOil & Gas - Midstream5
ITP.TOIntertape Polymer GroupPackaging & Containers5
LB.TOLaurentian BankBanks5
LNR.TOLinamar CorporationAutos5
LRE.TOLong Run ExplorationOil & Gas - E&P5
LTS.TOLightstream ResourcesOil & Gas - E&P5
MBT.TOManitoba Telecom ServicesCommunication Services5
MDA.TOMacDonald DettwilerApplication Software5
MIC.TOGenworth MI CanadaInsurance - Specialty5
NA.TONational Bank of CanadaBanks5
OR.TOOsisko Gold RoyaltiesMetals & Mining5
PAA.TOPan American SilverMetals & Mining5
PD.TOPrecision DrillingOil & Gas - Services5
PGF.TOPengrowth EnergyOil & Gas - E&P5
PKI.TOParkland FuelOil & Gas - Refining & Marketing5
POW.TOPower Corp Of CanadaInsurance5
PSI.TOPason SystemsOil & Gas - Services5
PXT.TOParex ResourcesOil & Gas - E&P5
PXX.TOBlackPearl ResourcesOil & Gas - E&P5
RUS.TORussel MetalsSteel5
S.TOSherritt InternationalMetals & Mining5
SCL.TOShawCorOil & Gas - Services5
SGY.TOSurge EnergyOil & Gas - E&P5
SJR.B.TOShaw CommunicationsCommunication Services5
SMF.TOSemafoMetals & Mining5
SNC.TOSNC-LavalinEngineering & Construction5
SSO.TOSilver Standard ResourcesMetals & Mining5
SU.TOSuncor EnergyOil & Gas - Integrated5
TCW.TOTrican Well ServiceOil & Gas - Services5
TFI.TOTransForceTransportation & Logistics5
TOU.TOTourmaline OilOil & Gas - E&P5
VRX.TOValeant PharmaceuticalsDrug Manufacturers5
WCP.TOWhitecap ResourcesOil & Gas - E&P5
WJX.TOWajaxIndustrial Distribution5
ABX.TOBarrick GoldMetals & Mining4
AVO.TOAvigilonConsulting & Outsourcing4
BAM.A.TOBrookfield Asset MgmtReal Estate Services4
BDI.TOBlack Diamond GroupConsulting & Outsourcing4
BEP.UN.TOBrookfield RenewableUtilities - Independent Power Producers4
BIR.TOBirchcliff EnergyOil & Gas - E&P4
BNE.TOBonterra EnergyOil & Gas - E&P4
BNS.TOBank of Nova ScotiaBanks4
BPY.UN.TOBrookfield PropertyReal Estate Services4
BTE.TOBaytex EnergyOil & Gas - E&P4
BXE.TOBellatrix ExplorationOil & Gas - E&P4
CM.TOCanadian Imperial BankBanks4
CNQ.TOCanadian NaturalOil & Gas - E&P4
COS.TOCanadian Oil SandsOil & Gas - Integrated4
CPG.TOCrescent Point EnergyOil & Gas - E&P4
CS.TOCapstone MiningMetals & Mining4
CU.TOCanadian UtilitiesUtilities - Regulated4
DRG.UN.TODream Global Real EstateREITs4
DRM.TODREAM UnlimitedReal Estate Services4
ERF.TOEnerplusOil & Gas - E&P4
G.TOGoldcorpMetals & Mining4
GIL.TOGildan ActivewearManufacturing - Apparel & Furniture4
IAE.TOIthaca EnergyOil & Gas - E&P4
IMG.TOIAMGoldMetals & Mining4
JE.TOJust Energy GroupUtilities - Regulated4
K.TOKinross GoldMetals & Mining4
KEY.TOKeyeraOil & Gas - Midstream4
MFC.TOManulife FinancialInsurance - Life4
MFI.TOMaple Leaf FoodsConsumer Packaged Goods4
NAL.TONewaltaWaste Management4
NWC.TONorth WestRetail - Defensive4
OTC.TOOpen TextApplication Software4
P.TOPrimero MiningMetals & Mining4
POU.TOParamount ResourcesOil & Gas - E&P4
PRE.TOPacific ExplorationOil & Gas - E&P4
PWF.TOPower FinancialInsurance - Life4
RCI.B.TORogers CommunicationsCommunication Services4
REI.UN.TORiocan Real Estate ITREITs4
RMP.TORMP EnergyOil & Gas - E&P4
RRX.TORaging River ExplorationOil & Gas - E&P4
SES.TOSecure Energy ServicesOil & Gas - Services4
SLW.TOSilver WheatonMetals & Mining4
STN.TOStantecEngineering & Construction4
T.TOTELUSCommunication Services4
TCK.B.TOTeck ResourcesMetals & Mining4
TD.TOToronto-Dominion BankBanks4
TIH.TOToromont IndustriesIndustrial Distribution4
WSP.TOWSP GlobalEngineering & Construction4
ATH.TOAthabasca OilOil & Gas - E&P3
BMO.TOBank of MontrealBanks3
BTO.TOB2GoldMetals & Mining3
CVE.TOCenovus EnergyOil & Gas - Integrated3
CWB.TOCanadian Western BankBanks3
DC.A.TODundeeAsset Management3
DII.B.TODorel IndustriesManufacturing - Apparel & Furniture3
ECA.TOEncanaOil & Gas - E&P3
ELD.TOEldorado GoldMetals & Mining3
ENF.TOEnbridge Income FundOil & Gas - Midstream3
FR.TOFirst Majestic SilverMetals & Mining3
HCG.TOHome Capital GroupBanks3
HSE.TOHusky EnergyOil & Gas - Integrated3
IAG.TOIndus Alliance InsurInsurance3
IFP.TOInterforForest Products3
MTL.TOMullen GroupOil & Gas - Services3
NG.TONovagold ResourcesMetals & Mining3
NGD.TONew GoldMetals & Mining3
PPL.TOPembina PipelineOil & Gas - Midstream3
PPY.TOPainted Pony PetroleumOil & Gas - E&P3
PVG.TOPretium ResourcesMetals & Mining3
PWT.TOPenn West PetroleumOil & Gas - E&P3
TET.TOTrilogy EnergyOil & Gas - E&P3
TGL.TOTransGlobe EnergyOil & Gas - E&P3
TOG.TOTORC Oil & GasOil & Gas - E&P3
VET.TOVermilion EnergyOil & Gas - E&P3
AGI.TOAlamos GoldMetals & Mining2
FFH.TOFairfax Financial HldgsInsurance - Property & Casualty2
GEI.TOGibson EnergyOil & Gas - Midstream2
KEL.TOKelt ExplorationOil & Gas - E&P2
MEG.TOMEG EnergyOil & Gas - E&P2
NBD.TONorbordForest Products2
TXG.TOTorex Gold ResourcesMetals & Mining2
WPT.TOWestport InnovationsAutos2

The above list represents the bulk of Canada’s market capitalization.
What about smaller Canadian companies? Are there some hidden Piotroski gems among the smaller companies? Yes, there are.

TickerCompanyIndustry GroupPiotroski F Score
BDT.TOBird ConstructionEngineering & Construction9
ADW.A.TOAndrew PellerBeverages - Alcoholic9
SXP.TOSupremexForest Products9
RPI.UN.TORichards Packaging IncomePackaging & Containers9
CBF.TOCanBanc 8 IncomeAsset Management9

Smaller companies such as these, also warrant further investigation.
Typically these companies don’t have as much analyst coverage, so there is the potential to uncover some hidden value.

In the future, Avrex Money will dig deeper into the valuations of both larger and smaller Canadian companies. To ensure that you don’t miss out, don’t forget to sign up for the free email updates below.

A reminder. A single method, such as The Piotroski F-Score should not be used in isolation.
Although it is a useful financial health indicator, it is just one metric to consider, when investigating a company.

(Note: This page is updated periodically with the latest F-Score data.)


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Financial Independence – Are We There Yet?

by Avrex on September 24, 2015

The ultimate goal, here at Avrex Money, is to achieve Financial Independence.

This blog has been in existence for three years. During this time, I have written a whopping total of 22 posts. Wow! With that output rate, I can officially declare myself, the “Least Prolific Personal Finance Blogger in Canada.” 🙂

Why have I written so few posts?
Well, mostly because I’m lazy. 😉 Another reason is that there are already so many superb personal finance blogs out there, sharing quality information, that I feel I would just be repeating the same information. The final reason is that, if you’re disciplined, the road to Financial Independence is actually fairly simple.

What does it take to reach Financial Independence?

  • LBYM
    Live Below Your Means. ie. Save more than you earn.
  • Low fees
    Invest in a low-cost passive ETF index portfolio. This will shave years off of your working life.
  • Patience
    The magic of compounding will get you there quicker than you think.

In other words…. it’s kinda boring. And that’s ok. There’s no need to be constantly checking your portfolio. Just keep saving and re-balancing your portfolio as required. This gives you more time to go outside and enjoy life.


Has Avrex Money reached Financial Independence?
Nope, not yet. But, I’m definitely on the last lap of this race.

Before I declare my ‘Findependence Day’, there are issues that I need to explore further and refine. These include:

  • Projected Retirement Expenses.
    How do I envision my lifestyle when I’m not working? How much will this cost? Do I have enough money now?
  • Probability of Success.
    Since I will be drawing down my portfolio until death, I need to determine what probability of success is an acceptable risk, and how much money that will require. I will also need to determine how to mitigate the chance of failure (i.e. going broke).
  • Asset Allocation.
    What will my Asset Allocation look like? How will I structure my assets across my registered versus non-registered accounts to minimize taxes and maximize retirement income?
  • Health.
    Quality of Life is another important factor in trying to determine if it’s finally time to leave your full-time gig.

The reason for this post, is that I’d like declare that…

“I will be writing here more often to explore these pre-retirement issues.”

I hope you join me, as I document my thoughts and steps, as I head towards the finish line.

Thank you,


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Valuating a company using the Piotroski F-Score Congratulations. You’ve discovered a nice cheap value stock to invest in. But wait. Maybe that company’s stock price is cheap and/or unpopular for a reason. Maybe the company’s financial health is not as good as you think and that’s the reason the stock price has been beaten down. […]

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