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’.
| Ticker | Company | Industry Group | Piotroski F Score |
|---|---|---|---|
| HBC.TO | Hudson's Bay | Retail - Apparel & Specialty | 9 |
| ARE.TO | Aecon Group | Engineering & Construction | 8 |
| CSU.TO | Constellation Software | Application Software | 8 |
| L.TO | Loblaw Companies | Retail - Defensive | 8 |
| MG.TO | Magna International | Autos | 8 |
| MRU.TO | Metro | Retail - Defensive | 8 |
| TCL.A.TO | Transcontinental | Publishing | 8 |
| TRI.TO | Thomson Reuters | Publishing | 8 |
| WN.TO | George Weston Limited | Retail - Defensive | 8 |
| AEM.TO | Agnico Eagle Mines | Metals & Mining | 7 |
| AQN.TO | Algonquin Power | Utilities - Independent Power Producers | 7 |
| BEI.UN.TO | Boardwalk REIT | REITs | 7 |
| CCO.TO | Cameco | Metals & Mining | 7 |
| CGX.TO | Cineplex | Entertainment | 7 |
| CHE.UN.TO | Chemtrade Logistics | Chemicals | 7 |
| CIX.TO | CI Financial | Asset Management | 7 |
| CNR.TO | Canadian National Railway | Transportation & Logistics | 7 |
| CSH.UN.TO | Chartwell Retirement | REITs | 7 |
| DOL.TO | Dollarama | Retail - Defensive | 7 |
| DSG.TO | Descartes Systems Group | Application Software | 7 |
| EFN.TO | Element Financial | Credit Services | 7 |
| EFX.TO | Enerflex | Oil & Gas - Services | 7 |
| EMP.A.TO | Empire Co | Retail - Defensive | 7 |
| EXE.TO | Extendicare | Health Care Providers | 7 |
| FCR.TO | First Capital Realty | Real Estate Services | 7 |
| FTS.TO | Fortis | Utilities - Regulated | 7 |
| HNL.TO | Horizon North Logistics | Oil & Gas - Services | 7 |
| IFC.TO | Intact Financial | Insurance - Property & Casualty | 7 |
| LIF.TO | Labrador Iron Ore Royalty | Steel | 7 |
| RBA.TO | Ritchie Bros Auctioneers | Business Services | 7 |
| TRQ.TO | Turquoise Hill Resources | Metals & Mining | 7 |
| X.TO | TMX Group | Brokers & Exchanges | 7 |
| AAV.TO | Advantage Oil & Gas | Oil & Gas - E&P | 6 |
| ACO.X.TO | Atco | Utilities - Regulated | 6 |
| AGF.B.TO | AGF Management | Asset Management | 6 |
| AGU.TO | Agrium | Agriculture | 6 |
| AIM.TO | Aimia | Business Services | 6 |
| ARX.TO | ARC Resources | Oil & Gas - E&P | 6 |
| ATD.B.TO | Alimentation Couche-Tard | Retail - Defensive | 6 |
| AX.UN.TO | Artis REIT | REITs | 6 |
| BB.TO | BlackBerry | Communication Equipment | 6 |
| BCE.TO | BCE | Communication Services | 6 |
| CAR.UN.TO | CAPREIT | REITs | 6 |
| CCA.TO | Cogeco Cable | Communication Services | 6 |
| CCL.B.TO | CCL Industries | Packaging & Containers | 6 |
| CEU.TO | Canadian Energy Services | Oil & Gas - Drilling | 6 |
| CG.TO | Centerra Gold | Metals & Mining | 6 |
| CTC.A.TO | Canadian Tire | Retail - Apparel & Specialty | 6 |
| DDC.TO | Dominion Diamond | Metals & Mining | 6 |
| DGC.TO | Detour Gold | Metals & Mining | 6 |
| DOO.TO | BRP | Travel & Leisure | 6 |
| EMA.TO | Emera | Utilities - Regulated | 6 |
| FNV.TO | Franco-Nevada | Metals & Mining | 6 |
| FRC.TO | Canyon Services Group | Oil & Gas - Services | 6 |
| GIB.A.TO | CGI Group | Application Software | 6 |
| LUN.TO | Lundin Mining | Metals & Mining | 6 |
| MDI.TO | Major Drilling Group | Metals & Mining | 6 |
| MRE.TO | Martinrea International | Autos | 6 |
| NPI.TO | Northland Power | Utilities - Independent Power Producers | 6 |
| NPR.UN.TO | Northern Property Real | REITs | 6 |
| NSU.TO | Nevsun Resources | Metals & Mining | 6 |
| NVA.TO | Nuvista Energy | Oil & Gas - E&P | 6 |
| OGC.TO | OceanaGold | Metals & Mining | 6 |
| PEY.TO | Peyto Exploration & Dev | Oil & Gas - E&P | 6 |
| PJC.A.TO | Jean Coutu Group PJC | Retail - Defensive | 6 |
| POT.TO | Potash of Saskatchewan | Agriculture | 6 |
| QBR.B.TO | Quebecor | Communication Services | 6 |
| RON.TO | Rona | Retail - Apparel & Specialty | 6 |
| SAP.TO | Saputo | Consumer Packaged Goods | 6 |
| SLF.TO | Sun Life Financial | Insurance | 6 |
| SPB.TO | Superior Plus | Utilities - Regulated | 6 |
| SVY.TO | Savanna Energy Services | Oil & Gas - Drilling | 6 |
| TA.TO | TransAlta | Utilities - Independent Power Producers | 6 |
| TDG.TO | Trinidad Drilling | Oil & Gas - Drilling | 6 |
| THO.TO | Tahoe Resources | Metals & Mining | 6 |
| TRP.TO | TransCanada | Oil & Gas - Midstream | 6 |
| VSN.TO | Veresen | Oil & Gas - Midstream | 6 |
| WFT.TO | West Fraser Timber | Forest Products | 6 |
| WJA.TO | Westjet Airlines | Airlines | 6 |
| WTE.TO | Westshore Terminals | Coal | 6 |
| YRI.TO | Yamana Gold | Metals & Mining | 6 |
| AD.TO | Alaris Royalty | Credit Services | 5 |
| ALA.TO | AltaGas | Oil & Gas - Midstream | 5 |
| AP.UN.TO | Allied Properties REIT | REITs | 5 |
| AR.TO | Argonaut Gold | Metals & Mining | 5 |
| ATA.TO | ATS Automation Tooling | Industrial Products | 5 |
| BAD.TO | Badger Daylighting | Engineering & Construction | 5 |
| BBD.B.TO | Bombardier | Aerospace & Defense | 5 |
| BCB.TO | Cott | Beverages - Non-Alcoholic | 5 |
| BIN.TO | Progressive Waste | Waste Management | 5 |
| BNK.TO | Bankers Petroleum | Oil & Gas - E&P | 5 |
| BNP.TO | Bonavista Energy | Oil & Gas - E&P | 5 |
| CAE.TO | CAE | Aerospace & Defense | 5 |
| CF.TO | Canaccord Genuity Group | Brokers & Exchanges | 5 |
| CFP.TO | Canfor | Forest Products | 5 |
| CFW.TO | Calfrac Well Services | Oil & Gas - Services | 5 |
| CGG.TO | China Gold Intl Resources | Metals & Mining | 5 |
| CJR.B.TO | Corus Entertainment | Entertainment | 5 |
| CLS.TO | Celestica | Computer Hardware | 5 |
| CP.TO | Canadian Pacific Railway | Transportation & Logistics | 5 |
| CPX.TO | Capital Power | Utilities - Regulated | 5 |
| CR.TO | Crew Energy | Oil & Gas - E&P | 5 |
| CRR.UN.TO | Crombie REIT | REITs | 5 |
| CUF.UN.TO | Cominar REIT | REITs | 5 |
| D.UN.TO | Dream Office REIT | REITs | 5 |
| DH.TO | DH | Application Software | 5 |
| ENB.TO | Enbridge | Oil & Gas - Midstream | 5 |
| ESI.TO | Ensign Energy Services | Oil & Gas - Drilling | 5 |
| FM.TO | First Quantum Minerals | Metals & Mining | 5 |
| FRU.TO | Freehold Royalties | Oil & Gas - E&P | 5 |
| FTT.TO | Finning International | Industrial Distribution | 5 |
| FVI.TO | Fortuna Silver Mines | Metals & Mining | 5 |
| GRT.UN.TO | Granite Real Estate | Real Estate Services | 5 |
| GTE.TO | Gran Tierra Energy | Oil & Gas - E&P | 5 |
| GWO.TO | Great-West Lifeco | Insurance - Life | 5 |
| HBM.TO | HudBay Minerals | Metals & Mining | 5 |
| HR.UN.TO | H&R Real Estate | REITs | 5 |
| IGM.TO | IGM Financial | Asset Management | 5 |
| IMO.TO | Imperial Oil | Oil & Gas - Integrated | 5 |
| INE.TO | Innergex Renewable Energy | Utilities - Independent Power Producers | 5 |
| IPL.TO | Inter Pipeline | Oil & Gas - Midstream | 5 |
| ITP.TO | Intertape Polymer Group | Packaging & Containers | 5 |
| LB.TO | Laurentian Bank | Banks | 5 |
| LNR.TO | Linamar Corporation | Autos | 5 |
| LRE.TO | Long Run Exploration | Oil & Gas - E&P | 5 |
| LTS.TO | Lightstream Resources | Oil & Gas - E&P | 5 |
| MBT.TO | Manitoba Telecom Services | Communication Services | 5 |
| MDA.TO | MacDonald Dettwiler | Application Software | 5 |
| MIC.TO | Genworth MI Canada | Insurance - Specialty | 5 |
| MX.TO | Methanex | Chemicals | 5 |
| NA.TO | National Bank of Canada | Banks | 5 |
| OR.TO | Osisko Gold Royalties | Metals & Mining | 5 |
| PAA.TO | Pan American Silver | Metals & Mining | 5 |
| PD.TO | Precision Drilling | Oil & Gas - Services | 5 |
| PGF.TO | Pengrowth Energy | Oil & Gas - E&P | 5 |
| PKI.TO | Parkland Fuel | Oil & Gas - Refining & Marketing | 5 |
| POW.TO | Power Corp Of Canada | Insurance | 5 |
| PSI.TO | Pason Systems | Oil & Gas - Services | 5 |
| PXT.TO | Parex Resources | Oil & Gas - E&P | 5 |
| PXX.TO | BlackPearl Resources | Oil & Gas - E&P | 5 |
| REF.UN.TO | Canadian REIT | REITs | 5 |
| RUS.TO | Russel Metals | Steel | 5 |
| S.TO | Sherritt International | Metals & Mining | 5 |
| SCL.TO | ShawCor | Oil & Gas - Services | 5 |
| SGY.TO | Surge Energy | Oil & Gas - E&P | 5 |
| SJR.B.TO | Shaw Communications | Communication Services | 5 |
| SMF.TO | Semafo | Metals & Mining | 5 |
| SNC.TO | SNC-Lavalin | Engineering & Construction | 5 |
| SSO.TO | Silver Standard Resources | Metals & Mining | 5 |
| SU.TO | Suncor Energy | Oil & Gas - Integrated | 5 |
| TCW.TO | Trican Well Service | Oil & Gas - Services | 5 |
| TFI.TO | TransForce | Transportation & Logistics | 5 |
| TOU.TO | Tourmaline Oil | Oil & Gas - E&P | 5 |
| VRX.TO | Valeant Pharmaceuticals | Drug Manufacturers | 5 |
| WCP.TO | Whitecap Resources | Oil & Gas - E&P | 5 |
| WJX.TO | Wajax | Industrial Distribution | 5 |
| ABX.TO | Barrick Gold | Metals & Mining | 4 |
| ACQ.TO | AutoCanada | Autos | 4 |
| AVO.TO | Avigilon | Consulting & Outsourcing | 4 |
| BAM.A.TO | Brookfield Asset Mgmt | Real Estate Services | 4 |
| BDI.TO | Black Diamond Group | Consulting & Outsourcing | 4 |
| BEP.UN.TO | Brookfield Renewable | Utilities - Independent Power Producers | 4 |
| BIR.TO | Birchcliff Energy | Oil & Gas - E&P | 4 |
| BNE.TO | Bonterra Energy | Oil & Gas - E&P | 4 |
| BNS.TO | Bank of Nova Scotia | Banks | 4 |
| BPY.UN.TO | Brookfield Property | Real Estate Services | 4 |
| BTE.TO | Baytex Energy | Oil & Gas - E&P | 4 |
| BXE.TO | Bellatrix Exploration | Oil & Gas - E&P | 4 |
| CM.TO | Canadian Imperial Bank | Banks | 4 |
| CNQ.TO | Canadian Natural | Oil & Gas - E&P | 4 |
| COS.TO | Canadian Oil Sands | Oil & Gas - Integrated | 4 |
| CPG.TO | Crescent Point Energy | Oil & Gas - E&P | 4 |
| CS.TO | Capstone Mining | Metals & Mining | 4 |
| CU.TO | Canadian Utilities | Utilities - Regulated | 4 |
| CUS.TO | Canexus | Chemicals | 4 |
| DRG.UN.TO | Dream Global Real Estate | REITs | 4 |
| DRM.TO | DREAM Unlimited | Real Estate Services | 4 |
| ERF.TO | Enerplus | Oil & Gas - E&P | 4 |
| G.TO | Goldcorp | Metals & Mining | 4 |
| GIL.TO | Gildan Activewear | Manufacturing - Apparel & Furniture | 4 |
| IAE.TO | Ithaca Energy | Oil & Gas - E&P | 4 |
| IMG.TO | IAMGold | Metals & Mining | 4 |
| JE.TO | Just Energy Group | Utilities - Regulated | 4 |
| K.TO | Kinross Gold | Metals & Mining | 4 |
| KEY.TO | Keyera | Oil & Gas - Midstream | 4 |
| MFC.TO | Manulife Financial | Insurance - Life | 4 |
| MFI.TO | Maple Leaf Foods | Consumer Packaged Goods | 4 |
| NAL.TO | Newalta | Waste Management | 4 |
| NWC.TO | North West | Retail - Defensive | 4 |
| OCX.TO | Onex | Conglomerates | 4 |
| OTC.TO | Open Text | Application Software | 4 |
| P.TO | Primero Mining | Metals & Mining | 4 |
| POU.TO | Paramount Resources | Oil & Gas - E&P | 4 |
| PRE.TO | Pacific Exploration | Oil & Gas - E&P | 4 |
| PWF.TO | Power Financial | Insurance - Life | 4 |
| RCI.B.TO | Rogers Communications | Communication Services | 4 |
| REI.UN.TO | Riocan Real Estate IT | REITs | 4 |
| RMP.TO | RMP Energy | Oil & Gas - E&P | 4 |
| RRX.TO | Raging River Exploration | Oil & Gas - E&P | 4 |
| RY.TO | RBC | Banks | 4 |
| SES.TO | Secure Energy Services | Oil & Gas - Services | 4 |
| SLW.TO | Silver Wheaton | Metals & Mining | 4 |
| STN.TO | Stantec | Engineering & Construction | 4 |
| T.TO | TELUS | Communication Services | 4 |
| TCK.B.TO | Teck Resources | Metals & Mining | 4 |
| TD.TO | Toronto-Dominion Bank | Banks | 4 |
| TIH.TO | Toromont Industries | Industrial Distribution | 4 |
| WSP.TO | WSP Global | Engineering & Construction | 4 |
| ATH.TO | Athabasca Oil | Oil & Gas - E&P | 3 |
| BMO.TO | Bank of Montreal | Banks | 3 |
| BTO.TO | B2Gold | Metals & Mining | 3 |
| CVE.TO | Cenovus Energy | Oil & Gas - Integrated | 3 |
| CWB.TO | Canadian Western Bank | Banks | 3 |
| DC.A.TO | Dundee | Asset Management | 3 |
| DII.B.TO | Dorel Industries | Manufacturing - Apparel & Furniture | 3 |
| ECA.TO | Encana | Oil & Gas - E&P | 3 |
| ELD.TO | Eldorado Gold | Metals & Mining | 3 |
| ENF.TO | Enbridge Income Fund | Oil & Gas - Midstream | 3 |
| FR.TO | First Majestic Silver | Metals & Mining | 3 |
| HCG.TO | Home Capital Group | Banks | 3 |
| HSE.TO | Husky Energy | Oil & Gas - Integrated | 3 |
| IAG.TO | Indus Alliance Insur | Insurance | 3 |
| IFP.TO | Interfor | Forest Products | 3 |
| MTL.TO | Mullen Group | Oil & Gas - Services | 3 |
| NG.TO | Novagold Resources | Metals & Mining | 3 |
| NGD.TO | New Gold | Metals & Mining | 3 |
| PPL.TO | Pembina Pipeline | Oil & Gas - Midstream | 3 |
| PPY.TO | Painted Pony Petroleum | Oil & Gas - E&P | 3 |
| PVG.TO | Pretium Resources | Metals & Mining | 3 |
| PWT.TO | Penn West Petroleum | Oil & Gas - E&P | 3 |
| TET.TO | Trilogy Energy | Oil & Gas - E&P | 3 |
| TGL.TO | TransGlobe Energy | Oil & Gas - E&P | 3 |
| TOG.TO | TORC Oil & Gas | Oil & Gas - E&P | 3 |
| VET.TO | Vermilion Energy | Oil & Gas - E&P | 3 |
| AGI.TO | Alamos Gold | Metals & Mining | 2 |
| FFH.TO | Fairfax Financial Hldgs | Insurance - Property & Casualty | 2 |
| GEI.TO | Gibson Energy | Oil & Gas - Midstream | 2 |
| KEL.TO | Kelt Exploration | Oil & Gas - E&P | 2 |
| MEG.TO | MEG Energy | Oil & Gas - E&P | 2 |
| NBD.TO | Norbord | Forest Products | 2 |
| TXG.TO | Torex Gold Resources | Metals & Mining | 2 |
| WPT.TO | Westport Innovations | Autos | 2 |
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.
| Ticker | Company | Industry Group | Piotroski F Score |
|---|---|---|---|
| BDT.TO | Bird Construction | Engineering & Construction | 9 |
| ADW.A.TO | Andrew Peller | Beverages - Alcoholic | 9 |
| SXP.TO | Supremex | Forest Products | 9 |
| RPI.UN.TO | Richards Packaging Income | Packaging & Containers | 9 |
| CBF.TO | CanBanc 8 Income | Asset Management | 9 |
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.)
{ 7 comments… read them below or add one }
Just noticed the other day that ycharts.com will calculate and display the Piotroski F-Score. You need the Pro version, however, which I don’t have.
What (site / program) are you using to calculate the F-Score? Ideally, I’d like to find a stock screener that can pump out the 8+ Piotroski stocks in Canada.
Hi Paul, I’ve got just what you’re looking for!
Here is one quick/great screen that shows +8 companies.
http://www.grahaminvestor.com/screens/piotroski-scores/
However, there is one downside to this website. It seems to exclude certain industries, such as financial companies.
As the commenter S.B. above noted, there are some ‘paid’ websites to get this information. I have used some in the past. But, in general, I don’t like to pay. 😉 Therefore, in some cases, I’ve performed the manual calculations myself.
I came across that website too. At first glance it looked promising, but I’m not very confident in the reliability of the data. For example, some data is quite old:
Ticker: FMX
Period end: 12_31_2009
Exchange: NYSE
And some of the CAD stuff isn’t much better:
Ticker: DEE.TO
Period End: 12_31_2010
Exchange: Toronto
I guess you get what you pay for 🙂
I’d be willing to pay a reasonable amount for better data, I just don’t know of any provider that would have good Canadian data.
Interesting to see Canadian Tire at the top of the list. I’ll have to investigate CTC.A further. Remember to also take into consideration the current stock price, you want to buy when the stock is undervalued.
Could someone comment on the fact that HBC has the highest score?
Hi Jason, There’s not much to say here. 🙂
The F-Score is a calculated total (i.e. It is not a subjective score). It is based on the calculation of 9 fundamental metrics. HBC just happens to have a perfect 9/9 at this particular time.
Thanks for stopping by.