Canadian Companies : The Piotroski F-Score

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’.

[table id=12 datatables_fixedheader=”top” /]

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.

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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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7 Comments

  1. 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.

    1. 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.

      1. 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.

    1. 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.

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