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BMW Industries (BOM:542669) Piotroski F-Score : 7 (As of May. 12, 2024)


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What is BMW Industries Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

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

BMW Industries has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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

BOM:542669' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 7

During the past 12 years, the highest Piotroski F-Score of BMW Industries was 9. The lowest was 3. And the median was 6.


BMW Industries Piotroski F-Score Historical Data

The historical data trend for BMW Industries'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.

BMW Industries Piotroski F-Score Chart

BMW Industries Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 3.00 9.00 7.00

BMW Industries 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 - 7.00 - - -

Competitive Comparison of BMW Industries's Piotroski F-Score

For the Steel subindustry, BMW Industries'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.


BMW Industries's Piotroski F-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, BMW Industries's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where BMW Industries'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 (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was ₹545 Mil.
Cash Flow from Operations was ₹1,256 Mil.
Revenue was ₹5,623 Mil.
Gross Profit was ₹3,407 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (9068.4 + 9606.757) / 2 = ₹9337.5785 Mil.
Total Assets at the begining of this year (Mar22) was ₹9,068 Mil.
Long-Term Debt & Capital Lease Obligation was ₹893 Mil.
Total Current Assets was ₹3,646 Mil.
Total Current Liabilities was ₹2,102 Mil.
Net Income was ₹345 Mil.

Revenue was ₹4,474 Mil.
Gross Profit was ₹2,893 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (9002.515 + 9068.4) / 2 = ₹9035.4575 Mil.
Total Assets at the begining of last year (Mar21) was ₹9,003 Mil.
Long-Term Debt & Capital Lease Obligation was ₹984 Mil.
Total Current Assets was ₹3,350 Mil.
Total Current Liabilities was ₹2,093 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.

BMW Industries's current Net Income (TTM) was 545. ==> 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.

BMW Industries's current Cash Flow from Operations (TTM) was 1,256. ==> 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 (Mar22)
=544.732/9068.4
=0.06006925

ROA (Last Year)=Net Income/Total Assets (Mar21)
=345.342/9002.515
=0.03836061

BMW Industries's return on assets of this year was 0.06006925. BMW Industries's return on assets of last year was 0.03836061. ==> This year is higher. ==> Score 1.

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.

BMW Industries's current Net Income (TTM) was 545. BMW Industries's current Cash Flow from Operations (TTM) was 1,256. ==> 1,256 > 545 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=892.999/9337.5785
=0.09563497

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=983.972/9035.4575
=0.10890118

BMW Industries's gearing of this year was 0.09563497. BMW Industries's gearing of last year was 0.10890118. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=3646.157/2102.352
=1.7343228

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=3349.706/2093.409
=1.60012019

BMW Industries's current ratio of this year was 1.7343228. BMW Industries's current ratio of last year was 1.60012019. ==> 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.

BMW Industries's number of shares in issue this year was 225.096. BMW Industries's number of shares in issue last year was 222.801. ==> 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
=3406.957/5623.357
=0.60585821

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2892.625/4473.794
=0.6465709

BMW Industries's gross margin of this year was 0.60585821. BMW Industries's gross margin of last year was 0.6465709. ==> 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 (Mar22)
=5623.357/9068.4
=0.62010465

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=4473.794/9002.515
=0.49694935

BMW Industries's asset turnover of this year was 0.62010465. BMW Industries's asset turnover of last year was 0.49694935. ==> 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+1+1+1+1+0+0+1
=7

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

BMW Industries has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

BMW Industries  (BOM:542669) 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.


BMW Industries Piotroski F-Score Related Terms

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BMW Industries (BOM:542669) Business Description

Traded in Other Exchanges
N/A
Address
119, Park Street, White House, 3rd Floor, Kolkata, WB, IND, 700016
BMW Industries Ltd is an Indian company involved in steel manufacturing and processing activity. It manufactures two types of products, Long products such as towers, structures, and TMT, and Flat products like pipes, galvanised plain, and galvanised corrugated. The company is engaged in the galvanizing of tubes in addition to the manufacture of tubular poles/structures, transmission line towers, and rebars. Its product portfolio covers Rebars, HR sheets, slit coils, pipes, and poles, Bansal TMT, Bansal pipes, Full hard cold rolled coils, TMT rolling, and others. The company generates the majority of its revenue from the domestic market.

BMW Industries (BOM:542669) Headlines

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