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Boryszew (WAR:BRS) Piotroski F-Score : 6 (As of May. 11, 2024)


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What is Boryszew 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

Boryszew 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 Boryszew's Piotroski F-Score or its related term are showing as below:

WAR:BRS' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Boryszew was 8. The lowest was 3. And the median was 6.


Boryszew Piotroski F-Score Historical Data

The historical data trend for Boryszew'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.

Boryszew Piotroski F-Score Chart

Boryszew Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 5.00 7.00 6.00 6.00

Boryszew 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 6.00 7.00 5.00 5.00 6.00

Competitive Comparison of Boryszew's Piotroski F-Score

For the Conglomerates subindustry, Boryszew'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.


Boryszew's Piotroski F-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Boryszew's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Boryszew'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 46.047 + 75.6 + 5.165 + -4.757 = zł122 Mil.
Cash Flow from Operations was 170.782 + 76.533 + 17.735 + 153.771 = zł419 Mil.
Revenue was 1681.502 + 1523.084 + 1279.358 + 1205.061 = zł5,689 Mil.
Gross Profit was 138.378 + 170.086 + 77.376 + 112.524 = zł498 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(3985.674 + 4200.251 + 3985.798 + 3936.755 + 3758.429) / 5 = zł3973.3814 Mil.
Total Assets at the begining of this year (Dec22) was zł3,986 Mil.
Long-Term Debt & Capital Lease Obligation was zł474 Mil.
Total Current Assets was zł1,792 Mil.
Total Current Liabilities was zł1,425 Mil.
Net Income was 31.906 + 76.654 + 22.841 + -24.775 = zł107 Mil.

Revenue was 1702.626 + 1833.607 + 1706.537 + 1547.745 = zł6,791 Mil.
Gross Profit was 137.026 + 206.032 + 124.75 + 132.688 = zł600 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(4220.636 + 4284.497 + 4226.848 + 4298.502 + 3985.674) / 5 = zł4203.2314 Mil.
Total Assets at the begining of last year (Dec21) was zł4,221 Mil.
Long-Term Debt & Capital Lease Obligation was zł403 Mil.
Total Current Assets was zł2,075 Mil.
Total Current Liabilities was zł1,688 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.

Boryszew's current Net Income (TTM) was 122. ==> 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.

Boryszew's current Cash Flow from Operations (TTM) was 419. ==> 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 (Dec22)
=122.055/3985.674
=0.03062343

ROA (Last Year)=Net Income/Total Assets (Dec21)
=106.626/4220.636
=0.02526302

Boryszew's return on assets of this year was 0.03062343. Boryszew's return on assets of last year was 0.02526302. ==> 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.

Boryszew's current Net Income (TTM) was 122. Boryszew's current Cash Flow from Operations (TTM) was 419. ==> 419 > 122 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=474.185/3973.3814
=0.11934042

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=403.187/4203.2314
=0.0959231

Boryszew's gearing of this year was 0.11934042. Boryszew's gearing of last year was 0.0959231. ==> Last year is lower than this year ==> Score 0.

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: Dec23)=Total Current Assets/Total Current Liabilities
=1792.391/1425.099
=1.25773087

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=2074.617/1687.747
=1.22922274

Boryszew's current ratio of this year was 1.25773087. Boryszew's current ratio of last year was 1.22922274. ==> 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.

Boryszew's number of shares in issue this year was 202. Boryszew's number of shares in issue last year was 202. ==> 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
=498.364/5689.005
=0.08760126

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=600.496/6790.515
=0.08843158

Boryszew's gross margin of this year was 0.08760126. Boryszew's gross margin of last year was 0.08843158. ==> 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 (Dec22)
=5689.005/3985.674
=1.42736335

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=6790.515/4220.636
=1.6088843

Boryszew's asset turnover of this year was 1.42736335. Boryszew's asset turnover of last year was 1.6088843. ==> Last year's asset turnover is higher ==> Score 0.

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+0+1+1+0+0
=6

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

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

Boryszew  (WAR:BRS) 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.


Boryszew Piotroski F-Score Related Terms

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Boryszew (WAR:BRS) Business Description

Traded in Other Exchanges
Address
ul. ?ucka 7/9, Warsaw, POL, 00-842
Boryszew SA is a largest industrial group in Poland. It is primarily engaged in the production of components for cars, processing of non-ferrous metals and industrial chemistry. The products offered by the company includes aluminum wires and wire rods, sheets and strips, copper pipes, tubes, alloy rods, plastic and metal car components, lubricants, pyrotechnic products and others. Geographically, it operates through approximately 30 production plants and R & D centers located in Europe, Asia, and the Americas.

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