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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
ALTA Banka a.d 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 ALTA Banka a.d's Piotroski F-Score or its related term are showing as below:
The historical data trend for ALTA Banka a.d'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.
ALTA Banka a.d Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 4.00 | 5.00 | 6.00 | 7.00 |
ALTA Banka a.d Semi-Annual Data | ||||||||||||||||||||
Jun13 | Dec13 | Jun14 | Dec14 | Jun15 | Dec15 | Jun16 | Dec16 | Jun17 | Dec17 | Jun18 | Dec18 | Jun19 | Dec19 | Jun20 | Dec20 | Jun21 | Dec21 | Jun22 | Dec22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | - | 6.00 | - | 7.00 |
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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Net Income was RSD50 Mil. Cash Flow from Operations was RSD11,219 Mil. Revenue was RSD2,109 Mil. Average Total Assets from the begining of this year (Dec21) to the end of this year (Dec22) was (33242.528 + 55173.816) / 2 = RSD44208.172 Mil. Total Assets at the begining of this year (Dec21) was RSD33,243 Mil. Long-Term Debt & Capital Lease Obligation was RSD56 Mil. Total Assets was RSD55,174 Mil. Total Liabilities was RSD51,129 Mil. |
Net Income was RSD12 Mil. Revenue was RSD914 Mil. Average Total Assets from the begining of last year (Dec20) to the end of last year (Dec21) was (23638.678 + 33242.528) / 2 = RSD28440.603 Mil. Total Assets at the begining of last year (Dec20) was RSD23,639 Mil. Long-Term Debt & Capital Lease Obligation was RSD12 Mil. Total Assets was RSD33,243 Mil. Total Liabilities was RSD29,183 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.
ALTA Banka a.d's current Net Income (TTM) was 50.
==> 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.
ALTA Banka a.d's current Cash Flow from Operations (TTM) was 11,219.
==> 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 (Dec21) |
= | 50.009 | / | 33242.528 | |
= | 0.00150437 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec20) |
= | 11.608 | / | 23638.678 | |
= | 0.00049106 |
ALTA Banka a.d's return on assets of this year was 0.00150437. ALTA Banka a.d's return on assets of last year was 0.00049106.
==> 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.
ALTA Banka a.d's current Net Income (TTM) was 50. ALTA Banka a.d's current Cash Flow from Operations (TTM) was 11,219.
==> 11,219 > 50 ==> 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: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 55.998 | / | 44208.172 | |
= | 0.00126669 |
Gearing (Last Year: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 12.228 | / | 28440.603 | |
= | 0.00042995 |
ALTA Banka a.d's gearing of this year was 0.00126669. ALTA Banka a.d's gearing of last year was 0.00042995.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Dec22) | = | Total Assets | / | Total Liabilities |
= | 55173.816 | / | 51128.77 | |
= | 1.07911487 |
Current Ratio (Last Year: Dec21) | = | Total Assets | / | Total Liabilities |
= | 33242.528 | / | 29183.001 | |
= | 1.13910588 |
ALTA Banka a.d's current ratio of this year was 1.07911487. ALTA Banka a.d's current ratio of last year was 1.13910588.
==> Last year's current ratio is higher ==> Score 0.
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.
ALTA Banka a.d's number of shares in issue this year was 0.288. ALTA Banka a.d's number of shares in issue last year was 0.288.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 50.009 | / | 2108.718 | |
= | 0.02371536 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 11.608 | / | 913.883 | |
= | 0.01270184 |
ALTA Banka a.d's net margin of this year was 0.02371536. ALTA Banka a.d's net margin of last year was 0.01270184.
==> This year's net margin is higher. ==> Score 1.
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 (Dec21) |
= | 2108.718 | / | 33242.528 | |
= | 0.06343435 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec20) |
= | 913.883 | / | 23638.678 | |
= | 0.0386605 |
ALTA Banka a.d's asset turnover of this year was 0.06343435. ALTA Banka a.d's asset turnover of last year was 0.0386605.
==> 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 | + | 0 | + | 0 | + | 1 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
ALTA Banka a.d has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
ALTA Banka a.d (XBEL:JMBN) 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.
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