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Bulgartabac Holding AD (XBUL:BTH) Piotroski F-Score : 0 (As of May. 12, 2024)


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What is Bulgartabac Holding AD 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

Bulgartabac Holding AD has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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


Bulgartabac Holding AD Piotroski F-Score Historical Data

The historical data trend for Bulgartabac Holding AD'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.

Bulgartabac Holding AD Piotroski F-Score Chart

Bulgartabac Holding AD Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16
Piotroski F-Score
Get a 7-Day Free Trial 6.00 2.00 3.00 4.00 -

Bulgartabac Holding AD Quarterly Data
Dec09 Dec10 Dec11 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16
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 4.00 3.00 3.00 4.00 -

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 (Dec16) TTM:Last Year (Dec15) TTM:
Net Income was 19.336 + -8.203 + -4.409 + -23.526 = лв-16.8 Mil.
Cash Flow from Operations was -18.929 + 11.267 + 15.341 + 46.217 = лв53.9 Mil.
Revenue was 89.574 + 43.551 + 93.793 + 108.575 = лв335.5 Mil.
Gross Profit was 41.612 + 18.292 + 22.713 + 51.523 = лв134.1 Mil.
Average Total Assets from the begining of this year (Dec15)
to the end of this year (Dec16) was
(674.638 + 657.632 + 680.315 + 670.865 + 728.83) / 5 = лв682.456 Mil.
Total Assets at the begining of this year (Dec15) was лв674.6 Mil.
Long-Term Debt & Capital Lease Obligation was лв66.6 Mil.
Total Current Assets was лв266.1 Mil.
Total Current Liabilities was лв316.6 Mil.
Net Income was 16.469 + 19.714 + 9.162 + -66.591 = лв-21.2 Mil.

Revenue was 122.712 + 133.221 + 112.749 + 125.488 = лв494.2 Mil.
Gross Profit was 53.066 + 60.243 + 48.935 + 51.138 = лв213.4 Mil.
Average Total Assets from the begining of last year (Dec14)
to the end of last year (Dec15) was
(676.69 + 693.339 + 738.369 + 707.71 + 674.638) / 5 = лв698.1492 Mil.
Total Assets at the begining of last year (Dec14) was лв676.7 Mil.
Long-Term Debt & Capital Lease Obligation was лв58.4 Mil.
Total Current Assets was лв267.8 Mil.
Total Current Liabilities was лв270.3 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.

Bulgartabac Holding AD's current Net Income (TTM) was -16.8. ==> Negative ==> Score 0.

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.

Bulgartabac Holding AD's current Cash Flow from Operations (TTM) was 53.9. ==> 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 (Dec15)
=-16.802/674.638
=-0.02490521

ROA (Last Year)=Net Income/Total Assets (Dec14)
=-21.246/676.69
=-0.03139695

Bulgartabac Holding AD's return on assets of this year was -0.02490521. Bulgartabac Holding AD's return on assets of last year was -0.03139695. ==> 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.

Bulgartabac Holding AD's current Net Income (TTM) was -16.8. Bulgartabac Holding AD's current Cash Flow from Operations (TTM) was 53.9. ==> 53.9 > -16.8 ==> 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: Dec16)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec15 to Dec16
=66.604/682.456
=0.09759457

Gearing (Last Year: Dec15)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec14 to Dec15
=58.364/698.1492
=0.08359818

Bulgartabac Holding AD's gearing of this year was 0.09759457. Bulgartabac Holding AD's gearing of last year was 0.08359818. ==> 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: Dec16)=Total Current Assets/Total Current Liabilities
=266.083/316.577
=0.8405001

Current Ratio (Last Year: Dec15)=Total Current Assets/Total Current Liabilities
=267.839/270.348
=0.99071937

Bulgartabac Holding AD's current ratio of this year was 0.8405001. Bulgartabac Holding AD's current ratio of last year was 0.99071937. ==> 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.

Bulgartabac Holding AD's number of shares in issue this year was 0. Bulgartabac Holding AD's number of shares in issue last year was 7.367. ==> 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
=134.14/335.493
=0.3998295

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=213.382/494.17
=0.43179877

Bulgartabac Holding AD's gross margin of this year was 0.3998295. Bulgartabac Holding AD's gross margin of last year was 0.43179877. ==> 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 (Dec15)
=335.493/674.638
=0.49729336

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec14)
=494.17/676.69
=0.73027531

Bulgartabac Holding AD's asset turnover of this year was 0.49729336. Bulgartabac Holding AD's asset turnover of last year was 0.73027531. ==> 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
=0+1+1+1+0+0+1+0+0
=4

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

Bulgartabac Holding AD has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Bulgartabac Holding AD  (XBUL:BTH) 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.


Bulgartabac Holding AD Piotroski F-Score Related Terms

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Bulgartabac Holding AD (XBUL:BTH) Business Description

Traded in Other Exchanges
N/A
Address
62 Graf Ignatiev Street, Sofia, BGR, 1000
Bulgartabac Holding AD is a cigarettes manufacturer in Bulgaria. The company is an exporter of processed Virginia, Burley & Oriental tobaccos. It supplies aromatic and semi-aromatic types of tobaccos. Its products include Victory, Class S, Femina Slim, Prestige & Welcome.

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