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CEZ a.s (XPRA:CEZ) Piotroski F-Score : 6 (As of May. 26, 2024)


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What is CEZ a.s 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

CEZ a.s 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 CEZ a.s's Piotroski F-Score or its related term are showing as below:

XPRA:CEZ' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of CEZ a.s was 8. The lowest was 4. And the median was 5.


CEZ a.s Piotroski F-Score Historical Data

The historical data trend for CEZ a.s'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.

CEZ a.s Piotroski F-Score Chart

CEZ a.s 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 6.00 7.00 8.00 4.00 7.00

CEZ a.s Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 5.00 4.00 4.00 7.00 6.00

Competitive Comparison of CEZ a.s's Piotroski F-Score

For the Utilities - Renewable subindustry, CEZ a.s'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.


CEZ a.s's Piotroski F-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, CEZ a.s's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where CEZ a.s'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 11458 + 7532 + -238 + 13534 = Kč32,286 Mil.
Cash Flow from Operations was 55533 + -883 + 3820 + 40689 = Kč99,159 Mil.
Revenue was 74266 + 76184 + 71835 + 86793 = Kč309,078 Mil.
Gross Profit was 33909 + 34351 + 20123 + 48524 = Kč136,907 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(943093 + 894730 + 789459 + 825765 + 824791) / 5 = Kč855567.6 Mil.
Total Assets at the begining of this year (Mar23) was Kč943,093 Mil.
Long-Term Debt & Capital Lease Obligation was Kč133,473 Mil.
Total Current Assets was Kč280,145 Mil.
Total Current Liabilities was Kč206,104 Mil.
Net Income was 6925 + 18705 + 28447 + 10772 = Kč64,849 Mil.

Revenue was 53811 + 79938 + 11127 + 92731 = Kč237,607 Mil.
Gross Profit was 21144 + 36639 + -33579 + 50308 = Kč74,512 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(1367773 + 1467923 + 1653964 + 1107380 + 943093) / 5 = Kč1308026.6 Mil.
Total Assets at the begining of last year (Mar22) was Kč1,367,773 Mil.
Long-Term Debt & Capital Lease Obligation was Kč143,667 Mil.
Total Current Assets was Kč436,097 Mil.
Total Current Liabilities was Kč325,073 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.

CEZ a.s's current Net Income (TTM) was 32,286. ==> 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.

CEZ a.s's current Cash Flow from Operations (TTM) was 99,159. ==> 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 (Mar23)
=32286/943093
=0.03423416

ROA (Last Year)=Net Income/Total Assets (Mar22)
=64849/1367773
=0.04741211

CEZ a.s's return on assets of this year was 0.03423416. CEZ a.s's return on assets of last year was 0.04741211. ==> Last year is higher ==> Score 0.

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.

CEZ a.s's current Net Income (TTM) was 32,286. CEZ a.s's current Cash Flow from Operations (TTM) was 99,159. ==> 99,159 > 32,286 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=133473/855567.6
=0.15600521

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=143667/1308026.6
=0.10983492

CEZ a.s's gearing of this year was 0.15600521. CEZ a.s's gearing of last year was 0.10983492. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=280145/206104
=1.35924097

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=436097/325073
=1.34153559

CEZ a.s's current ratio of this year was 1.35924097. CEZ a.s's current ratio of last year was 1.34153559. ==> 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.

CEZ a.s's number of shares in issue this year was 537.063. CEZ a.s's number of shares in issue last year was 535.92. ==> 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
=136907/309078
=0.44295291

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=74512/237607
=0.31359345

CEZ a.s's gross margin of this year was 0.44295291. CEZ a.s's gross margin of last year was 0.31359345. ==> This year's gross 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 (Mar23)
=309078/943093
=0.32772802

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=237607/1367773
=0.17371815

CEZ a.s's asset turnover of this year was 0.32772802. CEZ a.s's asset turnover of last year was 0.17371815. ==> 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+0+1+0+1+0+1+1
=6

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

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

CEZ a.s  (XPRA:CEZ) 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.


CEZ a.s Piotroski F-Score Related Terms

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CEZ a.s (XPRA:CEZ) Business Description

Traded in Other Exchanges
Address
Duhova 2/1444, Prague 4, CZE, 140 53
CEZ a.s is a Czech energy company of which the government of the Czech Republic is the majority shareholder. Its core business is the generation, distribution, trade, and sale of electricity and heat. With its subsidiaries, the company operates a portfolio of both conventional and renewable energy power plants. Total energy production is mainly split between facilities utilizing thermal and nuclear inputs. CEZ segments comprise Generation; Distribution; Sales and Mining. Most of its revenue gets derived from the Generation segment.

CEZ a.s (XPRA:CEZ) Headlines

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