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Photon Capital Advisors (BOM:509084) Piotroski F-Score : 2 (As of May. 29, 2024)


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What is Photon Capital Advisors Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Photon Capital Advisors has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

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

BOM:509084' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 2

During the past 13 years, the highest Piotroski F-Score of Photon Capital Advisors was 7. The lowest was 2. And the median was 5.


Photon Capital Advisors Piotroski F-Score Historical Data

The historical data trend for Photon Capital Advisors'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.

Photon Capital Advisors Piotroski F-Score Chart

Photon Capital Advisors 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 5.00 5.00 3.00 7.00 2.00

Photon Capital Advisors 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 - 2.00 - - -

Competitive Comparison of Photon Capital Advisors's Piotroski F-Score

For the Asset Management subindustry, Photon Capital Advisors'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.


Photon Capital Advisors's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Photon Capital Advisors's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Photon Capital Advisors'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 ₹-3.73 Mil.
Cash Flow from Operations was ₹-5.60 Mil.
Revenue was ₹2.06 Mil.
Gross Profit was ₹-0.77 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (106.475 + 102.669) / 2 = ₹104.572 Mil.
Total Assets at the begining of this year (Mar22) was ₹106.48 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Total Current Assets was ₹42.93 Mil.
Total Current Liabilities was ₹0.31 Mil.
Net Income was ₹18.88 Mil.

Revenue was ₹3.64 Mil.
Gross Profit was ₹0.97 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (105.793 + 106.475) / 2 = ₹106.134 Mil.
Total Assets at the begining of last year (Mar21) was ₹105.79 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Total Current Assets was ₹45.84 Mil.
Total Current Liabilities was ₹0.35 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.

Photon Capital Advisors's current Net Income (TTM) was -3.73. ==> 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.

Photon Capital Advisors's current Cash Flow from Operations (TTM) was -5.60. ==> Negative ==> Score 0.

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)
=-3.725/106.475
=-0.03498474

ROA (Last Year)=Net Income/Total Assets (Mar21)
=18.877/105.793
=0.17843336

Photon Capital Advisors's return on assets of this year was -0.03498474. Photon Capital Advisors's return on assets of last year was 0.17843336. ==> 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.

Photon Capital Advisors's current Net Income (TTM) was -3.73. Photon Capital Advisors's current Cash Flow from Operations (TTM) was -5.60. ==> -5.60 <= -3.73 ==> CFROA <= ROA ==> Score 0.

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
=0/104.572
=0

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=0/106.134
=0

Photon Capital Advisors's gearing of this year was 0. Photon Capital Advisors's gearing of last year was 0. ==> 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
=42.929/0.307
=139.83387622

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=45.838/0.35
=130.96571429

Photon Capital Advisors's current ratio of this year was 139.83387622. Photon Capital Advisors's current ratio of last year was 130.96571429. ==> 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.

Photon Capital Advisors's number of shares in issue this year was 1.514. Photon Capital Advisors's number of shares in issue last year was 1.505. ==> 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
=-0.771/2.056
=-0.375

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0.974/3.638
=0.26772952

Photon Capital Advisors's gross margin of this year was -0.375. Photon Capital Advisors's gross margin of last year was 0.26772952. ==> 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)
=2.056/106.475
=0.0193097

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=3.638/105.793
=0.03438791

Photon Capital Advisors's asset turnover of this year was 0.0193097. Photon Capital Advisors's asset turnover of last year was 0.03438791. ==> 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+0+0+0+1+1+0+0+0
=2

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

Photon Capital Advisors has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Photon Capital Advisors  (BOM:509084) 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.


Photon Capital Advisors Piotroski F-Score Related Terms

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Photon Capital Advisors (BOM:509084) Business Description

Traded in Other Exchanges
N/A
Address
Road No. 9, Jubilee Hills, Plot No. 90-A, Hyderabad, TG, IND, 500 033
Photon Capital Advisors Ltd is an adviser to hedge funds, family offices, high net worth individuals and investment partnerships that invest in India. It aims to generate superior returns by guiding investments across asset classes including equities, equity derivatives, index derivatives, debt, commodities, and real estate. The company also manage proprietary funds which are presently closed to external investors. The company generates maximum revenue from the sale of Investments.

Photon Capital Advisors (BOM:509084) Headlines

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