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OAO Gazprom (OTCPK:OGZPY)
Piotroski F-Score
6 (As of Today)

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

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

OGZPY' s 10-Year Piotroski F-Score Range
Min: 5   Max: 6
Current: 6

5
6

During the past 7 years, the highest Piotroski F-Score of OAO Gazprom was 6. The lowest was 5. And the median was 6.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year () TTM:Last Year (Sep12) TTM:
Net Income was 7774.99295973 + 5689.04533934 + 10719.9380456 + 10009.4902844 = $34,193 Mil.
Cash Flow from Operations was 21962.6865672 + 0 + 14583.8637004 + 12354.7169811 = $48,901 Mil.
Revenue was + + + = $ Mil.
Gross Profit was + + + = $ Mil.
Total Assets at the begining of this year (Sep12) was $327,215 Mil.
Total Assets was $ Mil.
Long-Term Debt was $ Mil.
Total Current Assets was $ Mil.
Total Current Liabilities was $ Mil.
Net Income was 8724.0495635 + 4247.42326105 + 10177.499296 + 10796.1419319 = $33,945 Mil.

Revenue was + + + = $ Mil.
Gross Profit was + + + = $ Mil.
Total Assets at the begining of last year () was $ Mil.
Total Assets was $327,215 Mil.
Long-Term Debt was $ Mil.
Total Current Assets was $ Mil.
Total Current Liabilities was $ Mil.

Profitability

Q1. 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.

OAO Gazprom's current net income was 34,193. ==> Positive ==> Score 1.

Q2. 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.

OAO Gazprom's current cash flow from operations was 48,901. ==> Positive ==> Score 1.

Q3. 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 at the beginning of this year (Sep12)
=34193.4666291/327215.150662
=0.10449842

ROA (Last Year)=Net Income/Total Assets at the beginning of last year ()
=33945.1140524/
=

OAO Gazprom's return on assets of this year was 0.10449842. OAO Gazprom's return on assets of last year was . ==> Last year is higher ==> Score .

Q4. 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.

OAO Gazprom's current net income was 34,193. OAO Gazprom's current cash flow from operations was 48,901. ==> 48,901 =< 34,193 ==> CFROA =< ROA ==> Score .

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by average total assets) to last year’s gearing.

Score 1 if gearing is lower, 0 if it’s higher.

Gearing (This Year)=Long-Term Debt/Total Assets
=/
=

Gearing (Last Year)=Long-Term Debt/Total Assets
=/327215.150662
=

OAO Gazprom's gearing of this year was . OAO Gazprom's gearing of last year was . ==> Last year is lower ==> Score .

Q6. 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)=Total Current Assets/Total Current Liabilities
=/
=

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=/
=

OAO Gazprom's current ratio of this year was . OAO Gazprom's current ratio of last year was . ==> Last year's current ratio is higher ==> Score .

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

OAO Gazprom's number of shares in issue this year was . OAO Gazprom's number of shares in issue last year was . ==> There is more number of shares in issue this year. ==> Score .

Efficiency

Q8. 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)=Gross Profit/Revenue
=/
=

Gross Margin (Last Year)=Gross Profit/Revenue
=/
=

OAO Gazprom's gross margin of this year was . OAO Gazprom's gross margin of last year was . ==> Last year's gross margin is higher ==> Score .

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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 (Sep12)
=/327215.150662
=

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year ()
=/
=

OAO Gazprom's asset turnover of this year was . OAO Gazprom's asset turnover of last year was . ==> Last year's asset turnover is higher ==> Score .

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+++++++
=

Good or high score = 8 or 9

Bad or low score = 0 or 1

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


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.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

OAO Gazprom Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12
Q1 111
Q2 111
Q3 110
Q4 111
Q5 111
Q6 100
Q7 100
Q8 000
Q9 110
F-score 864

OAO Gazprom Quarterly Data

Jun11Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13
Q1
Q2
Q3
Q4
Q5
Q6
Q7
Q8
Q9
F-score 0050000000
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