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Gazprom PJSC (OTCPK:OGZPY)
Piotroski F-Score
5 (As of Today)

The zones of discrimination were as such:

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

Gazprom PJSC has an F-score of 5 indicating the company's financial situation is typical for a stable company.

OGZPY' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 8
Current: 5

3
8

During the past 11 years, the highest Piotroski F-Score of Gazprom PJSC was 8. The lowest was 3. And the median was 5.


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 (Sep15) TTM:Last Year (Sep14) TTM:
Net Income was -6578.07584037 + 6327.40519954 + 4864.91140917 + -33.118065905 = $4,581 Mil.
Cash Flow from Operations was 10193.972512 + 11528.3325054 + 0 + 23105.3320086 = $44,828 Mil.
Revenue was 26201.1756913 + 27293.475741 + 20950.4719324 + 21406.9382348 = $95,852 Mil.
Gross Profit was 18158.6520947 + 20151.2005299 + 0 + 13477.7281007 = $51,788 Mil.
Average Total Assets from the begining of this year (Sep14)
to the end of this year (Sep15) was
(232689.584368 + 251324.225865 + 254746.862063 + 0 + 271200.943865) / 5 = $201992.323232 Mil.
Total Assets at the begining of this year (Sep14) was $232,690 Mil.
Long-Term Debt was $40,868 Mil.
Total Current Assets was $60,217 Mil.
Total Current Liabilities was $32,946 Mil.
Net Income was 4644.61003477 + 3692.78026163 + 3768.35568803 + 1749.89236629 = $13,856 Mil.

Revenue was 24462.6097036 + 25811.1773472 + 21778.3573439 + 18771.1541646 = $90,823 Mil.
Gross Profit was 17900.1324723 + 19231.0316278 + 0 + 11563.7191588 = $48,695 Mil.
Average Total Assets from the begining of last year (Sep13)
to the end of last year (Sep14) was
(213047.127008 + 222491.074681 + 227477.098857 + 0 + 232689.584368) / 5 = $179140.976983 Mil.
Total Assets at the begining of last year (Sep13) was $213,047 Mil.
Long-Term Debt was $27,950 Mil.
Total Current Assets was $48,953 Mil.
Total Current Liabilities was $21,843 Mil.

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.

Gazprom PJSC's current net income (TTM) was 4,581. ==> 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.

Gazprom PJSC's current cash flow from operations (TTM) was 44,828. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Sep14)
=4581.12270243/232689.584368
=0.0196877

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Sep13)
=13855.6383507/213047.127008
=0.06503556

Gazprom PJSC's return on assets of this year was 0.0196877. Gazprom PJSC's return on assets of last year was 0.06503556. ==> 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.

Gazprom PJSC's current net income (TTM) was 4,581. Gazprom PJSC's current cash flow from operations (TTM) was 44,828. ==> 44,828 > 4,581 ==> 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: Sep15)=Long-Term Debt/Average Total Assets from Sep14 to Sep15
=40867.5774135/201992.323232
=0.20232243

Gearing (Last Year: Sep14)=Long-Term Debt/Average Total Assets from Sep13 to Sep14
=27950.4719324/179140.976983
=0.15602501

Gazprom PJSC's gearing of this year was 0.20232243. Gazprom PJSC's gearing of last year was 0.15602501. ==> 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: Sep15)=Total Current Assets/Total Current Liabilities
=60216.5093559/32946.2990561
=1.82771695

Current Ratio (Last Year: Sep14)=Total Current Assets/Total Current Liabilities
=48952.6080477/21843.0038086
=2.24111155

Gazprom PJSC's current ratio of this year was 1.82771695. Gazprom PJSC's current ratio of last year was 2.24111155. ==> 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.

Gazprom PJSC's number of shares in issue this year was 11500. Gazprom PJSC's number of shares in issue last year was 11500. ==> 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
=51787.5807253/95852.0615996
=0.54028656

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=48694.8832588/90823.2985594
=0.53614969

Gazprom PJSC's gross margin of this year was 0.54028656. Gazprom PJSC's gross margin of last year was 0.53614969. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Sep14)
=95852.0615996/232689.584368
=0.41193104

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Sep13)
=90823.2985594/213047.127008
=0.42630614

Gazprom PJSC's asset turnover of this year was 0.41193104. Gazprom PJSC's asset turnover of last year was 0.42630614. ==> 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
=1+1+0+1+0+0+1+1+0
=5

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

Gazprom PJSC has an F-score of 5 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.

Gazprom PJSC Annual Data

Dec13Dec14
Question 1 11
Question 2 11
Question 3 00
Question 4 11
Question 5 10
Question 6 10
Question 7 10
Question 8 00
Question 9 10
F-score 73

Gazprom PJSC Quarterly Data

Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15
Question 1 11111
Question 2 11111
Question 3 00000
Question 4 11111
Question 5 10000
Question 6 11000
Question 7 10011
Question 8 00001
Question 9 10000
F-score 74345
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