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BPCGY (Banco Comercial Portugues) Piotroski F-Score : 8 (As of Mar. 17, 2025)


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What is Banco Comercial Portugues Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

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

Banco Comercial Portugues has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Banco Comercial Portugues's Piotroski F-Score or its related term are showing as below:

BPCGY' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 7   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Banco Comercial Portugues was 8. The lowest was 3. And the median was 7.


Banco Comercial Portugues Piotroski F-Score Historical Data

The historical data trend for Banco Comercial Portugues'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.

Banco Comercial Portugues Piotroski F-Score Chart

Banco Comercial Portugues Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 4.00 6.00 8.00 8.00

Banco Comercial Portugues Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 8.00 8.00 8.00 9.00 8.00

Competitive Comparison of Banco Comercial Portugues's Piotroski F-Score

For the Banks - Regional subindustry, Banco Comercial Portugues'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.


Banco Comercial Portugues's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Banco Comercial Portugues's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Banco Comercial Portugues'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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 254.684 + 270.154 + 253.957 + 201.341 = $980 Mil.
Cash Flow from Operations was 2309.996 + 1565.562 + 0 + 0 = $3,876 Mil.
Revenue was 1001.1 + 964.004 + 987.555 + 779.818 = $3,732 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(102922.332 + 106301.501 + 107317.591 + 111238.908 + 106956.651) / 5 = $106947.3966 Mil.
Total Assets at the begining of this year (Dec23) was $102,922 Mil.
Long-Term Debt & Capital Lease Obligation was $5,190 Mil.
Total Assets was $106,957 Mil.
Total Liabilities was $98,378 Mil.
Net Income was 231.399 + 224.401 + 242.76 + 223.92 = $922 Mil.

Revenue was 1087.757 + 971.906 + 976.819 + 959.084 = $3,996 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(95208.414 + 95456.966 + 98537.48 + 97299.081 + 102922.332) / 5 = $97884.8546 Mil.
Total Assets at the begining of last year (Dec22) was $95,208 Mil.
Long-Term Debt & Capital Lease Obligation was $6,155 Mil.
Total Assets was $102,922 Mil.
Total Liabilities was $94,962 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.

Banco Comercial Portugues's current Net Income (TTM) was 980. ==> 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.

Banco Comercial Portugues's current Cash Flow from Operations (TTM) was 3,876. ==> 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 (Dec23)
=980.136/102922.332
=0.00952306

ROA (Last Year)=Net Income/Total Assets (Dec22)
=922.48/95208.414
=0.00968906

Banco Comercial Portugues's return on assets of this year was 0.00952306. Banco Comercial Portugues's return on assets of last year was 0.00968906. ==> 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.

Banco Comercial Portugues's current Net Income (TTM) was 980. Banco Comercial Portugues's current Cash Flow from Operations (TTM) was 3,876. ==> 3,876 > 980 ==> 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: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=5189.601/106947.3966
=0.0485248

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=6154.538/97884.8546
=0.06287528

Banco Comercial Portugues's gearing of this year was 0.0485248. Banco Comercial Portugues's gearing of last year was 0.06287528. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec24)=Total Assets/Total Liabilities
=106956.651/98378.058
=1.08720027

Current Ratio (Last Year: Dec23)=Total Assets/Total Liabilities
=102922.332/94962.137
=1.08382494

Banco Comercial Portugues's current ratio of this year was 1.08720027. Banco Comercial Portugues's current ratio of last year was 1.08382494. ==> 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.

Banco Comercial Portugues's number of shares in issue this year was 1511.399. Banco Comercial Portugues's number of shares in issue last year was 1511.399. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=980.136/3732.477
=0.26259666

Net Margin (Last Year: TTM)=Net Income/Revenue
=922.48/3995.566
=0.23087593

Banco Comercial Portugues's net margin of this year was 0.26259666. Banco Comercial Portugues's net margin of last year was 0.23087593. ==> This year's net 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 (Dec23)
=3732.477/102922.332
=0.03626499

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=3995.566/95208.414
=0.04196652

Banco Comercial Portugues's asset turnover of this year was 0.03626499. Banco Comercial Portugues's asset turnover of last year was 0.04196652. ==> 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+1+1+1+1+0
=7

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

Banco Comercial Portugues has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Banco Comercial Portugues  (OTCPK:BPCGY) 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.


Banco Comercial Portugues Piotroski F-Score Related Terms

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Banco Comercial Portugues Business Description

Traded in Other Exchanges
Address
Praca D. Joao I, 28, Porto, PRT, 4000-295
Banco Comercial Portugues SA or Millennium BCP, is a Portuguese bank operating in Portugal, as well as Poland, Mozambique, and Angola. The bank offers a wide range of retail and corporate banking products and services. The bank's distribution network includes traditional branches, as well as online banking, call centers, mobile banking, ATMs, and point of sale systems. In addition to its emphasis on financial technology, BCP's business model has shifted focus to high-net worth individuals, business lending with growth potential, as well as divestiture of noncore assets in its portfolio. The bank's net revenue is mostly net interest income, with notable net commission and net trading income. Most of BCP's earning assets are loans split nearly evenly between retail and corporate.

Banco Comercial Portugues Headlines