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Agrogalaxy Participacoes (BSP:AGXY3) Piotroski F-Score : 4 (As of Apr. 30, 2024)


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What is Agrogalaxy Participacoes 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

Agrogalaxy Participacoes has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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

BSP:AGXY3' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 4   Max: 4
Current: 4

During the past 8 years, the highest Piotroski F-Score of Agrogalaxy Participacoes was 4. The lowest was 3. And the median was 4.


Agrogalaxy Participacoes Piotroski F-Score Historical Data

The historical data trend for Agrogalaxy Participacoes'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.

Agrogalaxy Participacoes Piotroski F-Score Chart

Agrogalaxy Participacoes Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial N/A N/A 3.00 4.00 4.00

Agrogalaxy Participacoes Quarterly Data
Dec16 Dec17 Dec18 Sep19 Dec19 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 4.00 N/A N/A 4.00 4.00

Competitive Comparison of Agrogalaxy Participacoes's Piotroski F-Score

For the Agricultural Inputs subindustry, Agrogalaxy Participacoes'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.


Agrogalaxy Participacoes's Piotroski F-Score Distribution in the Agriculture Industry

For the Agriculture industry and Basic Materials sector, Agrogalaxy Participacoes's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Agrogalaxy Participacoes'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -43.605 + -388.825 + -31.255 + 89.55 = R$-374 Mil.
Cash Flow from Operations was -263.177 + 197.075 + 84.169 + 65.421 = R$83 Mil.
Revenue was 2785.29 + 1832.007 + 2369.051 + 2412.748 = R$9,399 Mil.
Gross Profit was 406.416 + -24.92 + 351.856 + 244.229 = R$978 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(9910.493 + 11105.489 + 8756.778 + 7827.618 + 7714.016) / 5 = R$9062.8788 Mil.
Total Assets at the begining of this year (Dec22) was R$9,910 Mil.
Long-Term Debt & Capital Lease Obligation was R$134 Mil.
Total Current Assets was R$5,553 Mil.
Total Current Liabilities was R$6,147 Mil.
Net Income was -59.735 + -148.306 + 24.358 + 211.639 = R$28 Mil.

Revenue was 3145.293 + 1967.028 + 3074.306 + 3405.883 = R$11,593 Mil.
Gross Profit was 333.186 + 127.737 + 447.223 + 545.431 = R$1,454 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(6774.91 + 8975.134 + 7836.693 + 8705.722 + 9910.493) / 5 = R$8440.5904 Mil.
Total Assets at the begining of last year (Dec21) was R$6,775 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,053 Mil.
Total Current Assets was R$8,208 Mil.
Total Current Liabilities was R$7,191 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.

Agrogalaxy Participacoes's current Net Income (TTM) was -374. ==> 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.

Agrogalaxy Participacoes's current Cash Flow from Operations (TTM) was 83. ==> 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 (Dec22)
=-374.135/9910.493
=-0.0377514

ROA (Last Year)=Net Income/Total Assets (Dec21)
=27.956/6774.91
=0.0041264

Agrogalaxy Participacoes's return on assets of this year was -0.0377514. Agrogalaxy Participacoes's return on assets of last year was 0.0041264. ==> 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.

Agrogalaxy Participacoes's current Net Income (TTM) was -374. Agrogalaxy Participacoes's current Cash Flow from Operations (TTM) was 83. ==> 83 > -374 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=134.132/9062.8788
=0.01480015

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1052.825/8440.5904
=0.12473357

Agrogalaxy Participacoes's gearing of this year was 0.01480015. Agrogalaxy Participacoes's gearing of last year was 0.12473357. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=5553.467/6147.186
=0.90341613

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=8207.602/7190.67
=1.14142382

Agrogalaxy Participacoes's current ratio of this year was 0.90341613. Agrogalaxy Participacoes's current ratio of last year was 1.14142382. ==> 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.

Agrogalaxy Participacoes's number of shares in issue this year was 167.429. Agrogalaxy Participacoes's number of shares in issue last year was 167.429. ==> 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
=977.581/9399.096
=0.10400798

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1453.577/11592.51
=0.12538932

Agrogalaxy Participacoes's gross margin of this year was 0.10400798. Agrogalaxy Participacoes's gross margin of last year was 0.12538932. ==> 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 (Dec22)
=9399.096/9910.493
=0.94839843

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=11592.51/6774.91
=1.71109432

Agrogalaxy Participacoes's asset turnover of this year was 0.94839843. Agrogalaxy Participacoes's asset turnover of last year was 1.71109432. ==> 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+1+0+1+1+0+1+0+0
=4

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

Agrogalaxy Participacoes has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Agrogalaxy Participacoes  (BSP:AGXY3) 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.


Agrogalaxy Participacoes Piotroski F-Score Related Terms

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Agrogalaxy Participacoes (BSP:AGXY3) Business Description

Traded in Other Exchanges
N/A
Address
Avenida Cidade Jardim, No. 803, 6th Floor, Conjunto 62, Room 3B, Sao Paulo, SP, BRA, CEP 01453-000
Agrogalaxy Participacoes SA operates as an investment fund with a focus on the agribusiness value chain in Brazil and South America.

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