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Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario (BSP:ALZR11) Piotroski F-Score : 5 (As of Jul. 20, 2024)


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What is Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario 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

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Piotroski F-Score or its related term are showing as below:

BSP:ALZR11' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 4   Max: 5
Current: 5

During the past 5 years, the highest Piotroski F-Score of Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario was 5. The lowest was 4. And the median was 4.


Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Piotroski F-Score Historical Data

The historical data trend for Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario'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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Piotroski F-Score Chart

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Annual Data
Trend Jun18 Jun19 Jun20 Jun21 Jun22
Piotroski F-Score
N/A N/A 4.00 4.00 5.00

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Semi-Annual Data
Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Piotroski F-Score Get a 7-Day Free Trial N/A 4.00 4.00 5.00 6.00

Competitive Comparison of Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Piotroski F-Score

For the Real Estate Services subindustry, Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario'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.


Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario'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 (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was R$28.1 Mil.
Cash Flow from Operations was R$44.5 Mil.
Revenue was R$55.3 Mil.
Gross Profit was R$55.3 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was (843.571 + 906.468) / 2 = R$875.0195 Mil.
Total Assets at the begining of this year (Jun21) was R$843.6 Mil.
Long-Term Debt & Capital Lease Obligation was R$183.9 Mil.
Total Current Assets was R$115.4 Mil.
Total Current Liabilities was R$15.8 Mil.
Net Income was R$46.9 Mil.

Revenue was R$31.7 Mil.
Gross Profit was R$31.7 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was (281.373 + 843.571) / 2 = R$562.472 Mil.
Total Assets at the begining of last year (Jun20) was R$281.4 Mil.
Long-Term Debt & Capital Lease Obligation was R$164.9 Mil.
Total Current Assets was R$72.3 Mil.
Total Current Liabilities was R$14.4 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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's current Net Income (TTM) was 28.1. ==> 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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's current Cash Flow from Operations (TTM) was 44.5. ==> 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 (Jun21)
=28.061/843.571
=0.03326454

ROA (Last Year)=Net Income/Total Assets (Jun20)
=46.942/281.373
=0.16683193

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's return on assets of this year was 0.03326454. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's return on assets of last year was 0.16683193. ==> 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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's current Net Income (TTM) was 28.1. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's current Cash Flow from Operations (TTM) was 44.5. ==> 44.5 > 28.1 ==> 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: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=183.946/875.0195
=0.21021932

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=164.857/562.472
=0.2930937

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's gearing of this year was 0.21021932. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's gearing of last year was 0.2930937. ==> 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: Jun22)=Total Current Assets/Total Current Liabilities
=115.39/15.782
=7.31149411

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=72.317/14.418
=5.01574421

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's current ratio of this year was 7.31149411. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's current ratio of last year was 5.01574421. ==> 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.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's number of shares in issue this year was 6.013. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's number of shares in issue last year was 5.312. ==> 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
=55.308/55.308
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=31.68/31.68
=1

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's gross margin of this year was 1. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's gross margin of last year was 1. ==> 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 (Jun21)
=55.308/843.571
=0.06556413

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=31.68/281.373
=0.11259076

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's asset turnover of this year was 0.06556413. Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario's asset turnover of last year was 0.11259076. ==> 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+0+0+0
=5

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

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario  (BSP:ALZR11) 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.


Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario Piotroski F-Score Related Terms

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Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliario (BSP:ALZR11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Rua Tabapua No. 1.227-Conj. 202, Itaim Bibi, Sau Paulo, SP, BRA, 04534-003
Alianza Trust Renda Imobiliaria Fundo Investimento Imobiliariois a real estate investment company in Brazil. The company focuses on structured projects, such as Built-To-Suit and Sale and Leaseback. It offers property development for leases in the logistics, residential and office segments. The company is also engaged in an asset management business of premium real estate investments, such as FIIs, private equity real estate vehicles, CMBS and RMBS.

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