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Fundo Investimento Imobiliario Green Towers (BSP:GTWR11) Piotroski F-Score : 8 (As of Jun. 22, 2024)


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What is Fundo Investimento Imobiliario Green Towers 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

Fundo Investimento Imobiliario Green Towers has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

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

BSP:GTWR11' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 6   Max: 8
Current: 8

During the past 7 years, the highest Piotroski F-Score of Fundo Investimento Imobiliario Green Towers was 8. The lowest was 5. And the median was 6.


Fundo Investimento Imobiliario Green Towers Piotroski F-Score Historical Data

The historical data trend for Fundo Investimento Imobiliario Green Towers'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.

Fundo Investimento Imobiliario Green Towers Piotroski F-Score Chart

Fundo Investimento Imobiliario Green Towers Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial 6.00 5.00 6.00 7.00 8.00

Fundo Investimento Imobiliario Green Towers Semi-Annual Data
Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score Get a 7-Day Free Trial 6.00 5.00 6.00 7.00 8.00

Competitive Comparison of Fundo Investimento Imobiliario Green Towers's Piotroski F-Score

For the REIT - Office subindustry, Fundo Investimento Imobiliario Green Towers'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.


Fundo Investimento Imobiliario Green Towers's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Fundo Investimento Imobiliario Green Towers's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Fundo Investimento Imobiliario Green Towers'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 R$190.4 Mil.
Cash Flow from Operations was R$116.8 Mil.
Revenue was R$195.0 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (1146.5 + 1223.221) / 2 = R$1184.8605 Mil.
Total Assets at the begining of this year (Dec22) was R$1,146.5 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.0 Mil.
Total Assets was R$1,223.2 Mil.
Total Liabilities was R$10.1 Mil.
Net Income was R$70.6 Mil.

Revenue was R$74.9 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (1182.471 + 1146.5) / 2 = R$1164.4855 Mil.
Total Assets at the begining of last year (Dec21) was R$1,182.5 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.0 Mil.
Total Assets was R$1,146.5 Mil.
Total Liabilities was R$10.1 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.

Fundo Investimento Imobiliario Green Towers's current Net Income (TTM) was 190.4. ==> 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.

Fundo Investimento Imobiliario Green Towers's current Cash Flow from Operations (TTM) was 116.8. ==> 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)
=190.438/1146.5
=0.16610379

ROA (Last Year)=Net Income/Total Assets (Dec21)
=70.586/1182.471
=0.05969364

Fundo Investimento Imobiliario Green Towers's return on assets of this year was 0.16610379. Fundo Investimento Imobiliario Green Towers's return on assets of last year was 0.05969364. ==> This year is higher. ==> Score 1.

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.

Fundo Investimento Imobiliario Green Towers's current Net Income (TTM) was 190.4. Fundo Investimento Imobiliario Green Towers's current Cash Flow from Operations (TTM) was 116.8. ==> 116.8 <= 190.4 ==> CFROA <= ROA ==> Score 0.

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
=0/1184.8605
=0

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0/1164.4855
=0

Fundo Investimento Imobiliario Green Towers's gearing of this year was 0. Fundo Investimento Imobiliario Green Towers's gearing of last year was 0. ==> 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: Dec23)=Total Assets/Total Liabilities
=1223.221/10.132
=120.72848401

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=1146.5/10.089
=113.63861631

Fundo Investimento Imobiliario Green Towers's current ratio of this year was 120.72848401. Fundo Investimento Imobiliario Green Towers's current ratio of last year was 113.63861631. ==> 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.

Fundo Investimento Imobiliario Green Towers's number of shares in issue this year was 12. Fundo Investimento Imobiliario Green Towers's number of shares in issue last year was 12. ==> 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
=190.438/195.048
=0.97636479

Net Margin (Last Year: TTM)=Net Income/Revenue
=70.586/74.861
=0.94289416

Fundo Investimento Imobiliario Green Towers's net margin of this year was 0.97636479. Fundo Investimento Imobiliario Green Towers's net margin of last year was 0.94289416. ==> 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 (Dec22)
=195.048/1146.5
=0.17012473

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=74.861/1182.471
=0.06330895

Fundo Investimento Imobiliario Green Towers's asset turnover of this year was 0.17012473. Fundo Investimento Imobiliario Green Towers's asset turnover of last year was 0.06330895. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+1+1+1+1+1
=8

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

Fundo Investimento Imobiliario Green Towers has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Fundo Investimento Imobiliario Green Towers  (BSP:GTWR11) 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.


Fundo Investimento Imobiliario Green Towers Piotroski F-Score Related Terms

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Fundo Investimento Imobiliario Green Towers (BSP:GTWR11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Avenida das Nações Unidas, 14171, tower A - 11th Floor- Vila Gertrudes, São Paulo, SP, BRA, 04794-000
Website
Fundo Investimento Imobiliario Green Towers is a brick-type real estate fund. Its investments are directed at commercial properties in the office segment. The objective of the fund is to provide the quoters with income monthly by means of the location of the corporate offices of Green Towers enterprise.

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