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Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11) Piotroski F-Score : 5 (As of May. 25, 2024)


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What is Tellus Properties Fundo DE 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

Tellus Properties Fundo DE 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 Tellus Properties Fundo DE Investimento Imobiliario's Piotroski F-Score or its related term are showing as below:

BSP:TEPP11' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 5

During the past 5 years, the highest Piotroski F-Score of Tellus Properties Fundo DE Investimento Imobiliario was 7. The lowest was 4. And the median was 5.


Tellus Properties Fundo DE Investimento Imobiliario Piotroski F-Score Historical Data

The historical data trend for Tellus Properties Fundo DE 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.

Tellus Properties Fundo DE Investimento Imobiliario Piotroski F-Score Chart

Tellus Properties Fundo DE Investimento Imobiliario Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A 4.00 7.00 5.00

Tellus Properties Fundo DE Investimento Imobiliario Semi-Annual Data
Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score N/A N/A 4.00 7.00 5.00

Competitive Comparison of Tellus Properties Fundo DE Investimento Imobiliario's Piotroski F-Score

For the REIT - Residential subindustry, Tellus Properties Fundo DE 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.


Tellus Properties Fundo DE Investimento Imobiliario's Piotroski F-Score Distribution in the REITs Industry

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

* The bar in red indicates where Tellus Properties Fundo DE 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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was R$35.26 Mil.
Cash Flow from Operations was R$31.62 Mil.
Revenue was R$38.06 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (467.424 + 453.91) / 2 = R$460.667 Mil.
Total Assets at the begining of this year (Dec22) was R$467.42 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Total Assets was R$453.91 Mil.
Total Liabilities was R$45.37 Mil.
Net Income was R$44.68 Mil.

Revenue was R$47.02 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (442.099 + 467.424) / 2 = R$454.7615 Mil.
Total Assets at the begining of last year (Dec21) was R$442.10 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Total Assets was R$467.42 Mil.
Total Liabilities was R$63.32 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.

Tellus Properties Fundo DE Investimento Imobiliario's current Net Income (TTM) was 35.26. ==> 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.

Tellus Properties Fundo DE Investimento Imobiliario's current Cash Flow from Operations (TTM) was 31.62. ==> 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)
=35.255/467.424
=0.07542403

ROA (Last Year)=Net Income/Total Assets (Dec21)
=44.675/442.099
=0.10105203

Tellus Properties Fundo DE Investimento Imobiliario's return on assets of this year was 0.07542403. Tellus Properties Fundo DE Investimento Imobiliario's return on assets of last year was 0.10105203. ==> 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.

Tellus Properties Fundo DE Investimento Imobiliario's current Net Income (TTM) was 35.26. Tellus Properties Fundo DE Investimento Imobiliario's current Cash Flow from Operations (TTM) was 31.62. ==> 31.62 <= 35.26 ==> 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
=0/460.667
=0

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0/454.7615
=0

Tellus Properties Fundo DE Investimento Imobiliario's gearing of this year was 0. Tellus Properties Fundo DE Investimento Imobiliario'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
=453.91/45.367
=10.00529019

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=467.424/63.316
=7.38239939

Tellus Properties Fundo DE Investimento Imobiliario's current ratio of this year was 10.00529019. Tellus Properties Fundo DE Investimento Imobiliario's current ratio of last year was 7.38239939. ==> 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.

Tellus Properties Fundo DE Investimento Imobiliario's number of shares in issue this year was 4.222. Tellus Properties Fundo DE Investimento Imobiliario's number of shares in issue last year was 4.222. ==> 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
=35.255/38.059
=0.92632492

Net Margin (Last Year: TTM)=Net Income/Revenue
=44.675/47.022
=0.95008719

Tellus Properties Fundo DE Investimento Imobiliario's net margin of this year was 0.92632492. Tellus Properties Fundo DE Investimento Imobiliario's net margin of last year was 0.95008719. ==> Last year's net 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)
=38.059/467.424
=0.08142286

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=47.022/442.099
=0.10636079

Tellus Properties Fundo DE Investimento Imobiliario's asset turnover of this year was 0.08142286. Tellus Properties Fundo DE Investimento Imobiliario's asset turnover of last year was 0.10636079. ==> 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+0+1+1+1+0+0
=5

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

Tellus Properties Fundo DE Investimento Imobiliario has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Tellus Properties Fundo DE Investimento Imobiliario  (BSP:TEPP11) 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.


Tellus Properties Fundo DE Investimento Imobiliario Piotroski F-Score Related Terms

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Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
R R Iguatemi 151, 19th Floor (Parte), Sao Paulo, SP, BRA, 1451011
Tellus Properties Fundo DE Investimento Imobiliario is a real estate investment trust. It invests real estate funds.

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