GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Votorantim Securities Master Fundo Investimento Imobiliario FII (BSP:VOTS11) » Definitions » Piotroski F-Score

Votorantim Securities Master Fundo Investimento Imobiliario FII (BSP:VOTS11) Piotroski F-Score : 8 (As of May. 18, 2024)


View and export this data going back to 2018. Start your Free Trial

What is Votorantim Securities Master Fundo Investimento Imobiliario FII 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

Votorantim Securities Master Fundo Investimento Imobiliario FII 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 Votorantim Securities Master Fundo Investimento Imobiliario FII's Piotroski F-Score or its related term are showing as below:

BSP:VOTS11' s Piotroski F-Score Range Over the Past 10 Years
Min: 6   Med: 8   Max: 9
Current: 8

During the past 6 years, the highest Piotroski F-Score of Votorantim Securities Master Fundo Investimento Imobiliario FII was 9. The lowest was 6. And the median was 8.


Votorantim Securities Master Fundo Investimento Imobiliario FII Piotroski F-Score Historical Data

The historical data trend for Votorantim Securities Master Fundo Investimento Imobiliario FII'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.

Votorantim Securities Master Fundo Investimento Imobiliario FII Piotroski F-Score Chart

Votorantim Securities Master Fundo Investimento Imobiliario FII Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial N/A 6.00 7.00 9.00 8.00

Votorantim Securities Master Fundo Investimento Imobiliario FII Semi-Annual Data
Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score Get a 7-Day Free Trial N/A 6.00 7.00 9.00 8.00

Competitive Comparison of Votorantim Securities Master Fundo Investimento Imobiliario FII's Piotroski F-Score

For the REIT - Specialty subindustry, Votorantim Securities Master Fundo Investimento Imobiliario FII'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.


Votorantim Securities Master Fundo Investimento Imobiliario FII's Piotroski F-Score Distribution in the REITs Industry

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

* The bar in red indicates where Votorantim Securities Master Fundo Investimento Imobiliario FII'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$10.29 Mil.
Cash Flow from Operations was R$9.65 Mil.
Revenue was R$10.40 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (78.273 + 78.918) / 2 = R$78.5955 Mil.
Total Assets at the begining of this year (Dec22) was R$78.27 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Total Assets was R$78.92 Mil.
Total Liabilities was R$0.91 Mil.
Net Income was R$6.78 Mil.

Revenue was R$6.90 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (81.799 + 78.273) / 2 = R$80.036 Mil.
Total Assets at the begining of last year (Dec21) was R$81.80 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.00 Mil.
Total Assets was R$78.27 Mil.
Total Liabilities was R$1.04 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.

Votorantim Securities Master Fundo Investimento Imobiliario FII's current Net Income (TTM) was 10.29. ==> 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.

Votorantim Securities Master Fundo Investimento Imobiliario FII's current Cash Flow from Operations (TTM) was 9.65. ==> 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)
=10.289/78.273
=0.13145018

ROA (Last Year)=Net Income/Total Assets (Dec21)
=6.782/81.799
=0.08291055

Votorantim Securities Master Fundo Investimento Imobiliario FII's return on assets of this year was 0.13145018. Votorantim Securities Master Fundo Investimento Imobiliario FII's return on assets of last year was 0.08291055. ==> 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.

Votorantim Securities Master Fundo Investimento Imobiliario FII's current Net Income (TTM) was 10.29. Votorantim Securities Master Fundo Investimento Imobiliario FII's current Cash Flow from Operations (TTM) was 9.65. ==> 9.65 <= 10.29 ==> 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
=0/78.5955
=0

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0/80.036
=0

Votorantim Securities Master Fundo Investimento Imobiliario FII's gearing of this year was 0. Votorantim Securities Master Fundo Investimento Imobiliario FII'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
=78.918/0.905
=87.20220994

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=78.273/1.036
=75.5530888

Votorantim Securities Master Fundo Investimento Imobiliario FII's current ratio of this year was 87.20220994. Votorantim Securities Master Fundo Investimento Imobiliario FII's current ratio of last year was 75.5530888. ==> 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.

Votorantim Securities Master Fundo Investimento Imobiliario FII's number of shares in issue this year was 0.828. Votorantim Securities Master Fundo Investimento Imobiliario FII's number of shares in issue last year was 0.828. ==> 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
=10.289/10.401
=0.9892318

Net Margin (Last Year: TTM)=Net Income/Revenue
=6.782/6.9
=0.98289855

Votorantim Securities Master Fundo Investimento Imobiliario FII's net margin of this year was 0.9892318. Votorantim Securities Master Fundo Investimento Imobiliario FII's net margin of last year was 0.98289855. ==> 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)
=10.401/78.273
=0.13288107

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=6.9/81.799
=0.08435311

Votorantim Securities Master Fundo Investimento Imobiliario FII's asset turnover of this year was 0.13288107. Votorantim Securities Master Fundo Investimento Imobiliario FII's asset turnover of last year was 0.08435311. ==> 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

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

Votorantim Securities Master Fundo Investimento Imobiliario FII  (BSP:VOTS11) 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.


Votorantim Securities Master Fundo Investimento Imobiliario FII Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Votorantim Securities Master Fundo Investimento Imobiliario FII's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Votorantim Securities Master Fundo Investimento Imobiliario FII (BSP:VOTS11) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Avenida Nacoes Unidas, 14.171, Tower A, 11th Floor, Sao Paulo, SP, BRA, 04794-000
Website
Votorantim Securities Master Fundo Investimento Imobiliario FII is a real estate fund. The objective of the fund is to provide the shareholders with capital gain and/or profitability through investments in financial assets of real estate origin, such as certificates of receivables real estate, mortgage letters of credit, shares of other investment funds and others.

Votorantim Securities Master Fundo Investimento Imobiliario FII (BSP:VOTS11) Headlines

No Headlines