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Heliopolis Housing & Development (CAI:HELI) 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.
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.
Heliopolis Housing & Development Piotroski F-Score Related Terms
Heliopolis Housing & Development Piotroski F-Score Historical Data
* 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.
Heliopolis Housing & Development Piotroski F-Score Chart
* 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 (Mar25) TTM:
Last Year (Dec23) TTM:
Net Income was 748.466 + 650.086 + 347.289 + 478.056 = E£2,224 Mil. Cash Flow from Operations was 33.662 + -2596.156 + 609.542 + -622.504 = E£-2,575 Mil. Revenue was 239.322 + 497.015 + 159.448 + 530.825 = E£1,427 Mil. Gross Profit was 181.005 + 435.86 + 105.221 + 424.324 = E£1,146 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Mar25) was
(15814.549 + 15601.826 + 11932.431 + 13361.48 + 14366.272) / 5 = E£14215.3116 Mil. Total Assets at the begining of this year (Dec23) was E£15,815 Mil. Long-Term Debt & Capital Lease Obligation was E£324 Mil. Total Current Assets was E£14,267 Mil. Total Current Liabilities was E£1,945 Mil.
Net Income was 19.413 + 5.217 + -16.534 + 7800.733 = E£7,809 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.
Heliopolis Housing & Development's current Net Income (TTM) was 2,224.
==> 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.
Heliopolis Housing & Development's current Cash Flow from Operations (TTM) was -2,575.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Heliopolis Housing & Development's return on assets of this year was 0.14062349. Heliopolis Housing & Development's return on assets of last year was 1.60875098.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Heliopolis Housing & Development's gearing of this year was 0.02282644. Heliopolis Housing & Development's gearing of last year was 0.
==> Last year is lower than this year ==> Score 0.
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
Heliopolis Housing & Development's current ratio of this year was 7.33705218. Heliopolis Housing & Development's current ratio of last year was 3.01216648.
==> 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.
Heliopolis Housing & Development's number of shares in issue this year was 4005.256. Heliopolis Housing & Development's number of shares in issue last year was 4005.256.
==> 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.
Heliopolis Housing & Development's gross margin of this year was 0.80359033. Heliopolis Housing & Development's gross margin of last year was 0.7853161.
==> This year's gross 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
Heliopolis Housing & Development's asset turnover of this year was 0.09020871. Heliopolis Housing & Development's asset turnover of last year was 3.21815483.
==> 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
+
0
+
0
+
0
+
0
+
1
+
1
+
1
+
0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Heliopolis Housing & Development has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Heliopolis Housing & Development SA develops real estate. The Company owns residential units, villas, schools, shops, garages, health clubs, and tourist facilities.
70GF Score
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