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Polar Capital Technology Trust (CHIX:PCTL) Piotroski F-Score : 7 (As of Dec. 15, 2024)


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What is Polar Capital Technology Trust Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, 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

Polar Capital Technology Trust has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Polar Capital Technology Trust's Piotroski F-Score or its related term are showing as below:

CHIX:PCTl' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Polar Capital Technology Trust was 7. The lowest was 4. And the median was 6.


Polar Capital Technology Trust Piotroski F-Score Historical Data

The historical data trend for Polar Capital Technology Trust'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.

Polar Capital Technology Trust Piotroski F-Score Chart

Polar Capital Technology Trust Annual Data
Trend Apr15 Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 7.00 5.00 7.00 7.00

Polar Capital Technology Trust Quarterly Data
Apr15 Oct15 Apr16 Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 7.00 - 7.00 -

Competitive Comparison of Polar Capital Technology Trust's Piotroski F-Score

For the Asset Management subindustry, Polar Capital Technology Trust'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.


Polar Capital Technology Trust's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Polar Capital Technology Trust's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Polar Capital Technology Trust'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 (Oct24) TTM:Last Year (Oct22) TTM:
Net Income was 176.778 + 332.148 + 783.289 + 435.743 = £1,728 Mil.
Cash Flow from Operations was 46.724 + 74.472 + -65.164 + 126.452 = £182 Mil.
Revenue was 178.476 + 333.667 + 785.105 + 437.841 = £1,735 Mil.
Average Total Assets from the begining of this year (Oct22)
to the end of this year (Oct24) was
(2785.004 + 2902.828 + 3197.271 + 3864.301 + 4269.432) / 5 = £3403.7672 Mil.
Total Assets at the begining of this year (Oct22) was £2,785 Mil.
Long-Term Debt & Capital Lease Obligation was £77 Mil.
Total Assets was £4,269 Mil.
Total Liabilities was £90 Mil.
Net Income was 408.084 + 385.849 + -644.495 + -281.96 = £-133 Mil.

Revenue was 410.196 + 387.536 + -642.847 + -280.25 = £-125 Mil.
Average Total Assets from the begining of last year (Oct20)
to the end of last year (Oct22) was
(3119.558 + 3499.587 + 3847.564 + 3160.304 + 2785.004) / 5 = £3282.4034 Mil.
Total Assets at the begining of last year (Oct20) was £3,120 Mil.
Long-Term Debt & Capital Lease Obligation was £53 Mil.
Total Assets was £2,785 Mil.
Total Liabilities was £73 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.

Polar Capital Technology Trust's current Net Income (TTM) was 1,728. ==> 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.

Polar Capital Technology Trust's current Cash Flow from Operations (TTM) was 182. ==> 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 (Oct22)
=1727.958/2785.004
=0.62045081

ROA (Last Year)=Net Income/Total Assets (Oct20)
=-132.522/3119.558
=-0.04248102

Polar Capital Technology Trust's return on assets of this year was 0.62045081. Polar Capital Technology Trust's return on assets of last year was -0.04248102. ==> 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.

Polar Capital Technology Trust's current Net Income (TTM) was 1,728. Polar Capital Technology Trust's current Cash Flow from Operations (TTM) was 182. ==> 182 <= 1,728 ==> 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: Oct24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct22 to Oct24
=76.594/3403.7672
=0.02250271

Gearing (Last Year: Oct22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct20 to Oct22
=53.473/3282.4034
=0.01629081

Polar Capital Technology Trust's gearing of this year was 0.02250271. Polar Capital Technology Trust's gearing of last year was 0.01629081. ==> 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

* 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: Oct24)=Total Assets/Total Liabilities
=4269.432/89.888
=47.49724101

Current Ratio (Last Year: Oct22)=Total Assets/Total Liabilities
=2785.004/73.488
=37.89739821

Polar Capital Technology Trust's current ratio of this year was 47.49724101. Polar Capital Technology Trust's current ratio of last year was 37.89739821. ==> 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.

Polar Capital Technology Trust's number of shares in issue this year was 1196.164. Polar Capital Technology Trust's number of shares in issue last year was 1307.924. ==> 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
=1727.958/1735.089
=0.99589012

Net Margin (Last Year: TTM)=Net Income/Revenue
=-132.522/-125.365
=1.0570893

Polar Capital Technology Trust's net margin of this year was 0.99589012. Polar Capital Technology Trust's net margin of last year was 1.0570893. ==> 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 (Oct22)
=1735.089/2785.004
=0.62301131

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct20)
=-125.365/3119.558
=-0.04018678

Polar Capital Technology Trust's asset turnover of this year was 0.62301131. Polar Capital Technology Trust's asset turnover of last year was -0.04018678. ==> 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+0+1+1+0+1
=6

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

Polar Capital Technology Trust has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Polar Capital Technology Trust  (CHIX:PCTl) 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.


Polar Capital Technology Trust Piotroski F-Score Related Terms

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Polar Capital Technology Trust Business Description

Traded in Other Exchanges
Address
16 Palace Street, London, GBR, SW1E 5JD
Polar Capital Technology Trust PLC is a UK-based investment trust company. The company has an investment objective to achieve long-term capital growth by investing in a diversified portfolio of technology companies worldwide. Geographically, the company generates investment income from North America, Europe, and the Asia Pacific region. It invests in sectors such as Software, Interactive Media and Services, Semiconductors and Semiconductor Equipment, Technology Hardware, Storage and Peripherals, Internet and Direct Marketing Retail, IT Services, Entertainment, and others.

Polar Capital Technology Trust Headlines

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