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State Bank of India (CHIX:SBIDL) Piotroski F-Score : 8 (As of Dec. 14, 2024)


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What is State Bank of India 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

State Bank of India 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 State Bank of India's Piotroski F-Score or its related term are showing as below:

CHIX:SBIDl' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 9
Current: 8

During the past 13 years, the highest Piotroski F-Score of State Bank of India was 9. The lowest was 2. And the median was 4.


State Bank of India Piotroski F-Score Historical Data

The historical data trend for State Bank of India'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.

State Bank of India Piotroski F-Score Chart

State Bank of India Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 6.00 9.00 6.00 8.00

State Bank of India Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 - - 8.00 - -

Competitive Comparison of State Bank of India's Piotroski F-Score

For the Banks - Regional subindustry, State Bank of India'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.


State Bank of India's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, State Bank of India's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where State Bank of India'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was $8,080 Mil.
Cash Flow from Operations was $2,606 Mil.
Revenue was $38,980 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (723796.237 + 811089.526) / 2 = $767442.8815 Mil.
Total Assets at the begining of this year (Mar23) was $723,796 Mil.
Long-Term Debt & Capital Lease Obligation was $67,031 Mil.
Total Assets was $811,090 Mil.
Total Liabilities was $759,229 Mil.
Net Income was $6,764 Mil.

Revenue was $32,861 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (703624.055 + 723796.237) / 2 = $713710.146 Mil.
Total Assets at the begining of last year (Mar22) was $703,624 Mil.
Long-Term Debt & Capital Lease Obligation was $63,464 Mil.
Total Assets was $723,796 Mil.
Total Liabilities was $678,606 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.

State Bank of India's current Net Income (TTM) was 8,080. ==> 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.

State Bank of India's current Cash Flow from Operations (TTM) was 2,606. ==> 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 (Mar23)
=8080.407/723796.237
=0.01116393

ROA (Last Year)=Net Income/Total Assets (Mar22)
=6764.378/703624.055
=0.00961363

State Bank of India's return on assets of this year was 0.01116393. State Bank of India's return on assets of last year was 0.00961363. ==> 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.

State Bank of India's current Net Income (TTM) was 8,080. State Bank of India's current Cash Flow from Operations (TTM) was 2,606. ==> 2,606 <= 8,080 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=67031.3/767442.8815
=0.0873437

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=63463.576/713710.146
=0.08892066

State Bank of India's gearing of this year was 0.0873437. State Bank of India's gearing of last year was 0.08892066. ==> 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: Mar24)=Total Assets/Total Liabilities
=811089.526/759228.544
=1.06830747

Current Ratio (Last Year: Mar23)=Total Assets/Total Liabilities
=723796.237/678605.554
=1.06659345

State Bank of India's current ratio of this year was 1.06830747. State Bank of India's current ratio of last year was 1.06659345. ==> 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.

State Bank of India's number of shares in issue this year was 892.461. State Bank of India's number of shares in issue last year was 892.461. ==> 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
=8080.407/38979.529
=0.20729873

Net Margin (Last Year: TTM)=Net Income/Revenue
=6764.378/32861.117
=0.20584748

State Bank of India's net margin of this year was 0.20729873. State Bank of India's net margin of last year was 0.20584748. ==> 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 (Mar23)
=38979.529/723796.237
=0.05385429

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=32861.117/703624.055
=0.04670266

State Bank of India's asset turnover of this year was 0.05385429. State Bank of India's asset turnover of last year was 0.04670266. ==> 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

State Bank of India has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

State Bank of India  (CHIX:SBIDl) 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.


State Bank of India Piotroski F-Score Related Terms

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State Bank of India Business Description

Address
Madam Cama Road, State Bank Bhavan, 14th Floor, Corporate Centre, Nariman Point, Mumbai, MH, IND, 400 021
State Bank of India is a bank in India. The bank's business segments include Treasury; Corporate/Wholesale Banking; Retail Banking and Other Banking businesses. The bank generates maximum revenue from the Retail Banking segment. The Retail Banking Segment comprises retail branches, which primarily include Personal Banking activities including lending activities to corporate customers having banking relations with these branches. This segment also includes the agency business and ATMs. Geographically, it derives a majority of its revenue from India.

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