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Heidelberg Materials Bangladesh (DHA:HEIDELBCEM) Piotroski F-Score : 6 (As of Apr. 11, 2025)


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What is Heidelberg Materials Bangladesh 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

Heidelberg Materials Bangladesh 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 Heidelberg Materials Bangladesh's Piotroski F-Score or its related term are showing as below:

DHA:HEIDELBCEM' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Heidelberg Materials Bangladesh was 9. The lowest was 2. And the median was 5.


Heidelberg Materials Bangladesh Piotroski F-Score Historical Data

The historical data trend for Heidelberg Materials Bangladesh'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.

Heidelberg Materials Bangladesh Piotroski F-Score Chart

Heidelberg Materials Bangladesh Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 6.00 8.00 5.00 8.00

Heidelberg Materials Bangladesh 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 8.00 8.00 5.00 6.00

Competitive Comparison of Heidelberg Materials Bangladesh's Piotroski F-Score

For the Building Materials subindustry, Heidelberg Materials Bangladesh'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.


Heidelberg Materials Bangladesh's Piotroski F-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Heidelberg Materials Bangladesh's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Heidelberg Materials Bangladesh's Piotroski F-Score falls into.


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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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was -45.688 + 393.212 + 27.991 + -7.96 = BDT368 Mil.
Cash Flow from Operations was -176.455 + 1299.408 + -447.429 + -243.633 = BDT432 Mil.
Revenue was 4097.169 + 4807.008 + 3411.886 + 2934.908 = BDT15,251 Mil.
Gross Profit was 488.159 + 799.106 + 277.391 + 213.752 = BDT1,778 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(12387.753 + 12621.995 + 13129.572 + 12747.678 + 11124.13) / 5 = BDT12402.2256 Mil.
Total Assets at the begining of this year (Sep23) was BDT12,388 Mil.
Long-Term Debt & Capital Lease Obligation was BDT276 Mil.
Total Current Assets was BDT5,747 Mil.
Total Current Liabilities was BDT6,541 Mil.
Net Income was 7.865 + 386.912 + 91.116 + 27.07 = BDT513 Mil.

Revenue was 3964.624 + 5678.767 + 4528.483 + 3651.296 = BDT17,823 Mil.
Gross Profit was 501.238 + 861.804 + 397.399 + 321.011 = BDT2,081 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(9166.594 + 8779.795 + 11825.336 + 13042.327 + 12387.753) / 5 = BDT11040.361 Mil.
Total Assets at the begining of last year (Sep22) was BDT9,167 Mil.
Long-Term Debt & Capital Lease Obligation was BDT286 Mil.
Total Current Assets was BDT6,738 Mil.
Total Current Liabilities was BDT7,974 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.

Heidelberg Materials Bangladesh's current Net Income (TTM) was 368. ==> 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.

Heidelberg Materials Bangladesh's current Cash Flow from Operations (TTM) was 432. ==> 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 (Sep23)
=367.555/12387.753
=0.02967084

ROA (Last Year)=Net Income/Total Assets (Sep22)
=512.963/9166.594
=0.05596004

Heidelberg Materials Bangladesh's return on assets of this year was 0.02967084. Heidelberg Materials Bangladesh's return on assets of last year was 0.05596004. ==> 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.

Heidelberg Materials Bangladesh's current Net Income (TTM) was 368. Heidelberg Materials Bangladesh's current Cash Flow from Operations (TTM) was 432. ==> 432 > 368 ==> CFROA > ROA ==> Score 1.

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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=276.245/12402.2256
=0.02227382

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=286.431/11040.361
=0.02594399

Heidelberg Materials Bangladesh's gearing of this year was 0.02227382. Heidelberg Materials Bangladesh's gearing of last year was 0.02594399. ==> 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

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=5746.909/6541.231
=0.87856689

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=6737.521/7973.901
=0.84494666

Heidelberg Materials Bangladesh's current ratio of this year was 0.87856689. Heidelberg Materials Bangladesh's current ratio of last year was 0.84494666. ==> 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.

Heidelberg Materials Bangladesh's number of shares in issue this year was 56.504. Heidelberg Materials Bangladesh's number of shares in issue last year was 56.504. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1778.408/15250.971
=0.11660949

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2081.452/17823.17
=0.11678349

Heidelberg Materials Bangladesh's gross margin of this year was 0.11660949. Heidelberg Materials Bangladesh's gross margin of last year was 0.11678349. ==> Last year's gross 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 (Sep23)
=15250.971/12387.753
=1.23113296

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=17823.17/9166.594
=1.94436123

Heidelberg Materials Bangladesh's asset turnover of this year was 1.23113296. Heidelberg Materials Bangladesh's asset turnover of last year was 1.94436123. ==> 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+1+1+1+1+0+0
=6

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

Heidelberg Materials Bangladesh has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Heidelberg Materials Bangladesh  (DHA:HEIDELBCEM) 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.


Heidelberg Materials Bangladesh Piotroski F-Score Related Terms

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Heidelberg Materials Bangladesh Business Description

Traded in Other Exchanges
N/A
Address
Road No.142, Plot No. SE (F) 9, Symphony 6th Floor, South Avenue South, Gulshan -1, Dhaka, BGD, 1212
Heidelberg Materials Bangladesh PLC is a producer of cement in Bangladesh. It offers Portland composite cement and ordinary Portland cement and Multi Purpose Cement under two brands namely "RubyCement" and "ScanCement. It is engaged in various projects such as Bijoy Sarani, Mohakhali Flyover, Lalon Shah (Pakshi) Bridge, Shah Amanat International Airport, Third Karnaphuli Bridge, Bahaddarhat Flyover, North-South University, Chittagong Port Flyover, Karnaphuli Water Supply Project, and many others.

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