Shahjibazar Power CoDHA:SPCL +1.11%93 Piotroski F-Score is 8 as of Jun. 28, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates DHA:SPCL with a GF Score™ of 93/100 and a GF Value™ of BDT56.70 (Fairly Valued). The stock has 7 warning signs investors should review. Among 417 Utilities - Independent Power Producers companies, Shahjibazar Power Co ranks better than 99.04% on this metric.
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
Shahjibazar Power Co 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 Shahjibazar Power Co's Piotroski F-Score or its related term are showing as below:
DHA:SPCL'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 8
During the past 10 years, the highest Piotroski F-Score of Shahjibazar Power Co was 8. The lowest was 3. And the median was 6.
Shahjibazar Power Co (DHA:SPCL) 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.
Shahjibazar Power Co Piotroski F-Score Related Terms
Shahjibazar Power Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Shahjibazar Power Co'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.
DHA:SPCL vs CEG, VST, NRG: Piotroski F-Score Comparison
For the Utilities - Independent Power Producers subindustry, Shahjibazar Power Co'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.
Shahjibazar Power Co Piotroski F-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Shahjibazar Power Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Shahjibazar Power Co's Piotroski F-Score falls into.
* 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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 130.214 + 263.324 + 304.617 + 247.172 = BDT945 Mil. Cash Flow from Operations was 277.659 + -213.112 + 856.398 + 196.317 = BDT1,117 Mil. Revenue was 3122.435 + 3410.795 + 3826.461 + 3313.148 = BDT13,673 Mil. Gross Profit was 309.974 + 389.65 + 392.745 + 366.546 = BDT1,459 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(13413.244 + 13062.548 + 15235.087 + 16212.617 + 16644.372) / 5 = BDT14913.5736 Mil. Total Assets at the begining of this year (Mar25) was BDT13,413 Mil. Long-Term Debt & Capital Lease Obligation was BDT30 Mil. Total Current Assets was BDT10,280 Mil. Total Current Liabilities was BDT8,154 Mil.
Net Income was -272.139 + 67.911 + 204.754 + 69.759 = BDT70 Mil.
Revenue was 1576.403 + 3044.457 + 3222.276 + 2940.9 = BDT10,784 Mil. Gross Profit was -187.308 + 210.847 + 420.848 + 242.082 = BDT686 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(11567.541 + 11819.981 + 12575.536 + 12882.509 + 13413.244) / 5 = BDT12451.7622 Mil. Total Assets at the begining of last year (Mar24) was BDT11,568 Mil. Long-Term Debt & Capital Lease Obligation was BDT33 Mil. Total Current Assets was BDT7,156 Mil. Total Current Liabilities was BDT5,612 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.
Shahjibazar Power Co's current Net Income (TTM) was 945.
==> 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.
Shahjibazar Power Co's return on assets of this year was 0.07047713. Shahjibazar Power Co's return on assets of last year was 0.00607605.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Shahjibazar Power Co's gearing of this year was 0.00199912. Shahjibazar Power Co's gearing of last year was 0.00262678.
==> 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
Shahjibazar Power Co's current ratio of this year was 1.260702. Shahjibazar Power Co's current ratio of last year was 1.27512264.
==> Last year's current ratio is higher ==> Score 0.
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.
Shahjibazar Power Co's number of shares in issue this year was 187.252. Shahjibazar Power Co's number of shares in issue last year was 188.536.
==> 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.
Shahjibazar Power Co's gross margin of this year was 0.10670169. Shahjibazar Power Co's gross margin of last year was 0.06365604.
==> 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
Shahjibazar Power Co's asset turnover of this year was 1.01935363. Shahjibazar Power Co's asset turnover of last year was 0.93226694.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Shahjibazar Power Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Shahjibazar Power Co (DHA:SPCL) has a Piotroski F-Score of 8 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Shahjibazar Power Co and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, Shahjibazar Power Co's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Shahjibazar Power Co ranks #4 out of 417 companies in the Utilities - Independent Power Producers industry, placing it in the top 1%.
Is Shahjibazar Power Co's Piotroski F-Score too high?
Shahjibazar Power Co's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Utilities - Independent Power Producers industry median Piotroski F-Score is 5.00. Shahjibazar Power Co's value of 8 is 60% above this industry median. Based on the distribution chart, Shahjibazar Power Co ranks #4 out of 417 companies in the Utilities - Independent Power Producers industry, which is in the top quartile — a strong position relative to peers. Overall, Shahjibazar Power Co has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Shahjibazar Power Co's Piotroski F-Score compare to CEG and VST?
According to the Utilities - Independent Power Producers industry distribution chart, Shahjibazar Power Co ranks #4 out of 417 companies for Piotroski F-Score. This places Shahjibazar Power Co in the top 1% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Shahjibazar Power Co's value of 8 is 60% above this benchmark. Historically, Shahjibazar Power Co's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Shahjibazar Power Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Utilities - Independent Power Producers company?
The median Piotroski F-Score among Utilities - Independent Power Producers companies is 5.00, based on 417 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Shahjibazar Power Co's current Piotroski F-Score of 8 is 60% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Shahjibazar Power Co and its competitors. For the Utilities - Independent Power Producers industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Shahjibazar Power Co's current Piotroski F-Score is 8, which is 33% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shahjibazar Power Co stock overvalued right now?
Based on GuruFocus' analysis, Shahjibazar Power Co (DHA:SPCL) is currently considered Fairly Valued. The stock's GF Value™ is BDT56.70, compared to a current price of BDT54.50 — trading 3.9% below its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Utilities - Independent Power Producers industry median of 5.00. Shahjibazar Power Co's overall GF Score™ is 93/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Shahjibazar Power Co (DHA:SPCL), the current Piotroski F-Score is 8 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Shahjibazar Power Co (DHA:SPCL) Overvalued in 2026?
Based on GuruFocus' analysis, Shahjibazar Power Co stock appears to be undervalued.
The current stock price of BDT54.50 is trading 3.9% below its estimated GF Value™ of BDT56.70.
GuruFocus considers Shahjibazar Power Co to be Fairly Valued.
Key valuation signals for DHA:SPCL:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: BDT56.70 vs. price of BDT54.50 (3.9% below fair value)
Industry Position: 60% above the Utilities - Independent Power Producers median (#4 of 417)
No single metric tells the full story. See the DHA:SPCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shahjibazar Power Co Ltd generates and supplies electricity in Bangladesh. It is engaged in the production and supply of petroleum products like liquid petroleum gas, special boiling point solvent, mineral turpentine, high-speed diesel, octane, kerosene, and fuel gas to the Bangladesh Petroleum Corporation (BPC). It generates revenue from only power generation.
93GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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