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Grenke AG (Grenke AG) Piotroski F-Score : 7 (As of Apr. 28, 2024)


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What is Grenke AG 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

Grenke AG has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Grenke AG's Piotroski F-Score or its related term are showing as below:

GKSGF' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Grenke AG was 7. The lowest was 4. And the median was 5.


Grenke AG Piotroski F-Score Historical Data

The historical data trend for Grenke AG'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.

Grenke AG Piotroski F-Score Chart

Grenke AG 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 5.00 4.00 4.00 7.00

Grenke AG Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 4.00 6.00 7.00 6.00 7.00

Competitive Comparison of Grenke AG's Piotroski F-Score

For the Credit Services subindustry, Grenke AG'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.


Grenke AG's Piotroski F-Score Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, Grenke AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Grenke AG'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 19.364 + 27.638 + 26.251 + 26.306 = $99.6 Mil.
Cash Flow from Operations was 428.425 + -189.03 + 394.161 + -289.806 = $343.8 Mil.
Revenue was 161.322 + 172.364 + 176.268 + 231.413 = $741.4 Mil.
Gross Profit was 90.885 + 92.716 + 94.511 + 123.713 = $401.8 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(6793.16 + 7285.357 + 7266.584 + 7600.907 + 7742.138) / 5 = $7337.6292 Mil.
Total Assets at the begining of this year (Dec22) was $6,793.2 Mil.
Long-Term Debt & Capital Lease Obligation was $2,863.8 Mil.
Total Current Assets was $3,468.2 Mil.
Total Current Liabilities was $2,227.5 Mil.
Net Income was 23.095 + 22.966 + 22.96 + 25.942 = $95.0 Mil.

Revenue was 150.567 + 149.632 + 141.761 + 204.002 = $646.0 Mil.
Gross Profit was 99.021 + 95.756 + 86.358 + 123.629 = $404.8 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(7526.486 + 7181.678 + 6735.734 + 6298.974 + 6793.16) / 5 = $6907.2064 Mil.
Total Assets at the begining of last year (Dec21) was $7,526.5 Mil.
Long-Term Debt & Capital Lease Obligation was $2,380.5 Mil.
Total Current Assets was $3,016.2 Mil.
Total Current Liabilities was $2,588.3 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.

Grenke AG's current Net Income (TTM) was 99.6. ==> 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.

Grenke AG's current Cash Flow from Operations (TTM) was 343.8. ==> 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 (Dec22)
=99.559/6793.16
=0.01465577

ROA (Last Year)=Net Income/Total Assets (Dec21)
=94.963/7526.486
=0.01261718

Grenke AG's return on assets of this year was 0.01465577. Grenke AG's return on assets of last year was 0.01261718. ==> 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.

Grenke AG's current Net Income (TTM) was 99.6. Grenke AG's current Cash Flow from Operations (TTM) was 343.8. ==> 343.8 > 99.6 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=2863.754/7337.6292
=0.39028328

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=2380.488/6907.2064
=0.34463832

Grenke AG's gearing of this year was 0.39028328. Grenke AG's gearing of last year was 0.34463832. ==> 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

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=3468.208/2227.534
=1.55697197

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=3016.2/2588.338
=1.16530376

Grenke AG's current ratio of this year was 1.55697197. Grenke AG's current ratio of last year was 1.16530376. ==> 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.

Grenke AG's number of shares in issue this year was 46.496. Grenke AG's number of shares in issue last year was 46.496. ==> 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
=401.825/741.367
=0.54200551

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=404.764/645.962
=0.62660652

Grenke AG's gross margin of this year was 0.54200551. Grenke AG's gross margin of last year was 0.62660652. ==> 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 (Dec22)
=741.367/6793.16
=0.10913434

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=645.962/7526.486
=0.08582518

Grenke AG's asset turnover of this year was 0.10913434. Grenke AG's asset turnover of last year was 0.08582518. ==> 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+1+0+1+1+0+1
=7

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

Grenke AG has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Grenke AG  (OTCPK:GKSGF) 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.


Grenke AG Piotroski F-Score Related Terms

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Grenke AG (Grenke AG) Business Description

Traded in Other Exchanges
Address
Neuer Markt 2, Baden-Baden, DEU, 76532
Grenke AG is a financial-services company that, under a franchise model, provides operational infrastructure, the licensing of the group's name to contracted parties, and other support services. The firm retains the right to acquire the franchisee based on a predetermined formula and time frame. Grenke's reporting segments include Leasing, Banking, and Factoring. The Leasing segment produces the most revenue. GRENKE Bank's actions compose the banking segment, primarily including acting as the financing partner for SMEs. The Factoring segment includes mainly small-ticket factoring services. The company operates primarily in Europe, with the most revenue coming from Ireland and Germany.

Grenke AG (Grenke AG) Headlines

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