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Ingenico Group Piotroski F-Score

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The zones of discrimination were as such:

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

Ingenico Group 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 Ingenico Group's Piotroski F-Score or its related term are showing as below:


Ingenico Group Piotroski F-Score Historical Data

The historical data trend for Ingenico Group'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.

Ingenico Group Annual Data
Trend Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 4.00 5.00 6.00

Ingenico Group Semi-Annual Data
Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only - 5.00 - 6.00 -

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 (Dec19) TTM:Last Year (Dec18) TTM:
Net Income was $231 Mil.
Cash Flow from Operations was $482 Mil.
Revenue was $3,745 Mil.
Gross Profit was $1,291 Mil.
Average Total Assets from the begining of this year (Dec18)
to the end of this year (Dec19) was (6911.2627986348 + 8407.6666666667) / 2 = $7659.4647326507 Mil.
Total Assets at the begining of this year (Dec18) was $6,911 Mil.
Long-Term Debt & Capital Lease Obligation was $1,775 Mil.
Total Current Assets was $3,696 Mil.
Total Current Liabilities was $3,373 Mil.
Net Income was $214 Mil.

Revenue was $3,007 Mil.
Gross Profit was $1,132 Mil.
Average Total Assets from the begining of last year (Dec17)
to the end of last year (Dec18) was (6728.2970414201 + 6911.2627986348) / 2 = $6819.7799200275 Mil.
Total Assets at the begining of last year (Dec17) was $6,728 Mil.
Long-Term Debt & Capital Lease Obligation was $2,000 Mil.
Total Current Assets was $2,741 Mil.
Total Current Liabilities was $2,336 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.

Ingenico Group's current Net Income (TTM) was 231. ==> 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.

Ingenico Group's current Cash Flow from Operations (TTM) was 482. ==> 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 (Dec18)
=231.11111111111/6911.2627986348
=0.03343978

ROA (Last Year)=Net Income/Total Assets (Dec17)
=214.10693970421/6728.2970414201
=0.03182186

Ingenico Group's return on assets of this year was 0.03343978. Ingenico Group's return on assets of last year was 0.03182186. ==> 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.

Ingenico Group's current Net Income (TTM) was 231. Ingenico Group's current Cash Flow from Operations (TTM) was 482. ==> 482 > 231 ==> 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: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=1774.7777777778/7659.4647326507
=0.23171042

Gearing (Last Year: Dec18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec17 to Dec18
=2000.1137656428/6819.7799200275
=0.29328128

Ingenico Group's gearing of this year was 0.23171042. Ingenico Group's gearing of last year was 0.29328128. ==> 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: Dec19)=Total Current Assets/Total Current Liabilities
=3696/3373.3333333333
=1.09565217

Current Ratio (Last Year: Dec18)=Total Current Assets/Total Current Liabilities
=2740.7281001138/2336.2912400455
=1.17311063

Ingenico Group's current ratio of this year was 1.09565217. Ingenico Group's current ratio of last year was 1.17311063. ==> 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.

Ingenico Group's number of shares in issue this year was 65.465. Ingenico Group's number of shares in issue last year was 64.931. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=1290.7777777778/3744.5555555556
=0.34470787

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1131.7406143345/3007.2810011377
=0.37633351

Ingenico Group's gross margin of this year was 0.34470787. Ingenico Group's gross margin of last year was 0.37633351. ==> 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 (Dec18)
=3744.5555555556/6911.2627986348
=0.54180483

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec17)
=3007.2810011377/6728.2970414201
=0.4469602

Ingenico Group's asset turnover of this year was 0.54180483. Ingenico Group's asset turnover of last year was 0.4469602. ==> 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+1+0+0+0+1
=6

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

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

Ingenico Group  (GREY:INGIF) 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.


Ingenico Group Piotroski F-Score Related Terms

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Ingenico Group Business Description

Ingenico Group logo
Traded in Other Exchanges
N/A
Address
28/32 boulevard de Grenelle, Paris, FRA, 75015
Ingenico Group SA is a provider of payment and transaction processing services. The company offers solutions under its Ingenico smart terminals, payment services, and e-payment brands. Products and solutions include in-store payment terminals using near field technologies, payment and transaction management services, and online and mobile commerce solutions such as data analytics, fraud-management solutions, cross-border commerce, and various payment methods. Payment terminals generate the lion's share of revenue, which overall is earned across the globe. The largest region by revenue is EMEA.
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