Turk Hava Yollari AO (IST:THYAO) Piotroski F-Score

: 9 (As of Today)

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Good Sign:

Piotroski F-Score is 9, 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

Turk Hava Yollari AO has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Turk Hava Yollari AO's Piotroski F-Score or its related term are showing as below:

IST:THYAO' s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 7 Max: 9
Current: 9

During the past 13 years, the highest Piotroski F-Score of Turk Hava Yollari AO was 9. The lowest was 3. And the median was 7.

Turk Hava Yollari AO Piotroski F-Score Historical Data

The historical data trend for Turk Hava Yollari AO'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.

Turk Hava Yollari AO Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Piotroski F-Score

8.00

4.00

3.00

8.00

9.00

Turk Hava Yollari AO Quarterly Data
	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22
Piotroski F-Score																8.00	9.00	9.00	9.00	9.00

Competitive Comparison

For the Airlines subindustry, Turk Hava Yollari AO'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.

Annual Data Quarterly Data

Turk Hava Yollari AO Piotroski F-Score Distribution

For the Transportation industry and Industrials sector, Turk Hava Yollari AO's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Turk Hava Yollari AO's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.

How is the Piotroski F-Score calculated?

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Net Income was 2360.429 + 9583.603 + 28038.863 + 5750.11 = ₺45,733 Mil.
Cash Flow from Operations was 17446.65 + 39056.678 + 27613.26 + 32895.413 = ₺117,012 Mil.
Revenue was 44730.864 + 75454.237 + 112303.51 + 58467.595 = ₺290,956 Mil.
Gross Profit was 7506.458 + 15589.993 + 34609.025 + 14214.608 = ₺71,920 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was
(353708 + 399865.478 + 488547.467 + 563923.525 + 578571) / 5 = ₺476923.094 Mil.
Total Assets at the begining of this year (Dec21) was ₺353,708 Mil.
Long-Term Debt & Capital Lease Obligation was ₺192,799 Mil.
Total Current Assets was ₺135,095 Mil.
Total Current Liabilities was ₺154,040 Mil.

Net Income was 508.417 + -541.912 + 6565.277 + 1656.655 = ₺8,188 Mil.

Revenue was 14969.121 + 19019.35 + 30414.652 + 31484.054 = ₺95,887 Mil.
Gross Profit was 1433.568 + 3059.179 + 8851.959 + 8630.354 = ₺21,975 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was
(188817.327 + 211509.682 + 230137.628 + 242602.626 + 353708) / 5 = ₺245355.0526 Mil.
Total Assets at the begining of last year (Dec20) was ₺188,817 Mil.
Long-Term Debt & Capital Lease Obligation was ₺145,647 Mil.
Total Current Assets was ₺65,797 Mil.
Total Current Liabilities was ₺90,443 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.

Turk Hava Yollari AO's current Net Income (TTM) was 45,733. ==> 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.

Turk Hava Yollari AO's current Cash Flow from Operations (TTM) was 117,012. ==> 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 (Dec21)
	=	45733.005	/	353708
	=	0.12929593

ROA (Last Year)	=	Net Income	/	Total Assets (Dec20)
	=	8188.437	/	188817.327
	=	0.04336698

Turk Hava Yollari AO's return on assets of this year was 0.12929593. Turk Hava Yollari AO's return on assets of last year was 0.04336698. ==> 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.

Turk Hava Yollari AO's current Net Income (TTM) was 45,733. Turk Hava Yollari AO's current Cash Flow from Operations (TTM) was 117,012. ==> 117,012 > 45,733 ==> 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: Dec22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec21 to Dec22
	=	192799	/	476923.094
	=	0.40425595

Gearing (Last Year: Dec21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec20 to Dec21
	=	145647	/	245355.0526
	=	0.59361728

Turk Hava Yollari AO's gearing of this year was 0.40425595. Turk Hava Yollari AO's gearing of last year was 0.59361728. ==> 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: Dec22)	=	Total Current Assets	/	Total Current Liabilities
	=	135095	/	154040
	=	0.87701246

Current Ratio (Last Year: Dec21)	=	Total Current Assets	/	Total Current Liabilities
	=	65797	/	90443
	=	0.72749688

Turk Hava Yollari AO's current ratio of this year was 0.87701246. Turk Hava Yollari AO's current ratio of last year was 0.72749688. ==> 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.

Turk Hava Yollari AO's number of shares in issue this year was 1380. Turk Hava Yollari AO's number of shares in issue last year was 1380. ==> 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
	=	71920.084	/	290956.206
	=	0.24718526

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	21975.06	/	95887.177
	=	0.22917621

Turk Hava Yollari AO's gross margin of this year was 0.24718526. Turk Hava Yollari AO's gross margin of last year was 0.22917621. ==> 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

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Dec21)
	=	290956.206	/	353708
	=	0.82258871

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Dec20)
	=	95887.177	/	188817.327
	=	0.50783039

Turk Hava Yollari AO's asset turnover of this year was 0.82258871. Turk Hava Yollari AO's asset turnover of last year was 0.50783039. ==> 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

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

Turk Hava Yollari AO has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

Turk Hava Yollari AO (IST:THYAO) 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.

Turk Hava Yollari AO Piotroski F-Score Related Terms

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Turk Hava Yollari AO (IST:THYAO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Turk Hava Yollari AO (IST:THYAO) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

TKHVY:USA TU5A:Germany

Address

Havaalani Cad. No: 3/1, Genel Yonetim Binasi, 9th Floor, Yesilkoy, Bakirkoy, Istanbul, TUR, 34149

Website

https://www.turkishairlines.com

Turk Hava Yollari AO is a Turkish airline operator. It has one of the largest flight networks in the world, and transports passengers to many different regions. Additionally, it can provide long-haul direct cargo flights, and other logistics to serve a diverse range of customers. It has two operating segments: air transportation and aircraft technical maintenance operations. The majority of revenue is generated from transferring passengers and cargo (air transportation segment). The company owns several hangars to perform maintenance on different types of aircraft. Its geographical segments are Asia & Far East, Europe, Americas, Africa, and Middle East.

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