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.
PT Medela Potentia Tbk Piotroski F-Score Related Terms
PT Medela Potentia Tbk Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for PT Medela Potentia Tbk'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.
ISX:MDLA vs MCK, CAH, COR: Piotroski F-Score Comparison
For the Medical Distribution subindustry, PT Medela Potentia Tbk'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.
PT Medela Potentia Tbk Piotroski F-Score vs Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, PT Medela Potentia Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Medela Potentia Tbk'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 87662 + 91678 + 102641 + 116660 = Rp398,641 Mil. Cash Flow from Operations was -46892 + 282564 + 78019 + -230483 = Rp83,208 Mil. Revenue was 3518863 + 3671437 + 3802073 + 4032659 = Rp15,025,032 Mil. Gross Profit was 341058 + 358730 + 367318 + 382532 = Rp1,449,638 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(0 + 6262215 + 6496650 + 6583274 + 6888950) / 5 = Rp6557772.25 Mil. Total Assets at the begining of this year (Mar25) was Rp0 Mil. Long-Term Debt & Capital Lease Obligation was Rp43,587 Mil. Total Current Assets was Rp6,266,324 Mil. Total Current Liabilities was Rp3,572,916 Mil.
Net Income was 86932 + 80298 + 90866 + 110286 = Rp368,382 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.
PT Medela Potentia Tbk's current Net Income (TTM) was 398,641.
==> 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.
PT Medela Potentia Tbk's current Cash Flow from Operations (TTM) was 83,208.
==> 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.
PT Medela Potentia Tbk's return on assets of this year was . PT Medela Potentia Tbk's return on assets of last year was 0.08341836.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Medela Potentia Tbk's gearing of this year was 0.00664662. PT Medela Potentia Tbk's gearing of last year was 0.
==> 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
PT Medela Potentia Tbk's current ratio of this year was 1.75384028. PT Medela Potentia Tbk's current ratio of last year was .
==> 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.
PT Medela Potentia Tbk's number of shares in issue this year was 14013. PT Medela Potentia Tbk's number of shares in issue last year was 14012.825.
==> 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.
PT Medela Potentia Tbk's gross margin of this year was 0.09648152. PT Medela Potentia Tbk's gross margin of last year was 0.09557027.
==> 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
PT Medela Potentia Tbk's asset turnover of this year was . PT Medela Potentia Tbk's asset turnover of last year was 3.33106277.
==> 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
+
0
+
0
+
1
+
0
+
1
+
0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Medela Potentia Tbk has an F-score of 4 indicating the company's financial situation is typical for a stable company.
PT Medela Potentia Tbk is a healthcare-focused holding company engaged in pharmaceutical distribution, medical device manufacturing, and marketing services. It is engaged in the distribution and marketing of pharmaceutical products, health products, and medical devices. It also manufactures medical devices and implements web portals and digital platforms for commercial purposes through its subsidiaries. The Company manages three main operating segments, namely pharmaceutical products, healthcare products, and medical devices.
13GF Score
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