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JBARF (Julius Baer Gruppe AG) Piotroski F-Score : 4 (As of Dec. 14, 2024)


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What is Julius Baer Gruppe AG Piotroski F-Score?

The zones of discrimination were as such:

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

Julius Baer Gruppe AG has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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

JBARF' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Julius Baer Gruppe AG was 8. The lowest was 1. And the median was 4.


Julius Baer Gruppe AG Piotroski F-Score Historical Data

The historical data trend for Julius Baer Gruppe 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.

Julius Baer Gruppe AG Piotroski F-Score Chart

Julius Baer Gruppe 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 3.00 8.00 6.00 3.00 4.00

Julius Baer Gruppe AG Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
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 - 3.00 - 4.00 -

Competitive Comparison of Julius Baer Gruppe AG's Piotroski F-Score

For the Asset Management subindustry, Julius Baer Gruppe 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.


Julius Baer Gruppe AG's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Julius Baer Gruppe AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Julius Baer Gruppe 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 $525 Mil.
Cash Flow from Operations was $-1,074 Mil.
Revenue was $4,472 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (113400.279 + 111917.553) / 2 = $112658.916 Mil.
Total Assets at the begining of this year (Dec22) was $113,400 Mil.
Long-Term Debt & Capital Lease Obligation was $4,311 Mil.
Total Assets was $111,918 Mil.
Total Liabilities was $104,791 Mil.
Net Income was $1,019 Mil.

Revenue was $4,158 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (126282.085 + 113400.279) / 2 = $119841.182 Mil.
Total Assets at the begining of last year (Dec21) was $126,282 Mil.
Long-Term Debt & Capital Lease Obligation was $3,206 Mil.
Total Assets was $113,400 Mil.
Total Liabilities was $106,649 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.

Julius Baer Gruppe AG's current Net Income (TTM) was 525. ==> 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.

Julius Baer Gruppe AG's current Cash Flow from Operations (TTM) was -1,074. ==> Negative ==> Score 0.

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)
=524.977/113400.279
=0.00462942

ROA (Last Year)=Net Income/Total Assets (Dec21)
=1019.322/126282.085
=0.00807179

Julius Baer Gruppe AG's return on assets of this year was 0.00462942. Julius Baer Gruppe AG's return on assets of last year was 0.00807179. ==> Last year is higher ==> Score 0.

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.

Julius Baer Gruppe AG's current Net Income (TTM) was 525. Julius Baer Gruppe AG's current Cash Flow from Operations (TTM) was -1,074. ==> -1,074 <= 525 ==> CFROA <= ROA ==> Score 0.

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
=4311.17/112658.916
=0.03826746

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=3206.097/119841.182
=0.02675288

Julius Baer Gruppe AG's gearing of this year was 0.03826746. Julius Baer Gruppe AG's gearing of last year was 0.02675288. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec23)=Total Assets/Total Liabilities
=111917.553/104790.819
=1.06800914

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=113400.279/106648.776
=1.06330596

Julius Baer Gruppe AG's current ratio of this year was 1.06800914. Julius Baer Gruppe AG's current ratio of last year was 1.06330596. ==> 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.

Julius Baer Gruppe AG's number of shares in issue this year was 205.636. Julius Baer Gruppe AG's number of shares in issue last year was 208.314. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=524.977/4471.67
=0.11740066

Net Margin (Last Year: TTM)=Net Income/Revenue
=1019.322/4158.115
=0.24514041

Julius Baer Gruppe AG's net margin of this year was 0.11740066. Julius Baer Gruppe AG's net margin of last year was 0.24514041. ==> Last year's net 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)
=4471.67/113400.279
=0.03943262

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=4158.115/126282.085
=0.0329272

Julius Baer Gruppe AG's asset turnover of this year was 0.03943262. Julius Baer Gruppe AG's asset turnover of last year was 0.0329272. ==> 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+0+0+0+0+1+1+0+1
=4

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

Julius Baer Gruppe AG has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Julius Baer Gruppe AG  (OTCPK:JBARF) 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.


Julius Baer Gruppe AG Piotroski F-Score Related Terms

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Julius Baer Gruppe AG Business Description

Address
Bahnhofstrasse 36, Zurich, CHE, 8010
Julius Baer was founded in 1890 and expanded significantly in 2005 when it acquired three Swiss private banks and Global Asset Management from its far larger Swiss rival, UBS. In 2009, Baer spun off GAM as a separately listed firm. The acquisition of Merrill Lynch's wealth management operations outside of the US in 2012 increased Baer's assets under management by 40% and increased its footprint outside of Europe. Julius Baer is currently the largest pure-play private bank globally Baer provides private banking services principally to individuals in Switzerland and Europe and increasingly in Asia and other emerging markets.

Julius Baer Gruppe AG Headlines

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