* 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.
Competitive Comparison of Insimbi Industrial Holdings's Piotroski F-Score
For the Metal Fabrication subindustry, Insimbi Industrial Holdings'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.
Insimbi Industrial Holdings's Piotroski F-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Insimbi Industrial Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Insimbi Industrial Holdings'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.
*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.
Insimbi Industrial Holdings's current Net Income (TTM) was 43.
==> 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.
Insimbi Industrial Holdings's current Cash Flow from Operations (TTM) was 102.
==> 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.
Insimbi Industrial Holdings's return on assets of this year was 0.02691759. Insimbi Industrial Holdings's return on assets of last year was 0.06722597.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Insimbi Industrial Holdings's gearing of this year was 0.08528868. Insimbi Industrial Holdings's gearing of last year was 0.10789592.
==> 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
Insimbi Industrial Holdings's current ratio of this year was 1.48478988. Insimbi Industrial Holdings's current ratio of last year was 1.57378126.
==> 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.
Insimbi Industrial Holdings's number of shares in issue this year was 364.461. Insimbi Industrial Holdings's number of shares in issue last year was 388.678.
==> 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.
Insimbi Industrial Holdings's gross margin of this year was 0.08066892. Insimbi Industrial Holdings's gross margin of last year was 0.09206387.
==> 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
Insimbi Industrial Holdings's asset turnover of this year was 3.50959091. Insimbi Industrial Holdings's asset turnover of last year was 3.58943265.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 2
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Que. 3
+
Que. 4
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Que. 5
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Que. 6
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Que. 7
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Que. 8
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Que. 9
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1
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1
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0
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1
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1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Insimbi Industrial Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
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.
Insimbi Industrial Holdings Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Insimbi Industrial Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Insimbi Industrial Holdings Ltd is a South Africa based company engaged in providing commodities like ferrous and non-ferrous alloys to the steel, aluminum, cement and foundry industries. In addition, it also operates in refractory materials and plastics division. The company's business segments are Non-ferrous, Ferrous, Refractory and Plastics. The group generates the majority of the revenue from the Non-ferrous segment. Non-ferrous segment consists of the divisions which service the foundry and non-ferrous industry, both automotive and heavy, aluminum industry and the powder coating industry. The company exports internationally and derives its key revenue from South Africa.
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