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Ecofin Global Utilities and Infrastructure Trust (LSE:EGL) Piotroski F-Score

: 5 (As of Today)
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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

Ecofin Global Utilities and Infrastructure Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Ecofin Global Utilities and Infrastructure Trust's Piotroski F-Score or its related term are showing as below:

LSE:EGL' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 4   Max: 8
Current: 5

During the past 7 years, the highest Piotroski F-Score of Ecofin Global Utilities and Infrastructure Trust was 8. The lowest was 3. And the median was 4.


Ecofin Global Utilities and Infrastructure Trust Piotroski F-Score Historical Data

The historical data trend for Ecofin Global Utilities and Infrastructure Trust'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.

Ecofin Global Utilities and Infrastructure Trust Annual Data
Trend Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
Premium Member Only Premium Member Only 8.00 3.00 4.00 4.00 5.00

Ecofin Global Utilities and Infrastructure Trust Semi-Annual Data
Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23
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 4.00 - 4.00 - 5.00

Competitive Comparison

For the Asset Management subindustry, Ecofin Global Utilities and Infrastructure Trust'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.


Ecofin Global Utilities and Infrastructure Trust Piotroski F-Score Distribution

For the Asset Management industry and Financial Services sector, Ecofin Global Utilities and Infrastructure Trust's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Ecofin Global Utilities and Infrastructure Trust'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 (Sep23) TTM:Last Year (Sep22) TTM:
Net Income was £-20.26 Mil.
Cash Flow from Operations was £5.60 Mil.
Revenue was £-17.82 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was (259.743 + 235.945) / 2 = £247.844 Mil.
Total Assets at the begining of this year (Sep22) was £259.74 Mil.
Long-Term Debt & Capital Lease Obligation was £20.00 Mil.
Total Assets was £235.95 Mil.
Total Liabilities was £23.97 Mil.
Net Income was £18.49 Mil.

Revenue was £20.47 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was (233.27 + 259.743) / 2 = £246.5065 Mil.
Total Assets at the begining of last year (Sep21) was £233.27 Mil.
Long-Term Debt & Capital Lease Obligation was £25.61 Mil.
Total Assets was £259.74 Mil.
Total Liabilities was £26.69 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.

Ecofin Global Utilities and Infrastructure Trust's current Net Income (TTM) was -20.26. ==> Negative ==> Score 0.

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.

Ecofin Global Utilities and Infrastructure Trust's current Cash Flow from Operations (TTM) was 5.60. ==> 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 (Sep22)
=-20.26/259.743
=-0.07800018

ROA (Last Year)=Net Income/Total Assets (Sep21)
=18.485/233.27
=0.07924294

Ecofin Global Utilities and Infrastructure Trust's return on assets of this year was -0.07800018. Ecofin Global Utilities and Infrastructure Trust's return on assets of last year was 0.07924294. ==> 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.

Ecofin Global Utilities and Infrastructure Trust's current Net Income (TTM) was -20.26. Ecofin Global Utilities and Infrastructure Trust's current Cash Flow from Operations (TTM) was 5.60. ==> 5.60 > -20.26 ==> 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: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=20.002/247.844
=0.08070399

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=25.613/246.5065
=0.10390395

Ecofin Global Utilities and Infrastructure Trust's gearing of this year was 0.08070399. Ecofin Global Utilities and Infrastructure Trust's gearing of last year was 0.10390395. ==> 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

* 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: Sep23)=Total Assets/Total Liabilities
=235.945/23.968
=9.84416722

Current Ratio (Last Year: Sep22)=Total Assets/Total Liabilities
=259.743/26.691
=9.73148252

Ecofin Global Utilities and Infrastructure Trust's current ratio of this year was 9.84416722. Ecofin Global Utilities and Infrastructure Trust's current ratio of last year was 9.73148252. ==> 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.

Ecofin Global Utilities and Infrastructure Trust's number of shares in issue this year was 114.418. Ecofin Global Utilities and Infrastructure Trust's number of shares in issue last year was 103.375. ==> 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.

* 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
=-20.26/-17.819
=1.13698861

Net Margin (Last Year: TTM)=Net Income/Revenue
=18.485/20.474
=0.9028524

Ecofin Global Utilities and Infrastructure Trust's net margin of this year was 1.13698861. Ecofin Global Utilities and Infrastructure Trust's net margin of last year was 0.9028524. ==> This year's net 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 (Sep22)
=-17.819/259.743
=-0.06860243

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=20.474/233.27
=0.08776954

Ecofin Global Utilities and Infrastructure Trust's asset turnover of this year was -0.06860243. Ecofin Global Utilities and Infrastructure Trust's asset turnover of last year was 0.08776954. ==> 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
=0+1+0+1+1+1+0+1+0
=5

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

Ecofin Global Utilities and Infrastructure Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Ecofin Global Utilities and Infrastructure Trust  (LSE:EGL) 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.


Ecofin Global Utilities and Infrastructure Trust Piotroski F-Score Related Terms

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Ecofin Global Utilities and Infrastructure Trust (LSE:EGL) Business Description

Traded in Other Exchanges
Address
Rodney Way, Hamilton Centre, Chelmsford, Essex, GBR, CM1 3BY
Ecofin Global Utilities and Infrastructure Trust PLC is an investment trust which is engaged in portfolio investment. The investment objective of the company is to achieve a high, secure dividend yield on its investment portfolio and to realize long-term growth in the capital value of the portfolio.

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