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Talanx AG (LTS:0QA8) Piotroski F-Score : 5 (As of Dec. 16, 2024)


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What is Talanx 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

Talanx AG 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 Talanx AG's Piotroski F-Score or its related term are showing as below:

LTS:0QA8' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Talanx AG was 9. The lowest was 3. And the median was 6.


Talanx AG Piotroski F-Score Historical Data

The historical data trend for Talanx 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.

Talanx AG Piotroski F-Score Chart

Talanx 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 8.00 5.00 5.00 3.00 5.00

Talanx AG Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 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 N/A 5.00 6.00 5.00

Competitive Comparison of Talanx AG's Piotroski F-Score

For the Insurance - Diversified subindustry, Talanx 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.


Talanx AG's Piotroski F-Score Distribution in the Insurance Industry

For the Insurance industry and Financial Services sector, Talanx AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Talanx 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 (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was 452 + 302 + 572 + 518 = €1,844 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = €0 Mil.
Revenue was 10658 + -7894 + 13023 + 1533 = €17,320 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(162309 + 163350 + 169347 + 174000 + 173972) / 5 = €168595.6 Mil.
Total Assets at the begining of this year (Jun23) was €162,309 Mil.
Long-Term Debt & Capital Lease Obligation was €8,608 Mil.
Total Assets was €173,972 Mil.
Total Liabilities was €156,367 Mil.
Net Income was 240 + -220 + 423 + 404 = €847 Mil.

Revenue was 10031 + -8206 + 11470 + 11 = €13,306 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(195954 + 0 + 158479 + 162450 + 162309) / 5 = €169798 Mil.
Total Assets at the begining of last year (Jun22) was €195,954 Mil.
Long-Term Debt & Capital Lease Obligation was €7,945 Mil.
Total Assets was €162,309 Mil.
Total Liabilities was €147,179 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.

Talanx AG's current Net Income (TTM) was 1,844. ==> 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.

Talanx AG's current Cash Flow from Operations (TTM) was 0. ==> 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 (Jun23)
=1844/162309
=0.01136105

ROA (Last Year)=Net Income/Total Assets (Jun22)
=847/195954
=0.00432244

Talanx AG's return on assets of this year was 0.01136105. Talanx AG's return on assets of last year was 0.00432244. ==> 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.

Talanx AG's current Net Income (TTM) was 1,844. Talanx AG's current Cash Flow from Operations (TTM) was 0. ==> 0 <= 1,844 ==> 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: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=8608/168595.6
=0.05105709

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=7945/169798
=0.04679089

Talanx AG's gearing of this year was 0.05105709. Talanx AG's gearing of last year was 0.04679089. ==> 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: Jun24)=Total Assets/Total Liabilities
=173972/156367
=1.11258769

Current Ratio (Last Year: Jun23)=Total Assets/Total Liabilities
=162309/147179
=1.10279999

Talanx AG's current ratio of this year was 1.11258769. Talanx AG's current ratio of last year was 1.10279999. ==> 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.

Talanx AG's number of shares in issue this year was 258.93. Talanx AG's number of shares in issue last year was 254.069. ==> 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
=1844/17320
=0.10646651

Net Margin (Last Year: TTM)=Net Income/Revenue
=847/13306
=0.06365549

Talanx AG's net margin of this year was 0.10646651. Talanx AG's net margin of last year was 0.06365549. ==> 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 (Jun23)
=17320/162309
=0.10671004

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=13306/195954
=0.06790369

Talanx AG's asset turnover of this year was 0.10671004. Talanx AG's asset turnover of last year was 0.06790369. ==> 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+1+0+0+1+0+1+1
=5

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

Talanx AG has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Talanx AG  (LTS:0QA8) 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.


Talanx AG Piotroski F-Score Related Terms

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Talanx AG Business Description

Traded in Other Exchanges
Address
HDI-Platz 1, Hannover, NI, DEU, 30659
Talanx is the third-largest insurer in Germany. It sells insurance to businesses, individuals, and also reinsures other insurers. The origins of Talanx go back to the early 1900s and the founding of two mutuals in Germany, HDI and FSV, that were set up to provide liability insurance to the German iron and steel industry, and fire insurance to the German mining industry as a result of a growing dissatisfaction with providers of insurance. These two mutuals merged to form Halfplichtverband der Deutschen Industrie, or HDI, in 1970. Over the years companies outside of metals and mining have joined the mutual. HDI started providing reinsurance services in the mid-1920s, and individual insurance in the 1950s. HDI owns three quarters of the Talanx share capital.

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