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Buzzi Unicem SpA Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

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

Buzzi Unicem SpA has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Buzzi Unicem SpA's Piotroski F-Score or its related term are showing as below:

MIL:BZU' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Buzzi Unicem SpA was 8. The lowest was 3. And the median was 5.


Buzzi Unicem SpA Piotroski F-Score Historical Data

The historical data trend for Buzzi Unicem SpA'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.

Buzzi Unicem SpA Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 7.00 6.00 7.00

Buzzi Unicem SpA Semi-Annual Data
Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21
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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 - 6.00 - 7.00

Competitive Comparison

For the Building Materials subindustry, Buzzi Unicem SpA'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.

   

Buzzi Unicem SpA Piotroski F-Score Distribution

For the Building Materials industry and Basic Materials sector, Buzzi Unicem SpA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Buzzi Unicem SpA'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 (Dec21) TTM:Last Year (Dec20) TTM:
Net Income was €542 Mil.
Cash Flow from Operations was €592 Mil.
Revenue was €3,446 Mil.
Gross Profit was €2,091 Mil.
Average Total Assets from the begining of this year (Dec20)
to the end of this year (Dec21) was (6386.76 + 6921.783) / 2 = €6654.2715 Mil.
Total Assets at the begining of this year (Dec20) was €6,387 Mil.
Long-Term Debt & Capital Lease Obligation was €1,044 Mil.
Total Current Assets was €2,240 Mil.
Total Current Liabilities was €673 Mil.
Net Income was €560 Mil.

Revenue was €3,222 Mil.
Gross Profit was €2,051 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Dec20) was (6402.564 + 6386.76) / 2 = €6394.662 Mil.
Total Assets at the begining of last year (Dec19) was €6,403 Mil.
Long-Term Debt & Capital Lease Obligation was €1,231 Mil.
Total Current Assets was €2,173 Mil.
Total Current Liabilities was €672 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.

Buzzi Unicem SpA's current Net Income (TTM) was 542. ==> 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.

Buzzi Unicem SpA's current Cash Flow from Operations (TTM) was 592. ==> 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 (Dec20)
=541.903/6386.76
=0.08484787

ROA (Last Year)=Net Income/Total Assets (Dec19)
=560.246/6402.564
=0.08750338

Buzzi Unicem SpA's return on assets of this year was 0.08484787. Buzzi Unicem SpA's return on assets of last year was 0.08750338. ==> 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.

Buzzi Unicem SpA's current Net Income (TTM) was 542. Buzzi Unicem SpA's current Cash Flow from Operations (TTM) was 592. ==> 592 > 542 ==> 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: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=1043.766/6654.2715
=0.15685654

Gearing (Last Year: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=1230.863/6394.662
=0.19248289

Buzzi Unicem SpA's gearing of this year was 0.15685654. Buzzi Unicem SpA's gearing of last year was 0.19248289. ==> 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

Current Ratio (This Year: Dec21)=Total Current Assets/Total Current Liabilities
=2239.807/673.469
=3.32577595

Current Ratio (Last Year: Dec20)=Total Current Assets/Total Current Liabilities
=2172.955/672.405
=3.23161636

Buzzi Unicem SpA's current ratio of this year was 3.32577595. Buzzi Unicem SpA's current ratio of last year was 3.23161636. ==> 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.

Buzzi Unicem SpA's number of shares in issue this year was 192.132. Buzzi Unicem SpA's number of shares in issue last year was 205.698. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2091.065/3445.551
=0.60688842

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2050.614/3222.411
=0.63636017

Buzzi Unicem SpA's gross margin of this year was 0.60688842. Buzzi Unicem SpA's gross margin of last year was 0.63636017. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec20)
=3445.551/6386.76
=0.5394834

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec19)
=3222.411/6402.564
=0.50330008

Buzzi Unicem SpA's asset turnover of this year was 0.5394834. Buzzi Unicem SpA's asset turnover of last year was 0.50330008. ==> 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+1+0+1+1+1+1+0+1
=7

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

Buzzi Unicem SpA has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Buzzi Unicem SpA  (MIL:BZU) 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.


Buzzi Unicem SpA Piotroski F-Score Related Terms

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Buzzi Unicem SpA Business Description

Buzzi Unicem SpA logo
Address
Via Luigi Buzzi, 6, Casale Monferrato, ITA, 15033
Buzzi Unicem SpA manufactures and sells cement, ready-mix concrete, and aggregates. The company operates in two segments by product: cement and concrete/aggregates. The cement segment generates the majority of revenue, sells cement and cement-related products to the construction and building industries. The concrete and aggregates segment sells concrete and aggregates from hundreds of firm-owned concrete batch plants and aggregate quarries. The vast majority of Buzzi Unicem's revenue comes from Europe and North America.

Buzzi Unicem SpA Headlines

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