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FinecoBank SpA Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

FinecoBank SpA has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

MIL:FBK' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 3

During the past 12 years, the highest Piotroski F-Score of FinecoBank SpA was 8. The lowest was 3. And the median was 6.


FinecoBank SpA Piotroski F-Score Historical Data

The historical data trend for FinecoBank 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.

FinecoBank 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 6.00 7.00 4.00 6.00 3.00

FinecoBank SpA Quarterly Data
Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Dec18 Jun19 Dec19 Mar20 Jun20 Dec20 Mar21 Jun21 Dec21 Jun22
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 6.00 - - 3.00 -

Competitive Comparison

For the Banks - Regional subindustry, FinecoBank 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.

   

FinecoBank SpA Piotroski F-Score Distribution

For the Banks industry and Financial Services sector, FinecoBank SpA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FinecoBank 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 €380.7 Mil.
Cash Flow from Operations was €-215.3 Mil.
Revenue was €947.6 Mil.
Average Total Assets from the begining of this year (Dec20)
to the end of this year (Dec21) was (31755.017 + 33867.175) / 2 = €32811.096 Mil.
Total Assets at the begining of this year (Dec20) was €31,755.0 Mil.
Long-Term Debt & Capital Lease Obligation was €562.6 Mil.
Total Assets was €33,867.2 Mil.
Total Liabilities was €32,140.4 Mil.
Net Income was €323.6 Mil.

Revenue was €879.8 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Dec20) was (28022.907 + 31755.017) / 2 = €29888.962 Mil.
Total Assets at the begining of last year (Dec19) was €28,022.9 Mil.
Long-Term Debt & Capital Lease Obligation was €66.2 Mil.
Total Assets was €31,755.0 Mil.
Total Liabilities was €30,067.9 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.

FinecoBank SpA's current Net Income (TTM) was 380.7. ==> 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.

FinecoBank SpA's current Cash Flow from Operations (TTM) was -215.3. ==> 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 (Dec20)
=380.711/31755.017
=0.011989

ROA (Last Year)=Net Income/Total Assets (Dec19)
=323.571/28022.907
=0.01154666

FinecoBank SpA's return on assets of this year was 0.011989. FinecoBank SpA's return on assets of last year was 0.01154666. ==> 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.

FinecoBank SpA's current Net Income (TTM) was 380.7. FinecoBank SpA's current Cash Flow from Operations (TTM) was -215.3. ==> -215.3 <= 380.7 ==> 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: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=562.601/32811.096
=0.01714667

Gearing (Last Year: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=66.213/29888.962
=0.0022153

FinecoBank SpA's gearing of this year was 0.01714667. FinecoBank SpA's gearing of last year was 0.0022153. ==> 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: Dec21)=Total Assets/Total Liabilities
=33867.175/32140.378
=1.05372672

Current Ratio (Last Year: Dec20)=Total Assets/Total Liabilities
=31755.017/30067.892
=1.05611052

FinecoBank SpA's current ratio of this year was 1.05372672. FinecoBank SpA's current ratio of last year was 1.05611052. ==> 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.

FinecoBank SpA's number of shares in issue this year was 611.147. FinecoBank SpA's number of shares in issue last year was 610.216. ==> 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
=380.711/947.64
=0.40174644

Net Margin (Last Year: TTM)=Net Income/Revenue
=323.571/879.809
=0.36777414

FinecoBank SpA's net margin of this year was 0.40174644. FinecoBank SpA's net margin of last year was 0.36777414. ==> 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 (Dec20)
=947.64/31755.017
=0.02984221

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec19)
=879.809/28022.907
=0.03139606

FinecoBank SpA's asset turnover of this year was 0.02984221. FinecoBank SpA's asset turnover of last year was 0.03139606. ==> 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
=1+0+1+0+0+0+0+1+0
=3

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

FinecoBank SpA has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

FinecoBank SpA  (MIL:FBK) 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.


FinecoBank SpA Piotroski F-Score Related Terms

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FinecoBank SpA Business Description

FinecoBank SpA logo
Traded in Other Exchanges
Address
Piazza Durante, 11, Milan, ITA, 20131
FinecoBank SpA business model integrates direct banking and financial advice, with operations split into three segments, including banking, brokerage, and investing. Unlike most banks, FinecoBank's net revenue is split nearly evenly between net interest and net fee and commission income, given its strategic emphasis on private banking. The majority of its balance sheet assets are exposed to central Italy, with some notable exposure to the rest of Italy and other European countries. The bank has some sovereign debt exposure, mostly to in Italian and Spanish debt securities.

FinecoBank SpA Headlines

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