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Micronas Semiconductor Holding AG (Micronas Semiconductor Holding AG) Piotroski F-Score : 4 (As of May. 14, 2024)


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What is Micronas Semiconductor Holding 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

Micronas Semiconductor Holding AG has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Micronas Semiconductor Holding AG's Piotroski F-Score or its related term are showing as below:

MSCHY' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 4

During the past 13 years, the highest Piotroski F-Score of Micronas Semiconductor Holding AG was 9. The lowest was 3. And the median was 5.


Micronas Semiconductor Holding AG Piotroski F-Score Historical Data

The historical data trend for Micronas Semiconductor Holding 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.

Micronas Semiconductor Holding AG Piotroski F-Score Chart

Micronas Semiconductor Holding AG Annual Data
Trend Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 8.00 6.00 6.00 3.00

Micronas Semiconductor Holding AG Quarterly Data
Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Jun16
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 5.00 5.00 3.00 3.00 4.00

Competitive Comparison of Micronas Semiconductor Holding AG's Piotroski F-Score

For the Semiconductors subindustry, Micronas Semiconductor Holding 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.


Micronas Semiconductor Holding AG's Piotroski F-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Micronas Semiconductor Holding AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Micronas Semiconductor Holding 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 (Jun16) TTM:Last Year (Mar15) TTM:
Net Income was -0.827 + -2.275 + -4.83 + 4.822 = $-3.11 Mil.
Cash Flow from Operations was -2.276 + -0.748 + 4.442 + -3.811 = $-2.39 Mil.
Revenue was 37.733 + 32.085 + 32.559 + 46.434 = $148.81 Mil.
Gross Profit was 10.118 + 9.379 + 8.35 + 11.716 = $39.56 Mil.
Average Total Assets from the begining of this year (Mar15)
to the end of this year (Jun16) was
(269.089 + 273.755 + 270.547 + 254.498 + 262.898) / 5 = $266.1574 Mil.
Total Assets at the begining of this year (Mar15) was $269.09 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $168.06 Mil.
Total Current Liabilities was $20.79 Mil.
Net Income was 2.086 + 0.846 + 0.364 + -4.493 = $-1.20 Mil.

Revenue was 45.654 + 41.126 + 39.808 + 36.397 = $162.99 Mil.
Gross Profit was 14.824 + 13.314 + 13.569 + 10.129 = $51.84 Mil.
Average Total Assets from the begining of last year (Mar14)
to the end of last year (Mar15) was
(341.943 + 334.92 + 321.057 + 305.238 + 269.089) / 5 = $314.4494 Mil.
Total Assets at the begining of last year (Mar14) was $341.94 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $182.65 Mil.
Total Current Liabilities was $21.00 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.

Micronas Semiconductor Holding AG's current Net Income (TTM) was -3.11. ==> 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.

Micronas Semiconductor Holding AG's current Cash Flow from Operations (TTM) was -2.39. ==> 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 (Mar15)
=-3.11/269.089
=-0.01155751

ROA (Last Year)=Net Income/Total Assets (Mar14)
=-1.197/341.943
=-0.00350058

Micronas Semiconductor Holding AG's return on assets of this year was -0.01155751. Micronas Semiconductor Holding AG's return on assets of last year was -0.00350058. ==> 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.

Micronas Semiconductor Holding AG's current Net Income (TTM) was -3.11. Micronas Semiconductor Holding AG's current Cash Flow from Operations (TTM) was -2.39. ==> -2.39 > -3.11 ==> 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: Jun16)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar15 to Jun16
=0/266.1574
=0

Gearing (Last Year: Mar15)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar14 to Mar15
=0/314.4494
=0

Micronas Semiconductor Holding AG's gearing of this year was 0. Micronas Semiconductor Holding AG's gearing of last year was 0. ==> 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: Jun16)=Total Current Assets/Total Current Liabilities
=168.064/20.794
=8.08233144

Current Ratio (Last Year: Mar15)=Total Current Assets/Total Current Liabilities
=182.654/20.996
=8.69946657

Micronas Semiconductor Holding AG's current ratio of this year was 8.08233144. Micronas Semiconductor Holding AG's current ratio of last year was 8.69946657. ==> 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.

Micronas Semiconductor Holding AG's number of shares in issue this year was 14.011. Micronas Semiconductor Holding AG's number of shares in issue last year was 14.673. ==> 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
=39.563/148.811
=0.26586072

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=51.836/162.985
=0.31804154

Micronas Semiconductor Holding AG's gross margin of this year was 0.26586072. Micronas Semiconductor Holding AG's gross margin of last year was 0.31804154. ==> 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 (Mar15)
=148.811/269.089
=0.55301777

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar14)
=162.985/341.943
=0.47664377

Micronas Semiconductor Holding AG's asset turnover of this year was 0.55301777. Micronas Semiconductor Holding AG's asset turnover of last year was 0.47664377. ==> 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
=0+0+0+1+1+0+1+0+1
=4

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

Micronas Semiconductor Holding AG has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Micronas Semiconductor Holding AG  (OTCPK:MSCHY) 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.


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Micronas Semiconductor Holding AG (Micronas Semiconductor Holding AG) Business Description

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Micronas Semiconductor Holding AG manufactures and sells Hall sensors and embedded motor controllers for automotive and industrial electronics. The company operates two reportable divisions: The Automotive division develops, manufactures, and sells sensors and embedded controllers for smart actuators used in the automotive industry. The Industrial division develops, manufactures, and sells sensors and embedded controllers for smart actuators used in the industrial industry. The majority of its revenue is generated from its Automotive segment, primarily in Germany.

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