Market Cap : 3.3 B | Enterprise Value : 7.15 B | PE Ratio : | PB Ratio : 4.12 |
---|
OTCPK:INGXF has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
OTCPK:INGXF has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Innergex Renewable Energy has an F-score of 4 indicating the company's financial situation is typical for a stable company.
During the past 13 years, the highest Piotroski F-Score of Innergex Renewable Energy was 6. The lowest was 3. And the median was 4.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Innergex Renewable Energy's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Dec20) TTM: | Last Year (Dec19) TTM: |
Net Income was -38.495702005731 + -1.8801652892562 + 8.8737717309146 + 9.3059567491607 = $-22.2 Mil. Cash Flow from Operations was 13.633954154728 + 54.214138134593 + 49.064247921391 + 60.654227496292 = $177.6 Mil. Revenue was 94.638968481375 + 111.06331168831 + 122.9410430839 + 131.10078850808 = $459.7 Mil. Gross Profit was 74.906160458453 + 88.671782762692 + 94.944066515495 + 102.59739245843 = $361.1 Mil. Average Total Assets from the begining of this year (Dec19) to the end of this year (Dec20) was (4838.7151644012 + 4753.5974212034 + 4991.9281286895 + 5402.9735449735 + 5585.3165742837) / 5 = $5114.50616671 Mil. Total Assets at the begining of this year (Dec19) was $4,838.7 Mil. Long-Term Debt & Capital Lease Obligation was $3,290.1 Mil. Total Current Assets was $353.2 Mil. Total Current Liabilities was $809.4 Mil. |
Net Income was -5.0459950639444 + 8.1112198058545 + 10.637414092591 + -35.050497380211 = $-21.3 Mil. Revenue was 94.547154289133 + 108.8817819249 + 107.85741258213 + 108.6764370871 = $420.0 Mil. Gross Profit was 79.546032458305 + 88.048009632026 + 89.427535684616 + 88.699217860126 = $345.7 Mil. Average Total Assets from the begining of last year (Dec18) to the end of last year (Dec19) was (4849.7752307234 + 5014.9405429661 + 4759.8841146813 + 4900.9508345291 + 4838.7151644012) / 5 = $4872.85317746 Mil. Total Assets at the begining of last year (Dec18) was $4,849.8 Mil. Long-Term Debt & Capital Lease Obligation was $3,339.7 Mil. Total Current Assets was $232.1 Mil. Total Current Liabilities was $487.0 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.
Innergex Renewable Energy's current Net Income (TTM) was -22.2.
==> 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.
Innergex Renewable Energy's current Cash Flow from Operations (TTM) was 177.6.
==> 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 (Dec19) |
= | -22.196138814912 | / | 4838.7151644012 | |
= | -0.0045872 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec18) |
= | -21.34785854571 | / | 4849.7752307234 | |
= | -0.00440182 |
Innergex Renewable Energy's return on assets of this year was -0.0045872. Innergex Renewable Energy's return on assets of last year was -0.00440182.
==> 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.
Innergex Renewable Energy's current Net Income (TTM) was -22.2. Innergex Renewable Energy's current Cash Flow from Operations (TTM) was 177.6.
==> 177.6 > -22.2 ==> 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: Dec20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec19 to Dec20 |
= | 3290.0827543134 | / | 5114.50616671 | |
= | 0.64328454 |
Gearing (Last Year: Dec19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec18 to Dec19 |
= | 3339.7486521376 | / | 4872.85317746 | |
= | 0.68537847 |
Innergex Renewable Energy's gearing of this year was 0.64328454. Innergex Renewable Energy's gearing of last year was 0.68537847.
==> 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: Dec20) | = | Total Current Assets | / | Total Current Liabilities |
= | 353.22976032477 | / | 809.37621984542 | |
= | 0.43642221 |
Current Ratio (Last Year: Dec19) | = | Total Current Assets | / | Total Current Liabilities |
= | 232.08444073202 | / | 487.01723745159 | |
= | 0.47654256 |
Innergex Renewable Energy's current ratio of this year was 0.43642221. Innergex Renewable Energy's current ratio of last year was 0.47654256.
==> 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.
Innergex Renewable Energy's number of shares in issue this year was 174.026. Innergex Renewable Energy's number of shares in issue last year was 138.946.
==> 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.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 361.11940219507 | / | 459.74411176167 | |
= | 0.78547912 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 345.72079563507 | / | 419.96278588326 | |
= | 0.82321769 |
Innergex Renewable Energy's gross margin of this year was 0.78547912. Innergex Renewable Energy's gross margin of last year was 0.82321769.
==> 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 (Dec19) |
= | 459.74411176167 | / | 4838.7151644012 | |
= | 0.09501368 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec18) |
= | 419.96278588326 | / | 4849.7752307234 | |
= | 0.08659428 |
Innergex Renewable Energy's asset turnover of this year was 0.09501368. Innergex Renewable Energy's asset turnover of last year was 0.08659428.
==> 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 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Innergex Renewable Energy has an F-score of 4 indicating the company's financial situation is typical for a stable company.
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.
No Headline