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Miura Co (TSE:6005) Piotroski F-Score : 8 (As of Apr. 26, 2024)


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What is Miura Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, 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

Miura Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

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

TSE:6005' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Miura Co was 8. The lowest was 2. And the median was 6.


Miura Co Piotroski F-Score Historical Data

The historical data trend for Miura Co'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.

Miura Co Piotroski F-Score Chart

Miura Co Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 7.00 7.00 7.00

Miura Co Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 7.00 6.00 7.00 8.00

Competitive Comparison of Miura Co's Piotroski F-Score

For the Specialty Industrial Machinery subindustry, Miura Co'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.


Miura Co's Piotroski F-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Miura Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Miura Co'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 4901 + 3642 + 5329 + 4791 = 円18,663 Mil.
Cash Flow from Operations was 10808 + 1298 + 5254 + 2906 = 円20,266 Mil.
Revenue was 52652 + 29714 + 40432 + 37809 = 円160,607 Mil.
Gross Profit was 19623 + 12712 + 17260 + 16890 = 円66,485 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(224907 + 229560 + 218894 + 226507 + 227276) / 5 = 円225428.8 Mil.
Total Assets at the begining of this year (Dec22) was 円224,907 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,869 Mil.
Total Current Assets was 円127,003 Mil.
Total Current Liabilities was 円48,418 Mil.
Net Income was 3868 + 2372 + 5080 + 4522 = 円15,842 Mil.

Revenue was 43650 + 29256 + 39977 + 36491 = 円149,374 Mil.
Gross Profit was 16781 + 12565 + 16346 + 15784 = 円61,476 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(202593 + 218975 + 218242 + 224914 + 224907) / 5 = 円217926.2 Mil.
Total Assets at the begining of last year (Dec21) was 円202,593 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,673 Mil.
Total Current Assets was 円130,297 Mil.
Total Current Liabilities was 円51,413 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.

Miura Co's current Net Income (TTM) was 18,663. ==> 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.

Miura Co's current Cash Flow from Operations (TTM) was 20,266. ==> 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 (Dec22)
=18663/224907
=0.08298097

ROA (Last Year)=Net Income/Total Assets (Dec21)
=15842/202593
=0.07819619

Miura Co's return on assets of this year was 0.08298097. Miura Co's return on assets of last year was 0.07819619. ==> 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.

Miura Co's current Net Income (TTM) was 18,663. Miura Co's current Cash Flow from Operations (TTM) was 20,266. ==> 20,266 > 18,663 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=3869/225428.8
=0.01716285

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=4673/217926.2
=0.02144304

Miura Co's gearing of this year was 0.01716285. Miura Co's gearing of last year was 0.02144304. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=127003/48418
=2.62305341

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=130297/51413
=2.53432011

Miura Co's current ratio of this year was 2.62305341. Miura Co's current ratio of last year was 2.53432011. ==> 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.

Miura Co's number of shares in issue this year was 110.316. Miura Co's number of shares in issue last year was 113.041. ==> 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
=66485/160607
=0.41396079

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=61476/149374
=0.41155757

Miura Co's gross margin of this year was 0.41396079. Miura Co's gross margin of last year was 0.41155757. ==> This year's gross 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 (Dec22)
=160607/224907
=0.71410405

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=149374/202593
=0.73731077

Miura Co's asset turnover of this year was 0.71410405. Miura Co's asset turnover of last year was 0.73731077. ==> 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+1+1+1+1+1+1+1+0
=8

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

Miura Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Miura Co  (TSE:6005) 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.


Miura Co Piotroski F-Score Related Terms

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Miura Co (TSE:6005) Business Description

Traded in Other Exchanges
N/A
Address
7 Horie-cho, Matsuyama, Ehime, JPN, 799-2696
Miura Co Ltd is a Japan based company engaged in production, sale, and maintenance of small once-through boilers, marine boilers, exhaust gas boilers, water treatment equipment, food processing equipment, sterilizers, and chemicals, environmental certification, among others.

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