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Izolacja-Jarocin (WAR:IZO) Piotroski F-Score : 8 (As of Jun. 13, 2024)


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What is Izolacja-Jarocin 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

Izolacja-Jarocin 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 Izolacja-Jarocin's Piotroski F-Score or its related term are showing as below:

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

During the past 13 years, the highest Piotroski F-Score of Izolacja-Jarocin was 8. The lowest was 3. And the median was 6.


Izolacja-Jarocin Piotroski F-Score Historical Data

The historical data trend for Izolacja-Jarocin'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.

Izolacja-Jarocin Piotroski F-Score Chart

Izolacja-Jarocin Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec19 Dec20 Dec21 Dec22
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 6.00 8.00 4.00 8.00

Izolacja-Jarocin Semi-Annual Data
Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23
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 4.00 4.00 - 8.00 -

Competitive Comparison of Izolacja-Jarocin's Piotroski F-Score

For the Building Materials subindustry, Izolacja-Jarocin'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.


Izolacja-Jarocin's Piotroski F-Score Distribution in the Building Materials Industry

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

* The bar in red indicates where Izolacja-Jarocin'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 (Dec22) TTM:Last Year (Dec21) TTM:
Net Income was zł1.91 Mil.
Cash Flow from Operations was zł0.90 Mil.
Revenue was zł36.87 Mil.
Gross Profit was zł9.79 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was (20.593 + 21.815) / 2 = zł21.204 Mil.
Total Assets at the begining of this year (Dec21) was zł20.59 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.14 Mil.
Total Current Assets was zł14.48 Mil.
Total Current Liabilities was zł3.33 Mil.
Net Income was zł1.26 Mil.

Revenue was zł30.52 Mil.
Gross Profit was zł7.61 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was (18.361 + 20.593) / 2 = zł19.477 Mil.
Total Assets at the begining of last year (Dec20) was zł18.36 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.40 Mil.
Total Current Assets was zł15.06 Mil.
Total Current Liabilities was zł3.67 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.

Izolacja-Jarocin's current Net Income (TTM) was 1.91. ==> 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.

Izolacja-Jarocin's current Cash Flow from Operations (TTM) was 0.90. ==> 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 (Dec21)
=1.912/20.593
=0.09284708

ROA (Last Year)=Net Income/Total Assets (Dec20)
=1.258/18.361
=0.06851479

Izolacja-Jarocin's return on assets of this year was 0.09284708. Izolacja-Jarocin's return on assets of last year was 0.06851479. ==> 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.

Izolacja-Jarocin's current Net Income (TTM) was 1.91. Izolacja-Jarocin's current Cash Flow from Operations (TTM) was 0.90. ==> 0.90 <= 1.91 ==> 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: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0.143/21.204
=0.00674401

Gearing (Last Year: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=0.397/19.477
=0.02038302

Izolacja-Jarocin's gearing of this year was 0.00674401. Izolacja-Jarocin's gearing of last year was 0.02038302. ==> 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: Dec22)=Total Current Assets/Total Current Liabilities
=14.478/3.325
=4.35428571

Current Ratio (Last Year: Dec21)=Total Current Assets/Total Current Liabilities
=15.059/3.67
=4.10326975

Izolacja-Jarocin's current ratio of this year was 4.35428571. Izolacja-Jarocin's current ratio of last year was 4.10326975. ==> 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.

Izolacja-Jarocin's number of shares in issue this year was 3.8. Izolacja-Jarocin's number of shares in issue last year was 3.8. ==> 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
=9.787/36.871
=0.26543896

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7.612/30.523
=0.24938571

Izolacja-Jarocin's gross margin of this year was 0.26543896. Izolacja-Jarocin's gross margin of last year was 0.24938571. ==> 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 (Dec21)
=36.871/20.593
=1.79046278

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec20)
=30.523/18.361
=1.66238222

Izolacja-Jarocin's asset turnover of this year was 1.79046278. Izolacja-Jarocin's asset turnover of last year was 1.66238222. ==> 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+1+0+1+1+1+1+1
=8

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

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

Izolacja-Jarocin  (WAR:IZO) 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.


Izolacja-Jarocin Piotroski F-Score Related Terms

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Izolacja-Jarocin (WAR:IZO) Business Description

Traded in Other Exchanges
N/A
Address
ul. Poznanska 24-26, Jarocin, POL, 63-200
Izolacja-Jarocin SA produces and distributes building materials. It offers waterproofing and sealing products for the construction industry. The products include tarmac asphalt, bulks and bituminous binders, shingles, construction knives and putty, roofing membranes, styrofoam boards taped with tar paper, and products for road engineering.

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