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Deutsche Beteiligungs AG (WBO:DBAN) Piotroski F-Score : 2 (As of Dec. 11, 2024)


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What is Deutsche Beteiligungs AG Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 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

Deutsche Beteiligungs AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

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

WBO:DBAN' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 7
Current: 2

During the past 13 years, the highest Piotroski F-Score of Deutsche Beteiligungs AG was 7. The lowest was 1. And the median was 5.


Deutsche Beteiligungs AG Piotroski F-Score Historical Data

The historical data trend for Deutsche Beteiligungs 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.

Deutsche Beteiligungs AG Piotroski F-Score Chart

Deutsche Beteiligungs AG Annual Data
Trend Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.00 6.00 4.00 6.00 2.00

Deutsche Beteiligungs AG Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 6.00 4.00 5.00 1.00 2.00

Competitive Comparison of Deutsche Beteiligungs AG's Piotroski F-Score

For the Asset Management subindustry, Deutsche Beteiligungs 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.


Deutsche Beteiligungs AG's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Deutsche Beteiligungs AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Deutsche Beteiligungs 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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was -5.909 + 30.507 + 1.145 + 21.772 = €47.5 Mil.
Cash Flow from Operations was -0.649 + -9.89 + 7.221 + 16.364 = €13.0 Mil.
Revenue was 6.81 + 43.629 + 16.413 + 40.76 = €107.6 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(708.269 + 804.195 + 809.525 + 815.603 + 913.687) / 5 = €810.2558 Mil.
Total Assets at the begining of this year (Sep23) was €708.3 Mil.
Long-Term Debt & Capital Lease Obligation was €139.0 Mil.
Total Assets was €913.7 Mil.
Total Liabilities was €225.3 Mil.
Net Income was 41.633 + 40.953 + 31.708 + -8.514 = €105.8 Mil.

Revenue was 52.419 + 50.849 + 45.419 + 8.749 = €157.4 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(646.407 + 701.501 + 690.645 + 713.765 + 708.269) / 5 = €692.1174 Mil.
Total Assets at the begining of last year (Sep22) was €646.4 Mil.
Long-Term Debt & Capital Lease Obligation was €13.1 Mil.
Total Assets was €708.3 Mil.
Total Liabilities was €38.9 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.

Deutsche Beteiligungs AG's current Net Income (TTM) was 47.5. ==> 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.

Deutsche Beteiligungs AG's current Cash Flow from Operations (TTM) was 13.0. ==> 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 (Sep23)
=47.515/708.269
=0.06708609

ROA (Last Year)=Net Income/Total Assets (Sep22)
=105.78/646.407
=0.16364303

Deutsche Beteiligungs AG's return on assets of this year was 0.06708609. Deutsche Beteiligungs AG's return on assets of last year was 0.16364303. ==> 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.

Deutsche Beteiligungs AG's current Net Income (TTM) was 47.5. Deutsche Beteiligungs AG's current Cash Flow from Operations (TTM) was 13.0. ==> 13.0 <= 47.5 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=139.003/810.2558
=0.17155446

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=13.137/692.1174
=0.01898088

Deutsche Beteiligungs AG's gearing of this year was 0.17155446. Deutsche Beteiligungs AG's gearing of last year was 0.01898088. ==> 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: Sep24)=Total Assets/Total Liabilities
=913.687/225.326
=4.05495593

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=708.269/38.89
=18.21211108

Deutsche Beteiligungs AG's current ratio of this year was 4.05495593. Deutsche Beteiligungs AG's current ratio of last year was 18.21211108. ==> 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.

Deutsche Beteiligungs AG's number of shares in issue this year was 21.303. Deutsche Beteiligungs AG's number of shares in issue last year was 18.82. ==> 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
=47.515/107.612
=0.44153998

Net Margin (Last Year: TTM)=Net Income/Revenue
=105.78/157.436
=0.67189207

Deutsche Beteiligungs AG's net margin of this year was 0.44153998. Deutsche Beteiligungs AG's net margin of last year was 0.67189207. ==> Last year's net 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 (Sep23)
=107.612/708.269
=0.15193662

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=157.436/646.407
=0.24355553

Deutsche Beteiligungs AG's asset turnover of this year was 0.15193662. Deutsche Beteiligungs AG's asset turnover of last year was 0.24355553. ==> 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+0+0+0+0+0+0+0
=2

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

Deutsche Beteiligungs AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Deutsche Beteiligungs AG  (WBO:DBAN) 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.


Deutsche Beteiligungs AG Piotroski F-Score Related Terms

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Deutsche Beteiligungs AG Business Description

Traded in Other Exchanges
Address
Borsenstrasse 1, Frankfurt, HE, DEU, 60313
Deutsche Beteiligungs AG is a German asset management enterprise. It aims to create value for its investors by the way of two business lines; fund investment services and private equity investments. Under the fund investment services, the assets under management are targeted for long-term growth. The objective of its private equity investments is to sustainably build the value of the companies under its portfolio. The company also manages assets entrusted to it by investors to invest through co-investment funds. Its operating segment includes Private Equity Investments and Fund Investment Services.

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