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Hochtief AG (WBO:HOT) Piotroski F-Score : 6 (As of Dec. 14, 2024)


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What is Hochtief 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

Hochtief AG has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

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

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


Hochtief AG Piotroski F-Score Historical Data

The historical data trend for Hochtief 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.

Hochtief AG Piotroski F-Score Chart

Hochtief AG Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 6.00 7.00 5.00 7.00

Hochtief 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 7.00 7.00 8.00 6.00 6.00

Competitive Comparison of Hochtief AG's Piotroski F-Score

For the Engineering & Construction subindustry, Hochtief 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.


Hochtief AG's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Hochtief AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Hochtief 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 141.893 + 132.842 + 303.495 + 142.593 = €721 Mil.
Cash Flow from Operations was 1303.29 + -721.684 + 1030.003 + 179.627 = €1,791 Mil.
Revenue was 7394.102 + 6756.936 + 7894.64 + 8925.093 = €30,971 Mil.
Gross Profit was 1659.246 + 1733.216 + 1726.799 + 2774.157 = €7,893 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(18709.952 + 19006.183 + 18953.858 + 23697.664 + 24052.267) / 5 = €20883.9848 Mil.
Total Assets at the begining of this year (Sep23) was €18,710 Mil.
Long-Term Debt & Capital Lease Obligation was €507 Mil.
Total Current Assets was €16,035 Mil.
Total Current Liabilities was €14,195 Mil.
Net Income was 126.419 + 127.525 + 134.381 + 118.95 = €507 Mil.

Revenue was 7095.775 + 6189.057 + 6826.555 + 7346.332 = €27,458 Mil.
Gross Profit was 1772.82 + 1582.533 + 1696.837 + 1909.949 = €6,962 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(19401.592 + 18299.657 + 17530.487 + 18296.266 + 18709.952) / 5 = €18447.5908 Mil.
Total Assets at the begining of last year (Sep22) was €19,402 Mil.
Long-Term Debt & Capital Lease Obligation was €335 Mil.
Total Current Assets was €13,012 Mil.
Total Current Liabilities was €11,446 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.

Hochtief AG's current Net Income (TTM) was 721. ==> 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.

Hochtief AG's current Cash Flow from Operations (TTM) was 1,791. ==> 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)
=720.823/18709.952
=0.03852618

ROA (Last Year)=Net Income/Total Assets (Sep22)
=507.275/19401.592
=0.02614605

Hochtief AG's return on assets of this year was 0.03852618. Hochtief AG's return on assets of last year was 0.02614605. ==> 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.

Hochtief AG's current Net Income (TTM) was 721. Hochtief AG's current Cash Flow from Operations (TTM) was 1,791. ==> 1,791 > 721 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=507.426/20883.9848
=0.02429737

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=335.459/18447.5908
=0.01818443

Hochtief AG's gearing of this year was 0.02429737. Hochtief AG's gearing of last year was 0.01818443. ==> 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

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=16034.566/14195.321
=1.12956699

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=13011.89/11445.756
=1.13683098

Hochtief AG's current ratio of this year was 1.12956699. Hochtief AG's current ratio of last year was 1.13683098. ==> 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.

Hochtief AG's number of shares in issue this year was 75.231. Hochtief AG's number of shares in issue last year was 75.213. ==> 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
=7893.418/30970.771
=0.25486669

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6962.139/27457.719
=0.25355853

Hochtief AG's gross margin of this year was 0.25486669. Hochtief AG's gross margin of last year was 0.25355853. ==> 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 (Sep23)
=30970.771/18709.952
=1.65531002

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=27457.719/19401.592
=1.4152302

Hochtief AG's asset turnover of this year was 1.65531002. Hochtief AG's asset turnover of last year was 1.4152302. ==> 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+1+0+0+0+1+1
=6

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

Hochtief AG has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Hochtief AG  (WBO:HOT) 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.


Hochtief AG Piotroski F-Score Related Terms

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Hochtief AG Business Description

Traded in Other Exchanges
Address
Alfredstrasse 236, Essen, NW, DEU, 45133
Hochtief AG develops and constructs building and infrastructure projects. It works on complex projects in transportation, energy, urban infrastructure, and mining markets. It expands transportation networks with roads, bridges, and tunnels, or designs and constructs office buildings, hospitals, and power plants. The company leans on expertise and technical know-how in developing, financing, building, and operating in designated business areas. Also, it will partner with external groups to work on specific components of a project. Hochtief reports operating segments by regional divisions: Americas, Asia Pacific, and Europe. The Americas and the Asia Pacific account for the majority of sales and are where the company's assets are located.