PORR AG (WBO:POS) Piotroski F-Score

: 6 (As of Today)

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The zones of discrimination were as such:

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

PORR 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 PORR AG's Piotroski F-Score or its related term are showing as below:

WBO:POS' s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of PORR AG was 8. The lowest was 1. And the median was 5.

PORR AG Piotroski F-Score Historical Data

The historical data trend for PORR 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.

PORR AG Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Piotroski F-Score

4.00

5.00

7.00

PORR AG Quarterly Data
	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22
Piotroski F-Score																8.00	7.00	6.00	6.00	6.00

Competitive Comparison

For the Engineering & Construction subindustry, PORR 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.

Annual Data Quarterly Data

PORR AG Piotroski F-Score Distribution

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

* The bar in red indicates where PORR AG's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.

How is the Piotroski F-Score calculated?

This Year (Sep22) TTM:

Last Year (Sep21) TTM:

Net Income was 34.725 + -1.624 + 14.988 + 25.393 = €73 Mil.
Cash Flow from Operations was 396.04 + -82.167 + -22.029 + 38.249 = €330 Mil.
Revenue was 1446.944 + 1110.834 + 1485.077 + 1554.44 = €5,597 Mil.
Gross Profit was 452.749 + 386.38 + 481.437 + 442.67 = €1,763 Mil.
Average Total Assets from the begining of this year (Sep21)
to the end of this year (Sep22) was
(3785.683 + 4065.002 + 3914.265 + 4034.664 + 4158.743) / 5 = €3991.6714 Mil.
Total Assets at the begining of this year (Sep21) was €3,786 Mil.
Long-Term Debt & Capital Lease Obligation was €198 Mil.
Total Current Assets was €2,708 Mil.
Total Current Liabilities was €2,665 Mil.

Net Income was 1.626 + -7.482 + 13.197 + 13.28 = €21 Mil.

Revenue was 1285.924 + 968.354 + 1319.908 + 1434.625 = €5,009 Mil.
Gross Profit was 423.701 + 368.307 + 460.757 + 444.266 = €1,697 Mil.
Average Total Assets from the begining of last year (Sep20)
to the end of last year (Sep21) was
(3721.158 + 3509.463 + 3512.314 + 3619.783 + 3785.683) / 5 = €3629.6802 Mil.
Total Assets at the begining of last year (Sep20) was €3,721 Mil.
Long-Term Debt & Capital Lease Obligation was €265 Mil.
Total Current Assets was €2,494 Mil.
Total Current Liabilities was €2,360 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.

PORR AG's current Net Income (TTM) was 73. ==> 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.

PORR AG's current Cash Flow from Operations (TTM) was 330. ==> 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 (Sep21)
	=	73.482	/	3785.683
	=	0.0194105

ROA (Last Year)	=	Net Income	/	Total Assets (Sep20)
	=	20.621	/	3721.158
	=	0.00554155

PORR AG's return on assets of this year was 0.0194105. PORR AG's return on assets of last year was 0.00554155. ==> 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.

PORR AG's current Net Income (TTM) was 73. PORR AG's current Cash Flow from Operations (TTM) was 330. ==> 330 > 73 ==> 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: Sep22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Sep21 to Sep22
	=	198.349	/	3991.6714
	=	0.04969071

Gearing (Last Year: Sep21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Sep20 to Sep21
	=	264.717	/	3629.6802
	=	0.07293122

PORR AG's gearing of this year was 0.04969071. PORR AG's gearing of last year was 0.07293122. ==> 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: Sep22)	=	Total Current Assets	/	Total Current Liabilities
	=	2707.841	/	2664.524
	=	1.01625694

Current Ratio (Last Year: Sep21)	=	Total Current Assets	/	Total Current Liabilities
	=	2494.27	/	2359.889
	=	1.05694378

PORR AG's current ratio of this year was 1.01625694. PORR AG's current ratio of last year was 1.05694378. ==> 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.

PORR AG's number of shares in issue this year was 38.957. PORR AG's number of shares in issue last year was 28.735. ==> 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
	=	1763.236	/	5597.295
	=	0.31501574

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	1697.031	/	5008.811
	=	0.33880915

PORR AG's gross margin of this year was 0.31501574. PORR AG's gross margin of last year was 0.33880915. ==> 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 (Sep21)
	=	5597.295	/	3785.683
	=	1.47854297

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Sep20)
	=	5008.811	/	3721.158
	=	1.34603556

PORR AG's asset turnover of this year was 1.47854297. PORR AG's asset turnover of last year was 1.34603556. ==> 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

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

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

PORR AG (WBO:POS) 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.

PORR AG Piotroski F-Score Related Terms

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PORR AG (WBO:POS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PORR AG (WBO:POS) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

0J04:UK ABS2:Germany

Address

Absberggasse 47, Vienna, AUT, 1100

Website

https://www.porr-group.com

PORR AG is an Austria-based construction company that operates according to its geographical segments of Austria & Switzerland, Germany, Poland, Czech Republic-Slovakia-Romania, and Infrastructure International. The Infrastructure International segment includes operations in some Eastern European countries as well as business projects in Norway, Qatar, and United Arab Emirates. The company's services include building construction, civil engineering/infrastructure, and environmental and design engineering. The majority of revenue is derived from Austria and Switzerland.

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