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Sipsa Sociedad Anonima (XSGO:SIPSA) Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

Piotroski F-Score of 3 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

Sipsa Sociedad Anonima has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

XSGO:SIPSA' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 3

During the past 13 years, the highest Piotroski F-Score of Sipsa Sociedad Anonima was 9. The lowest was 2. And the median was 5.


Sipsa Sociedad Anonima Piotroski F-Score Historical Data

The historical data trend for Sipsa Sociedad Anonima'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.

Sipsa Sociedad Anonima Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 3.00 6.00 5.00

Sipsa Sociedad Anonima Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 8.00 5.00 5.00 6.00 3.00

Competitive Comparison

For the Conglomerates subindustry, Sipsa Sociedad Anonima'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.


Sipsa Sociedad Anonima Piotroski F-Score Distribution

For the Conglomerates industry and Industrials sector, Sipsa Sociedad Anonima's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Sipsa Sociedad Anonima'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 (Sep23) TTM:Last Year (Sep22) TTM:
Net Income was 328.597 + -326.778 + -1171.11 + 31.739 = CLP-1,138 Mil.
Cash Flow from Operations was -841 + 0 + 0 + 0 = CLP-841 Mil.
Revenue was 1013.535 + 2607.913 + 1370.175 + -565.868 = CLP4,426 Mil.
Gross Profit was 231.492 + 395.449 + 362.811 + -1097.276 = CLP-108 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was
(50481.227 + 45387.108 + 39618.339 + 38064.69 + 42911.667) / 5 = CLP43292.6062 Mil.
Total Assets at the begining of this year (Sep22) was CLP50,481 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 Mil.
Total Current Assets was CLP3,020 Mil.
Total Current Liabilities was CLP1,788 Mil.
Net Income was 1215.349 + -623.431 + 1.84 + -497.49 = CLP96 Mil.

Revenue was 148.995 + 4367.951 + 724.016 + 976.626 = CLP6,218 Mil.
Gross Profit was 386.347 + 102.331 + 67.158 + 757.344 = CLP1,313 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was
(43032.244 + 49480.198 + 40423.026 + 49035.319 + 50481.227) / 5 = CLP46490.4028 Mil.
Total Assets at the begining of last year (Sep21) was CLP43,032 Mil.
Long-Term Debt & Capital Lease Obligation was CLP0 Mil.
Total Current Assets was CLP6,540 Mil.
Total Current Liabilities was CLP4,688 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.

Sipsa Sociedad Anonima's current Net Income (TTM) was -1,138. ==> Negative ==> Score 0.

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.

Sipsa Sociedad Anonima's current Cash Flow from Operations (TTM) was -841. ==> Negative ==> Score 0.

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 (Sep22)
=-1137.552/50481.227
=-0.02253416

ROA (Last Year)=Net Income/Total Assets (Sep21)
=96.268/43032.244
=0.00223711

Sipsa Sociedad Anonima's return on assets of this year was -0.02253416. Sipsa Sociedad Anonima's return on assets of last year was 0.00223711. ==> 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.

Sipsa Sociedad Anonima's current Net Income (TTM) was -1,138. Sipsa Sociedad Anonima's current Cash Flow from Operations (TTM) was -841. ==> -841 > -1,138 ==> 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: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=0/43292.6062
=0

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=0/46490.4028
=0

Sipsa Sociedad Anonima's gearing of this year was 0. Sipsa Sociedad Anonima's gearing of last year was 0. ==> 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: Sep23)=Total Current Assets/Total Current Liabilities
=3019.777/1788.288
=1.68864132

Current Ratio (Last Year: Sep22)=Total Current Assets/Total Current Liabilities
=6539.82/4687.998
=1.39501339

Sipsa Sociedad Anonima's current ratio of this year was 1.68864132. Sipsa Sociedad Anonima's current ratio of last year was 1.39501339. ==> 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.

Sipsa Sociedad Anonima's number of shares in issue this year was 116.667. Sipsa Sociedad Anonima's number of shares in issue last year was 105.102. ==> 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
=-107.524/4425.755
=-0.02429506

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1313.18/6217.588
=0.21120409

Sipsa Sociedad Anonima's gross margin of this year was -0.02429506. Sipsa Sociedad Anonima's gross margin of last year was 0.21120409. ==> 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 (Sep22)
=4425.755/50481.227
=0.0876713

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=6217.588/43032.244
=0.14448672

Sipsa Sociedad Anonima's asset turnover of this year was 0.0876713. Sipsa Sociedad Anonima's asset turnover of last year was 0.14448672. ==> 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
=0+0+0+1+1+1+0+0+0
=3

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

Sipsa Sociedad Anonima has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Sipsa Sociedad Anonima  (XSGO:SIPSA) 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.


Sipsa Sociedad Anonima Piotroski F-Score Related Terms

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Sipsa Sociedad Anonima (XSGO:SIPSA) Business Description

Traded in Other Exchanges
N/A
Address
Av. The North Forest 0440 Of 1101, Santiago, CHL
Website
Sipsa Sociedad Anonima is an investment holding company. The company through its holdings is engaged in shipping, real estate sectors and provides logistics and transportation services to companies engaged in petroleum production on the coasts of Brazil.

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