Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
* 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.
Competitive Comparison of Ulma Construccion Polska's Sloan Ratio %
For the Rental & Leasing Services subindustry, Ulma Construccion Polska's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Ulma Construccion Polska's Sloan Ratio % Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Ulma Construccion Polska's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Ulma Construccion Polska's Sloan Ratio % falls into.
Ulma Construccion Polska Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Ulma Construccion Polska's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
Ulma Construccion Polska's Net Income for the trailing twelve months (TTM) ended in Sep. 2024 was 10.126 (Dec. 2023 ) + 1.773 (Mar. 2024 ) + 2.905 (Jun. 2024 ) + 5.697 (Sep. 2024 ) = zł20.5 Mil.
Ulma Construccion Polska's Cash Flow from Operations for the trailing twelve months (TTM) ended in Sep. 2024 was 3.592 (Dec. 2023 ) + 10.92 (Mar. 2024 ) + -12.669 (Jun. 2024 ) + -17.067 (Sep. 2024 ) = zł-15.2 Mil.
Ulma Construccion Polska's Cash Flow from Investing for the trailing twelve months (TTM) ended in Sep. 2024 was -0.191 (Dec. 2023 ) + -0.164 (Mar. 2024 ) + 1.389 (Jun. 2024 ) + -24.274 (Sep. 2024 ) = zł-23.2 Mil.
* 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.
Ulma Construccion Polska (WAR:ULM) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Sep. 2024, Ulma Construccion Polska has a Sloan Ratio of 14.14%, indicating there is a warning stage of accrual build up.
Ulma Construccion Polska Sloan Ratio % Related Terms
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Ulma Construccion Polska SA offers vertical and horizontal formwork systems (shuttering systems) and scaffolding for the purposes of cubature and engineering construction, performance of maintenance works and application designs for these systems, as well as repairs of formwork systems and other accessories used in the assembly of formwork systems. It operates in the two segments namely construction site service, a segment that includes the rental of formwork and scaffolding systems along with broadly understood logistics service and construction settlement at the end of the contract; and sales of building materials, a segment that includes the sale of formwork systems that are components of fixed assets and turnover (products and goods) of the Group and other building materials.
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