SELECT id, `name`, primary_key, `key`, treemapgroup, name_cn, zacks_table_name, compare_key, compare_display_name from gurufocu_main.financial_definition where termpagedisplay=1 and `key` = 'fscore' Chemical Works of Gedeon Richter (BUD:RICHTER) Piotroski F-
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Chemical Works of Gedeon Richter (BUD:RICHTER) Piotroski F-Score

: 5 (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

Chemical Works of Gedeon Richter has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Chemical Works of Gedeon Richter's Piotroski F-Score or its related term are showing as below:

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

During the past 13 years, the highest Piotroski F-Score of Chemical Works of Gedeon Richter was 8. The lowest was 5. And the median was 6.

Chemical Works of Gedeon Richter Piotroski F-Score Historical Data

The historical data trend for Chemical Works of Gedeon Richter'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.

Chemical Works of Gedeon Richter Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 8.00 5.00 7.00 5.00

Chemical Works of Gedeon Richter Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 7.00 6.00 8.00 6.00 5.00
Competitive Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Chemical Works of Gedeon Richter'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.

Chemical Works of Gedeon Richter Piotroski F-Score Distribution

For the Drug Manufacturers industry and Healthcare sector, Chemical Works of Gedeon Richter's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Chemical Works of Gedeon Richter'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 39193 + 28743 + 122490 + 104296 = Ft294,722 Mil.
Cash Flow from Operations was 19055 + 32500 + 43219 + 28896 = Ft123,670 Mil.
Revenue was 209653 + 203783 + 601980 + 616614 = Ft1,632,030 Mil.
Gross Profit was 127363 + 128944 + 391326 + 386305 = Ft1,033,938 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(1353784 + 1369425 + 1264743 + 1357434 + 1361217) / 5 = Ft1341320.6 Mil.
Total Assets at the begining of this year (Dec22) was Ft1,353,784 Mil.
Long-Term Debt & Capital Lease Obligation was Ft18,457 Mil.
Total Current Assets was Ft534,913 Mil.
Total Current Liabilities was Ft114,508 Mil.		 Net Income was 37054 + 76532 + 196003 + 86659 = Ft396,248 Mil.

Revenue was 168057 + 192923 + 578787 + 584948 = Ft1,524,715 Mil.
Gross Profit was 95993 + 110038 + 336704 + 329791 = Ft872,526 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(1145282 + 1174146 + 1287057 + 1385033 + 1353784) / 5 = Ft1269060.4 Mil.
Total Assets at the begining of last year (Dec21) was Ft1,145,282 Mil.
Long-Term Debt & Capital Lease Obligation was Ft15,986 Mil.
Total Current Assets was Ft575,770 Mil.
Total Current Liabilities was Ft179,507 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.

Chemical Works of Gedeon Richter's current Net Income (TTM) was 294,722. ==> 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.

Chemical Works of Gedeon Richter's current Cash Flow from Operations (TTM) was 123,670. ==> 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 (Dec22)
=294722/1353784
=0.21770238

ROA (Last Year)=Net Income/Total Assets (Dec21)
=396248/1145282
=0.34598291

Chemical Works of Gedeon Richter's return on assets of this year was 0.21770238. Chemical Works of Gedeon Richter's return on assets of last year was 0.34598291. ==> 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.

Chemical Works of Gedeon Richter's current Net Income (TTM) was 294,722. Chemical Works of Gedeon Richter's current Cash Flow from Operations (TTM) was 123,670. ==> 123,670 <= 294,722 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=18457/1341320.6
=0.01376032

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=15986/1269060.4
=0.01259672

Chemical Works of Gedeon Richter's gearing of this year was 0.01376032. Chemical Works of Gedeon Richter's gearing of last year was 0.01259672. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=534913/114508
=4.67140287

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=575770/179507
=3.20750723

Chemical Works of Gedeon Richter's current ratio of this year was 4.67140287. Chemical Works of Gedeon Richter's current ratio of last year was 3.20750723. ==> 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.

Chemical Works of Gedeon Richter's number of shares in issue this year was 182.403. Chemical Works of Gedeon Richter's number of shares in issue last year was 185.941. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=1033938/1632030
=0.6335288

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=872526/1524715
=0.57225514

Chemical Works of Gedeon Richter's gross margin of this year was 0.6335288. Chemical Works of Gedeon Richter's gross margin of last year was 0.57225514. ==> 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 (Dec22)
=1632030/1353784
=1.20553205

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1524715/1145282
=1.33130094

Chemical Works of Gedeon Richter's asset turnover of this year was 1.20553205. Chemical Works of Gedeon Richter's asset turnover of last year was 1.33130094. ==> 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+1+1+1+0
=5

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

Chemical Works of Gedeon Richter has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Chemical Works of Gedeon Richter  (BUD:RICHTER) 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.

Chemical Works of Gedeon Richter Piotroski F-Score Related Terms

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Chemical Works of Gedeon Richter (BUD:RICHTER) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Chemical Works of Gedeon Richter PLC (BUD:RICHTER) » Definitions » Piotroski F-Score
Comparable Companies
BUD:NUTEX ZTS XTER:MRK TSE:4502 LSE:HLN NSE:SUNPHARMA TSE:4523 TSE:4507 SZSE:000538 XSWX:SDZ HKSE:03692 NSE:DIVISLAB BOM:500124 VTRS NBIX SZSE:000963 SHSE:600085 XPAR:IPN SHSE:600196 XTAE:TEVA
Traded in Other Exchanges
RGEDF:USA GEDSF:USA 0QFP:UK RIG2:Germany
Address
Gyomroi ut 19-21, Budapest, HUN, 1103
Website
https://www.richter.hu
Chemical Works of Gedeon Richter PLC is a pharmaceutical company. The company focuses on the development and manufacture of gynaecological, cardiovascular and central nervous system products. It manufactures medicines including original, generic and licenced products for treatment in the therapeutic area. The group is active in two business segments namely, the Pharmaceuticals segment comprising the research and development, manufacturing, sales and marketing of pharmaceutical products, and Wholesale and Retail segment for the products of the company. The company operates internationally and the majority of its revenue is generated from the Pharmaceuticals segment.

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