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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
Novolipetsk Steel PJSC has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Novolipetsk Steel PJSC's Piotroski F-Score or its related term are showing as below:
The historical data trend for Novolipetsk Steel PJSC'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.
Novolipetsk Steel PJSC Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 7.00 | 3.00 | 7.00 | 8.00 |
Novolipetsk Steel PJSC Quarterly Data | ||||||||||||||||||||
Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 8.00 | 7.00 | 8.00 |
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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Net Income was 58825.599 + 99891.933 + 118522.62 + 94636.797 = ₽371,877 Mil. Cash Flow from Operations was 52449.663 + 91659.485 + 101423.796 + 87982.648 = ₽333,516 Mil. Revenue was 217616.766 + 304233.047 + 333207.859 + 342319.041 = ₽1,197,377 Mil. Gross Profit was 100269.183 + 165383.995 + 186479.486 + 168497.86 = ₽620,631 Mil. Average Total Assets from the begining of this year (Dec20) to the end of this year (Dec21) was (734935.996 + 755396.6 + 831624.231 + 865463.571 + 899123.51) / 5 = ₽817308.7816 Mil. Total Assets at the begining of this year (Dec20) was ₽734,936 Mil. Long-Term Debt & Capital Lease Obligation was ₽145,060 Mil. Total Current Assets was ₽397,696 Mil. Total Current Liabilities was ₽244,873 Mil. |
Net Income was 23001.28 + 5387.921 + 24637.112 + 41583.278 = ₽94,610 Mil. Revenue was 195550.672 + 152121.302 + 176013.214 + 177734.978 = ₽701,420 Mil. Gross Profit was 60010.259 + 53109.507 + 59381.757 + 78993.323 = ₽251,495 Mil. Average Total Assets from the begining of last year (Dec19) to the end of last year (Dec20) was (649705.011 + 771537.736 + 708826.491 + 727900.319 + 734935.996) / 5 = ₽718581.1106 Mil. Total Assets at the begining of last year (Dec19) was ₽649,705 Mil. Long-Term Debt & Capital Lease Obligation was ₽181,238 Mil. Total Current Assets was ₽266,044 Mil. Total Current Liabilities was ₽170,059 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.
Novolipetsk Steel PJSC's current Net Income (TTM) was 371,877.
==> 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.
Novolipetsk Steel PJSC's current Cash Flow from Operations (TTM) was 333,516.
==> 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 (Dec20) |
= | 371876.949 | / | 734935.996 | |
= | 0.5059991 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec19) |
= | 94609.591 | / | 649705.011 | |
= | 0.1456193 |
Novolipetsk Steel PJSC's return on assets of this year was 0.5059991. Novolipetsk Steel PJSC's return on assets of last year was 0.1456193.
==> 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.
Novolipetsk Steel PJSC's current Net Income (TTM) was 371,877. Novolipetsk Steel PJSC's current Cash Flow from Operations (TTM) was 333,516.
==> 333,516 <= 371,877 ==> 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: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 145060.466 | / | 817308.7816 | |
= | 0.17748551 |
Gearing (Last Year: Dec20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec19 to Dec20 |
= | 181237.512 | / | 718581.1106 | |
= | 0.2522158 |
Novolipetsk Steel PJSC's gearing of this year was 0.17748551. Novolipetsk Steel PJSC's gearing of last year was 0.2522158.
==> 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: Dec21) | = | Total Current Assets | / | Total Current Liabilities |
= | 397696.354 | / | 244872.713 | |
= | 1.6240942 |
Current Ratio (Last Year: Dec20) | = | Total Current Assets | / | Total Current Liabilities |
= | 266043.551 | / | 170059.211 | |
= | 1.56441718 |
Novolipetsk Steel PJSC's current ratio of this year was 1.6240942. Novolipetsk Steel PJSC's current ratio of last year was 1.56441718.
==> 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.
Novolipetsk Steel PJSC's number of shares in issue this year was 5993.227. Novolipetsk Steel PJSC's number of shares in issue last year was 5993.227.
==> 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 |
= | 620630.524 | / | 1197376.713 | |
= | 0.5183252 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 251494.846 | / | 701420.166 | |
= | 0.35855092 |
Novolipetsk Steel PJSC's gross margin of this year was 0.5183252. Novolipetsk Steel PJSC's gross margin of last year was 0.35855092.
==> 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 (Dec20) |
= | 1197376.713 | / | 734935.996 | |
= | 1.62922584 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec19) |
= | 701420.166 | / | 649705.011 | |
= | 1.0795979 |
Novolipetsk Steel PJSC's asset turnover of this year was 1.62922584. Novolipetsk Steel PJSC's asset turnover of last year was 1.0795979.
==> 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 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Novolipetsk Steel PJSC has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Novolipetsk Steel PJSC (MIC:NLMK) 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.
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