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MAN SE (STU:MAN) Piotroski F-Score : 0 (As of Apr. 28, 2024)


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What is MAN SE Piotroski F-Score?

The zones of discrimination were as such:

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

MAN SE has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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


MAN SE Piotroski F-Score Historical Data

The historical data trend for MAN SE'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.

MAN SE Piotroski F-Score Chart

MAN SE Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 7.00 6.00 6.00 4.00

MAN SE Semi-Annual Data
Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21
Piotroski F-Score Get a 7-Day Free Trial 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 - 6.00 - 4.00 -

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 (Dec20) TTM:Last Year (Dec19) TTM:
Net Income was €-432 Mil.
Cash Flow from Operations was €570 Mil.
Revenue was €10,838 Mil.
Gross Profit was €1,300 Mil.
Average Total Assets from the begining of this year (Dec19)
to the end of this year (Dec20) was (18846 + 18090) / 2 = €18468 Mil.
Total Assets at the begining of this year (Dec19) was €18,846 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Total Current Assets was €4,549 Mil.
Total Current Liabilities was €7,099 Mil.
Net Income was €712 Mil.

Revenue was €12,663 Mil.
Gross Profit was €2,278 Mil.
Average Total Assets from the begining of last year (Dec18)
to the end of last year (Dec19) was (19751 + 18846) / 2 = €19298.5 Mil.
Total Assets at the begining of last year (Dec18) was €19,751 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Total Current Assets was €5,565 Mil.
Total Current Liabilities was €7,384 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.

MAN SE's current Net Income (TTM) was -432. ==> 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.

MAN SE's current Cash Flow from Operations (TTM) was 570. ==> 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 (Dec19)
=-432/18846
=-0.02292264

ROA (Last Year)=Net Income/Total Assets (Dec18)
=712/19751
=0.03604881

MAN SE's return on assets of this year was -0.02292264. MAN SE's return on assets of last year was 0.03604881. ==> 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.

MAN SE's current Net Income (TTM) was -432. MAN SE's current Cash Flow from Operations (TTM) was 570. ==> 570 > -432 ==> 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: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=0/18468
=0

Gearing (Last Year: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=0/19298.5
=0

MAN SE's gearing of this year was 0. MAN SE'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: Dec20)=Total Current Assets/Total Current Liabilities
=4549/7099
=0.64079448

Current Ratio (Last Year: Dec19)=Total Current Assets/Total Current Liabilities
=5565/7384
=0.75365655

MAN SE's current ratio of this year was 0.64079448. MAN SE's current ratio of last year was 0.75365655. ==> 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.

MAN SE's number of shares in issue this year was 147. MAN SE's number of shares in issue last year was 147. ==> 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
=1300/10838
=0.11994833

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2278/12663
=0.17989418

MAN SE's gross margin of this year was 0.11994833. MAN SE's gross margin of last year was 0.17989418. ==> 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 (Dec19)
=10838/18846
=0.57508225

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec18)
=12663/19751
=0.64113209

MAN SE's asset turnover of this year was 0.57508225. MAN SE's asset turnover of last year was 0.64113209. ==> 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+1+0+1+1+0+1+0+0
=4

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

MAN SE has an F-score of 4 indicating the company's financial situation is typical for a stable company.

MAN SE  (STU:MAN) 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.


MAN SE Piotroski F-Score Related Terms

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MAN SE (STU:MAN) Business Description

Traded in Other Exchanges
N/A
Address
Dachauer Strasse 641, Munich, DEU, 80995
MAN is a commercial vehicle manufacturer and engineering company. The company organises itself into segments: MAN truck and bus and MAN Latin America, MAN truck and bus, which generates the majority of revenue, supplies commercial vehicles to Europe and Asian markets. MAN Latin America manufactures trucks and buses in Brazil.