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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
OBIC Business Consultants Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for OBIC Business Consultants Co's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of OBIC Business Consultants Co was 8. The lowest was 4. And the median was 6.
The historical data trend for OBIC Business Consultants Co'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.
OBIC Business Consultants Co Annual Data | |||||||||||||||||||||
Trend | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | Mar24 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 7.00 | 4.00 | 6.00 |
OBIC Business Consultants Co Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 4.00 | 5.00 | 7.00 | 6.00 |
For the Information Technology Services subindustry, OBIC Business Consultants Co'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.
For the Software industry and Technology sector, OBIC Business Consultants Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where OBIC Business Consultants Co'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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was 2770.56 + 3333.311 + 3545.253 + 4192.319 = 円13,841 Mil. Cash Flow from Operations was 5317.665 + 5091.647 + 3871.394 + 8979.162 = 円23,260 Mil. Revenue was 9144.705 + 10343.771 + 10944.349 + 11521.54 = 円41,954 Mil. Gross Profit was 7553.754 + 8409.033 + 8910.251 + 9468.437 = 円34,341 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (179314.691 + 179062.213 + 185516.303 + 188076.046 + 197806.992) / 5 = 円185955.249 Mil. Total Assets at the begining of this year (Mar23) was 円179,315 Mil. Long-Term Debt & Capital Lease Obligation was 円0 Mil. Total Current Assets was 円164,754 Mil. Total Current Liabilities was 円42,502 Mil. |
Net Income was 2700.042 + 2448.532 + 2422.738 + 3462.105 = 円11,033 Mil. Revenue was 8343.58 + 7880.566 + 8460.678 + 9019.69 = 円33,705 Mil. Gross Profit was 6963.284 + 6526.16 + 6921.835 + 7412.197 = 円27,823 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (171907.004 + 168208.255 + 170660.23 + 171262.499 + 179314.691) / 5 = 円172270.5358 Mil. Total Assets at the begining of last year (Mar22) was 円171,907 Mil. Long-Term Debt & Capital Lease Obligation was 円0 Mil. Total Current Assets was 円147,712 Mil. Total Current Liabilities was 円33,227 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.
OBIC Business Consultants Co's current Net Income (TTM) was 13,841.
==> 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.
OBIC Business Consultants Co's current Cash Flow from Operations (TTM) was 23,260.
==> 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 (Mar23) |
= | 13841.443 | / | 179314.691 | |
= | 0.07719079 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 11033.417 | / | 171907.004 | |
= | 0.06418248 |
OBIC Business Consultants Co's return on assets of this year was 0.07719079. OBIC Business Consultants Co's return on assets of last year was 0.06418248.
==> 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.
OBIC Business Consultants Co's current Net Income (TTM) was 13,841. OBIC Business Consultants Co's current Cash Flow from Operations (TTM) was 23,260.
==> 23,260 > 13,841 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 0 | / | 185955.249 | |
= | 0 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 0 | / | 172270.5358 | |
= | 0 |
OBIC Business Consultants Co's gearing of this year was 0. OBIC Business Consultants Co'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: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 164754.294 | / | 42502.286 | |
= | 3.87636312 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 147712.239 | / | 33227.281 | |
= | 4.44551087 |
OBIC Business Consultants Co's current ratio of this year was 3.87636312. OBIC Business Consultants Co's current ratio of last year was 4.44551087.
==> 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.
OBIC Business Consultants Co's number of shares in issue this year was 75.174. OBIC Business Consultants Co's number of shares in issue last year was 75.173.
==> 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 |
= | 34341.475 | / | 41954.365 | |
= | 0.81854355 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 27823.476 | / | 33704.514 | |
= | 0.82551186 |
OBIC Business Consultants Co's gross margin of this year was 0.81854355. OBIC Business Consultants Co's gross margin of last year was 0.82551186.
==> 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 (Mar23) |
= | 41954.365 | / | 179314.691 | |
= | 0.2339706 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 33704.514 | / | 171907.004 | |
= | 0.19606248 |
OBIC Business Consultants Co's asset turnover of this year was 0.2339706. OBIC Business Consultants Co's asset turnover of last year was 0.19606248.
==> 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 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
OBIC Business Consultants Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.
OBIC Business Consultants Co (TSE:4733) 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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