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Himsnab Bulgaria AD (XBUL:CHSB) Piotroski F-Score : 0 (As of May. 15, 2024)


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What is Himsnab Bulgaria AD 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

Himsnab Bulgaria AD 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 Himsnab Bulgaria AD's Piotroski F-Score or its related term are showing as below:


Himsnab Bulgaria AD Piotroski F-Score Historical Data

The historical data trend for Himsnab Bulgaria AD'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.

Himsnab Bulgaria AD Piotroski F-Score Chart

Himsnab Bulgaria AD Annual Data
Trend Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17
Piotroski F-Score
Get a 7-Day Free Trial 6.00 4.00 7.00 3.00 6.00

Himsnab Bulgaria AD Quarterly Data
Dec10 Dec11 Dec12 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Sep17 Dec17
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 3.00 3.00 3.00 5.00 6.00

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 (Dec17) TTM:Last Year (Jun16) TTM:
Net Income was 2.217 + -0.998 + 0 + -12.978 = лв-11.76 Mil.
Cash Flow from Operations was 7.501 + -8.421 + 0 + 7.494 = лв6.57 Mil.
Revenue was 5.348 + 5.112 + 0 + 6.121 = лв16.58 Mil.
Gross Profit was 2.345 + 2.263 + 0 + 2.525 = лв7.13 Mil.
Average Total Assets from the begining of this year (Jun16)
to the end of this year (Dec17) was
(201.418 + 200.342 + 201.197 + 192.004 + 199.634) / 5 = лв198.919 Mil.
Total Assets at the begining of this year (Jun16) was лв201.42 Mil.
Long-Term Debt & Capital Lease Obligation was лв28.26 Mil.
Total Current Assets was лв100.65 Mil.
Total Current Liabilities was лв44.78 Mil.
Net Income was 0.274 + -3.339 + 1.155 + 2.657 = лв0.75 Mil.

Revenue was 1.613 + 1.662 + 1.657 + 6.458 = лв11.39 Mil.
Gross Profit was 1.132 + 1.171 + 1.358 + 2.119 = лв5.78 Mil.
Average Total Assets from the begining of last year (Jun15)
to the end of last year (Jun16) was
(157.77 + 160.685 + 164.967 + 177.13 + 201.418) / 5 = лв172.394 Mil.
Total Assets at the begining of last year (Jun15) was лв157.77 Mil.
Long-Term Debt & Capital Lease Obligation was лв38.49 Mil.
Total Current Assets was лв67.31 Mil.
Total Current Liabilities was лв45.69 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.

Himsnab Bulgaria AD's current Net Income (TTM) was -11.76. ==> 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.

Himsnab Bulgaria AD's current Cash Flow from Operations (TTM) was 6.57. ==> 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 (Jun16)
=-11.759/201.418
=-0.05838108

ROA (Last Year)=Net Income/Total Assets (Jun15)
=0.747/157.77
=0.00473474

Himsnab Bulgaria AD's return on assets of this year was -0.05838108. Himsnab Bulgaria AD's return on assets of last year was 0.00473474. ==> 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.

Himsnab Bulgaria AD's current Net Income (TTM) was -11.76. Himsnab Bulgaria AD's current Cash Flow from Operations (TTM) was 6.57. ==> 6.57 > -11.76 ==> 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: Dec17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun16 to Dec17
=28.257/198.919
=0.1420528

Gearing (Last Year: Jun16)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun15 to Jun16
=38.49/172.394
=0.22326763

Himsnab Bulgaria AD's gearing of this year was 0.1420528. Himsnab Bulgaria AD's gearing of last year was 0.22326763. ==> 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: Dec17)=Total Current Assets/Total Current Liabilities
=100.646/44.782
=2.2474655

Current Ratio (Last Year: Jun16)=Total Current Assets/Total Current Liabilities
=67.31/45.692
=1.4731244

Himsnab Bulgaria AD's current ratio of this year was 2.2474655. Himsnab Bulgaria AD's current ratio of last year was 1.4731244. ==> 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.

Himsnab Bulgaria AD's number of shares in issue this year was 2.495. Himsnab Bulgaria AD's number of shares in issue last year was 2.495. ==> 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
=7.133/16.581
=0.43019118

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5.78/11.39
=0.50746269

Himsnab Bulgaria AD's gross margin of this year was 0.43019118. Himsnab Bulgaria AD's gross margin of last year was 0.50746269. ==> 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 (Jun16)
=16.581/201.418
=0.08232134

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun15)
=11.39/157.77
=0.0721937

Himsnab Bulgaria AD's asset turnover of this year was 0.08232134. Himsnab Bulgaria AD's asset turnover of last year was 0.0721937. ==> 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
=0+1+0+1+1+1+1+0+1
=6

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

Himsnab Bulgaria AD has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Himsnab Bulgaria AD  (XBUL:CHSB) 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.


Himsnab Bulgaria AD Piotroski F-Score Related Terms

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Himsnab Bulgaria AD (XBUL:CHSB) Business Description

Traded in Other Exchanges
N/A
Address
1 Skladova Baza Street, Iliyantsi Quarter, Nadezhda District, Sofia, BGR, 1271
Himsnab Bulgaria AD is engaged in letting of own assets for rent for commercial, warehouse and office space and production, commercial activity.

Himsnab Bulgaria AD (XBUL:CHSB) Headlines

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