Short effective sample (N_eff = 3.9 < 4): the fit subcomponent is shrunk towards neutral.
No analyst coverage: the forward block is redistributed, not scored.
·20 → 8,95
Growth pace71
Realized · 42.8 %50 %71
Expected · —50 %—
Small base / growth not extrapolable (CAGR above 40 %).
No analyst coverage: the forward block is redistributed, not scored.
·20 → 14,17
No recent stagnation90
Realized slowdown · 1.00×50 %90
Expected slowdown · n/a50 %—
No analyst coverage: the forward block is redistributed, not scored.
·15 → 13,45
FCF quality0
FCF / net income conversion · -1.87×100 %0
Window chosen: last 5 years (the best of those evaluated).
Alternative · last 3 years: conversion -1.42× → 0 points.
Anomalous financial year(s) in earnings (2021): out of this component's estimators; they still count in the counters and hard cuts.
Positive FCF in 0 of the 5 years in the window.
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
·15 → 0,00
Debt3
Net debt / EBITDA · 6.50×100 %3
Interest coverage (EBIT / |interest|) = 2.0×.
Interest coverage below 4×.
·15 → 0,45
Return on invested capital (ROIC)11
Level (recency-weighted mean) · 2.8 %50 %0
Spread over the required return · −0.1 pp over the 10 % required30 %0
Trend · +0.5 pp over 4 years20 %54
Anomalous financial year(s) in earnings or invested capital (2021): out of this component's estimators; they still count in the counters and hard cuts.
Average ROIC (2.8 %) below the required return (10 %): growth destroys value.
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
ROIC below the required return: growth destroys value.
·15 → 1,61
Weighted base
·100 → 38,62
Modifiers and penalties
The factors build the score; the modifiers correct it, within +23 / −28. Same 0–100 bar, 100 is always good.
Score
Range
Points
Gross margin trend · window too short50
±8
0,0
Altman Z'' · Z'' = 3.75100
0/−15
0,0
Shareholder returns · dilutes 0.2 % a year0
Effective buyback (net share count) · 0.2 % of dilution0
Dividend yield (last DPS / price today) · 0.7 % · does not count: the active branch is dilution—
