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Arcario AB (OSTO:ARCA) Piotroski F-Score : 4 (As of May. 21, 2024)


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What is Arcario AB 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

Arcario AB 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 Arcario AB's Piotroski F-Score or its related term are showing as below:

OSTO:ARCA' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Arcario AB was 8. The lowest was 1. And the median was 4.


Arcario AB Piotroski F-Score Historical Data

The historical data trend for Arcario AB'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.

Arcario AB Piotroski F-Score Chart

Arcario AB Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 3.00 4.00 2.00

Arcario AB Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
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 4.00 2.00 2.00 4.00 4.00

Competitive Comparison of Arcario AB's Piotroski F-Score

For the Capital Markets subindustry, Arcario AB'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.


Arcario AB's Piotroski F-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Arcario AB's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Arcario AB'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 (Sep23) TTM:Last Year (Sep22) TTM:
Net Income was -14.46 + -25.188 + -5.204 + -7.867 = kr-52.7 Mil.
Cash Flow from Operations was -17.79 + -2.123 + 0.712 + -1.656 = kr-20.9 Mil.
Revenue was 45.078 + 38.551 + 30.918 + 28.246 = kr142.8 Mil.
Gross Profit was -5.555 + -3.453 + -0.817 + -2.561 = kr-12.4 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was
(116.015 + 100.038 + 88.1 + 84.889 + 75.968) / 5 = kr93.002 Mil.
Total Assets at the begining of this year (Sep22) was kr116.0 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.0 Mil.
Total Current Assets was kr5.3 Mil.
Total Current Liabilities was kr28.9 Mil.
Net Income was -12.568 + -10.178 + -56.272 + -13.29 = kr-92.3 Mil.

Revenue was 148.684 + 105.563 + 84.661 + 51.921 = kr390.8 Mil.
Gross Profit was 4.787 + 4.256 + -3.965 + -3.15 = kr1.9 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was
(187.217 + 181.044 + 174.812 + 135.891 + 116.015) / 5 = kr158.9958 Mil.
Total Assets at the begining of last year (Sep21) was kr187.2 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.0 Mil.
Total Current Assets was kr18.3 Mil.
Total Current Liabilities was kr14.4 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.

Arcario AB's current Net Income (TTM) was -52.7. ==> 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.

Arcario AB's current Cash Flow from Operations (TTM) was -20.9. ==> Negative ==> Score 0.

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 (Sep22)
=-52.719/116.015
=-0.45441538

ROA (Last Year)=Net Income/Total Assets (Sep21)
=-92.308/187.217
=-0.49305352

Arcario AB's return on assets of this year was -0.45441538. Arcario AB's return on assets of last year was -0.49305352. ==> 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.

Arcario AB's current Net Income (TTM) was -52.7. Arcario AB's current Cash Flow from Operations (TTM) was -20.9. ==> -20.9 > -52.7 ==> 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: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=0/93.002
=0

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=0/158.9958
=0

Arcario AB's gearing of this year was 0. Arcario AB'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: Sep23)=Total Current Assets/Total Current Liabilities
=5.34/28.907
=0.18473034

Current Ratio (Last Year: Sep22)=Total Current Assets/Total Current Liabilities
=18.329/14.388
=1.27390881

Arcario AB's current ratio of this year was 0.18473034. Arcario AB's current ratio of last year was 1.27390881. ==> 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.

Arcario AB's number of shares in issue this year was 8996.68. Arcario AB's number of shares in issue last year was 9390.223. ==> 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
=-12.386/142.793
=-0.08674095

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1.928/390.829
=0.0049331

Arcario AB's gross margin of this year was -0.08674095. Arcario AB's gross margin of last year was 0.0049331. ==> 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 (Sep22)
=142.793/116.015
=1.23081498

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=390.829/187.217
=2.08757218

Arcario AB's asset turnover of this year was 1.23081498. Arcario AB's asset turnover of last year was 2.08757218. ==> 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+0+1+1+1+0+1+0+0
=4

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

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

Arcario AB  (OSTO:ARCA) 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.


Arcario AB Piotroski F-Score Related Terms

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Arcario AB (OSTO:ARCA) Business Description

Traded in Other Exchanges
Address
Munkedamsveien 45, Oslo, NOR, 0250
Arcario AB is a holding company with broad exposure to the digital assets industry. The Company holds 100% stakes in K33, a research-led digital assets brokerage with investment services across EMEA, Green Data, an environmentally sustainable Bitcoin mining operation based in northern Norway. Arcario is a community-powered, value-driven web3 venture builder, originating from Scandinavian roots and extending its influence worldwide.

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