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AFXXF (Afry AB) Piotroski F-Score : 6 (As of Dec. 14, 2024)


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What is Afry 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

Afry AB has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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

AFXXF' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Afry AB was 8. The lowest was 4. And the median was 6.


Afry AB Piotroski F-Score Historical Data

The historical data trend for Afry 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.

Afry AB Piotroski F-Score Chart

Afry AB Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 7.00 5.00 8.00

Afry AB Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 7.00 8.00 7.00 6.00 6.00

Competitive Comparison of Afry AB's Piotroski F-Score

For the Engineering & Construction subindustry, Afry 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.


Afry AB's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Afry AB's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Afry 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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 30.611 + 34.098 + 35.949 + 14.566 = $115 Mil.
Cash Flow from Operations was 93.394 + 10.373 + 40.05 + 15.837 = $160 Mil.
Revenue was 695.582 + 661.877 + 685.706 + 585.883 = $2,629 Mil.
Gross Profit was 544.474 + 475.541 + 543.244 + 456.252 = $2,020 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(2552.865 + 2746.451 + 2802.052 + 2719.176 + 2745.234) / 5 = $2713.1556 Mil.
Total Assets at the begining of this year (Sep23) was $2,553 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $971 Mil.
Total Current Liabilities was $782 Mil.
Net Income was 38.35 + 41.618 + 18.665 + 13.442 = $112 Mil.

Revenue was 636.828 + 660.157 + 637.843 + 546.604 = $2,481 Mil.
Gross Profit was 498.555 + 468.391 + 508.399 + 435.281 = $1,911 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(2472.113 + 2697.63 + 2711.931 + 2740.526 + 2552.865) / 5 = $2635.013 Mil.
Total Assets at the begining of last year (Sep22) was $2,472 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $875 Mil.
Total Current Liabilities was $844 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.

Afry AB's current Net Income (TTM) was 115. ==> 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.

Afry AB's current Cash Flow from Operations (TTM) was 160. ==> 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 (Sep23)
=115.224/2552.865
=0.04513517

ROA (Last Year)=Net Income/Total Assets (Sep22)
=112.075/2472.113
=0.04533571

Afry AB's return on assets of this year was 0.04513517. Afry AB's return on assets of last year was 0.04533571. ==> 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.

Afry AB's current Net Income (TTM) was 115. Afry AB's current Cash Flow from Operations (TTM) was 160. ==> 160 > 115 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=0/2713.1556
=0

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=0/2635.013
=0

Afry AB's gearing of this year was 0. Afry 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: Sep24)=Total Current Assets/Total Current Liabilities
=971.16/781.895
=1.24205936

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=874.621/844.129
=1.03612244

Afry AB's current ratio of this year was 1.24205936. Afry AB's current ratio of last year was 1.03612244. ==> 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.

Afry AB's number of shares in issue this year was 113.252. Afry AB's number of shares in issue last year was 113.252. ==> 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
=2019.511/2629.048
=0.76815296

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1910.626/2481.432
=0.76996911

Afry AB's gross margin of this year was 0.76815296. Afry AB's gross margin of last year was 0.76996911. ==> 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 (Sep23)
=2629.048/2552.865
=1.02984216

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=2481.432/2472.113
=1.00376965

Afry AB's asset turnover of this year was 1.02984216. Afry AB's asset turnover of last year was 1.00376965. ==> 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+0+1+1+1+1+0+1
=7

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

Afry AB has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Afry AB  (OTCPK:AFXXF) 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.


Afry AB Piotroski F-Score Related Terms

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Afry AB Business Description

Traded in Other Exchanges
Address
Frosundaleden 2, Solna, Stockholm, SWE, SE-169 99
Afry AB is an engineering and consulting firm with projects in energy, industrial, and infrastructure markets. It develops solutions for public and private clients and can serve all regions of the world. The business divisions are Industrial & Digital Solutions, Infrastructure, Process Industries, Energy, and Management Consulting. It constructs plants and provides market analysis for power generation, manufacturing facilities, and refining chemicals. It also offers engineering, design, and advisory services across three main sectors: infrastructure, industry, and energy. It generates the majority of its revenue from the Infrastructure segment.

Afry AB Headlines

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