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Black Sea PropertyAQSE:BSP Piotroski F-Score is 6 as of Aug. 03, 2026, which is 20% above its 10-year median of 5.00. The stock has 8 warning signs investors should review. Among 1,753 Real Estate companies, Black Sea Property ranks better than 79.41% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Black Sea Property 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 Black Sea Property's Piotroski F-Score or its related term are showing as below:
AQSE:BSP'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 7
Current: 6
During the past 10 years, the highest Piotroski F-Score of Black Sea Property was 7. The lowest was 3. And the median was 5.
Black Sea Property (AQSE:BSP) 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.
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.
Black Sea Property Piotroski F-Score Related Terms
Black Sea Property Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Black Sea Property'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.
AQSE:BSP vs CBRE, BEKE, JLL: Piotroski F-Score Comparison
For the Real Estate Services subindustry, Black Sea Property'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.
Black Sea Property Piotroski F-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Black Sea Property's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Black Sea Property's Piotroski F-Score falls into.
* 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.
*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.
Black Sea Property's current Net Income (TTM) was 0.33.
==> 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.
Black Sea Property's return on assets of this year was 0.00318138. Black Sea Property's return on assets of last year was 0.02015021.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Black Sea Property's gearing of this year was 0.11495055. Black Sea Property's gearing of last year was 0.13982995.
==> 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
Black Sea Property's current ratio of this year was 0.49480062. Black Sea Property's current ratio of last year was 0.56795099.
==> 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.
Black Sea Property's number of shares in issue this year was 2458.324. Black Sea Property's number of shares in issue last year was 2458.324.
==> 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.
Black Sea Property's gross margin of this year was 0.26735911. Black Sea Property's gross margin of last year was 0.36456516.
==> 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
Black Sea Property's asset turnover of this year was 0.05089225. Black Sea Property's asset turnover of last year was 0.03965807.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Black Sea Property has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Black Sea Property (AQSE:BSP) has a Piotroski F-Score of 6 as of Aug. 03, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Black Sea Property and its competitors. This is 20% above median its historical median of 5.00. Over the past decade, Black Sea Property's Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, Black Sea Property ranks #361 out of 1753 companies in the Real Estate industry, placing it in the top 20.6%.
Is Black Sea Property's Piotroski F-Score too high?
Black Sea Property's current Piotroski F-Score of 6 is 20% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The Real Estate industry median Piotroski F-Score is 5.00. Black Sea Property's value of 6 is 20% above this industry median. Based on the distribution chart, Black Sea Property ranks #361 out of 1753 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers.
How does Black Sea Property's Piotroski F-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Black Sea Property ranks #361 out of 1753 companies for Piotroski F-Score. This places Black Sea Property in the top 21% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Black Sea Property's value of 6 is 20% above this benchmark. Historically, Black Sea Property's own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Black Sea Property has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Real Estate company?
The median Piotroski F-Score among Real Estate companies is 5.00, based on 1,753 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Black Sea Property's current Piotroski F-Score of 6 is 20% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Black Sea Property and its competitors. For the Real Estate industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Black Sea Property's current Piotroski F-Score is 6, which is 20% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Black Sea Property stock overvalued right now?
Based on GuruFocus' analysis, Black Sea Property (AQSE:BSP) is currently considered Fairly Valued. The stock's GF Value™ is €0.02, compared to a current price of €0.02 — trading right at its estimated fair value. The current Piotroski F-Score is 6, which is 20% above median its 10-year median of 5.00 and 20% above the Real Estate industry median of 5.00. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Black Sea Property (AQSE:BSP), the current Piotroski F-Score is 6 as of Aug. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Black Sea Property PLC is a real estate company focused on investments in Bulgaria. It seeks to generate capital gains through development, financing and sale of property in Bulgaria, including the prime areas of Bulgaria's Black Sea coast, the ski resorts and the capital, Sofia. The Board is seeking to create a diverse portfolio of opportunistic and value-added Bulgarian real estate assets, including development land, partially completed construction projects and completed buildings.
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