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Aquaporin AS (OCSE:AQP) Piotroski F-Score : 3 (As of Mar. 15, 2025)


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What is Aquaporin AS Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Aquaporin AS has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

OCSE:AQP' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 4   Max: 5
Current: 3

During the past 6 years, the highest Piotroski F-Score of Aquaporin AS was 5. The lowest was 3. And the median was 4.


Aquaporin AS Piotroski F-Score Historical Data

The historical data trend for Aquaporin AS'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.

Aquaporin AS Piotroski F-Score Chart

Aquaporin AS Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial N/A 3.00 5.00 4.00 3.00

Aquaporin AS Semi-Annual Data
Dec18 Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only - 4.00 - 3.00 -

Competitive Comparison of Aquaporin AS's Piotroski F-Score

For the Utilities - Regulated Water subindustry, Aquaporin AS'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.


Aquaporin AS's Piotroski F-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Aquaporin AS's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Aquaporin AS'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was kr-90.40 Mil.
Cash Flow from Operations was kr-80.48 Mil.
Revenue was kr59.53 Mil.
Gross Profit was kr19.32 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (270.546 + 262.562) / 2 = kr266.554 Mil.
Total Assets at the begining of this year (Dec22) was kr270.55 Mil.
Long-Term Debt & Capital Lease Obligation was kr50.27 Mil.
Total Current Assets was kr62.37 Mil.
Total Current Liabilities was kr39.84 Mil.
Net Income was kr-112.12 Mil.

Revenue was kr30.55 Mil.
Gross Profit was kr5.54 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (385.346 + 270.546) / 2 = kr327.946 Mil.
Total Assets at the begining of last year (Dec21) was kr385.35 Mil.
Long-Term Debt & Capital Lease Obligation was kr52.77 Mil.
Total Current Assets was kr67.28 Mil.
Total Current Liabilities was kr24.38 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.

Aquaporin AS's current Net Income (TTM) was -90.40. ==> 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.

Aquaporin AS's current Cash Flow from Operations (TTM) was -80.48. ==> 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 (Dec22)
=-90.396/270.546
=-0.33412433

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-112.119/385.346
=-0.2909567

Aquaporin AS's return on assets of this year was -0.33412433. Aquaporin AS's return on assets of last year was -0.2909567. ==> 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.

Aquaporin AS's current Net Income (TTM) was -90.40. Aquaporin AS's current Cash Flow from Operations (TTM) was -80.48. ==> -80.48 > -90.40 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=50.265/266.554
=0.18857342

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=52.774/327.946
=0.16092283

Aquaporin AS's gearing of this year was 0.18857342. Aquaporin AS's gearing of last year was 0.16092283. ==> Last year is lower than this year ==> Score 0.

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: Dec23)=Total Current Assets/Total Current Liabilities
=62.372/39.84
=1.56556225

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=67.283/24.379
=2.7598753

Aquaporin AS's current ratio of this year was 1.56556225. Aquaporin AS's current ratio of last year was 2.7598753. ==> 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.

Aquaporin AS's number of shares in issue this year was 16.194. Aquaporin AS's number of shares in issue last year was 15.567. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=19.323/59.531
=0.32458719

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5.535/30.554
=0.18115468

Aquaporin AS's gross margin of this year was 0.32458719. Aquaporin AS's gross margin of last year was 0.18115468. ==> This year's gross margin is higher. ==> Score 1.

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 (Dec22)
=59.531/270.546
=0.22004021

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=30.554/385.346
=0.07928978

Aquaporin AS's asset turnover of this year was 0.22004021. Aquaporin AS's asset turnover of last year was 0.07928978. ==> 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+0+0+1+0+0+0+1+1
=3

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

Aquaporin AS has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Aquaporin AS  (OCSE:AQP) 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.


Aquaporin AS Piotroski F-Score Related Terms

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Aquaporin AS Business Description

Traded in Other Exchanges
N/A
Address
Nymollevej 78, Kongens Lyngby, DNK, DK-2800
Aquaporin AS is a water technology company dedicated to rethinking water filtration with biotechnology. Its products include Clear Eco, Clear Ultra, Clear Plus, Clear Plus FR, and Clear Classic. The company operates geographically in four markets; EMEA, APAC, and Americas, out of which it derives a majority of its revenue from the APAC market.

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