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Danske Bank AS (OCSE:DANSKE) Piotroski F-Score : 6 (As of Dec. 13, 2024)


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What is Danske Bank AS 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

Danske Bank AS 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 Danske Bank AS's Piotroski F-Score or its related term are showing as below:

OCSE:DANSKE' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Danske Bank AS was 8. The lowest was 1. And the median was 5.


Danske Bank AS Piotroski F-Score Historical Data

The historical data trend for Danske Bank 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.

Danske Bank AS Piotroski F-Score Chart

Danske Bank AS 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 3.00 4.00 6.00 1.00 8.00

Danske Bank AS 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 8.00 8.00 8.00 8.00 6.00

Competitive Comparison of Danske Bank AS's Piotroski F-Score

For the Banks - Regional subindustry, Danske Bank 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.


Danske Bank AS's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Danske Bank AS's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Danske Bank 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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 5765 + 5629 + 5839 + 6165 = kr23,398 Mil.
Cash Flow from Operations was -37171 + -3004 + -2782 + -2826 = kr-45,783 Mil.
Revenue was 17332 + 13935 + 14060 + 13801 = kr59,128 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(3829199 + 3770981 + 3709808 + 3763759 + 3743442) / 5 = kr3763437.8 Mil.
Total Assets at the begining of this year (Sep23) was kr3,829,199 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,138,849 Mil.
Total Assets was kr3,743,442 Mil.
Total Liabilities was kr3,566,527 Mil.
Net Income was 4556 + 5167 + 5011 + 5319 = kr20,053 Mil.

Revenue was 13047 + 13392 + 12886 + 12905 = kr52,230 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(4312177 + 3790556 + 3791407 + 3731608 + 3829199) / 5 = kr3890989.4 Mil.
Total Assets at the begining of last year (Sep22) was kr4,312,177 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,083,305 Mil.
Total Assets was kr3,829,199 Mil.
Total Liabilities was kr3,660,558 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.

Danske Bank AS's current Net Income (TTM) was 23,398. ==> 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.

Danske Bank AS's current Cash Flow from Operations (TTM) was -45,783. ==> 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 (Sep23)
=23398/3829199
=0.00611042

ROA (Last Year)=Net Income/Total Assets (Sep22)
=20053/4312177
=0.00465032

Danske Bank AS's return on assets of this year was 0.00611042. Danske Bank AS's return on assets of last year was 0.00465032. ==> 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.

Danske Bank AS's current Net Income (TTM) was 23,398. Danske Bank AS's current Cash Flow from Operations (TTM) was -45,783. ==> -45,783 <= 23,398 ==> CFROA <= ROA ==> Score 0.

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
=1138849/3763437.8
=0.30260869

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=1083305/3890989.4
=0.27841376

Danske Bank AS's gearing of this year was 0.30260869. Danske Bank AS's gearing of last year was 0.27841376. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Sep24)=Total Assets/Total Liabilities
=3743442/3566527
=1.04960428

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=3829199/3660558
=1.04606975

Danske Bank AS's current ratio of this year was 1.04960428. Danske Bank AS's current ratio of last year was 1.04606975. ==> 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.

Danske Bank AS's number of shares in issue this year was 856.25. Danske Bank AS's number of shares in issue last year was 857.903. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=23398/59128
=0.39571776

Net Margin (Last Year: TTM)=Net Income/Revenue
=20053/52230
=0.38393643

Danske Bank AS's net margin of this year was 0.39571776. Danske Bank AS's net margin of last year was 0.38393643. ==> This year's net 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 (Sep23)
=59128/3829199
=0.01544135

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=52230/4312177
=0.01211221

Danske Bank AS's asset turnover of this year was 0.01544135. Danske Bank AS's asset turnover of last year was 0.01211221. ==> 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+0+1+0+0+1+1+1+1
=6

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

Danske Bank AS has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Danske Bank AS  (OCSE:DANSKE) 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.


Danske Bank AS Piotroski F-Score Related Terms

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Danske Bank AS Business Description

Address
Holmens Kanal 2-12, Copenhagen, DNK, DK-1092
Founded in 1871, Danske Bank's headquarters are in Copenhagen, Denmark. It is the largest Danish bank with a dominant market share of 24% in lending and 27% in deposits. It operates through 144 branches in Denmark, Finland, Sweden, Norway, and Northern Ireland.

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