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Norwegian Air Shuttle ASA (OSL:NAS) Piotroski F-Score : 7 (As of May. 16, 2024)


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What is Norwegian Air Shuttle ASA Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

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

Norwegian Air Shuttle ASA 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 Norwegian Air Shuttle ASA's Piotroski F-Score or its related term are showing as below:

OSL:NAS' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Norwegian Air Shuttle ASA was 7. The lowest was 2. And the median was 5.


Norwegian Air Shuttle ASA Piotroski F-Score Historical Data

The historical data trend for Norwegian Air Shuttle ASA'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.

Norwegian Air Shuttle ASA Piotroski F-Score Chart

Norwegian Air Shuttle ASA 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 3.00 4.00 6.00 7.00

Norwegian Air Shuttle ASA Quarterly Data
Mar19 Jun19 Sep19 Dec19 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 N/A 6.00 7.00 7.00 7.00

Competitive Comparison of Norwegian Air Shuttle ASA's Piotroski F-Score

For the Airlines subindustry, Norwegian Air Shuttle ASA'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.


Norwegian Air Shuttle ASA's Piotroski F-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Norwegian Air Shuttle ASA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Norwegian Air Shuttle ASA'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 537.9 + 2039.1 + 152.8 + -903.5 = kr1,826 Mil.
Cash Flow from Operations was 1494.6 + 1211.8 + 937.6 + 3082.5 = kr6,727 Mil.
Revenue was 6871.3 + 8775.7 + 5917.4 + 6144.4 = kr27,709 Mil.
Gross Profit was 1308.6 + 2769.7 + 1659 + 259.2 = kr5,997 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(28389.5 + 30319.9 + 31519.6 + 30550 + 38064.7) / 5 = kr31768.74 Mil.
Total Assets at the begining of this year (Mar23) was kr28,390 Mil.
Long-Term Debt & Capital Lease Obligation was kr14,212 Mil.
Total Current Assets was kr15,936 Mil.
Total Current Liabilities was kr14,212 Mil.
Net Income was 1248.3 + 909.7 + -118.9 + -992.8 = kr1,046 Mil.

Revenue was 4868.5 + 7115.6 + 4969.1 + 3974.9 = kr20,928 Mil.
Gross Profit was -269.9 + 1589.7 + 1031.2 + -300.5 = kr2,051 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(20084.9 + 24150.6 + 24841.1 + 22669.6 + 28389.5) / 5 = kr24027.14 Mil.
Total Assets at the begining of last year (Mar22) was kr20,085 Mil.
Long-Term Debt & Capital Lease Obligation was kr10,974 Mil.
Total Current Assets was kr12,572 Mil.
Total Current Liabilities was kr11,837 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.

Norwegian Air Shuttle ASA's current Net Income (TTM) was 1,826. ==> 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.

Norwegian Air Shuttle ASA's current Cash Flow from Operations (TTM) was 6,727. ==> 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 (Mar23)
=1826.3/28389.5
=0.06433012

ROA (Last Year)=Net Income/Total Assets (Mar22)
=1046.3/20084.9
=0.05209386

Norwegian Air Shuttle ASA's return on assets of this year was 0.06433012. Norwegian Air Shuttle ASA's return on assets of last year was 0.05209386. ==> 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.

Norwegian Air Shuttle ASA's current Net Income (TTM) was 1,826. Norwegian Air Shuttle ASA's current Cash Flow from Operations (TTM) was 6,727. ==> 6,727 > 1,826 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=14211.6/31768.74
=0.44734541

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=10973.6/24027.14
=0.45671686

Norwegian Air Shuttle ASA's gearing of this year was 0.44734541. Norwegian Air Shuttle ASA's gearing of last year was 0.45671686. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=15936.1/14212.1
=1.12130509

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=12572/11837.1
=1.06208446

Norwegian Air Shuttle ASA's current ratio of this year was 1.12130509. Norwegian Air Shuttle ASA's current ratio of last year was 1.06208446. ==> 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.

Norwegian Air Shuttle ASA's number of shares in issue this year was 962.251. Norwegian Air Shuttle ASA's number of shares in issue last year was 930.753. ==> 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
=5996.5/27708.8
=0.21641139

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2050.5/20928.1
=0.09797832

Norwegian Air Shuttle ASA's gross margin of this year was 0.21641139. Norwegian Air Shuttle ASA's gross margin of last year was 0.09797832. ==> 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 (Mar23)
=27708.8/28389.5
=0.97602283

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=20928.1/20084.9
=1.04198179

Norwegian Air Shuttle ASA's asset turnover of this year was 0.97602283. Norwegian Air Shuttle ASA's asset turnover of last year was 1.04198179. ==> 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
=1+1+1+1+1+1+0+1+0
=7

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

Norwegian Air Shuttle ASA has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Norwegian Air Shuttle ASA  (OSL:NAS) 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.


Norwegian Air Shuttle ASA Piotroski F-Score Related Terms

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Norwegian Air Shuttle ASA (OSL:NAS) Business Description

Traded in Other Exchanges
Address
Oksenoyveien 3, Fornebu, P.O. Box 113, Lysaker, NOR, NO-1366
Norwegian Air Shuttle ASA operates a short-haul network across the Nordics and to key European destinations. The group provides its customers with excellent quality at affordable fares with a network of more than 300 routes. The group has one operating segment, which is low-cost air passenger travel. Norwegian believes in affordable fares for all and offers quality flights at a low fare based on operational excellence and helpful, friendly service.

Norwegian Air Shuttle ASA (OSL:NAS) Headlines

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