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ADDvise Group AB (OSTO:ADDV B) Piotroski F-Score : 3 (As of Jul. 22, 2025)


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What is ADDvise Group AB 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

ADDvise Group AB 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 ADDvise Group AB's Piotroski F-Score or its related term are showing as below:

OSTO:ADDV B' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 7
Current: 3

During the past 13 years, the highest Piotroski F-Score of ADDvise Group AB was 7. The lowest was 1. And the median was 5.


ADDvise Group AB Piotroski F-Score Historical Data

The historical data trend for ADDvise Group 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.

ADDvise Group AB Piotroski F-Score Chart

ADDvise Group AB Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 6.00 4.00 4.00

ADDvise Group AB Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25
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 4.00 2.00 4.00 N/A 3.00

Competitive Comparison of ADDvise Group AB's Piotroski F-Score

For the Medical Instruments & Supplies subindustry, ADDvise Group 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.


ADDvise Group AB's Piotroski F-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, ADDvise Group AB's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where ADDvise Group AB's Piotroski F-Score falls into.


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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 (Jun25) TTM:Last Year (Jun24) TTM:
Net Income was 11.8 + 5.5 + 25.6 + -82.8 = kr-40 Mil.
Cash Flow from Operations was -2.3 + 49.2 + 36.6 + 16.8 = kr100 Mil.
Revenue was 403.6 + 441.6 + 424 + 396.1 = kr1,665 Mil.
Gross Profit was 212 + 244.3 + 230.3 + 211.2 = kr898 Mil.
Average Total Assets from the begining of this year (Jun24)
to the end of this year (Jun25) was
(3498.5 + 3373.2 + 3446.7 + 3134.1 + 2936.2) / 5 = kr3277.74 Mil.
Total Assets at the begining of this year (Jun24) was kr3,499 Mil.
Long-Term Debt & Capital Lease Obligation was kr965 Mil.
Total Current Assets was kr632 Mil.
Total Current Liabilities was kr732 Mil.
Net Income was 34.8 + 29.9 + 42.9 + 29.8 = kr137 Mil.

Revenue was 321.1 + 397 + 413.4 + 412.3 = kr1,544 Mil.
Gross Profit was 210.8 + 254.6 + 227.5 + 223.1 = kr916 Mil.
Average Total Assets from the begining of last year (Jun23)
to the end of last year (Jun24) was
(2506.4 + 2383.9 + 3287.4 + 3405.1 + 3498.5) / 5 = kr3016.26 Mil.
Total Assets at the begining of last year (Jun23) was kr2,506 Mil.
Long-Term Debt & Capital Lease Obligation was kr1,734 Mil.
Total Current Assets was kr969 Mil.
Total Current Liabilities was kr616 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.

ADDvise Group AB's current Net Income (TTM) was -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.

ADDvise Group AB's current Cash Flow from Operations (TTM) was 100. ==> 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 (Jun24)
=-39.9/3498.5
=-0.01140489

ROA (Last Year)=Net Income/Total Assets (Jun23)
=137.4/2506.4
=0.05481966

ADDvise Group AB's return on assets of this year was -0.01140489. ADDvise Group AB's return on assets of last year was 0.05481966. ==> 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.

ADDvise Group AB's current Net Income (TTM) was -40. ADDvise Group AB's current Cash Flow from Operations (TTM) was 100. ==> 100 > -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: Jun25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun24 to Jun25
=964.7/3277.74
=0.29431865

Gearing (Last Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=1734.1/3016.26
=0.57491728

ADDvise Group AB's gearing of this year was 0.29431865. ADDvise Group AB's gearing of last year was 0.57491728. ==> 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: Jun25)=Total Current Assets/Total Current Liabilities
=631.9/732.1
=0.86313345

Current Ratio (Last Year: Jun24)=Total Current Assets/Total Current Liabilities
=969.3/615.8
=1.57405002

ADDvise Group AB's current ratio of this year was 0.86313345. ADDvise Group AB's current ratio of last year was 1.57405002. ==> 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.

ADDvise Group AB's number of shares in issue this year was 603.162. ADDvise Group AB's number of shares in issue last year was 198.834. ==> 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
=897.8/1665.3
=0.53912208

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=916/1543.8
=0.59334111

ADDvise Group AB's gross margin of this year was 0.53912208. ADDvise Group AB's gross margin of last year was 0.59334111. ==> 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 (Jun24)
=1665.3/3498.5
=0.476004

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun23)
=1543.8/2506.4
=0.61594319

ADDvise Group AB's asset turnover of this year was 0.476004. ADDvise Group AB's asset turnover of last year was 0.61594319. ==> 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
=0+1+0+1+1+0+0+0+0
=3

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

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

ADDvise Group AB  (OSTO:ADDV B) 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.


ADDvise Group AB Piotroski F-Score Related Terms

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ADDvise Group AB Business Description

Traded in Other Exchanges
Address
Grev Turegatan 30, Floor 4, Stockholm, SWE, SE-114 38
ADDvise Group AB e is an international life science company. Operating a decentralized ownership model, in which company develop and acquire high quality companies within the business areas Lab and Healthcare.

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