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Ependion AB (OSTO:EPEN) Piotroski F-Score : 6 (As of Dec. 13, 2024)


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What is Ependion AB 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

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

OSTO:EPEN' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Ependion AB was 8. The lowest was 3. And the median was 6.


Ependion AB Piotroski F-Score Historical Data

The historical data trend for Ependion 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.

Ependion AB Piotroski F-Score Chart

Ependion AB 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 6.00 4.00 6.00 7.00 8.00

Ependion AB 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 6.00 8.00 6.00 6.00 6.00

Competitive Comparison of Ependion AB's Piotroski F-Score

For the Communication Equipment subindustry, Ependion 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.


Ependion AB's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Ependion AB's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Ependion AB'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 34.058 + 51.493 + 39.772 + 31.412 = kr157 Mil.
Cash Flow from Operations was 170.393 + 49.979 + 129.257 + 122.878 = kr473 Mil.
Revenue was 589.731 + 598.521 + 588.355 + 493.033 = kr2,270 Mil.
Gross Profit was 289.15 + 299.517 + 297.754 + 255.258 = kr1,142 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(2741.907 + 2572.41 + 2667.72 + 2681.718 + 2690.643) / 5 = kr2670.8796 Mil.
Total Assets at the begining of this year (Sep23) was kr2,742 Mil.
Long-Term Debt & Capital Lease Obligation was kr533 Mil.
Total Current Assets was kr1,018 Mil.
Total Current Liabilities was kr621 Mil.
Net Income was 51.083 + 56.095 + 57.857 + 52.498 = kr218 Mil.

Revenue was 588.567 + 623.174 + 638.407 + 619.334 = kr2,469 Mil.
Gross Profit was 283.951 + 304.457 + 315.746 + 313.578 = kr1,218 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(2393.206 + 2432.793 + 2558.937 + 2749.563 + 2741.907) / 5 = kr2575.2812 Mil.
Total Assets at the begining of last year (Sep22) was kr2,393 Mil.
Long-Term Debt & Capital Lease Obligation was kr546 Mil.
Total Current Assets was kr1,215 Mil.
Total Current Liabilities was kr769 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.

Ependion AB's current Net Income (TTM) was 157. ==> 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.

Ependion AB's current Cash Flow from Operations (TTM) was 473. ==> 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 (Sep23)
=156.735/2741.907
=0.05716277

ROA (Last Year)=Net Income/Total Assets (Sep22)
=217.533/2393.206
=0.09089606

Ependion AB's return on assets of this year was 0.05716277. Ependion AB's return on assets of last year was 0.09089606. ==> 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.

Ependion AB's current Net Income (TTM) was 157. Ependion AB's current Cash Flow from Operations (TTM) was 473. ==> 473 > 157 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=533.183/2670.8796
=0.19962824

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=545.85/2575.2812
=0.21195744

Ependion AB's gearing of this year was 0.19962824. Ependion AB's gearing of last year was 0.21195744. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=1017.562/621.398
=1.63753665

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=1214.64/768.98
=1.57954693

Ependion AB's current ratio of this year was 1.63753665. Ependion AB's current ratio of last year was 1.57954693. ==> 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.

Ependion AB's number of shares in issue this year was 29.085. Ependion AB's number of shares in issue last year was 29.004. ==> 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
=1141.679/2269.64
=0.50302207

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1217.732/2469.482
=0.49311232

Ependion AB's gross margin of this year was 0.50302207. Ependion AB's gross margin of last year was 0.49311232. ==> 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 (Sep23)
=2269.64/2741.907
=0.82775966

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=2469.482/2393.206
=1.03187189

Ependion AB's asset turnover of this year was 0.82775966. Ependion AB's asset turnover of last year was 1.03187189. ==> 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+0+1+1+1+0+1+0
=6

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

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

Ependion AB  (OSTO:EPEN) 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.


Ependion AB Piotroski F-Score Related Terms

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Ependion AB Business Description

Traded in Other Exchanges
Address
Stora Varvsgatan 13a, Box 426, Malmo, SWE, SE-201 24
Ependion AB is an expansive technology group delivering digital solutions for secure control, management, visualization, and data communication for industrial applications in environments where reliability and high quality are critical factors. Its segments are Beijer Electronics and Westermo business.

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