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EQT AB (OSTO:EQT) Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

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

EQT AB has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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

OSTO:EQT' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 4

During the past 9 years, the highest Piotroski F-Score of EQT AB was 9. The lowest was 3. And the median was 5.


EQT AB Piotroski F-Score Historical Data

The historical data trend for EQT 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.

EQT AB Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 5.00 3.00 4.00

EQT AB Semi-Annual Data
Dec16 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Piotroski F-Score 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 5.00 - 3.00 - 4.00

Competitive Comparison

For the Asset Management subindustry, EQT 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.


EQT AB Piotroski F-Score Distribution

For the Asset Management industry and Financial Services sector, EQT AB's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where EQT 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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was kr1,453 Mil.
Cash Flow from Operations was kr10,569 Mil.
Revenue was kr23,317 Mil.
Gross Profit was kr11,887 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (105567.567 + 103004.425) / 2 = kr104285.996 Mil.
Total Assets at the begining of this year (Dec22) was kr105,568 Mil.
Long-Term Debt & Capital Lease Obligation was kr23,626 Mil.
Total Current Assets was kr32,431 Mil.
Total Current Liabilities was kr8,186 Mil.
Net Income was kr1,938 Mil.

Revenue was kr16,461 Mil.
Gross Profit was kr9,827 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (39970.617 + 105567.567) / 2 = kr72769.092 Mil.
Total Assets at the begining of last year (Dec21) was kr39,971 Mil.
Long-Term Debt & Capital Lease Obligation was kr23,279 Mil.
Total Current Assets was kr30,794 Mil.
Total Current Liabilities was kr7,487 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.

EQT AB's current Net Income (TTM) was 1,453. ==> 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.

EQT AB's current Cash Flow from Operations (TTM) was 10,569. ==> 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 (Dec22)
=1453.067/105567.567
=0.01376433

ROA (Last Year)=Net Income/Total Assets (Dec21)
=1938.179/39970.617
=0.04849009

EQT AB's return on assets of this year was 0.01376433. EQT AB's return on assets of last year was 0.04849009. ==> 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.

EQT AB's current Net Income (TTM) was 1,453. EQT AB's current Cash Flow from Operations (TTM) was 10,569. ==> 10,569 > 1,453 ==> 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
=23626.038/104285.996
=0.22655044

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=23279.041/72769.092
=0.31990286

EQT AB's gearing of this year was 0.22655044. EQT AB's gearing of last year was 0.31990286. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=32430.571/8185.945
=3.9617382

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=30794.296/7486.672
=4.11321559

EQT AB's current ratio of this year was 3.9617382. EQT AB's current ratio of last year was 4.11321559. ==> 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.

EQT AB's number of shares in issue this year was 1186.434. EQT AB's number of shares in issue last year was 1032.594. ==> 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
=11887.406/23317.303
=0.5098105

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=9827.218/16460.783
=0.59700793

EQT AB's gross margin of this year was 0.5098105. EQT AB's gross margin of last year was 0.59700793. ==> 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 (Dec22)
=23317.303/105567.567
=0.22087563

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=16460.783/39970.617
=0.41182209

EQT AB's asset turnover of this year was 0.22087563. EQT AB's asset turnover of last year was 0.41182209. ==> 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+0+0+0+0
=4

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

EQT AB has an F-score of 4 indicating the company's financial situation is typical for a stable company.

EQT AB  (OSTO:EQT) 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.


EQT AB Piotroski F-Score Related Terms

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EQT AB (OSTO:EQT) Business Description

Address
Regeringsgatan 25, Stockholm, SWE, SE-111 53
EQT AB is an investment management company. The company manages and advises investment funds and other investment units investing worldwide with the goal of creating attractive returns and future-proof companies. It has two business segments namely, Private Capital and Real Assets. It generates maximum revenue from Private Capital segment. Geographically, it has a presence in Germany; Norway; Denmark; Netherlands; Singapore, and other countries.

EQT AB (OSTO:EQT) Headlines

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