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VEF (OSTO:VEMF SDB P1) Piotroski F-Score : 5 (As of Jul. 15, 2025)


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What is VEF 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

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

OSTO:VEMF SDB P1' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 6
Current: 5

During the past 6 years, the highest Piotroski F-Score of VEF was 6. The lowest was 2. And the median was 4.


VEF Piotroski F-Score Historical Data

The historical data trend for VEF'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.

VEF Piotroski F-Score Chart

VEF Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Get a 7-Day Free Trial N/A 3.00 3.00 6.00 6.00

VEF Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
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 2.00 6.00 5.00 5.00 5.00

Competitive Comparison of VEF's Piotroski F-Score

For the Asset Management subindustry, VEF'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.


VEF's Piotroski F-Score Distribution in the Asset Management Industry

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

* The bar in red indicates where VEF'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 (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 505.725 + 130.462 + 4.03 + 447.534 = kr1,088 Mil.
Cash Flow from Operations was -474.539 + -0.077 + 23.46 + -801.1 = kr-1,252 Mil.
Revenue was 533.332 + 139.432 + 29.044 + 466.664 = kr1,168 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(2379.933 + 3252.744 + 3454.83 + 3402.202 + 4799.408) / 5 = kr3457.8234 Mil.
Total Assets at the begining of this year (Sep20) was kr2,380 Mil.
Long-Term Debt & Capital Lease Obligation was kr0 Mil.
Total Assets was kr4,799 Mil.
Total Liabilities was kr14 Mil.
Net Income was 7.282 + -612.003 + 341.807 + 393.437 = kr131 Mil.

Revenue was 19.959 + -607.031 + 354.86 + 401.203 = kr169 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(2473.538 + 2367.004 + 1842.061 + 2087.852 + 2379.933) / 5 = kr2230.0776 Mil.
Total Assets at the begining of last year (Sep19) was kr2,474 Mil.
Long-Term Debt & Capital Lease Obligation was kr1 Mil.
Total Assets was kr2,380 Mil.
Total Liabilities was kr5 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.

VEF's current Net Income (TTM) was 1,088. ==> 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.

VEF's current Cash Flow from Operations (TTM) was -1,252. ==> 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 (Sep20)
=1087.751/2379.933
=0.4570511

ROA (Last Year)=Net Income/Total Assets (Sep19)
=130.523/2473.538
=0.05276774

VEF's return on assets of this year was 0.4570511. VEF's return on assets of last year was 0.05276774. ==> 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.

VEF's current Net Income (TTM) was 1,088. VEF's current Cash Flow from Operations (TTM) was -1,252. ==> -1,252 <= 1,088 ==> 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: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=0.147/3457.8234
=4.251E-5

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=0.673/2230.0776
=0.00030178

VEF's gearing of this year was 4.251E-5. VEF's gearing of last year was 0.00030178. ==> 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

* 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: Sep21)=Total Assets/Total Liabilities
=4799.408/13.995
=342.93733476

Current Ratio (Last Year: Sep20)=Total Assets/Total Liabilities
=2379.933/5.145
=462.57201166

VEF's current ratio of this year was 342.93733476. VEF's current ratio of last year was 462.57201166. ==> 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.

VEF's number of shares in issue this year was 0. VEF's number of shares in issue last year was 0. ==> 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
=1087.751/1168.472
=0.93091747

Net Margin (Last Year: TTM)=Net Income/Revenue
=130.523/168.991
=0.77236658

VEF's net margin of this year was 0.93091747. VEF's net margin of last year was 0.77236658. ==> 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 (Sep20)
=1168.472/2379.933
=0.49096844

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=168.991/2473.538
=0.06831955

VEF's asset turnover of this year was 0.49096844. VEF's asset turnover of last year was 0.06831955. ==> 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+1+0+1+1+1
=6

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

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

VEF  (OSTO:VEMF SDB P1) 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.


VEF Piotroski F-Score Related Terms

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VEF Business Description

Traded in Other Exchanges
N/A
Address
2 Church Street, Clarendon House, Hamilton, BMU, HM 11
VEF Ltd is an investment company. The company invests in early and growth-stage fintech companies across emerging and frontier markets. The firm's portfolio includes Konfio, JUMO, FinanZero, and XERPA, among others.

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