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Gjensidige Forsikring ASA Piotroski F-Score

: 6 (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

Gjensidige Forsikring ASA 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 Gjensidige Forsikring ASA's Piotroski F-Score or its related term are showing as below:

OTCPK:GJNSY' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 7
Current: 6

1
7

During the past 13 years, the highest Piotroski F-Score of Gjensidige Forsikring ASA was 7. The lowest was 1. And the median was 4.


Gjensidige Forsikring ASA Piotroski F-Score Historical Data

The historical data trend for Gjensidige Forsikring 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.

Gjensidige Forsikring ASA Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 2.00 2.00 6.00 6.00

Gjensidige Forsikring ASA 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 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 Premium Member Only Premium Member Only Premium Member Only 4.00 6.00 5.00 7.00 6.00

Competitive Comparison

For the Insurance - Diversified subindustry, Gjensidige Forsikring 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.

   

Gjensidige Forsikring ASA Piotroski F-Score Distribution

For the Insurance industry and Financial Services sector, Gjensidige Forsikring ASA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Gjensidige Forsikring 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 (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 221.69264163728 + 157.45885559223 + 215.97749047263 + 172.67823937724 = $768 Mil.
Cash Flow from Operations was 43.194634263991 + 682.32170756634 + -251.39200531871 + 110.77232251135 = $585 Mil.
Revenue was 943.1728129917 + 917.30003406675 + 968.3608172763 + 926.55602138988 = $3,755 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(12564.914157235 + 13587.99140931 + 15066.947032081 + 15019.304056701 + 14762.921127704) / 5 = $14200.41555661 Mil.
Total Assets at the begining of this year (Sep20) was $12,565 Mil.
Long-Term Debt & Capital Lease Obligation was $426 Mil.
Total Assets was $14,763 Mil.
Total Liabilities was $11,874 Mil.
Net Income was 163.27570921986 + -46.795504037968 + 204.77289415714 + 169.24067626418 = $490 Mil.

Revenue was 819.59219858156 + 520.08241946037 + 855.82712682262 + 846.23612490586 = $3,042 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(12292.028027939 + 12456.327570922 + 11464.322334307 + 12469.579355922 + 12564.914157235) / 5 = $12249.43428926 Mil.
Total Assets at the begining of last year (Sep19) was $12,292 Mil.
Long-Term Debt & Capital Lease Obligation was $284 Mil.
Total Assets was $12,565 Mil.
Total Liabilities was $9,983 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.

Gjensidige Forsikring ASA's current Net Income (TTM) was 768. ==> 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.

Gjensidige Forsikring ASA's current Cash Flow from Operations (TTM) was 585. ==> 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 (Sep20)
=767.80722707939/12564.914157235
=0.06110724

ROA (Last Year)=Net Income/Total Assets (Sep19)
=490.4937756032/12292.028027939
=0.03990341

Gjensidige Forsikring ASA's return on assets of this year was 0.06110724. Gjensidige Forsikring ASA's return on assets of last year was 0.03990341. ==> 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.

Gjensidige Forsikring ASA's current Net Income (TTM) was 768. Gjensidige Forsikring ASA's current Cash Flow from Operations (TTM) was 585. ==> 585 <= 768 ==> 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
=426.05361329591/14200.41555661
=0.0300029

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=283.70133484681/12249.43428926
=0.02316036

Gjensidige Forsikring ASA's gearing of this year was 0.0300029. Gjensidige Forsikring ASA's gearing of last year was 0.02316036. ==> Last year is lower than this year ==> Score 0.

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
=14762.921127704/11873.739648661
=1.24332532

Current Ratio (Last Year: Sep20)=Total Assets/Total Liabilities
=12564.914157235/9982.9515067506
=1.2586372

Gjensidige Forsikring ASA's current ratio of this year was 1.24332532. Gjensidige Forsikring ASA's current ratio of last year was 1.2586372. ==> 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.

Gjensidige Forsikring ASA's number of shares in issue this year was 500.033. Gjensidige Forsikring ASA's number of shares in issue last year was 500.194. ==> 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
=767.80722707939/3755.3896857246
=0.20445474

Net Margin (Last Year: TTM)=Net Income/Revenue
=490.4937756032/3041.7378697704
=0.16125445

Gjensidige Forsikring ASA's net margin of this year was 0.20445474. Gjensidige Forsikring ASA's net margin of last year was 0.16125445. ==> 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)
=3755.3896857246/12564.914157235
=0.29887906

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=3041.7378697704/12292.028027939
=0.24745614

Gjensidige Forsikring ASA's asset turnover of this year was 0.29887906. Gjensidige Forsikring ASA's asset turnover of last year was 0.24745614. ==> 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+1+1+0+0+0+1+1+1
=6

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

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

Gjensidige Forsikring ASA  (OTCPK:GJNSY) 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.


Gjensidige Forsikring ASA Piotroski F-Score Related Terms

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Gjensidige Forsikring ASA Business Description

Gjensidige Forsikring ASA logo
Industry
Address
Schweigaardsgate 21, Oslo, NOR, 0191
Gjensidige Forsikring is a diversified insurance company that operates in multiple business segments, including general insurance private; general insurance commercial; general insurance Denmark; general insurance Sweden; general insurance Baltics; and pension. The company provides general, accident, and health insurance products, among others. The vast majority of the company's revenue is generated from its private and commercial segments. The private segment offers a range of products in the Norwegian private market, while the commercial segment provides products to the commercial, agricultural, and municipality markets in Norway. The company considers mergers and acquisitions a component of its operational growth strategy.

Gjensidige Forsikring ASA Headlines

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