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Green Hydrogen Systems A/S (OCSE:GREENH) Piotroski F-Score : 3 (As of May. 15, 2024)


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What is Green Hydrogen Systems A/S 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

Green Hydrogen Systems A/S 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 Green Hydrogen Systems A/S's Piotroski F-Score or its related term are showing as below:

OCSE:GREENH' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 4
Current: 3

During the past 7 years, the highest Piotroski F-Score of Green Hydrogen Systems A/S was 4. The lowest was 2. And the median was 4.


Green Hydrogen Systems A/S Piotroski F-Score Historical Data

The historical data trend for Green Hydrogen Systems A/S'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.

Green Hydrogen Systems A/S Piotroski F-Score Chart

Green Hydrogen Systems A/S Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial 4.00 4.00 4.00 2.00 3.00

Green Hydrogen Systems A/S Semi-Annual Data
Dec18 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 4.00 2.00 - 3.00

Competitive Comparison of Green Hydrogen Systems A/S's Piotroski F-Score

For the Utilities - Renewable subindustry, Green Hydrogen Systems A/S'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.


Green Hydrogen Systems A/S's Piotroski F-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Green Hydrogen Systems A/S's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Green Hydrogen Systems A/S'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 kr-406.20 Mil.
Cash Flow from Operations was kr-280.22 Mil.
Revenue was kr41.98 Mil.
Gross Profit was kr-127.38 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (1549.982 + 2366.022) / 2 = kr1958.002 Mil.
Total Assets at the begining of this year (Dec22) was kr1,549.98 Mil.
Long-Term Debt & Capital Lease Obligation was kr382.73 Mil.
Total Current Assets was kr781.60 Mil.
Total Current Liabilities was kr1,101.47 Mil.
Net Income was kr-282.32 Mil.

Revenue was kr10.42 Mil.
Gross Profit was kr-113.70 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (1295.001 + 1549.982) / 2 = kr1422.4915 Mil.
Total Assets at the begining of last year (Dec21) was kr1,295.00 Mil.
Long-Term Debt & Capital Lease Obligation was kr4.56 Mil.
Total Current Assets was kr491.21 Mil.
Total Current Liabilities was kr683.37 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.

Green Hydrogen Systems A/S's current Net Income (TTM) was -406.20. ==> 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.

Green Hydrogen Systems A/S's current Cash Flow from Operations (TTM) was -280.22. ==> 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 (Dec22)
=-406.196/1549.982
=-0.26206498

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-282.317/1295.001
=-0.21800524

Green Hydrogen Systems A/S's return on assets of this year was -0.26206498. Green Hydrogen Systems A/S's return on assets of last year was -0.21800524. ==> 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.

Green Hydrogen Systems A/S's current Net Income (TTM) was -406.20. Green Hydrogen Systems A/S's current Cash Flow from Operations (TTM) was -280.22. ==> -280.22 > -406.20 ==> 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
=382.729/1958.002
=0.19546916

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=4.56/1422.4915
=0.00320564

Green Hydrogen Systems A/S's gearing of this year was 0.19546916. Green Hydrogen Systems A/S's gearing of last year was 0.00320564. ==> 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

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=781.601/1101.467
=0.70960002

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=491.208/683.367
=0.71880556

Green Hydrogen Systems A/S's current ratio of this year was 0.70960002. Green Hydrogen Systems A/S's current ratio of last year was 0.71880556. ==> 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.

Green Hydrogen Systems A/S's number of shares in issue this year was 156.037. Green Hydrogen Systems A/S's number of shares in issue last year was 124.86. ==> 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
=-127.379/41.979
=-3.03435051

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-113.696/10.422
=-10.90923047

Green Hydrogen Systems A/S's gross margin of this year was -3.03435051. Green Hydrogen Systems A/S's gross margin of last year was -10.90923047. ==> 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 (Dec22)
=41.979/1549.982
=0.02708354

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=10.422/1295.001
=0.00804787

Green Hydrogen Systems A/S's asset turnover of this year was 0.02708354. Green Hydrogen Systems A/S's asset turnover of last year was 0.00804787. ==> 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
=0+0+0+1+0+0+0+1+1
=3

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

Green Hydrogen Systems A/S has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Green Hydrogen Systems A/S  (OCSE:GREENH) 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.


Green Hydrogen Systems A/S Piotroski F-Score Related Terms

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Green Hydrogen Systems A/S (OCSE:GREENH) Business Description

Traded in Other Exchanges
Address
Nordager 21, Kolding, DNK, DK-6000
Green Hydrogen Systems A/S is a provider of standardised and modular electrolysers for the production of green hydrogen solely based on renewable energy. The firm caters to industries that establish on-site green hydrogen production for different purposes as well as energy and transport companies being at the forefront of the development of Power-to-X applications and transition towards emission-free fuel. It generates revenue from the sale and installation of complete alkaline electrolysis solutions as well as the service of the installed systems. The company derives its revenue from Denmark, Norway, Sweden and other countries.

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