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Morrow Bank ASA (OSL:MOBA) Piotroski F-Score : 6 (As of Jun. 05, 2024)


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What is Morrow Bank ASA 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

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

OSL:MOBA' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 6

During the past 10 years, the highest Piotroski F-Score of Morrow Bank ASA was 8. The lowest was 2. And the median was 5.


Morrow Bank ASA Piotroski F-Score Historical Data

The historical data trend for Morrow Bank 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.

Morrow Bank ASA Piotroski F-Score Chart

Morrow Bank ASA 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 4.00 7.00 2.00 5.00 6.00

Morrow Bank ASA Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 5.00 4.00 2.00 6.00 6.00

Competitive Comparison of Morrow Bank ASA's Piotroski F-Score

For the Banks - Regional subindustry, Morrow Bank 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.


Morrow Bank ASA's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Morrow Bank ASA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Morrow Bank 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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 41.2 + 35.7 + 35.1 + 43.7 = kr156 Mil.
Cash Flow from Operations was -470 + 726.9 + 372.6 + 507.1 = kr1,137 Mil.
Revenue was 268.7 + 264.4 + 286.1 + 295.9 = kr1,115 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(12749.5 + 12026 + 12510.8 + 13665.2 + 14501.3) / 5 = kr13090.56 Mil.
Total Assets at the begining of this year (Mar23) was kr12,750 Mil.
Long-Term Debt & Capital Lease Obligation was kr327 Mil.
Total Assets was kr14,501 Mil.
Total Liabilities was kr12,183 Mil.
Net Income was 36.3 + 18 + -88.8 + 39.9 = kr5 Mil.

Revenue was 195.1 + 188.7 + 220.4 + 234.6 = kr839 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(9806.9 + 8893.5 + 10137.4 + 11528 + 12749.5) / 5 = kr10623.06 Mil.
Total Assets at the begining of last year (Mar22) was kr9,807 Mil.
Long-Term Debt & Capital Lease Obligation was kr199 Mil.
Total Assets was kr12,750 Mil.
Total Liabilities was kr10,665 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.

Morrow Bank ASA's current Net Income (TTM) was 156. ==> 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.

Morrow Bank ASA's current Cash Flow from Operations (TTM) was 1,137. ==> 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 (Mar23)
=155.7/12749.5
=0.01221224

ROA (Last Year)=Net Income/Total Assets (Mar22)
=5.4/9806.9
=0.00055063

Morrow Bank ASA's return on assets of this year was 0.01221224. Morrow Bank ASA's return on assets of last year was 0.00055063. ==> 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.

Morrow Bank ASA's current Net Income (TTM) was 156. Morrow Bank ASA's current Cash Flow from Operations (TTM) was 1,137. ==> 1,137 > 156 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=326.7/13090.56
=0.02495692

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=198.8/10623.06
=0.01871401

Morrow Bank ASA's gearing of this year was 0.02495692. Morrow Bank ASA's gearing of last year was 0.01871401. ==> 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: Mar24)=Total Assets/Total Liabilities
=14501.3/12183.3
=1.19026044

Current Ratio (Last Year: Mar23)=Total Assets/Total Liabilities
=12749.5/10664.7
=1.19548604

Morrow Bank ASA's current ratio of this year was 1.19026044. Morrow Bank ASA's current ratio of last year was 1.19548604. ==> 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.

Morrow Bank ASA's number of shares in issue this year was 228.824. Morrow Bank ASA's number of shares in issue last year was 197.778. ==> 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.

* 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
=155.7/1115.1
=0.13962873

Net Margin (Last Year: TTM)=Net Income/Revenue
=5.4/838.8
=0.00643777

Morrow Bank ASA's net margin of this year was 0.13962873. Morrow Bank ASA's net margin of last year was 0.00643777. ==> 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 (Mar23)
=1115.1/12749.5
=0.08746225

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=838.8/9806.9
=0.08553162

Morrow Bank ASA's asset turnover of this year was 0.08746225. Morrow Bank ASA's asset turnover of last year was 0.08553162. ==> 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+1+0+0+0+1+1
=6

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

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

Morrow Bank ASA  (OSL:MOBA) 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.


Morrow Bank ASA Piotroski F-Score Related Terms

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Morrow Bank ASA (OSL:MOBA) Business Description

Traded in Other Exchanges
Address
Vollsveien 2A, Lysaker, NOR, 1366
Morrow Bank ASA is a Norwegian bank offering convenient payment and financing products to consumers. It is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts, and online point-of-sales finance products to consumers.

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