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Sentieo Findata FAQ

LTM Model vs LTM Daily methodologies

We offer in Sentieo Dataset two methodologies for LTM: LTM Model and LTM Daily.

LTM model is periodical series meant to mimic a financial model as analysts usually lay information on a spreadsheet. C3Q2019 LTM revenue for example are found at the reference date of Sept 30, 2019. This is even if the actual values for that period were not known on Sept 30 yet since the company would have only reported them weeks later. This methodology also applies for valuation metrics such as EV/Sales. While “LTM Model” trading multiples are purely theoretical and are not reflective of the valuation at which the stock has ever really traded, it is a commonly used quick approximation frequently found on Wall Street analyst models. It helps with Fundamental Valuation in particular with operational performance metrics like ROA, CCC, etc. LTM model also considers restated values as and when reported by the company. We are showing LTM Model multiples on EDT’s Valuation & Price Target page and offer them across Sentieo.
LTM daily is a daily series where the value for each datapoint is the last known LTM value on each specific day; This means that after a period ends, LTM daily values continue to be those of the previous period until the values for the just-finished fiscal period become known, i.e. until the day of earnings. For example, the LTM daily revenue value on Oct 5 for a company reporting the Sept-end fiscal quarter on Oct 10 will still be the LTM value up to Jun 30 because that is the last known LTM as on Oct 5. This series helps in doing market valuation of a company. LTM daily for any given day will show the latest down on that date. For example, it will be using the value of the original filing for Feb 18 2015, even if the company went back in 2016 and restated the values for that period.
Just like most series in Sentieo, periodical series such as LTM Model can be transformed into a daily series; Based on the above, LTM Daily and LTM Model overlap most of the time, except between the end of fiscal period and the earning date.

NTM 4Q/2H vs NTM TWA (4 quarters sum vs Time-weighted average)

We offer two methodologies for NTM, one based on summing up the figures for the next four quarters (we call it NTM 4Q) and one where we do a time-weighted average of the estimates of the current unfinished fiscal year and the next fiscal year (NTM TWA).

  • NTM (next 12 months) is calculated by adding 12 month’s worth of interim periods; so 4 quarters or 2 half years depending on the reporting schedule of the company.
    For example, Boeing EPS NTM-4Q on Dec 1, 2019 would be:
    EPS 4Q19 + EPS 1Q20 + 2Q20 + 3Q20
  • NTM Time-Weighted Average (TWA) is a time-weighted average of current years’ forecast and that of the following year;
    For example, EPS NTM-TWA on Dec 1, 2019 would be:
    30/360* EPS FY19 + 330/360 * EPS FY20

Where do we need NTM TWA?

Fiscal year forecasts are a lot more available and of better quality than individual interim periods. Interim consensus is usually poor because much fewer analysts publish forecasts for multiple interim periods forward. Usually, the first upcoming quarter is well covered but the coverage often falls off quickly beyond that. This is particularly true for smaller caps and non-US companies because of a smaller poll of brokers.

Relying on consensus with too few contributions can be misleading, so NTM-4Q would look distorted and not representative of the actual view of the market.
In the worst case, there is no estimate for some of the quarters or the half years, so it even becomes impossible to calculate NTM, so there is no value to show.

NTM TWA, based on better covered full fiscal year consensus numbers is a better alternative in such cases: not only the estimates are more available but also more trustworthy as they are made with more contributions.

In the example below, Boeing, a major company by all standards, has 15 contributors to consensus revenue for FQ1 and FQ2, but only 8 for FQ3 and FQ4.

However, FY1 and FY2 have respectively 22 and 23 contributors, making the number a lot more relevant and representative of the market’s view.

Calendar models methodology

we derive our calendarized annual models from the fiscal annual model numbers, using a time-weighted annual of each fiscal year on each side of the estimated calendar year.

For example, a company with a reported Revenue of 14590 for the fiscal year ending Jun-2020, and a forecasted 14173 for that ending Jun-2021 will have an estimated Calendar year ending 2020 Revenue of

0.497 * 14590 + 0.504 * 14173 = 14400.

the weights of 0.497 and 0.504 reflect the exact number of days from each fiscal period totally the calendar year.

This method is preferred over summing up the individual quarters as many adjusted metrics are derived directly from sell-side analyst consensus data, which tend to be substantially more available for fiscal years over interim periods, especially for half-yearly companies; We apply the same weighting methodology for all companies and all model sources to stay consistent.

What is the policy on price adjustment for dividends and capital changes?

For cash dividends, pricing history is adjusted only for these markets:

  • Turkey
  • Venezuela
  • Peru
  • Brazil
  • Argentina
  • Chile
  • Vietnam

We do not adjust cash dividends for all other regions (not just Europe) as this is a requirement of the majority of our customers.

For capital changes, we adjust pricing for all markets and regions for the following event types:

  • Share split
  • Share consolidation
  • Rights issue
  • Script issue
  • Capital reduction
  • Capital return
  • Demerger (Spin-Off)
  • Share conversion and stock dividend (not cash dividend with optional stock alternative)

Lease accounting changes (IFRS16/ASC 842)

What is IFRS 16/ASC 842 -Lease standard?

On January 1st, 2019 significant changes in lease accounting was introduced simultaneously in the International Financial Reporting Standards (the IFRS) and in the United States Generally Accepted Accounting Principles (the U.S. GAAP). The changes will generally affect lessees only. They will be introduced by the new IFRS 16 and US GAAP (ASC 842) standards. A small number of companies have implemented the regulations early.

  • Both standards require the disclosure of former operating lease assets and liabilities on the balance sheet. Earlier they were treated as off-balance sheet items and were not shown on the face. Previously only assets held under financial/capital leases and related capital/financial lease liabilities were shown on the balance sheet
  • Assets held under leasing contracts are now treated as right-of use assets. Right-of use contracts can be related to underlying tangible or intangible assets. If a company holds assets under both operating and financial leases, typically they will be shown separately. Companies will show them as a separate category, but sometimes in the IFRS they can be shown within the table of tangible assets
  • The IFRS will liquidate the category of operating leases and classify all leases as finance leases. The U.S. GAAP will keep the distinction between operating and finance leases and require their separate disclosure
  • Operating lease liabilities in the U.S. GAAP now includes the imputed interest. Maturities are shown as gross (non-discounted) values. The imputed interest is a negative adjustment (the discount factor) that is used to calculate total obligations excluding the impact of future inflation
  • As a result, Fixed assets increases, and Financial Liabilities or Total Debt increases
  • IFRS companies that have lease contracts will start reporting a higher EBITDA and a higher operating income, while the bottom-line net income will generally remain unchanged & comparable to historic periods
  • U.S. companies that have operating lease contracts will be reporting a lower EBITDA and a lower operating income, compared to IFRS companies. As in current standards, the difference will be caused by the interest on financial leases, disclosed outside of operating items. The bottom-line net income will be similar in both standards
  • Earnings before Interest, Taxes, Depreciation & Amortization and Operating Lease Payments/Rental expense will have an unchanged effect in comparison between IFRS & US GAAP companies

New items introduced in relation to IFRS 16/ASC 842

  • NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL– Right-of-Use Assets – Capital Lease, Net – Supplemental
  • NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL – Right-of-Use Assets – Capital Lease, Gross – Supplemental
  • NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL – Right-of-Use Assets – Capital Lease, Depreciation – Supplemental
  • NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL – Right-of-Use Assets – Operating Lease, Net – Supplemental
  • NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL – Right-of-Use Assets – Operating Lease, Gross – Supplemental
  • NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL – Right-of-Use Assets – Operating Lease, Depreciation – Supplemental
  • NOTES.BS.CURRPORTLTD_CAPLSEFINSECTORSUPPL -CurrPort – Long Term Debt/Capital Lease Financial Sector, Supplemental
  • NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL – Current Portion of Long-Term Capital Leases, Supplemental
  • NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL – Current Portion of Long-Term Operating Leases, Supplemental
  • NOTES.BS.LTOPERATINGLEASELIABSSUPPL– Long-Term Operating Lease Liabilities, Supplemental
  • NOTES.BS.OperatingLeasesInterestCostOperating Leases – Interest Cost
  • NOTES.IS.AMORTOFRIGHTOFUSEINTANGASSETSSUPPL – Amortization of Right-of-Use Intangible Assets, Supplemental
  • NOTES.IS.DEPRECIATIONOFRIGHTOFUSEASSETSSUPPL – Depreciation of Right-of-Use Assets, Supplemental
  • NOTES.IS.INTERESTEXPONLEASELIABSSUPPL – Interest Expense on Lease Liabilities, Supplemental

Definitions of new items

 1) Right-of-Use Assets – Capital Lease, Net – Supplemental

[SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL] represents the net value of the right to control the use of fixed assets held under financial (capital) lease contracts, after the deduction of depreciation, amortization or impairment allowances. The user of such assets has the right to direct the use of the asset and the right to obtain substantially all of the economic benefits from the use of the asset.

Right-of-Use Assets – Capital Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL] includes:

  • The total net value of assets held under capital (financial) lease contracts, including both tangible and intangible underlying assets
  • The total net value of property, plant and equipment held under hire-purchase agreements
  • The total net value of assets held under leasing or right-of-use contracts, reported in the International

Financial Reporting Standards – assumed to represent capital (financial) leases

  • The total net value of assets held under leasing contracts that are not specified as operating or financial leases, in countries other than the United States – assumed to represent financial (capital) leases

Right-of-Use Assets – Capital Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL] excludes:

  • The net value of property, plant and equipment held under financial (capital) leases, presented on the face of the balance sheet (classified as Property/Plant/Equipment, Total – Net [SF.BS.PPETOTALNET])
  • The net value of intangible assets held under financial (capital) leases, presented on the face of the balance sheet (classified as Intangibles, Net [SF.BS.INTANGIBLESNET])
  • The gross value of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets – Capital Lease, GrossSupplemental[SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL])
  • The accumulated depreciation, amortization or impairment of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets –

Capital Lease, Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL])

  • The net value of properties leased out under operating lease/rented out to outside customers including tenant improvements (classified as Property/Plant/Equipment, Total – Net [SF.BS.PPETOTALNET])
  • The total net value of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease, Net -Supplemental[SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL])
  • The total net value of assets held under leasing contracts that are not specified as operating or financial leases, reported in the United States, in the U.S. GAAP or in standards other than the International Financial Reporting Standards – assumed to represent operating leases (classified as Right-of-Use Assets – Operating Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL])
  • The net value of investment properties (in the S.S. classified as Property/Plant/Equipment, Total – Net [SF.BS.PPETOTALNET]), in other countries classified as Long-Term Investments – Other [SF.BS.LTINVESTMENTS_OTHER])
  • Assets classified as discontinued operations (classified as Discontinued Operations – Long-Term Assets [SF.BS.DISCONTINUEDOPERATIONS_LTASSET])

 

2) Right-of-Use Assets – Capital Lease, Gross – Supplemental

[SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL] represents the gross value of the right to control the use of fixed assets held under financial (capital) lease contracts, before the deduction of depreciation, amortization or impairment allowances. The user of such assets has the right to direct the use of the asset and the right to obtain substantially all of the economic benefits from the use of the asset.

Right-of-Use Assets – Capital Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL] includes:

  • The total gross value of assets held under capital (financial) lease contracts, including both tangible and intangible underlying assets
  • The total gross value of property, plant and equipment held under hire-purchase agreements
  • The total gross value of assets held under leasing or right-of-use contracts, reported in the International Financial Reporting Standards – assumed to represent capital (financial) leases

Right-of-Use Assets – Capital Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL] excludes:

  • The gross value of property, plant and equipment held under capital (financial) leases, presented on the face of the balance sheet (classified as Other Properties/Plant/Equipment – Gross [SF.BS.OTHERPPEGROSS])
  • The gross value of intangible assets held under capital (financial) leases, presented on the face of the balance sheet (classified as Intangibles – Gross [SF.BS.INTANGIBLESGROSSS])
  • The accumulated depreciation, amortization or impairment of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets -Capital Lease, Depreciation – Supplemental[SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL])
  • The net value of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets – Capital Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL])
  • The gross value of properties leased out under operating lease/rented out to outside customers including tenant improvements (classified as Leases – Gross [SF.BS.LEASESGROSS])
  • The total gross value of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL])
  • The total gross value of assets held under leasing contracts that are not specified as operating or financial leases, reported in the United States, in the U.S. GAAP or in standards other than the International Financial Reporting Standards – assumed to represent operating leases (classified as Right-of-UseAssets – Operating Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL])

The total net value of assets held under leasing contracts that are not specified as operating or financial leases, reported in the United States, in the U.S. GAAP or in standards other than the International Financial Reporting Standards – assumed to represent operating leases (classified as Right-of-Use Assets – Operating Lease, Net – Supplemental[SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL])

  • The gross value of investment properties (in the U.S. classified as Other Properties/Plant/Equipment –

Gross [SF.BS.OTHERPPEGROSS], in other countries classified as Long-Term Investments – Other [SF.BS.LTINVESTMENTS_OTHER])

  • Assets classified as discontinued operations (classified as Discontinued Operations – Long-Term Assets [SF.BS.DISCONTINUEDOPERATIONS_LTASSET])

 

 

3) Right-of-Use Assets – Capital Lease, Depreciation – Supplemental

[SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL] represents the accumulated depreciation, amortization or impairment of the right to control the use of fixed assets held under financial (capital) lease contracts. The user of such assets has the right to direct the use of the asset and the right to obtain substantially all of the economic benefits from the use of the asset.

Right-of-Use Assets – Capital Lease, Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL] includes:

  • The total accumulated depreciation, amortization or impairment of assets held under capital (financial) lease contracts, including both tangible and intangible underlying assets
  • The total accumulated depreciation of property, plant and equipment held under hire-purchase agreements
  • The total accumulated depreciation, amortization or impairment of assets held under leasing or right-of use contracts, reported in the International Financial Reporting Standards – assumed to represent capital (financial) leases

Right-of-Use Assets – Capital Lease, Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL] excludes:

  • The accumulated depreciation or impairment of property, plant and equipment held under capital (financial) leases, presented on the face of the balance sheet (classified as Accumulated Depreciation,Total [SF.BS.ACCUMULATEDDEPRECIATIONTOTAL])
  • The accumulated amortization or impairment of intangible assets held under capital (financial) leases,presented on the face of the balance sheet (classified as Accumulated Intangible Amortization [SF.BS.ACCUMULATEDINTANGIBLEAMORTIZATION])
  • The gross value of property, plant and equipment or intangible assets held under financial (capital) leasecontracts(classifiedasRight-of-UseAssets-CapitalLease,Gross-Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL])

The net value of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets – Capital Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL])

  • The accumulated depreciation or impairment of properties leased out under operating lease/rented out to outside customers including tenant improvements (classified as Accumulated Depreciation, Total [SF.BS.ACCUMULATEDDEPRECIATIONTOTAL])
  • The total accumulated depreciation, amortization or impairment of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease,Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL])
  • The total accumulated depreciation, amortization or impairment of assets held under leasing contracts that are not specified as operating or financial leases, reported in the United States, in the U.S. GAAP or in standards other than the International Financial Reporting Standards – assumed to representoperating leases (classified as Right-of-Use Assets – Operating Lease, Depreciation – Supplemental[SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL])
  • The accumulated depreciation or impairment of investment properties (in the U.S. classified as Accumulated Depreciation, Total [SF.BS.ACCUMULATEDDEPRECIATIONTOTAL], in other countries classified as Long-Term Investments -Other [SF.BS.LTINVESTMENTS_OTHER])
  • Assets classified as discontinued operations (classified as Discontinued Operations – Long-Term Assets

 

 

4)Right-of-Use Assets – Operating Lease, Net – Supplemental

[SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL] represent the net value of the right to control the use of fixed assets held under operating lease contracts, after the deduction of depreciation,amortization or impairment allowances. The user of such assets has the right to direct the use of the asset and the right to obtain substantially all of the economic benefits from the use of the asset.

Right-of-Use Assets – Operating Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL] includes:

  • The net value of assets arising from operating lease contracts, including both tangible and intangible underlying assets
  • The total net value of assets held under leasing contracts that are not specified as operating or financial leases – assumed to represent operating leases in the United States

Right-of-Use Assets – Operating Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL] excludes:

The net value of property, plant and equipment held under operating leases, presented on the face of the balance sheet (classified as Property/Plant/Equipment, Total – Net [SF.BS.PPETOTALNET])

  • The net value of intangible assets held under operating leases, presented on the face of the balance sheet (classified as Intangibles, Net [SF.BS.INTANGIBLESNET])
  • The total gross value of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL])
  • The total accumulated depreciation, amortization or impairment of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease,Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL])
  • The net value of properties leased out under operating lease/rented out to outside customers including tenant improvements (classified as Property/Plant/Equipment, Total – Net [SF.BS.PPETOTALNET])
  • The net value of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets – Capital Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL])
  • The total net value of assets held under leasing contracts that are not specified as operating or financial leases – assumed to represent financial (capital) leases in countries other than the United States(classified as Right-of-Use Assets – Capital Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASENETSUPPL])
  • The net value of investment properties (in the S.S. classified as Property/Plant/Equipment, Total – Net [SF.BS.PPETOTALNET]), in other countries classified as Long-Term Investments – Other [SF.BS.LTINVESTMENTS_OTHER], and as Other ShortTerm Investments in the Bank template)
  • Assets classified as discontinued operations (classified as Discontinued Operations – Long-Term Assets)

 

 

5) Right-of-Use Assets – Operating Lease, Gross – Supplemental

[SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL] represents the total gross value of the right to control the use of fixed assets held under operating lease contracts, before the deduction of depreciation, amortization or impairment allowances. The user of such assets has the right to direct the use of the asset and the right to obtain substantially all of the economic benefits from the use of the asset.

Right-of-Use Assets – Operating Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL] includes:

  • The total gross value of assets held under operating lease contracts, including both tangible and intangible underlying assets
  • The total gross value of property, plant and equipment held under operating leases

The total gross value of assets held under leasing contracts that are not specified as operating or financial leases – assumed to represent operating leases in the United States

Right-of-Use Assets – Operating Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL] excludes:

  • The gross value of property, plant and equipment held under operating leases, presented on the face of the balance sheet (classified as Other Properties/Plant/Equipment – Gross [SF.BS.OTHERPPEGROSS])
  • The gross value of intangible assets held under operating leases, presented on the face of the balance sheet (classified as Intangibles – Gross [SF.BS.INTANGIBLESGROSSS])
  • The total accumulated depreciation, amortization or impairment of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease,Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL])
  • The total net value of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL])
  • The gross value of properties leased out under operating lease/rented out to outside customers including tenant improvements (classified as Leases – Gross [SF.BS.LEASESGROSS])
  • The gross value of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets – Capital Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL])
  • The total gross value of assets held under leasing contracts that are not specified as operating or financial leases – assumed to represent financial (capital) leases in countries other than the United States (classified as Right-of-Use Assets – Capital Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEGROSSSUPPL])
  • The gross value of investment properties (in the U.S. classified as Other Properties/Plant/Equipment -Gross [SF.BS.OTHERPPEGROSS], in other countries classified as Long-Term Investments – Other [SF.BS.LTINVESTMENTS_OTHER] or as Other ShortTerm Investments in the Bank template)
  • Assets classified as discontinued operations (classified as Discontinued Operations – Long-Term Assets

 

6) Right-of-Use Assets – Operating Lease, Depreciation – Supplemental

[SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL] represents the accumulated depreciation, amortization or impairment of the right to control the use of fixed assets held under operating lease contracts. The user of such assets has the right to direct the use of the asset and the right to obtain substantially all of the economic benefits from the use of the asset.

Right-of-Use Assets – Operating Lease, Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL] includes:

  • The accumulated depreciation, amortization or impairment of assets arising from operating lease contracts, involving both tangible and intangible underlying assets.
  • The depreciation or amortization of assets held under leasing contracts that are not specified as operating or financial leases – assumed to represent operating leases in the United States

Right-of-Use Assets – Operating Lease, Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEDEPRSUPPL] excludes:

  • The accumulated depreciation or impairment of property, plant and equipment held under operating leases, presented on the face of the balance sheet (classified as Accumulated Depreciation, Total [SF.BS.ACCUMULATEDDEPRECIATIONTOTAL])
  • The accumulated amortization or impairment of intangible assets held under operating leases, presented on the face of the balance sheet (classified as Accumulated Intangible Amortization [SF.BS.ACCUMULATEDINTANGIBLEAMORTIZATION])
  • The total gross value of property, plant and equipment or intangible assets held under operating leases(classified as Right-of-Use Assets – Operating Lease, Gross – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASEGROSSSUPPL])
  • The total net value of property, plant and equipment or intangible assets held under operating leases (classified as Right-of-Use Assets – Operating Lease, Net – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSOPLEASENETSUPPL])
  • The accumulated depreciation or impairment of properties leased out under operating lease/rented out to outside customers including tenant improvements (classified as Accumulated Depreciation, Total[SF.BS.ACCUMULATEDDEPRECIATIONTOTAL])
  • The accumulated depreciation, amortization or impairment of property, plant and equipment or intangible assets held under financial (capital) lease contracts (classified as Right-of-Use Assets -Capital Lease, Depreciation – Supplemental [SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL])
  • The depreciation or amortization of assets held under leasing contracts that are not specified as operating or financial leases – assumed to represent financial (capital) leases in countries other than the United States (classified as Right-of-Use Assets – Capital Lease, Depreciation – Supplemental[SF.NOTES.BS.RIGHTOFUSEASSETSCAPLEASEDEPRSUPPL])
  • The accumulated depreciation or impairment of investment properties (in the U.S. classified as Accumulated Depreciation, Total [SF.BS.ACCUMULATEDDEPRECIATIONTOTAL], in other countries classified as Long-Term Investments -Other [SF.BS.LTINVESTMENTS_OTHER] or as Other Short Term Investments in the Bank template)
  • Assets classified as discontinued operations (classified as Discontinued Operations – Long-Term Assets

 

7) Curr Port – Long Term Debt/Capital Lease Financial Sector, Supplemental

[SF.NOTES.BS.CURRPORTLTD_CAPLSEFINSECTORSUPPL] is collected for companies which, in addition to their main business, provide long term financing and financial services due within one year to their clients.

 

8) Current Portion of Long-Term Capital Leases, Supplemental

[SF.NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL] represents the current portion of longterm financial (capital) lease obligations that is due within the following year. Current Portion of Long-Term Capital Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL] includes:

  •   The current portion of long-term right-of-use obligations related to financial   leases, hire-purchase or sale-leaseback agreements
  • The current portion of long-term right-of-use obligations that are not specified as stemming from financial or operating leases – assumed to represent financial leases in countries other than the United States
  • The current portion of long-term right-of-use obligations reported in the International Financial Reporting Standards – classified as financial (capital) leases

Current Portion of Long-Term Capital Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL] excludes:

  • Capitalized leases reported in non-current liabilities (classified as Capital Lease Obligations [SF.BS.CAPITALLEASEOBLIGATIONS])
  • Liabilities from operating lease contracts (classified as Current Portion of Long-Term Operating Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL] and as Long-Term Operating Lease Liabilities, Supplemental [SF.NOTES.BS.LTOPERATINGLEASELIABSSUPPL])
  • The current portion of long-term right-of-use obligations that are not specified as stemming from financial or operating leases – assumed to represent operating leases in the United States (classified as CurrentPortionofLong-TermOperatingLeases, Supplemental [SF.NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL])

 

 

9) Current Portion of Long-Term Operating Leases, Supplemental

[SF.NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL] represents the current portion of operating lease obligations that is due within the following year.

Current Portion of Long-Term Operating Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL] includes:

  • The current portion of long-term right-of-use obligations related to operating lease rental agreements
  • Short-term accrued rental obligations from operating lease contracts
  • The current portion of long-term right-of-use obligations that are not specified as stemming from financial or operating leases – assumed to represent operating leases in the United States

Current Portion of Long-Term Operating Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL] excludes:

  • The current portion of financial (capital) leases (classified as Current Portion of Long-Term Capital Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL])
  • Long-term liabilities from operating lease contracts (classified as Long-Term Operating Lease Liabilities, Supplemental [SF.NOTES.BS.LTOPERATINGLEASELIABSSUPPL])

The current portion of long-term right-of-use obligations that are not specified as stemming from financial or operating leases – assumed to represent financial leases in countries other than the United States (classified as Current Portion of Long-Term Capital Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL])

  • The current portion of long-term right-of-use obligations reported in the International Financial Reporting Standards – classified as financial (capital) leases (classified as Current Portion of Long-Term Capital Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTCAPITALLEASESSUPPL])

 

10) Long-Term Operating Lease Liabilities, Supplemental

[SF.NOTES.BS.LTOPERATINGLEASELIABSSUPPL] represents long-term obligations from operating lease contracts that are after the following year.

Long-Term Operating Lease Liabilities, Supplemental [SF.NOTES.BS.LTOPERATINGLEASELIABSSUPPL] includes:

  • Long-term liabilities from operating lease contracts
  • Liabilities from long-term rental agreements
  • The non-current portion of long-term right-of-use obligations related to operating leases
  • The non-current portion of long-term right-of-use obligations that are not specified as stemming from financial or operating leases – assumed to represent operating leases in the United States

Long-Term Operating Lease Liabilities, Supplemental [SF.NOTES.BS.LTOPERATINGLEASELIABSSUPPL] excludes:

  • The current portion of long-term right-of-use obligations related to operating leases (classified as Current Portion of Long-Term Operating Leases, Supplemental [SF.NOTES.BS.CURRPORTOFLTOPERATINGLEASESSUPPL])
  • The non-current portion of financial (capital) leases (classified as Capital Lease Obligations [SF.BS.CAPITALLEASEOBLIGATIONS])
  • The non-current portion of long-term right-of-use obligations that are not specified as stemming from financial or operating leases – assumed to represent financial leases in countries other than the United States (classified as Capital Lease Obligations [SF.BS.CAPITALLEASEOBLIGATIONS])
  • The non-current portion of long-term right-of-use obligations reported in the International Financial Reporting Standards – (classified as financial/capital leases: Capital Lease Obligations [SF.BS.CAPITALLEASEOBLIGATIONS])

 

 

11) Operating Leases – Interest Cost

[SF.NOTES.BS.OPERATINGLEASESINTERESTCOST] represents the value of the discount/interest rate used to reconcile future operating lease liabilities to the present value of net operating lease obligations. This item is reported within operating lease maturities. Operating Leases – Interest Cost  is always reported as a negative value.Operating Leases – Interest Cost is presented in company-specific financials. Operating Leases -Interest Cost  is presented in standardized financials.

Operating Leases – Interest Cost  excludes:

  • Interest costs used to discount capital (financial) lease liabilities to their present value (classified as Interest Costs [SF.NOTES.BS.INTERESTCOSTS])

 

12) Amortization of Right-of-Use Intangible Assets, Supplemental

[SF.NOTES.IS.AMORTOFRIGHTOFUSEINTANGASSETSSUPPL] represents the total amortization of the capitalized right to control the use of intangible assets held under financial (capital) or operating lease contracts.

Amortization of Right-of-Use Intangible Assets, Supplemental [SF.NOTES.IS.AMORTOFRIGHTOFUSEINTANGASSETSSUPPL] is a component of total amortization that is also included in Amort of Intangibles, Supplemental [SF.NOTES.IS.AMORTOFINTANGIBLESSUPPL].

Amortization of Right-of-Use Intangible Assets, Supplemental [SF.NOTES.IS.AMORTOFRIGHTOFUSEINTANGASSETSSUPPL] includes:

  • The amortization of intangible assets held under operating or financial (capital) leasing contracts
  • The amortization of the right to use intangibles held under operating or financial (capital) leases

Amortization of Right-of-Use Intangible Assets, Supplemental [SF.NOTES.IS.AMORTOFRIGHTOFUSEINTANGASSETSSUPPL] excludes:

  • The depreciation or amortization of the right to use tangible assets/property, plant and equipment held under operating or financial (capital) leases (classified as Depreciation of Right-of-Use Assets, Sup.[SF.NOTES.IS.DEPRECIATIONOFRIGHTOFUSEASSETSSUPPL])
  • Impairment or write-off of intangible assets and goodwill/acquisition costs (classified as Impairment-Assets Held for Use [SF.IS.IMPAIRMENT_ASSETSHELDFORUSE] for items reported on the face or in notes to values from the face of the income statement; or as Impairment Assets Held for Use, Supplemental [SF.IS.IMPAIRMENT_ASSETSHELDFORUSESUPPL] for items that cannot be related to the face)

 

13) Depreciation of Right-of-Use Assets, Supplemental

[SF.NOTES.IS.DEPRECIATIONOFRIGHTOFUSEASSETSSUPPL] represents the total depreciation of the capitalized right to control the use of property, plant and equipment held under financial (capital) or operating lease contracts.

Depreciation of Right-of-Use Assets, Supplemental [SF.NOTES.IS.DEPRECIATIONOFRIGHTOFUSEASSETSSUPPL] is a component of total depreciation that is also included in Depreciation, Supplemental [SF.NOTES.IS.DEPRECIATIONSUPPL].

Depreciation of Right-of-Use Assets, Supplemental [SF.NOTES.IS.DEPRECIATIONOFRIGHTOFUSEASSETSSUPPL] includes:

  • The depreciation of tangible assets held under operating or financial (capital) leasing contracts
  • The amortization of the right to use property, plant and equipment held under operating or financial (capital) leases

Depreciation of Right-of-Use Assets, Supplemental [SF.NOTES.IS.DEPRECIATIONOFRIGHTOFUSEASSETSSUPPL] excludes:

  • The amortization of the right to use intangible assets held under operating or financial (capital) leases (classified as Amortization of Right-of-Use Intangible Assets, Supplemental [SF.NOTES.IS.AMORTOFRIGHTOFUSEINTANGASSETSSUPPL])
  • Impairment of tangible fixed assets, delineated separately from depreciation (classified as Impairment-Assets Held for Use [SF.IS.IMPAIRMENT_ASSETSHELDFORUSE] for items reported on the face or in notes to values from the face of the income statement; or as Impairment Assets Held for Use, Supplemental [SF.IS.IMPAIRMENT_ASSETSHELDFORUSESUPPL] for items that cannot be related to the face)
  • Depreciation of investment properties, for companies reporting in the IFRS or in other standards that treat these as investments (classified as Investment Income – Operating [SF.IS.INVINCOME_OPERATING] for Industrial and

Utility companies, as Other Operating Expense [SF.IS.OTHEROPERATINGEXP] for Insurance companies, or as Other Expense for banks

  • Depreciation of investment properties, for companies reporting in the U.S. GAAP or in other standards that treat these as tangible fixed assets (classified as Depreciation, Supplemental [SF.NOTES.IS.DEPRECIATIONSUPPL])

 

14) Interest Expense on Lease Liabilities, Supplemental

[SF.NOTES.IS.INTERESTEXPONLEASELIABSSUPPL] represents interest expense on financial (capital) leases. Interest Expense on Lease Liabilities, Supplemental [SF.NOTES.IS.INTERESTEXPONLEASELIABSSUPPL] is reported net of interest capitalized. It is a component of total interest expense that is also included in Interest Expense, Supplemental [SF.NOTES.IS.INTERESTEXPENSESUPPL].Interest Expense on Lease Liabilities, Supplemental [SF.NOTES.IS.INTERESTEXPONLEASELIABSSUPPL] includes:

  • The interest on lease obligations reported in the International Financial Reporting Standards

 

 

3) What are the Lease items disclosed under the Asset session as per IFRS 16 & ASC 842 & its collection policy?

  • IFRS 16 & ASC 842 (US GAAP), both standards require the disclosure of former off-balance sheet lease items on the balance sheet as Right-of-use of Assets related to Tangible assets
  • IFRS will liquidate the category of Operating Leases & classify all Leases as Finance Leases
  • ASC 842/US GAAP will keep the distinction between Operating Lease and Financial leases and require their separate disclosure
  • Both GAAP has an option to terminate disclosure of Leases which has term of 12 months or less
  • Both GAAP disclose Rights-to-Use of certain Intangible assets too
  • Fixed asset will increase to the extent of Right-of use asset

 

Treatment- Asset

  • Specific Codes assigned to collect Right of Use Assets categorized as ‘Operating Lease’ and ‘Finance Lease’
  • Right of Use Assets are assigned as Supplementary codes in Balance sheet
  • Supplementary codes form part of the Property, Plant & Equipment component in Balance sheet
  • Right-of-use Assets – Finance/Capital & Operating Leases form part of Other Property, Plant & Equipment category
  • Data is collected under the specific supplementary codes either reported on Face of Balance Sheet or under Footnotes
  • Disclosure of Right-of-use Assets on balance sheet increases Fixed assets and Total assets

Microsoft Corp -US GAAP

https://www.sec.gov/Archives/edgar/data/789019/000156459019027952/msft-10k_20190630.htm\

 

 

 

Bursa Malaysia -IFRS GAAP

http://bursa.listedcompany.com/misc/Integrated_Annual_Report_2019.pdf

 

 

 

4) What are the Lease items disclosed under the Liabilities session as per IFRS 16 & ASC 842 & its collection policy?

  • A lessee receives and controls the use of a leased asset in exchange for payments to the lessor
  • On the balance sheet, Assets held under leasing contracts are treated as Right-of use assets and related Lease Liabilities on the Liabilities section
  • IFRS 16 will liquidate the category of operating leases and classify all leases as financial leases; hence discloses Capital/Finance Lease liabilities only U.S. GAAP will keep the distinction between Operating and Financial leases and require their separate disclosure. A lessee reports rental expenses on operating leases; and interest and depreciation/amortization expenses on financial/capital leases
  • Net Debt or Financial liabilities will have an increased impact

 

Treatment-Liabilities

  • Specific Codes assigned to collect Lease Liabilities categorized as ‘Operating Lease’ & ‘Capital/Finance Lease’
  • Finance Lease liabilities are treated like Capitalized leases, these are Interest bearing classified as Debt under both IFRS & US GAAP
  • The treatment of operating and finance leases differs under the ASC 842(US GAAP) standard. Finance Lease liabilities are accounted for Interest expense in Income statement; but operating leases disclose Operating or Rental expense under a single-line item. Accordingly, Short-term Operating Lease liabilities are treated as Accrued Expenses and Long-term as Other liabilities
  • There is mixed opinion on the treatment of Operating Lease; but most brokers categorize Operating Lease as separate data item & do not consider them part of debt. Separate codes for Operating Leases (SF.Notes.BS.CurrPortOfLTOperatingLeasesSuppl & SF.Notes.BS.LTOperatingLeaseLiabsSuppl) are available in the supplementary section, users can customize data accordingly.

Microsoft Corp -US GAAP

https://www.sec.gov/Archives/edgar/data/789019/000156459019027952/msft-10k_20190630.htm


Bursa Malaysia -IFRS GAAP

http://ursa.listedcompany.com/misc/Integrated_Annual_Report_2019.pdf

 

5) What are the Lease items disclosed under the Income statement as per IFRS 16 & ASC 842 & its collection policy?

  • IFRS 16 adopts Single Accounting Model. Right-of Use Assets are amortized on a Straight-Line basis. Depreciation on Right-of-Use Assets & Interest expense on the lease liability are presented separately in the income statement
  • US GAAP requires separate disclosures of Finance and Operating Leases costs. Right-of Use Assets related to Finance Leases are amortized on a Straight-line basis. Depreciation on ROU assets & Interest expense on Finance Lease liabilities are disclosed on Income statement. Operating Leases requires Single Lease expense disclosed in Income statement

 

Treatment -Income statement

  • Amortization of Tangible ROU Asset are treated as Depreciation of Tangible Assets
  • Amortization of Intangible ROU Assets are treated as Amortization of Intangible Assets
  • IFRS 16 liquidates the concept of Operating Leases and treats leases as Finance Leases. Interest expense on Finance Lease liabilities are presented separately on the Income statement
  • Under ASC 842 standard, US companies discloses both Operating & Finance lease separate. Operating lease will recognize Operating/ Rental cost under a Single-line item and Finance Lease liability with interest expense in the Income statement. Accordingly Operating costs are treated as Rental expense (SF.Notes.IS.RentalExpenseSuppl) and Interest expense on Lease as part of Interest expense (SF.Notes.IS.InterestExpOnLeaseLiabsSuppl)
  • Lease standard impacts EBITDA as there is an increase in Depreciation/Amortization and Interest expense
  • IFRS companies will have higher EBITDA compared to US companies. The difference is due to the Rental cost recognized separate as per ASC 842 requirements. User can customize code SF.IS.NormalizedEBITDA-EBITDA and add SF.Notes.IS.RentalExpenseSuppl-Rental expense to compare between IFRS & US GAAP

 

 

 

Bursa Malaysia – IFRS GAAP

http://bursa.listedcompany.com/misc/Integrated_Annual_Report_2019.pdf

 

 

6) What are the Lease items disclosed in the Cash flow statement as per IFRS 16 & ASC 842 & its collection policy?

  • Under US GAAP, changes in operating lease right-of-use assets and liabilities will now be shown in the working capital within operating cash flows
  • Non-cash adjustment of Depreciation & Amortization of Right of Use -Tangible & Intangible assets
  • The operating section may include the non-cash adjustment for interest costs on financial leases
  • The operating section may include the interest paid in cash on financial leases
  • Repayment of Lease liabilities in the Financing Section

 

Cash Flow

  • Specific Codes available to capture non-cash adjustment for interest expense on Leases; Working capital changes of Operating Lease liabilities and Interest on Leases paid
  • Repayment of Lease liabilities are accounted in the Financing Section

 

Microsoft Corp -US GAAP

https://www.sec.gov/Archives/edgar/data/789019/000156459019027952/msft-10k_20190630.htm

 

Bursa Malaysia -IFRS GAAP

http://bursa.listedcompany.com/misc/Integrated_Annual_Report_2019.pdf

 

 

7)What are the supplementary items disclosed under IFRS 16 & ASC 842?

  • IFRS 16 discloses operating lease maturities as undiscounted values, with a separate imputed interest
  • US GAAP discloses both Operating Lease & Finance lease maturity table
  • Operating lease maturities will be disclosed as undiscounted values, with a separate line for the imputed interest/the discount rate

Microsoft Corp -US GAAP

https://www.sec.gov/Archives/edgar/data/789019/000156459019027952/msft-10k_20190630.htm

 

 

Bursa Malaysia -IFRS GAAP

http://bursa.listedcompany.com/misc/Integrated_Annual_Report_2019.pdf

Lease maturity table not disclosed

 

Nestle SA -IFRS GAAP

https://www.nestle.com/sites/default/files/2020-02/2019-financial-statements-en.pdf

 

 

 

FX conversion in Fundamental data

Financial model data is reported in a given currency but you may want to display it in a different currency or it may as well be that the company changed its reporting currency and old periods needs converting to show a constant model over time.

Sentieo converts fundamental financial model data at the average rate over the period for Income Statement and Cash Flow Statement items – to reflect the passing of time – , and at the end of period rate for Balance Sheet items – since the Balance Sheet is a snapshot of capital at one point in time -.

The historical FX daily series used to calculate the conversion is the same that is available directly across Sentieo tools.

Why are converted interim periods not adding up to the full year?

Quarterly model numbers and Full-year models are converted independently, so they may not exactly add up as an equal-weighted FX average over the full year will not reflect the seasonality of the interim periods;

Please note that another factor at play is that a company may restate some but not all interim periods in the same fiscal year, so quarterly periods may not add up to the full fiscal year model, regardless of FX conversion.

Intraday quotes

Sentieo offers intraday stock price data for the following markets
  • For US Stocks: CBOE BATS Global Markets (BZX)
  • For European Stocks: London Stock Exchange (LSE), Euronext, and CBOE BATS Europe (CXE, BXE, and BXTR Trade Reporting)
  • For Canadian Stocks: Toronto Stock and Venture Exchange (TSX, TSV) and Canadian Stock Exchange (CSE)
  • For Australian Stocks: Australian Securities Exchange (ASX)
  • For New Zealand Stocks: New Zealand Exchange (NZX)
This represents a total number of over 60k intraday quotes worldwide.
In Europe and the US, CBOE markets are major competitors with a sizeable overall market share of trading in their respective geographies; However, market share may sometimes be significantly less in particular for some low volume securities (usually very small market caps); This means that some low volume securities may see only sporadic intraday trading some days if at all. When this is the case, the stock price will remain the official close price from the day before and only be updated with the same day official close price shortly after the main trading sessions ends.

Beta

We offer pre-calculated beta for timeframes of 1 year, 3 years and 5 years for most liquid markets worldwide. Beta is calculated relative to the ETF which we identify to most closely track the main index for each local market. The table shows the indexes relative to which beta is calculated for different countries-
Country Index used
USA ^GSPC
Australia STW:AU
Canada XIU:CN
France CAC:FP
India NIFTYBEES:IN
Japan 1329:JP
UK ISF:LN
Korea 226490:KS
Sweden OM3X:GR
Switzerland CSSMI:SW
Singapore STTF:SP
Germany EXS1:GR
Amsterdam IAEX:LN
Spain LYX:SM
China JK8:SP
Hong Kong 9115:HK

Thousands vs Millions

You can display Financials in Millions or in Thousands. You can change the display unit any time from within the model using the Units Dropdown.

By default, Sentieo displays the models in Millions, but you can change that to Thousands, or to the latest Reporting Unit from the Settings menu.

Fiscal periods naming convention

Most companies call their fiscal periods based on the year of the month when the fiscal year ends. For example, the fiscal year ending February 2020 will be called FY2020.
However, in rare occasions, some companies (mostly retailers such as EXPR or TGT ) shift their fiscal periods a few months from the calendar year but call their periods based on the year where the fiscal year started, not when it ends (eg: 2Q2019 will reflect the 3 month periods to July 2019).
In a drive to simplify and harmonize naming conventions across companies, Sentieo applies this methodology for to all companies, and name all periods based on the calendar year of the day when the fiscal year ends.

Negative balancing periods: How do we handle restatements when interim periods are missing

Companies restate data regularly, usually to reflect accounting adjustments, deliver historical like-for-like pro-forma financials post-restructuring, reorganization, or M&A actions.

Depending on various factors such as regulation or the materiality of the change, companies restate one or multiple fiscal years but does not include all the interim periods between those years. Often it does not even include any.

When this happens, we use the last interim period of the year as a balancing period (plug), to harmonize the first restated interim periods and restated fiscal year with the remaining interim periods that have not been restarted yet. This is in order to always incorporate in the model the most up to date financial information provided by the company while making sure the interim periods add up to the full year..

Data, as a result, can be distorted and sometimes sticks out dramatically, although this is only usually temporary, as the interim periods that are not restated on day 1 are subsequently provided over time in further reports, so the abnormal “plug” period normalizes gradually.

For example, let’s assume a company sells a division in 1Q20, and immediately makes a press announcement, It provides the market with restated financials for FY19, but not for its interim periods. We would update in this case the Fiscal year model with the restated FY19, but we will also introduce a plug 4Q19, so that 1Q19 to 3Q19 (pre-divesture) and the calculated 4Q19 add up to the new FY2019.

What usually happens next is that a few months later, the company reports 1Q20 results, and along with it and for the first time only a restated 1Q19. At that point, we will onboard the new 1Q20 as well as the newly restated 1Q19. So the balancing 4Q19 period will start to normalize; and the same happens again with 2Q results, then 3Q results, at which point 4Q19 plug becomes near perfect, and again once more at 4Q20 results when it is finally replaced with an actual statement from the company. 

Sometimes, but more rarely, full interim restatements are never provided for a given year so the balancing 4Q is introduced but it remains forever; For example, ICAHN ENTERPRISES LP (Ticker: IEP) sold a business in 2019, and provided restatement for 3 historical fiscal years: FY16, FY17 and FY18. For FY16 Total revenue became $7bn from $16bn previously. 

The company did not provide restated interim period figures for FY16. As a result, a balancing 4Q16 was created (with Total Revenue of -$5bn, to compensate for the not restated 1Q16 to 3Q16 and to make the quarters sum up to the new restated FY16 of $7bn vs $16bn previously), but this balancing period stayed forever as the company never provided restated interim periods for FY16.

Default currency in Sentieo Excel plugin

By defaults, Excel plugin pulls financial data and estimate history in the trading currency of the stock. This is in order to help avoid mistakes of mixing up different currencies while unaware that a company’s stock trades in a given currency but reports in a different currency.

If you are unsure about the currency of a stock, you can check directly from excel with the two formulas below:

=snt(“VOD:LN”,”trading_currency”) returns the 3-letter ISO code of the currency Vodafone plc trades in on the UK market.

=snt(“VOD:LN”;”reporting_currency”) returns tle 3-letter ISO code of the currency in which Vodafone plc reports its financials TODAY.

when writing your formula, you can specify in which currency you want the results;

=snt(“vod:ln”,”revenue”,”fy2014″,”cur=USD”) will return Vodafone revenue for FY2014 in USD.

You can also use the wildcard “cur=reporting” to call results in the current reporting currency. Even periods that were reported in a different currency will be translated into what current reporting currency is.

A few examples in practice:

=snt(“vod:ln”,”revenue”,”fy2019″)
will provide revenue in GBP. Even if it was originally filed in GBP (Vodafone used to report in GBP until FY2015), because VOD:LN (the stock) trades in GBP.

=snt(“vod:ln”,”revenue”,”fy2014″,”cur=reporting”)
While FY2014 was originally filed in GBP, the results will be in EUR as the current reporting currency is EUR

=snt(“vod:ln”,”revenue”,”fy2019″)
While FY2019 was filed in EUR, the results will be in GBP because VOD:LN (the stock) trades in GBP.

Historical consensus estimate series behave the same way

=snt(“vod:ln”,”revenue_est”,”FY2014″,”15/03/2014″)
Original forecast was in GBP; It is shown in GBP because stock trades in GBP

=snt(“vod:ln”,”revenue_est”,”FY2014″,”15/03/2014″,”cur=reporting”)
Original forecast was in GBP; it is shown in EUR  because CURRENT reporting currency is EUR

=snt(“vod:ln”,”revenue_est”,”FY2019″,”15/03/2019″)
Original forecast was in EUR (since Vodafone now reports in EUR); it is shown in GBP because the trading current of the stock is in GBP.

Consensus Actuals (IBES Actuals) methodology

Our Consensus model and several Historical Adjusted metrics from the Sentieo model are based on Refinitiv IBES Actuals;

IBES Actuals follow the consensus methodology from the analysts the first time they publish a model after the earnings are released.

IBES refreshes IBES Actuals after a while; this is to make sure that analysts who didn’t update their numbers right after the release, or who republished a second set of updates shortly after are also taken into account.

It is therefore not a copy and paste of what the company says its adjusted numbers are if it published any. When a company publishes adjusted numbers, most of the time analysts go with it, but it’s not always the case; this is because companies are sometimes not applying the same consistent adjustment practices over time, or those are particularly different from peers in the same industry, so it’s not good practice to always follow blindly numbers and better to build your own.

There is no audit breakdown of IBES Actuals in Sentieo.

Long Term Growth (LTG) Estimates

We offer Long Term Growth LTG forecasts as part of our Sell-Side Consensus estimate library.

LTG forecast is built with conribution of LTG forecasts from sell-side analysts; Generally, analysts assume 3 to 5 years of forward growth.

LTG is available as a time period, which means that you will find it in our tools in the same place you would expect to find for example FY1, FY2, or NTM.

Is there a way to determine or specify whether or not that is a 3-year or 5-year figure?

unfortunately not, because the decision to contribute with a growth rate of 3 or 5 is left to the Sell Side analyst and they are also not specifying which one it is

I get no value; is that normal?

Since LTG is a consensus metric, it requires analysts to contribute to the poll with a forecast; Historically, the number of contribution has been significantly lower than for other periods such as Next Unreported Year (FY1) or Next Unreported Quarter (FQ1), or is not updated as often.

This means that the metric is sometimes unavailable or poorly updated.

Our Sources

Financial data

  • Fundamental Data: The bulk of Sentieo Fundamental is based on Reuters Fundamentals from Refinitiv, formerly Thomson Reuters (Financial & Risk).
  • Estimates Data: Refinitiv IBES Consensus.

CBOE Europe Indices

We offer on Sentieo access with live intraday pricing to the Cboe family of 118 European indices.

the Cboe Europe Indices provide an insight into the performance of the stock market in most major European countries, as well as many UK sector and Pan-European indices.

Cboe Indices can be found on Price Monitor, MOST, WEI and EDT; They will soon become available into other parts of Sentieo.

The full Rules and Methodology of the Cboe Europe Indices are available to download from the Cboe website here .

Market Data

We offer End of Day pricing history from all the main regional exchanges, collected by our partner Refintiv Datastream.

Sentieo also offers intraday pricing for Equities and ETFs in the US, Canada, Australia and across Europe, from the following exchanges and Morningstar

US:

  • Cboe Global Markets (BATS) (BZX)  – Realtime

Canada:

  • TMX Toronto Stock Exchange (TSX) – Delayed 15min
  • TMX TSX Ventur Exchange (TSXV) – Delayed 15min
  • Canadian Securities Exchange (CSE) – Delayed 15min

Europe:

  • London Stock Exchange (LSE) – Delayed 15 min
  • Euronext Paris (XPAR) – Delayed 15 min
  • Euronext Amsterdam (XAMS) – Delayed 15 min
  • Euronext Brussels (XBRU) – Delayed 15 min
  • Euronext Lisbon (XLIS) – Delayed 15 min
  • Cboe BATS Chi-X Europe (CXE) – Delayed 15 min
  • Cboe BATS Global Markets (BXE) – Delayed 15 min
  • Cboe Europe Trade Reporting (BXTR) – Delayed 15 min
  • Turquoise (TRQX) – Delayed 15 min

Australia & New Zealand:

  • Australia Securities Exchange (ASX) – Delayed 15min
  • New Zealand Exchange (NZX) – Delayed 15min

 

Updated on September 30, 2021

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