Again, this table is very dynamic as it is based on brokers’ consensus estimates for the current and following year. The only companies that are included are those that REFS has deemed to be growth shares. They will therefore have PEGs and at least four years of consecutive EPS growth, either historic or forecast or a combination of the two. Because of this, many cyclicals and non-growth companies are not included in the tables. They also exclude some growth companies that have had a setback during the past two years.

As already explained, prospective normalised EPS, PERs, growth rates and PEGs are calculated by apportioning figures from the financial periods covered by brokers’ estimates. The aim is to show the rate of growth (and other statistics) for the 12 months immediately ahead. This makes all the figures in the tables both up-to-date and comparable.

As growth is the key criterion, the prospective earnings growth rate appears in the first right-hand column. Its normal position is taken by a column devoted to 3-year EPS growth rate to facilitate comparison with the 5-year and prospective growth rate figures. The last column has been used for ROCE which is always of interest with growth companies.