REFS is
a mine of invaluable information for the private investor.
Selecting shares without its help is like trying to
clap with one hand tied behind your back.
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+Use
of suffixes
pr (prospective):
Whenever broker forecasts
are available for prospective earnings and dividends these are incorporated to
provide, as far as possible, a rolling 12 months-ahead view within the
following key statistics:
norm EPS (Normalised earnings
per share)
DY (Dividend yield)
PER (Price-earnings ratio)
PEG (Price-earnings growth
factor)
GR (Earnings growth rate)
Rolling 12 months-ahead
calculation:
The primary variables, apart
from the latest share price, are either DPS forecasts or EPS forecasts. Also,
calculation of the PEG factor requires an earnings growth rate, and this measures
forecast EPS for the 12 months immediately ahead against EPS for the 12 months
just elapsed.
The following example shows
just one of these variables, namely the 12 months-ahead calculation for EPS, measured
at 28th February 1997. The company’s next year-end is 30th September 1997, and
earnings forecasts are available for the current year (to September 1997) and
following year (to September 1998).
(NOTE: Where the ‘pr’ suffix
is absent, the statistics are based solely on historic data.)
96AR (Annual Report)
or
96PA (Preliminary Announcement):
The number (e.g. 95, 96 etc.)
refers to the last reported period according to the calendar year in which it
ended; the suffix denotes the source, being either the Annual Report (‘AR’), or
a Preliminary Announcement (‘PA’). The precise date of the period end is shown
in the ‘KEY DATES’ panel.
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