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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.

Index

1st qtr Results announced,outlook, newsflow
2nd qtr Results announced,outlook, newsflow

A

abbreviations Abbreviations and use of symbols
about REFS Help Command
activities analysis Activities analysis Presentation of losses: Examples Definitions and rules of analytical presentation
activities description Sector The FT-SE Actuaries' industry classification system Activities description
adjusting earnings The purpose of adjusting earnings
adjusting for minority interest Adjusting for minority interest
adjusting for tax Adjusting for tax
adjustments Adjustments Adjustments
annualisation Annualisation
annualised values Annualised values
AR (Annual Report) Use of suffixes
assessing maintainable performance Assessing maintainable performance
assessing underlying performance Assessing underlying performance
auditors Registrar and professional advisers
average PER Average PER

B

beta relative Beta Relative: Worked Example Beta Relative calculation: Examples Beta relative
BLMBG (Bloomberg) code Access codes for real-time screen services
borrowings (net) Net borrowings
broker estimates Forecast elements excluded from the consensus Recommendations Estimates Revised estimates Calculation of consensus values The Estimates panel Source Calculating the date-weighted consensus Order of listing Standard deviation calculation One month change Three month change Fully-worked illustration Date
broker forecasts Forecast elements excluded from the consensus Order of listing Date One month change Recommendations Revised estimates The Estimates panel Three month change Standard deviation calculation Source Calculating the date-weighted consensus Estimates Fully-worked illustration Calculation of consensus values
broker forecasts: fully worked illustration Fully-worked illustration
brokers Registrar and professional advisers

C

calculating the date-weighted consensus Calculating the date-weighted consensus
calculation of consensus values Calculation of consensus values
Capex (capital expenditure) Capex (capital expenditure) per share
capitalisation issues Scrip or capitalisation issues
cash Cash
cash flow per share Cash flow per share
cash per share Net cash per share
changes of year-end Changes of year-end
column selection box Column selection box
columns menu View Command
columns setup View Command
compilation and sources Compilation and sources
consensus broker estimates Recommendations Calculation of consensus values Forecast elements excluded from the consensus Order of listing Calculating the date-weighted consensus The Estimates panel Estimates Standard deviation calculation Date One month change Source Revised estimates Three month change Fully-worked illustration
consensus broker forecasts Source One month change Calculating the date-weighted consensus Recommendations Date Estimates The Estimates panel Standard deviation calculation Calculation of consensus values Three month change Order of listing Fully-worked illustration Revised estimates Forecast elements excluded from the consensus
contents Help Command
cover net gearing;gearing;cover;gearing (net) Gearing definition;gearing;cover Cash Gross gearing Gearing under 5 Years Gearing under 1 year Date and Source Abbreviations and use of symbols
cover (dividend) Dividend cover
current ratio Current ratio

D

date Date
date and source Date and Source
dealings Last significant dealing transaction
denomination Share class & denomination
depreciation Depreciation
dilution Dilution Notional dilution
directors Directors
directors share dealings Last significant dealing transaction
directors shareholdings Listing of diectors' holdings
dirs (directors) Directors
dividend cover Dividend cover
dividend estimates Recommendations Three month change The Estimates panel Calculation of consensus values Fully-worked illustration Standard deviation calculation Source Calculating the date-weighted consensus One month change Estimates Date Order of listing Forecast elements excluded from the consensus Revised estimates
dividend forecasts Calculating the date-weighted consensus Date Source Forecast elements excluded from the consensus The Estimates panel Order of listing Standard deviation calculation Fully-worked illustration Revised estimates Recommendations One month change Estimates Calculation of consensus values Three month change
dividend growth DPS growth
dividend per share (DPS) Dividend per share (DPS)
dividend yield DY (Dividend yield) Dividend yield
dividends Enhanced scrip dividends
DPS (dividend per share) Dividend per share (DPS)
DPS growth DPS growth
DY (dividend yield) DY (Dividend yield)

E

earnings estimates Calculation of consensus values Revised estimates Calculating the date-weighted consensus Source Standard deviation calculation One month change Order of listing Three month change Fully-worked illustration Date Recommendations Forecast elements excluded from the consensus The Estimates panel Estimates
earnings forecasts Calculation of consensus values Three month change One month change Standard deviation calculation The Estimates panel Recommendations Revised estimates Order of listing Calculating the date-weighted consensus Source Date Forecast elements excluded from the consensus Estimates Fully-worked illustration
earnings growth Norm (normalised) EPS growth
earnings growth rate (GR) GR (Earnings growth rate) Use of `normalised EPS' Forecasts overtaken by preliminary results Calculating the growth rate on a rolling 12 months-ahead basis Calculating the growth rate for the latest reported period
enhanced scrip dividends Enhanced scrip dividends
EPIC code Access codes for real-time screen services
EPS FRS3, IIMR and Normalised earnings
EPS plot Presentation of low or negative EPS values Adjusted EPS plot Rebasing of the EPS plot
estimates Calculation of consensus values Forecast elements excluded from the consensus Standard deviation calculation One month change Order of listing Source Estimates Three month change Revised estimates Date Fully-worked illustration Recommendations Calculating the date-weighted consensus The Estimates panel
estimates panel The Estimates panel

F

financial advisers Registrar and professional advisers
financial reporting standard No.3 IIMR Headline earnings Normalised earnings Identifying IIMR and normalised earnings adjustments The purpose of adjusting earnings Adjusting for tax Assessing underlying performance Adjusting for minority interest The requirements of FRS3 Illustrated calculation Assessing maintainable performance
finding a company Finding a company
forecast elements excluded from the consensus Forecast elements excluded from the consensus
forecast EPS Forecast EPS
forecasts Fully-worked illustration The Estimates panel Order of listing Estimates Calculation of consensus values Source Revised estimates Three month change Date Calculating the date-weighted consensus One month change Recommendations Standard deviation calculation Forecast elements excluded from the consensus
foreign income dividends Foreign income dividends
FRS3 FRS3, IIMR and Normalised earnings
FRS3 (financial reporting standard No.3) Normalised earnings IIMR Headline earnings The requirements of FRS3 Assessing underlying performance Adjusting for minority interest Assessing maintainable performance The purpose of adjusting earnings Illustrated calculation Identifying IIMR and normalised earnings adjustments Adjusting for tax
FRS3 (impact on results of earlier periods) Impact of FRS3 on results of earlier periods IIMR EPS FRS3 pretax profit & EPS Tax rate Margin ROCE Normalised pretax profit & EPS
FRS3 EPS FRS3, IIMR Headline & Normalised EPS
FRS3 pretax FRS3 pretax
FRS3 pretax profit & EPS FRS3 pretax profit & EPS
FT-SE 100 Index Index
FT-SE Actuaries' industry classification system The FT-SE Actuaries' industry classification system
FT-SE Fledgling Index Index
FT-SE Mid 250 index Index
FT-SE Small Cap index Index

G

GEAR (net gearing) GEAR (Net gearing)
gearing Abbreviations and use of symbols Gearing definition;gearing;cover Gross gearing Gearing under 1 year Gearing under 5 Years net gearing;gearing;cover;gearing (net) Date and Source Cash
gearing (cash) Cash
gearing (gross) Gross gearing
gearing calculations net gearing;gearing;cover;gearing (net)
gearing definition Gearing definition;gearing;cover
gearing under 1 year Gearing under 1 year
gearing under 5 years Gearing under 5 Years
geographical analysis Presentation of losses: Examples Activities analysis Definitions and rules of analytical presentation
GR (earnings growth rate) Use of `normalised EPS' GR (Earnings growth rate) Forecasts overtaken by preliminary results Calculating the growth rate on a rolling 12 months-ahead basis Calculating the growth rate for the latest reported period
graph Adjusted EPS plot Adjusted share price plot Rebasing of the EPS plot Interpretation of the relative strength plot Annual high & low adjusted share prices Relative strength plot Relative % Average PER Share class & denomination Common characteristics of the relative strength plot Presentation of low or negative EPS values Selection of vertical scale extremes
graph scale (vertical) Selection of vertical scale extremes
graph scale factor (overview) Scale factor
graph scale factor (selection of) Selecting the scale factor
gross gearing Gross gearing
growth (dividend) DPS growth
growth (DPS) DPS growth
growth (earnings) Norm (normalised) EPS growth
growth (EPS) Norm (normalised) EPS growth
growth companies (REFS definition) REFS definition of `growth' companies
growth rate (GR) GR (Earnings growth rate) Calculating the growth rate for the latest reported period Calculating the growth rate on a rolling 12 months-ahead basis Use of `normalised EPS' Forecasts overtaken by preliminary results

H

head & reg off (head & registered office) Head and registered office
head off (head office) Head and registered office
help menu Help Command
historic EPS Historic EPS
holdings (directors) Listing of diectors' holdings
holdings (major) Listing of major shareholders

I

identifying IIMR and normalised earnings adjustments Identifying IIMR and normalised earnings adjustments
IIMR FRS3, IIMR and Normalised earnings
IIMR and normalised earnings:illustrated calculation Illustrated calculation
IIMR earnings The purpose of adjusting earnings Adjusting for tax IIMR Headline earnings Adjusting for minority interest The requirements of FRS3 Normalised earnings Illustrated calculation Identifying IIMR and normalised earnings adjustments Assessing underlying performance Assessing maintainable performance
IIMR EPS IIMR EPS
IIMR headline earnings IIMR Headline earnings
IIMR headline EPS FRS3, IIMR Headline & Normalised EPS
index Index
index selection box Index selection box
intangibles (definition of) Gearing definition;gearing;cover
interest cover Interest cover
Interest paid (net) Interest paid (net)
interim Results announced,outlook, newsflow

K

Key dates Definition and content
key statistics Net cash per share Adjustments GR (Earnings growth rate) Use of `normalised EPS' Rolling 12 months-ahead Forecasts overtaken by preliminary results Index Use of suffixes ROCE (Return on capital employed) MARGIN (Operating margin);operating margin GEAR (Net gearing) Forecast EPS PBV (Price-to-book value) PTBV (Price-to-tangible book value);price-to-tangible book value PCF (Price-to-cash flow ratio) PSR (Price-to-sales ratio) PRR (Price-to-research ratio) Net asset value per share Price Norm EPS (Normalised earnings per share) Historic EPS PEG (price-earnings growth rate) Turnover Pre-tax (profit) Market and sector `moons' DY (Dividend yield) Major event flag NMS (Normal market size) PER (Price-earnings ratio) REFS definition of `growth' companies Market cap (Market capitalisation) Calculating the growth rate on a rolling 12 months-ahead basis Position Calculating the growth rate for the latest reported period

L

last significant dealing transaction Last significant dealing transaction
log scale Logarithmic scale or 'log scale' Logarithmic scale or 'log scale': Examples
logarithmic scale Logarithmic scale or 'log scale': Examples Logarithmic scale or 'log scale'

M

major event flag Major event flag
major shareholdings Listing of major shareholders
margin Margin
MARGIN (operating margin) MARGIN (Operating margin);operating margin
margin (operating) Operating margin
Market cap (market capitalisation) Market cap (Market capitalisation)
market capitalisation Market cap (Market capitalisation)
market moons Market and sector `moons'
moons PEG (price-earnings growth rate) Use of `normalised EPS' NMS (Normal market size) Forecast EPS Forecasts overtaken by preliminary results Market cap (Market capitalisation) Rolling 12 months-ahead ROCE (Return on capital employed) Turnover Position Pre-tax (profit) MARGIN (Operating margin);operating margin Market and sector `moons' GEAR (Net gearing) DY (Dividend yield) Index REFS definition of `growth' companies PBV (Price-to-book value) Price PTBV (Price-to-tangible book value);price-to-tangible book value Major event flag PCF (Price-to-cash flow ratio) Adjustments PSR (Price-to-sales ratio) Use of suffixes PRR (Price-to-research ratio) Calculating the growth rate on a rolling 12 months-ahead basis Net asset value per share Historic EPS Net cash per share