Forum Topics Fundamental Data
PortfolioPlus
2 years ago

Totally agree with the commentary about building your information from Annual Reports, inclusive of the CEO & MD reports. It is a great opportunity to spot the BS and spin. I really hate the new trend of ‘underlying’, not to mention a few of the recent accounting standards dealing with rented properties and the expensing of earn outs based upon exceptional profits on acquired businesses. Cash is King and the cash flow statement is the King of reports.

By all means use information services as a check up but remember it’s your money you are investing, not that of a 19 year old pimply faced second year uni student following a rote system. The same logic applies to analyst projections of forward earnings. I will look at the average PT’s of analysts and consider “why are their projections different to mine?”

15
IanF
2 years ago

Where do people get their fundamental data from? I have been looking at the data for EOL. Primarily historical Diluted Earnings per share for a DCF valuation.

The products that I have access to are summaries below:

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As you can see there is a huge variation between some of the providers and the company's ASX reports which I figure are the most accurate.

It seems that from the products I use, Tikr is the most accurate. I am pretty happy with it but it's Global Scans of ASX shares only includes share based on the primary register so it excludes the likes of A2M, AFP, AIA, AIZ, and ATM. I have raised this with them and was asked to add to their annual product feature request survey.

Do others have experience with other products? Am I misinterpreting some of the reports?

Th source of the above data is shown below:

ASX Reports

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Tikr

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Commsec:

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Market Index

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Yahoo

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Koyfin

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Morningstar Quantitative

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10
Solvetheriddle
2 years ago

@IanF i dont trust any of them thats why i reconcile the eps numbers and cashflows myself. a second benefit of this is that you often find the reason for the variation and can make your own mind up about it. in some cases it speaks to the management as well

13
mikebrisy
2 years ago

I have to confess, I build bottom up off the annual reports! Its a painful process, but I am selective and only develop 6-10 per year. I have had problems with various services in how they categorise. I found that the effort I had to put in to audit, correct, and disaggregate wasn't worth it.

I recently tried using Data Imports from PDFs in Excel, but you end up spending a lot of time correcting and reformating and editing.

Call me a geek, but when you actually study in detail the P&L, Cashflow and Balance Sheet together you really get a good understanding of what's really going on, which is really helpful in cutting through management spin around things like Adjusted EBITDA. This is especially good when done over multiple years, as it become impossible for management to hide things given all three lenses over time.

I am not an accountant, but we have financial reporting standards for a good reason!

For quick screening and consensus forecasts I use Marketscreener.com, and for longer run aggregate financial historicals and ratios I use Morningstar Quantitative, which you get free as part of the CommSec platform.

I'm interested in this thread, as I'd like to find a better way.

17
Seasoning
2 years ago

I've been using Koyfin.com recently as a quick way to screen / watch list. It's kind of like Tikkr but has a free tier you can actually use. Not sure how long it'll stay free for! I don't trust any data that doesn't come from the source though - so once I see stuff on there that looks interesting i'll go straight to the annual reports, which I trust a lot more.

9
rh8178
2 years ago

I agree with Greenblatt - I use the info services to see high level data, but I am always mystified how it's different when you go read the report - I'd prefer to get it from the horses mouth too. A bit more work, but you find out a lot more...

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