Still a show-me story

研报英文原文证据摘录

Still a show-me story

Macquarie Equity Research Dynatrace

Alpha Model Decomposition Key Quant Findings

The quant model currently holds a reasonably positive The Macquarie Alpha is decomposed into its sector and

view on Dynatrace. The strongest style exposure is market relative factor & styles exposures (a higher/better

Earnings Momentum, indicating this stock has received percentile is coded in green, whilst lower in red).

earnings upgrades and is well liked by sell side analysts. The

weakest style exposure is Price Momentum, indicating this relativePercentileto

stock has had weak medium to long term returns which

sectors market

often persist into the future. Factors / Styles (/792) (/3098) Core factors in definition

ALPHA 80% 70% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 71% 46% Book, CF, Yield, Earnings Multiples

ANALYST 92% 89% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 52% 60% Price Momentum

multi-factor model based on a staple of quant factors such

as value, momentum, revisions, quality, and risk. GROWTH 50% 73% EPS, Sales (Forecast, Historic)

PROFITABILITY 60% 87% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Software QUALITY 49% 66% Accruals, Earn Stability, Cash Conversion Whole Universe United States & Services

CAPITAL 73% 78% Investment/Capex, Net share issuance

Macquarie Alpha

4756/17956 939/3098 158/792 LIQUIDITY 45% 98% Size, Turnover, Analyst Coverage Model

Fundamental LOW RISK 65% 76% Beta, Volatility, Earn.Cert, Leverage 4887/17956 854/3098 227/792 (Consensus) *

TECHNICAL 10% 6% MACD, RSI, Bollinger, Williams R, etc

* based on Total Shareholder Return = Consensus Price target / Current Price

Factors driving the Alpha Model vs peers