End of the negative revision cycle

研报英文原文证据摘录

End of the negative revision cycle

EMEA - Other Financials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

Nordnet Ab Publ XTNRF SAVE SS Christiane Holstein

RSTR

Schroders SHNWF SDR LN Hubert Lam

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales

Earnings Growth Expected 5 Year CAGR From Latest Actual N/A

Free Cash Flow Cash Flow From Operations − Total Capex N/A

Quality of Earnings Numerator Denominator

Cash Realization Ratio Cash Flow From Operations Net Income

Asset Replacement Ratio Capex Depreciation

Tax Rate Tax Charge Pre-Tax Income

Net Debt-To-Equity Ratio Net Debt = Total Debt − Cash & Equivalents Total Equity

Interest Cover EBIT Interest Expense

Valuation Toolkit Numerator Denominator

Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified)

Price / Book Value Current Share Price Shareholders’ Equity / Current Basic Shares

Dividend Yield Annualised Declared Cash Dividend Current Share Price

Free Cash Flow Yield Cash Flow From Operations − Total Capex Market Cap = Current Share Price × Current Basic Shares

Enterprise Value / Sales EV = Current Share Price × Current Shares + Minority Equity + Net Debt + Sales

Other LT Liabilities

EV / EBITDA Enterprise Value Basic EBIT + Depreciation + Amortization

iQmethod SMis the set of BofA Global Research standard measures that serve to maintain global consistency under three broad headings: Business Performance, Quality of Earnings, and validations.