how to find equity research reports on factset

QuickStart Your guide to using FactSet FactSet QuickStart

The following table lists commonly used reports in FactSet and their corresponding page numbers in this manual:

If you’re looking for... Access this component by selecting the FactSet Insert menu: See page number: Navigating the FactSet Platform 1-4 Learning Tools Additional Displays > Learning Tools > Learning 5 Intraday News & Quotes Quotes/Prices or News & Research 6, 7, 9-11 Historical Price, Volume, & Corporate Actions Quotes/Prices > Prices > Price Summary or Price History 8 Research Management Tools News & Research > Create Research/Idea/Meeting 12 Company Financials Company > Overview, Estimates, Financials, or Filings 13-18, 20, 21, 60 Private Equity/Venture Capital Microsoft Excel > FactSet tab > Filings Wizard button Comparable Companies Company > Comps > Selected Financials 19 M&A and PIPE Transactions Company > M&A 22, 23 Takeover Defense Analysis (U.S. only) Company > Corporate Governance > SharkRepellant 24 Company Debt & Bonds Company > Debt 25, 26 Company Investors & Ownership Statistics Company > Ownership > Company 27, 28 Earnings Call Transcripts Events Calendar > Events Calendar 29 People Data People > Snapshot 30 Portfolio Analysis Portfolio 31-36, 39 Quantitative Analysis Quantitative 37, 38 Upload Proprietary Data and Manage Portfolios Utilities > Data Central or Quick Portfolio 40-42 Portfolio > Utilities > Porfolio Viewer Markets & Economic Research Markets > Indices or Economics 43-46 Screening Screening > Screening or Idea Screening 47-50 Charting Charting 51-53, 63 Web Browser Web Browser 54 Wireless Access Utilities > Wireless Conﬁguration 55, 56 Custom Models and Presentations Microsoft Ofﬁce: Excel, PowerPoint, and Word 57-59, 61-64

Research Associates & Analysts Investment Bankers Performing Company Analysis: The Basics: Perform Company Analysis...... 8, 13, 14, 17, 18 Review the Market...... 46 Find Comparable Companies...... 19 Find Comparable Companies...... 19 Find Standardized and As-Reported Filings...... 20, 21 Create Watchlists & Coverage Lists...... 6, 19, 50 Monitor Company Events and Set Up Alerts...... 29 Track Real-Time News & Quotes...... 6, 7, 9, 10 View Company Debt...... 25, 26 Perform Private and Public Company Analysis...... 13-15 Research Company Boards...... 30 Research Company Boards...... 30 Create Dynamic Charts...... 51-53, 63 Research PIPE Transactions (U.S. only)...... 22 Screen for Companies...... 47-50 View Private Equity Transactions...... 16 Research M&A...... 22, 23 Access FactSet Wireless...... 55, 56 Analyze Global Equity Ownership Data...... 27, 28 Preparing for a Pitch: Access FactSet Wireless...... 55, 56 Create a Public Information Book...... 14 Performing Market Analysis: Screen for Past Precedents and Comparable Deals...... 23 Track Real-Time News & Quotes...... 6, 7, 9, 10 Research Takeover Defense Data (U.S. only)...... 14, 24 Analyze Markets from Macro View...... 43-46 Create Dynamic Charts...... 51-53 Create Watchlists & Coverage Lists...... 6, 19, 50 Create Dynamic Modules and Presentations...... 61, 62 Managing Proprietary Data: Preparing for the Road Show: Create and Upload Portfolios...... 40, 41 Analyze Global Equity Ownership Data...... 27, 28 Create Custom Composites...... 42 Creating Research, Ideas, Meetings, and Updating Clients Access Research Management Tools...... 12 Sales and Traders Find Institutional Investors & Contacts...... 30 The Basics: Perform Private and Public Company Analysis...... 13-15 Screen for Investment Strategies...... 47-50 Monitor the Market Data: Create Watchlists & Coverage Lists...... 6, 19, 50 Track Real-Time News & Quotes...... 6, 7, 9, 10 View a Company’s Trades...... 7 Monitor Portfolios in Real Time...... 31 Read Investment Research Reports...... 11 Access FactSet Wireless...... 55, 56 Communicate between the Buy-Side and Sell-Side Create Research Ideas and Meetings...... 12

Portfolio Managers Quantitative Analysts Managing Data: Managing Data: Create and Upload Portfolios...... 40, 41 Create and Upload Portfolios...... 40, 41 Create Custom Composites...... 42 Creating and Analyzing Models: Performing Analysis: Test and Conﬁrm Investment Strategies...... 47-49 Track a Portfolio’s Absolute or Relative Performance in Real Time...... 31 Analyze the Relationship between Multiple Variables and Investment Evaluate a Portfolio’s Fundamental Characteristics, Composition, Returns over Time...... 37 and Sources of Relative Performance...... 32, 34 Construct Portfolios Using Northﬁeld’s Portfolio Optimizer...... 38 Evaluate Fixed Income Portfolio Performance Attribution...... 33 Perform Top-Level Portfolio Analysis Across Multiple Portfolios...... 35 Perform Returns-Based Portfolio Analysis...... 39 Marketing View Common Holdings-Based, Returns-Based, & Predictive Risk Perform Top-Level Portfolio Analysis...... 35 Analysis...... 36 Analyze a Portfolio’s Style, Performance, & Risk...... 39 Simulate Trades and the Impact on Portfolio Performance and Evaluate a Portfolio’s Performance...... 31-34 Composition...... 32 View Common Holdings-Based, Returns-Based & Risk Analysis...... 36

Wealth Managers Track Real-Time Markets and Off Hour Prices...... 6, 7 Track and Filter Real-Time News...... 9, 10 Customize Views to Track Client Investments/Portfolio Views...... 31 Perform Company Analysis...... 13-30 Read Investment Research Reports...... 11 Access FactSet Wireless...... 55, 56

A workspace is made up of several tabs and subtabs and is completely customizable, allowing you to view only the components that best ﬁt into your investment process workﬂow. When you ﬁrst launch the new FactSet, you will see either a predeﬁned workspace or your last saved default workspace for Marquee users. Workspaces are stored online so you can access them from multiple locations and share your workspace with individuals at your ﬁrm. For a guided tour of the platform, launch the eLearning course on Online Assistant page 15853. Enter an identiﬁer in FactSearch to quickly Use these toolbar buttons to specify To open a blank tab and search for and navigate to securities, reports, application preferences, access help for the add new components to and applications within the new FactSet. new FactSet, and view your User Proﬁle. your workspace, click the Plus button next to the You can access additional tab options last tab. by going to the Tab drop-down menu. You can add up to three levels of tabs in each workspace.

You can lock components in a certain position or press ALT+C to move the Selections include: component, view the title + Open Tab to open a tab saved in bar, and access additional your Personal, Client, Super_Client, options (shown here). or FactSet directory. + Export Tab to create a copy of the current tab and share it with other FactSet allows you to send individuals at your ﬁrm. and receive identiﬁers + Rename Tab to change the name of from and to multiple the current tab. components throughout + Close Tab to close the current tab your workspace using and remove it from your workspace. Identiﬁer Broadcast + Print Tab to print the current tab. and channel options. + Revert Tab to revert to the last See Online Assistant saved version of the current tab. page 15855 for more + Add Sub Tab to create a new level information on Identiﬁer of tabs under your current tab. Broadcast options.

In addition to the workspace options shown on the previous page, you can customize your workspace to include additional displays, reports, and applications. You can then save your new workspace and access additional workspace options using the new FactSet.

Inserting Components in Your Workspace Managing Your Workspace Click the Plus button next to the tab where you want to create a new tab and insert a To manage workspaces, go to FactSet Insert menu > Workspace and select: new component: + New Workspace to create a new workspace. + Open Workspace to open an existing workspace ﬁle. You can also open a workspace that you’ve launched recently by going to FactSet Insert menu > Recent Workspaces and selecting it from the list. + Save Workspace to save revisions to the current workspace. Launch a component by going to the FactSet Insert menu and selecting the desired + Save Workspace As to save a collection of tabs and subtabs as a single workspace ﬁle display, report, or application. If you’re using a predeﬁned workspace, you can also click using a new name. an icon in the toolbar to launch the corresponding component. + Import to import a previously saved Marquee workspace or worksheet that is not already included in your list of workspaces. Browse for any approved upload ﬁle with extensions .MQS and .MQW. + Manage to manage your workspace (e.g., move, copy, delete) using File Manager. See Online Assistant page 14277 for more information on File Manager.

Follow the same steps to include additional components in your workspace. Once you’re done customizing your workspace, learn how to save it for future use in the next section.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Workspace 15852, 15851 [email protected] (2) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Using Shortcuts and Function Keys

There are several predeﬁned keyboard shortcuts available in the new FactSet default workspaces. You can also customize the FactSet right-click menu, toolbar, and/or hot keys by assigning shortcuts to your favorite displays, reports, and applications using Shortcut Manager. Customizing Shortcuts and Hot Keys To begin customizing your shortcut toolbar and right-click options, click the Shortcut Manager button on the toolbar or right-click within a tab and select “Manage Shortcuts.” Then, follow the steps below to add your new shortcut.

2. Click the Add button to include the highlighted component in the Selected Items list. 1. Select the component(s) you want to assign a shortcut 3. Click the Properties button to assign a to from the Available Items function key and format the appearance list. The list follows the same of the shortcut in the toolbar. order as the FactSet Insert menu so you can easily ﬁnd each item. Tip: You can also categorize your shortcuts so they appear grouped in your right-click menu.

Using FactSet Keyboard Shortcuts: + To hide/show the identiﬁer toolbar, press ALT+A. + To revert back to the last saved version of a tab, press CTRL+R or the ~ key. + To hide/show scroll bars, press ALT+B. + To save a workspace and document (i.e., settings), press CTRL+S. + To hide/show a component’s title bar, press ALT+C. + To activate FactSearch or the Master Identiﬁer box, press CTRL+T. + To activate the FactSet Insert menu, press ALT+F. + To select the next component in a tab, press CTRL+TAB. + To ﬁnd text within a component, press CTRL+F. + To select the previous component in a tab, press CTRL+SHIFT+TAB. + To tile components horizontally within a tab, press CTRL+SHIFT+ALT+H. + To navigate to the lowest tab layer, press ALT+[1-9]. + To tile components vertically within a tab, press CTRL+SHIFT+ALT+V. + To toggle up/down through the tab layers, press CTRL+Up Arrow or Down Arrow. + To activate channel audit, press ALT+I. + To move the cursor left in a tab layer, press CTRL+Left Arrow or Page Up. + To add a new tab/subtab, press CTRL+N. + To move the cursor right in a tab layer, press CTRL+Right Arrow or Page Down. + To open a tab, press CTRL+O. + To close the active component, press CTRL+F4. Where can I ﬁnd this on FactSet? Online Assistant Page ID Shortcut Manager button 15797 [email protected] (3) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Searching with FactSearch

FactSearch allows you to quickly search for and navigate to securities, indices, people, and FactSet components/reports. For a guided tour on using FactSearch, launch the eLearning demo on Online Assistant page 16253. Enter keywords into the FactSearch box. As you type, the Expand the context-sensitive side menus to open a FactSearch drop-down menu will populate with results component with the selected entity’s information. Select Note: FactSearch requires related to the search keywords. “Broadcast ID” to send the entity to multiple components. FactSet version 2010.1 or higher.

The drop-down menu is separated into the following sections: + Entities - Includes security types such as equities, indices, people, mutual funds, and private companies + Components - Includes all the components found in the FactSet Insert menu + Series & Reports - Includes economic charts and series that are available in Economic Analysis Charting + Search OA - Opens an Online Assistant search page with a list of help pages that include your keyword

FactSearch Keyboard Shortcuts Shortcut Examples: You can quickly “jump” to a component by entering shortcuts into the FactSearch box. FactSearch shortcuts are written + C@N - News for Citigroup as: identiﬁer + @ + component shortcode. You can launch a blank component by removing the identiﬁer from the + FDS@C - Price chart for FactSet shortcut. See Online Assistant page 16233 for a list of component shortcodes. + @PA - Blank Portfolio Analysis component

The Learning component provides a central location to access FactSet’s interactive eLearning demonstrations and tools, including the Financial Analysis Knowledge Base. The Knowledge Base is a self-paced online training program and learning resource that concentrates on improving ﬁnancial analysis and modeling in Excel. The Learning component also features several eLearning demos that allow you to explore FactSet at your own pace.

Click the ? button and select “eLearning” to launch context-sensitive demos for various displays, applications, and reports throughout your workspace (requires FactSet version 2010.1).

Starting with the basics of Excel, accounting, and ﬁnance, and continuing on to advanced model-building, the Financial Analysis Knowledge Base is an ideal continuing eduction program for corporate ﬁnance analysis. Navigate through the tabs to view lessons, a glossary, a subject index, and more. Self-paced online courses include interactive screenshots and video clips.

View tips & tricks on using FactSet’s Productivity Suite Access eLearning demos covering various FactSet to streamline your products and tools. daily workﬂow.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Additional Displays > Learning Tools > Learning 15722 [email protected] (5) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Monitoring Market Data

Monitor market data for securities, such as companies, indices, treasuries, currencies, futures, and commodities in the Market Watch display. You can manually enter identiﬁers and save them as a ticker list or open an existing ticker list to better manage your display. For more information on managing identiﬁers in Market Watch, see Online Assistant page 15884.

Click the Lookup button to select an identiﬁer or type an identiﬁer directly into Right-click and the desired location. select “Options” to customize your columns using data Right-click an identiﬁer from your FactSet and select a report or subscription or your market data display proprietary data. from the customized list to open and dynamically apply the identiﬁer. Press the INSERT key to insert a row. Press Double-click the N the DELETE key to icon to view news for remove an identiﬁer, the identiﬁer in the Double-click an identiﬁer to apply the Select a row and enter G:group_name group, or row. News display. identiﬁer to all the company-speciﬁc to create group headings for your displays in the tab. securities.

Tip: To create and manage real-time alerts that will Market Watch Hot Keys: notify you if certain criteria are met for a single or + To move around a Market Watch, press Left and Right arrow keys . multiple identiﬁers, use the Alert Manager utility. For + To copy an identiﬁer(s), press CTRL+C. more information about Alert Manager, see Online + To cut an identiﬁer(s), press CTRL+X. Assistant page 15873. + To paste an identiﬁer(s), press CTRL+V. + To select multiple identiﬁers, press CTRL or SHIFT.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Quotes/Prices > Market Watch 15883 [email protected] (6) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing a Full Quote

View a summary of a security’s trades, including bids and asks, along with fundamental data, such as EPS, P/E, and Price to Book Value in the customizable Full Quote display. You can also view a ticker tape of the latest trade details and a candlestick chart of the intra-day performance.

Access key reports, such as Performance Quote or Ownership, via the drop-down menu Customize the Full Quote on the Full Quote toolbar. display using data from your FactSet subscription or your ﬁrm’s proprietary data and research. For more information on customizing a Full Quote, contact FactSet Consulting Services.

View a ticker tape and candlestick chart of the intra-day performance. If you do not see the ticker tape, right-click in the display and select “Show Ticker Tape.”

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Quotes/Prices > Full Quote 15894 [email protected] (7) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing Pricing Data

The Price Summary report displays price and return, splits, dividends, volume and volatility statistics, and related equities. Choose from several links within the report for more in-depth analysis. The Price History report displays historical price and return data for a single security or multiple securities.

Click the VWAP Right-click within the chart to data link to perform format your chart, manage additional VWAP annotations, and more. analysis. Also, click the Market Value data link to view a breakdown of the calculation.

Hover your mouse After adding annotations, over data values in hover over each to view the Return Analysis additional information. and Dividends & Splits sections to view the underlying calculation.

Click the Options button to modify report settings, such as dates, Select a predeﬁned date range currency, units, and or click the Custom Date add annotations (e.g., Range button to view Earnings as shown). data over a speciﬁc period.

Deselect “Single Identiﬁer View” to view price history for multiple securities. Enter an identiﬁer or portfolio in the Additional Ids ﬁeld or click the Lookup button to search for one. Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Quotes/Prices > Price Summary or Price History 14827, 14828 [email protected] (8) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Displaying Real-Time News

In the News display, you can view real-time scrolling ﬁnancial news headlines for the current day, a speciﬁc company, and a portfolio or watch list via a customized ﬁlter.

Search for news by entering a keyword or category Click New Search to create a news search code, or by clicking the Category Lookup button with your choice of data sources, categories or to use predeﬁned news searches by subject, subjects, universe of securities, and date range. industry, language, country, and region. Enter an identiﬁer to view all news for a single Click Top to quickly company. see the top news from Dow Jones News Service.

Select a predeﬁned ﬁlter to narrow down stories. Click Include or Exclude to add or remove items from your news search. Double-click a headline Each included/ to view the full news excluded selection document. will appear in the Current Search/Filter Criteria list.

You can break out tabs by Organize your search criteria using these tabs: portfolio, security, or by + Source - To select from the available news Click Save Alert the results of a custom sources (according to your subscription) to save your search, news search. Right-click on + Category - To select from a list of create an alert, and the tab to move, rename, categories choose a notiﬁcation or delete it. + Universe - To specify an identiﬁer or type. portfolio + Text - To enter text criteria + Date/Time - To specify a date range

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > News & Research > News 15863 [email protected] (9) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing RSS Reader

Use RSS Reader to gather and view headlines from multiple websites in a single application. RSS Reader includes default feeds from the Financial Times, Forbes, and Dow Jones. In addition, you can add RSS feeds from your favorite sites.

Enter a keyword in the Search textbox and click the Search Click the Settings button to button. specify how headlines should appear and how much history to display. Right-click on a feed name and select “Export” to export the feed to an OPML ﬁle that other RSS readers can use.

Right-click on a feed name and select “Mark all stories in this feed/folder as read” to mark all stories as read. Double-click a headline to view the story. Right-click on a feed name and select “Delete” to delete the feed.

Click the Import button to import feeds from other RSS readers.

Click the Add Group button to Click the Add Feed button to add organize your feeds into groups. a feed from your favorite website.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > News & Research > RSS Reader 15876 [email protected] (10) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing Research Reports

Use the Investment Research display to access research reports from FactSet Research Connect, Reuters Research, and First Call Research Direct. This display allows you to search and view research reports all within one window .

Use the Source drop-down menu to change the source. Search for research reports You can access reports from by identiﬁer, keyword, dates, one source at a time. broker/analyst, subject, industry, and/or common report type. Once you’ve speciﬁed all of your search parameters, click the Search button to view your results. Click the Additional Search Options button to select additional search criteria, such as geography, report focus, and report actions.

Double-click a headline to view the report.

Select a report(s) and click the Print button to print the report(s) or click the Download button to download the report(s) locally on your PC.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > News & Research > Investment Research 16041 [email protected] (11) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Creating Research, Ideas, and Meetings

The Create Note/Idea/Meetings dialog box allows you to create internal research notes, trade ideas, and meetings in a single location, streamlining the process of creating and communicating ideas. To access the full suite of Research Management tools, go to FactSet Insert menu > Research Management.

Use the Internal Note tab (as shown) Use the Trade Idea tab to create an idea to create notes on a company, industry, and initiate performance tracking of sector, or market and share them with the idea. The Trade Ideas tool helps to other FactSet users at your ﬁrm. For evaluate who is contributing the best more information on creating internal performing idea recommendations. For notes, see Online Assistant page 13293. more information on creating ideas, see Online Assistant page 15003. Classify your Internal Research Note with a subject, sentiment, and/or Use the Meetings tab to create new recommendation. meetings. The Meetings tool lets you keep a record of who attended meetings and the broker who set up the company Enter your note details. meetings, as well as perform a subjective internal assessment of meetings. For more information on creating meetings, see Online Assistant page 16055.

Add custom ﬁelds to your Internal Research Note using manually entered data, FactSet formulas, or predeﬁned lists. Click the Attach button to attach For more information on adding custom supporting documents and models. ﬁelds, see Online Assistant page 14358.

Add related symbols to your note by entering the identiﬁer or searching for it using Identiﬁer Lookup.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > News & Research > Create Research/Idea/Meeting 16251 [email protected] (12) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing the Buy-Side Public Company Snapshot

The Public Company Snapshot - IM report provides a summary of a company’s business and ﬁnancial data for buy-side professionals. This report includes an in-depth view of a company’s price, performance, growth, valuation, estimates, and more.

Enter a company name View basic information or identiﬁer. You can including ticker, also click the Lookup exchange, sources button to search for used, price, price identiﬁers. change, and more at the top of the report.

Click the “Previous” or “Next” links to change View key statistics, the ﬁscal quarter or year. such as enterprise value and analyst coverage for your selected company.

Right-click the price chart to change formatting, add custom annotations, and more. Scroll up/down the report to view more information.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Overviews > Public Company Snapshot - IM 15131 [email protected] (13) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing the Sell-Side Public Company Snapshot

The Public Company Snapshot - IB report provides a summary of a company’s business and ﬁnancial data for sell-side professionals. This report contains valuations, ratios, and relevant data, such as takeover defense, business segment sales, M&A deals, key comps, insiders/stakeholders, and more. The Snapshot report serves as a launching point to other datasets and reports.

Enter a company name or identiﬁer, or click the Lookup button to search for Click the “Build TravelBook” identiﬁers. link to create a presentation- ready company overview.

Click the “Build PIB” link to customize a Public Click the Download button Information Book. to download any section of the report into a Microsoft Excel spreadsheet or Word Click the link to toggle document. between Market Value and Equity Value. See Online Assistant pages 14561 and 14405 for breakdowns of The lower-right corner of the Market Value and Equity each section displays the data Value calculations. source being used.

Scroll to view additional information, including the company’s relative defense protection by looking at the Click the “More” links to Bullet Proof Rating. (The view more detailed coverage Bullet Proof Rating is a scale for each section. from 1-10, where 10 is the highest level of takeover defense.)

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Overviews > Public Company Snapshot - IB 14176 [email protected] (14) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing Private Company Data

Use the Private Company Snapshot report to research private companies. The Snapshot report combines summary information from the major data sources available on FactSet, including a ﬁnancial summary, management and board details, recent headlines for the company, and more.

Scroll down to view detailed investment information for View key ﬁnancial items the ﬁrm, including investment to help you understand rounds. (A venture capital the ﬁnancial situation of backed investment round is the a company. EDGAR data amount of money raised in a is available for private particular round of ﬁnancing.) companies that ﬁle with the SEC.

Click the Relationships icon to launch an individual’s Relationships report. For more information, see Online Assistant page 13501.

Displays “Active” if the investor is still invested in the portfolio company and “Exited” if the investor is no longer in the portfolio company.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Overviews > Private Company Snapshot 14087 [email protected] (15) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing Private Equity/Venture Capital Data

Use the Private Equity/Venture Capital report to research descriptive investment information for private equity and venture capital ﬁrms, such as funds under management, active portfolio companies, and more.

Enter a ﬁrm’s name or identiﬁer, or click the Lookup button to search for ﬁrms.

View the different report sections to see the ﬁrm’s active portfolio investments, active private equity investments, venture capital investments, latest M&A deals, and more.

Click the + icon to view more detailed information about an individual ﬁrm.

View all private equity/venture capital investments.

Scroll down the report to view funds under management, industry focus, key people, Click the Detail icon to view and more. deal details.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Private Equity/Venture Capital 14172 [email protected] (16) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing Estimate Summary & Broker Outlook

View a variety of quarterly and annual estimate data in the Estimate Summary report, including EPS and Sales estimate history, historical and estimated growth, surprise history, current outlooks for various estimate types, charts, and key items. The Broker Outlook report provides an overview of broker research and information through an interactive chart with broker estimates, consensus and pricing history, and data containing broker information, estimates, guidance, and more.

Click the recommendation link to view detailed, broker-level recommendations. Choose the type of estimates to display from Click the Currency button to the Estimate Items drop- access currency and exchange down menu. rate selection options.

Hover over a chart series to view the underlying data.

Click the “Prev” or “Next” Click the Brokers links to view past or future button to include/ time periods. exclude brokers in your report. Also, click the Settings button to access further options, such as setting the Click the analyst name links to view the estimate window. Analyst Coverage report, which allows you to see all the companies that a particular analyst currently covers.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Estimates > Estimate Summary or Broker Outlook 14902, 15175 [email protected] (17) Copyright © 2009 FactSet Research Systems Inc. All rights reserved. Viewing Company Financials

You can research and audit company ﬁnancial statements for a given identiﬁer. The following report highlights the Income Statement, but you can access additional ﬁnancial reports, including Key Items, Balance Sheet, Cash Flow Statement, Segments, Ratios, and Pension in the Financials section.

Select the period and Click the data source data type from the link to change the data corresponding drop- source for your reports. down menus.

To chart data, highlight the ﬁnancial line item and Select a predeﬁned date click the Chart button. range or click the Custom To chart multiple line Date Range button items, press the CTRL key to view data over a and highlight the desired speciﬁc period. rows. Select your preferred currency from the Currency drop-down menu.

Using the FactSet Fundamentals database, you can hover your cursor over data items to access a breakdown of the as-reported numbers. Click on the hyperlink to be directed to the ﬁling. See Online Assistant page 15775 for more information.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Financials > Income Statement 14859 [email protected] (18) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Comparing Company Financials

The Comps reports provide detailed information about comparable companies for your target company, including key ﬁnancials, margins, and price performance. Each report lists speciﬁc metrics, allowing for a detailed side-by-side analysis. You can also save your custom lists of comparables for future use.

Click the “Report as of” link to Click a link to view a breakdown modify the report date to LTM or of the value. Calendar Year, or change the type of data to Preliminary or Final.

Click the “Add/Remove columns” and “Add/Remove rows” links to customize the data displayed in your report.

Click the “Add/Remove comps” link to change the comparables for your target company.

Click the Quick Comps button to modify the settings and Scroll to the right to see additional methodology for returning metrics. comparables.

You can change options such as ﬁnancial characteristics and groupings (e.g., sector, industry, or SIC code). See Online Assistant page 13885 for more information.

Save your list of comparables for future use.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Comps > Selected Financials 13999 [email protected] (19) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Company Filings

Use the Filings report to analyze both U.S. and non-U.S. companies’ documents from EDGAR, SEDAR, PDF annual reports, and GlobalFilings.com. Click the Print button to print a complete ﬁling or sections Quickly view recent of a ﬁling, as well as multiple popular ﬁlings using ﬁlings in a batch print. the links at the top of the report. Click the FIlings Wizard button to download as-reported ﬁnancials into Microsoft Excel.

To view the Blackline Perform advanced searches, report, click the ﬁltering documents by date, Launch Blackline ﬁling type, and text string. Report icon next to the corresponding ﬁling.

View a comparison of a company’s 10-K or 10-Q ﬁling to the previous period’s ﬁling in the Blackline report. For more information on the Blackline report, see Online Assistant page 14370.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Filings > Filings 14010 [email protected] (20) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Prospectuses

FactSet Global Filings offers full text, clause, and ﬁeld searching on debt, equity, and warrant prospectuses; programs, pricing supplements, and M&A transactions. For a guided tour of the Global Filings application, launch the eLearning course on Online Assistant page 15135.

Click Open to view your last 10 searches, your saved searches, and Click the Help button to example searches. access application help for Global Filings.

Click the Run Search To refresh your search criteria, click button to see the results the Clear All button. You may also of your search criteria. click the icon to delete speciﬁc criteria.

Select two check boxes to compare the clauses and term sheets, or select multiple check boxes to view several clauses.

Select check boxes and click the Add to List button to add documents to the workspace below. Click the Document List button to view an aggregated list of documents that you have selected in all of your searches.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Filings > Prospectuses 14209 [email protected] (21) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing M&A Summary Data

View global merger and acquisition data, deal details, and private placements in the M&A Summary report. Track detailed information on a company’s latest deal activity including announce date, deal value, and advisors.

Click the “Build M&A TravelBook” link to create a presentation-ready, printable Review deal activity by price report on a company’s M&A and volume for the last 12 deal activity. months. Right-click on the chart to format or copy the chart. To view details, hover your cursor over the red and green ﬂags.

Click the Detail Link icon to view the deal synopsis, transaction notes, and The M&A Summary provides ﬁnancials for the target and an overview of LTM deal buyer. activity sourced from FactSet Mergerstat. Click the Source Link icon to view source information for the deal, such as press releases or company ﬁlings.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > M&A > Summary 13859 [email protected] (22) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing M&A Data Using FactSet Mergers

FactSet Mergers includes both MergerStat and MergerMetrics. You can view pre-formatted reports, or create your own columnar reports to view advisors, premiums, and transactions. For a guided tour of the MergerMetrics application, launch the eLearning course on Online Assistant page 15584.

Choose the MergerStat tab to view Choose the MergerMetrics tab to detailed information on publicly- ﬁnd information about acquisitions announced mergers, acquisitions, of public or private U.S. companies and divestitures involving public and where a deﬁnitive merger agreement private companies. was ﬁled with the SEC.

Once you execute a search, view your results in the Results tab. Tip: You can also view the All Transaction as Buyer and All Transaction as Seller reports within FactSet Insert menu > Company > M&A. See Online Assistant page 14349 for more information on these reports. In both the MergerMetrics and MergerStat tabs, you can search for deals by hundreds of searchable items.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > M&A > MergerStat or MergerMetrics 15444 [email protected] (23) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Takeover Defense Data with SharkRepellent

SharkRepellent provides takeover defense data and corporate governance research. Using SharkRepellent, you can ﬁnd information from a company’s articles of incorporation, bylaws, shareholder rights plan, and state takeover law to build a comprehensive overview of a company’s key takeover defenses.

The “Bullet Proof Rating” is based on a scale from 1-10. Ten is the highest level of takeover defense, and one is the lowest.

Search for defense proﬁles and analytics on a Click on a link to drill down to wide range of corporate governance criteria. company-speciﬁc reports, ﬁlings, and documents. Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Corporate Governance > Corporate Governance (SharkRepellent.net) 13578 [email protected] (24) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Accessing Fixed Income Security Data

Fixed Income Explorer 3.0 allows you to perform bond valuations, scenario analysis, and other analytics on an extensive global universe of debt securities. Use the Security Overview report to access information on the terms and conditions and derived values for your ﬁxed income security.

Enter a security identiﬁer or click the Lookup button to select and view speciﬁc bond details. View price, yield, convexity, duration, and spread for Select the Issuer Overview the issue in the Prices and report to access debt Derived Values section. information for any issuer of debt. See Online Assistant page 15685 for more information.

View the charts in the View a comprehensive bottom pane by clicking the overview of the selected Chart button next to the issue, including descriptive value you want to chart. offering details, original offering of the security, and other information such as credit rating and maturity date. See all additional information, including View the redemptions charts, on the lower pane options of a security. of the screen. Access additional information by clicking the links in blue (e.g., Call Schedule).

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Debt > Fixed Income Explorer > Security Overview report 15588 [email protected] (25) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Debt Capital Structure

The Debt Capital Structure (DCS) Overview report provides a broad and comprehensive view of the instruments associated with a debt issuer. It includes current credit ratings, current credit spreads, price history, historical credit analysis, debt capital structure summary, and data for long-term debt by maturity and debt seniority.

View current credit ratings. View the debt capital structure Click the credit rating link (e.g., broken down by class, including Aa2) for detailed long-term amounts available under rating history for the issuer and revolving credit facilities, as related issuer ratings. well as current short-term debt information.

Hover your mouse over the Price History chart to view the one-year and ﬁve-year CDS points, as well as the equity price of the issuer.

Track a company’s debt maturity schedule and view a year-by-year summary of when the bonds will mature.

View historical credit analysis in order to evaluate the credit worthiness of a corporation. Scroll down the report and Track long-term seniority and click the source links to be view the dollar value of debt at directed to the issuer’s 10-K. each level of seniority.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Debt > DCS Overview 15986 [email protected] (26) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Company Ownership

The FactSet LionShares Global Ownership database collects global equity ownership data for institutions, mutual fund portfolios, and insiders/stakeholders. FactSet provides both summary and detailed ownership data that you can view by security or by holder. The Summary/Detail report shown here provides a summary of a company’s shareholder information.

Proﬁle Builder lets you create quick one-page institutional proﬁles. Create watchlists to track individuals and investors.

Select a report type. Choose from institutional, mutual fund, beneﬁcial, insider/stake, and institutional/insider ownership.

Click on (or mouse over) any linked item to access more detailed information. Easily refocus your report on a speciﬁc holder or mutual fund.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Ownership > Company tab > Summary/Detail report 16062 [email protected] (27) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Company Ownership - Detailed Reports

You can create detailed ownership reports, including peer analysis (shown below), projected ownership in a hypothetical merger, and detailed historical analysis. Peer Analysis allows you to create a list of companies and compare ownership among them.

Historical Analysis reports include contact names, addresses, phone numbers, and e-mail addresses.

Analyze ownership in a hypothetical merger using deal terms that you specify.

Download any report into a Microsoft Excel spreadsheet.

Tip: Launch the eLearning course on Online Assistant page 14740 to view a guided tour of these reports.

Compare institutional or mutual fund ownership of multiple companies side-by-side in a single report.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Company > Ownership > Company > Peer Analysis 15915 [email protected] (28) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing Corporate Events & Transcripts

The Event Calendar - Company report displays historical and upcoming events such as earnings releases, stock splits, dividends, analyst meetings, guidance, and sales calls. You can download events and set preferences to receive e-mail alerts for upcoming events.

To ﬁnd events for a speciﬁc company, enter a ticker or name in the Identiﬁer Lookup input box. To search for companies, portfolios, or indices, click the Click the Settings button Lookup button . to select your preferred ﬁle format, calendar notiﬁcation options, and time zone. The interactive calendar allows you to narrow your search by date. Click the Single Arrow buttons to change date by To download a transcript for an month; click the Double Arrow event, click the appropriate icon buttons to change by year. for the type of transcript you want to download. Enter a speciﬁc date in the Choose Date input box and click the Go button. Select the event from the Event column; event details appear in the right pane. From the left pane, select the appropriate check boxes to limit your results. You can limit by event type, region, and industry.

Where can I ﬁnd this on FactSet? Online Assistant Page ID FactSet Insert menu > Event Calendar > Event Calendar - Company 15025 [email protected] (29) Copyright © 2010 FactSet Research Systems Inc. All rights reserved. Viewing the People Reports

Research directors’ and ofﬁcers’ relationships and backgrounds using the People Snapshot report. View information such as employment history, what other boards a person sits on, and who else they know, so you can make connections.

Click the Lookup button to Launch the Relationships ﬁnd an individual, or start report to view business, typing a name and possible charitable, educational, matches will pop up. and other non-corporate relationships of the targeted investment professional.

Launch the Connections report to plot paths between people and ﬁrms. You can rank by relevance.

Click the + or - buttons to expand and collapse report sections.

Scroll down the report to view compensation and options history (for Reuters Fundamentals subscribers).

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FactSet offers comprehensive data and analytics on global financial and economic markets and companies. Data coverage includes:

Financial data on 70,000+ public and private companies worldwide with historical coverage for developed markets from 1980s and for emerging markets from 1990s
Up-to 2,000 historical financial metrics data items for close to 100 countries
Historical financial data on 5,000 global indices, as well as fixed income, commodities, alternative investments markets, and more

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how to find equity research reports on factset

FactSet workspace is defined by selected application tabs on top bar. NOTE: Not all tabs are displayed upon login to the database.

Workspace is fully customizable by either or a combination of the following methods:

Workspace > Open to choose a predefined Workspace configuration
Or Workspace > New to create a custom workspace
Or Workspace > Save As to save a custom workspace in Personal folder
To find/add a tab by keyword(s), use the Search FactSet option. See below the How to Search section of this guide. For example, find/add a tab where you can find earnings calls transcripts :

Enter "transcripts" in search box.
Select @EC | Application Event /Calendar .
FactSet opens the respective page and automatically adds the tab to the top bar if it is not there.

How to Search

FactSet search is menu-driven through its customizable interface called Workspace. To search:

On top menu bar, select a tab, then a sub-tab where available or a field from left panel. On some screens, select options to modify results, e.g. by dates, data item, etc. Not all available tabs are displayed on default Workspace. See above the Customizing Workspace section of this guide.
Start typing your search term, such as a company or security name, country name, etc.
Select identifier from auto-fill list if there.

If the identifier is not on the list or to customize your search, use the following additional options:

Click the Search FactSet (Magnifying glass) icon in top left corner to search by keywords. See above .
At top of auto-fill list, click the category. For example, click Debt if you are looking for company's debt. Then select the identifier from auto-fill list. NOTE: The displayed categories vary based on your keyword entry.

Printing, saving, exporting: click a respective icon above results.

Next: Finding Identifiers >>
Last Updated: Dec 8, 2023 11:11 AM
URL: https://libguides.stanford.edu/library/factset

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Q. How do I find analyst reports (investment bank research)?

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Answered By: Lippincott Library Last Updated: Apr 21, 2024 Views: 171526

Use LSEG Workspace (formerly Refinitiv).

To find analyst reports (also known as sell-side, broker, or equity research reports) for a specific company, search for that firm's ticker symbol or name in the top search box. Then, on the News & Research menu, click on Company Research . Use filters near the top of the page to refine your search.
To screen for analyst reports based on a set of criteria, type ADVRES in the search bar and select the Research Advanced Search app, or click on Research in the main menu. then, click on Advanced Research . You can filter for reports by industry, geography, contributor, keywords, and more.

Note: LSEG Workspace has a 150-page daily limit for viewing and downloading research content. This limit is in lieu of retail prices listed on reports and resets at 12:00 AM Eastern Time daily.

Bloomberg (see access details ) contains some analyst reports.

Type your company's ticker symbol, then hit the yellow EQUITY key, then type DSCO and hit the green GO key.
To find reports by industry or keyword, type RES and hit the green GO key.

Morningstar equity research reports and analyst cash flow models can be found in PitchBook .

Hoovers contains some analyst reports as well.

Type in a company name and select the company you want.
Scroll down the screen; if available, analyst reports appear under Advanced on the left side.
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Explore Research Firms

Research Firm: FactSet

Methodology Analyst Driven, Quantitative Model Driven
Approach Fundamental Analysis, Structural Analysis
Equity Style Bottoms Up
Report Types Ratings, Reports and Data
About the Firm

FactSet delivers some of the world's best insight and information to investment professionals through superior analytics, service, content, and technology. More than 85,000 global users make smarter investment decisions with FactSet's desktop analytics, mobile applications, and comprehensive data feeds. FactSet ETF Data provides comprehensive reference and analytics data across the universe of exchange-traded products. FactSet ETF data is sourced from more than 80 providers, with one year of history for U.S. Reference Data and current European Reference Data. Learn more about FactSet's data solutions at FactSet.com/data, and follow us at Twitter.com/FactSet

ETF Methodology

FactSet ETF Analytics Scoring Methodology is one of the first wide-ranging and robust methodologies for evaluating, comparing and contrasting exchange-traded funds. The researchers and analysts at FactSet developed the system. The result of thousands of hours of research, debate and testing, FactSet ETF Analytics Scoring Methodology provides a comprehensive structure for investors to analyze ETFs.

FactSet's quantitative system allows an investor to evaluate a fund at a glance, aggregating a sweeping range of detailed, often-difficult-to-obtain data points. FactSet's Letter Grade combines our Efficiency and Tradability score evaluating costs to the investor. The combined score is assigned a letter grade (A-F) providing an institutional-caliber view on how well run and how liquid the ETF is. Efficiency includes risks, which are potential costs. Funds that minimize these risks can be more efficient.

Also provided to allow more granular review are the following three scores from 0 to 100:

Efficiency: Does the fund deliver on its core promise to investors without undue costs or risks?
Tradability: Can I get a fair deal buying or selling this fund in the open market?
Fit: How does this fund's portfolio compare with the core investment theme suggested by its stated objective?

Fit receives a stand-alone numerical score because Fit's job is different. The Fit score alerts investors about how closely the fund represents the broadest level of the investment theme's exposure. A high Fit score communicates, "This fund gives a broad market exposure," while a low Fit score signals an alternate approach to the segment. Some ETFs, such as a U.S. small-cap energy fund, may not "fit" well relative to a broad-based U.S. Energy index. The fund may nevertheless be well-run and liquid. In such a case, the fund will have a high letter grade and a low numerical score.

Paired together, the letter grade and numerical score paint a top-level picture of each ETF. For more detailed information, please refer to the ETF ANALYTICS SCORING METHODOLOGY (PDF)

STATEMENT OF PRINCIPLES

FactSet's ETF Analytics methodology is based on several key principles, loosely based on the CFA "SAMURAI" principles for index construction:

Specified in Advance: The methodology is neither ad hoc nor subject to the whim of analysts. This document is proof that we aim to have a clear, predefined framework for analysis.
Accountable: FactSet will listen to critiques and new information as they become available, and will incorporate current financial thinking and best practices into our process as necessary.
Measurable: Our methodology is driven from quantitative data, and produces quantitative output.
Unambiguous: While reasonable people may disagree on weighting, benchmark selection or even the sourcing of key data, there are no "black holes" or "editor overrides" present in our scoring system.
Representative: We believe our methodology represents the best possible academic understanding of ETFs, their underlying markets, common benchmark criteria, investor preferences and academic finance.
Appropriate: We have constructed this methodology specifically so investors can focus and deconstruct the components most appropriate to their investment goals.
Investable: Above all else, the Occam's razor of our methodology has been, "Does the inclusion of this help investors make a more informed decision?"

A note on coverage: FactSet covers funds shortly after they begin trading; however, due to a lack of data, we do not create scores for funds less than six months old.

A note on terminology: When we say "funds" or "ETFs," we mean exchange-traded products structured as open-ended funds, grantor trusts, commodities pools, unit investment trusts or exchange-traded notes.

Analyst and Quantitative driven research reports are provided for all U.S. listed ETFs traded on U.S. exchanges. When we say ETF's we mean exchange traded products structured as open-ended funds, grantor trusts, commodity pools, unit investment trusts or exchange traded notes. FactSet Ratings are available for over 1,500 of the 2,000 + U.S. listed ETFs.

FactSet covers funds shortly after they begin trading; however, due to lack of data, we do not create scores for funds less than six months old and we need up to twenty-four months of data for all metrics to be populated.

What's Provided on Fidelity.com

FactSet Letter Grade: Combining our Efficiency and Tradability score, FactSet assigns a letter grade (A-F) that provides an institutional-caliber view on how well run and how own able each ETF is. We do not have a scores for Inverse or leveraged products, or funds without 18-24 months of trading history.
Efficiency Score: A measure of how well a fund delivers on its core promise of tracking an underlying index, taking into account expense ratio and structural risk. Out of 100. Efficiency Score Averages by Segment: An average of the efficiency scores 1-100 for all funds in a segment to gain an understanding of the fund score ranking among peers.
Tradability Score: A total view of liquidity of a fund taking into account share level liquidity as well as the underlying liquidity of a fund's portfolio of securities. Out of 100. Tradability Score Averages by Segment: An average of the efficiency scores 1-100 for all funds in a segment to gain an understanding of the fund score ranking among peers.
Fit-Exposure Score: A measure of the exposure a fund provides relative to its FactSet designated 'Segment Benchmark'. Scored on a scale of 0 to 100. 0 being narrow, and 100 being broad and in-line with the 'Segment Benchmark'. Fit - Exposure Score Averages by Segment: An average of the efficiency scores 1-100 for all funds in a segment to gain an understanding of the fund score ranking among peers.
Fund Reports in PDF format for all U.S. listed ETF's. When we say ETF's we mean exchange traded products structured as open-ended funds, grantor trusts, commodity pools, unit investment trusts or exchange traded notes. FactSet Fund Reports are available for over 1,500 ETFs. We also have an analyst pick for many segments represented by a blue ribbon and for larger segments we also have an opportunity pick represented by a yellow light bulb. The Analyst Pick or Blue Ribbon ETF represents an ETF selected by our analysts for its ability to deliver broad efficient exposure to a category. The Opportunity Pick or Yellow Light Blub ETF represents an ETF selected by our analysts for its ability to deliver niche, clever and often smart beta type exposure to a category.
Median Tracking Difference (12 mo.): Our median tracking difference statistic updated daily captures all the inputs to tracking error -- expense ratio, optimization, securities lending, tax recapture to gives users a solid 'take home' example of the 1 yr. holding period of a fund. We do this by rolling 12 month holding periods over the last two years, then selecting the median tracking difference from the data set. We consider this statistic to be one of the most IMPORTANT data points to help investors understand the true cost of owning a fund when holding for 1 year or more. We do not have a score for Inverse or leveraged products, alternative products, or funds without two years of trading history.
Distributes K-1: ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders. This field identifies those funds for tax purposes, many investors will avoid funds that distribute a K-1.

View Another Research Firm

About methodology, analyst-driven methodology, quantitative model-driven methodology, other methodologies, how to choose.

Firms that take an analyst-driven approach have experts review market conditions and data as well as company information to create a recommendation. Typically, research firms have an approach or model that they use as a starting point for analysis to ensure a degree of consistency across multiple analysts.

The advantage of following a firm that has analyst-driven research is in the flexibility and insight that an individual can bring to the analysis. Critical market news or other developments that might be important to the future price of a stock generally won't be included in pure quantitative models. For example, consider a pharmaceutical company that has a critical drug review pending with the FDA. An analyst would typically review and discuss the potential impact of that upcoming drug and include that analysis in making a recommendation. Finally, another reason people use analyst-driven research is for the quality of the writing and insight that only a person can really bring to this work.

Firms that take a model-driven approach use quantitative models that process company financial data and market information (stock price and volume) to drive recommendations. Models are generally built and fine-tuned over a period of many years through a rigorous analytic process. Quantitative models are not subject to influence or interference from outside sources, so they are objective in that respect. They impose discipline and consistency on the research firm.

Because much of the analytical work is performed by computers, these firms are often able to cover a broader range of stocks, as well as update their recommendations more frequently based on company financial changes or market changes. There are many types of models in use by firms that may generate differing recommendations.

A few firms provide specialized analysis that can help you in researching stocks, including:

Earnings Consensus & Analysis, which collects current and historical earnings estimates and compares them to actual results.
Recommendations Accuracy Analysis, which offers quantitative analysis of the quality of firms' stock recommendations.
Research Firm Performance Analysis, which ranks research firms by historical performance.
Stock recommendation analysis, which evaluates the theoretical performance of research firms' buy, sell, or hold ratings.
Stock chart pattern recognition, which evaluates chart and indicator patterns in the context of technical analysis.

Often, this type of research is used to complement or support other, more typical types of research.

As you think about which research firms to use, keep these three things in mind:

Review the firm score cards to see how well the firm's research ratings have performed in the past.

Look for a firm whose approach is consistent with your approach to investing. If you are an investor who prefers to own value stocks, then look for a research provider that stresses a value equity style.

Be sure to read sample reports from the firms whose research you're considering to ensure they provide you the information and insight that you are looking for.

Keep in mind that you may also want to combine research methodologies. For example, you may want to follow the recommendations of a quantitative firm, read the reports from an analyst-driven firm, and complement that with insight from a supporting research firm.

About Analysis Approach

Fundamental analysis, technical analysis, environmental, social & governance (esg).

How To Choose

Fundamental analysis focuses on understanding the core value of a business. The first step in fundamental analysis is typically the analysis of a company's financial statements. Fundamental analysis also involves analyzing many other areas of a business such as the quality of the company's marketing or brand, its distribution network, the value added by its products, the firm's strategy, its operational capabilities, and the firm's competitors.

Technical analysis focuses on market action – specifically, volume and price. Technical analysis assumes that the market has already taken into account the fundamentals of a company, and it is only investors' buying and selling decisions that drive future stock price movements. There are many different technical analysis tools that are used, including indicators, trend lines, and chart patterns. All of these different tools, however, are based on analysis of volume and price.

This analysis focuses on understanding a firm's impact in non-financial terms. Environmental analysis focuses on understanding a firm's physical impact on the world around it. Social measures look at how a firm treats its employees and interacts with the surrounding community. Finally, governance looks at how a firm manages itself - how it pays its officers, interacts with its shareholders, etc.

When considering what stocks to buy or sell, you'll need to use the approach that you're most comfortable with. There are many people who believe fundamental analysis is the only way to go in researching stock; others believe that it's investors' decisions based on the technical analysis (i.e., buying and selling patterns), that really matter. Still others adopt a blend, using fundamental analysis to determine what stocks they want to buy and then technical analysis to help them decide when to buy the stock.

About Equity Style

A research firm that adheres to a growth style believes that growth prospects or growth history is the most important factor in valuing a company. They may look at revenue growth, profit growth, or margin growth, but they all try to identify stocks worth owning based on growth that is not being recognized in a company's stock price.

A research firm that adheres to a value style tries to buy companies whose assets are underpriced. Those assets may be physical assets, like equipment and real estate or streams of revenue and profits from customers. They may also include intangibles such as brand or reputation. Value investing is often associated with Graham and Dodd, and their book Security Analysis .

While investors may be comfortable with a growth or a value approach to investing, it's also important to look at the markets and see whether value or growth stocks are being favored. During periods when growth stocks are leading, you may see the performance of value–oriented research firms lag. Conversely, when value stocks are leading, growth–oriented research firms' performance may lag. Also, in certain industries or sectors, one of the approaches may be more typically used. Or conversely, when value stocks are leading, growth-oriented research firms' performance may lag. Also, in certain industries or sectors, one approach or the other may be more typically used.

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I'm looking for research reports on the construction or milling industries in Canada/US and it's my first time using CapIQ and Factset and I'm not having much luck.

There's no pre-existing data since I'm at a boutique. Would you guys happen to have some good resources on how to find it? Or even where I should be looking on Capital IQ (I did an Advanced screening search)

I don't have any silver bananas, but I'll buy some if anyone can help. I'm not asking for any reports itself or any proprietary information, just thought CapIQ would be the best way but am struggling a bit with all the information here.

Thomson ONE has some industry reports (although generally geared towards equity investors) as well as equity research ofc

Factset has some bs research sources for free but you usually have to trade with a bank or pay directly to get their research.

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S&P 500 Earnings Season Update: April 26, 2024

By John Butters | April 26, 2024

At the mid-point of the Q1 earnings season, S&P 500 companies continue to perform well compared to expectations. Both the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises are above their 10-year averages. As a result, the index is reporting higher earnings for the first quarter today relative to the end of last week and relative to the end of the quarter. On a year-over-year basis, the S&P 500 is reporting earnings growth for the third-straight quarter.

Overall, 46% of the companies in the S&P 500 have reported actual results for Q1 2024 to date. Of these companies, 77% have reported actual EPS above estimates, which is equal to the 5-year average of 77% but above the 10-year average of 74%. In aggregate, companies are reporting earnings that are 8.4% above estimates, which is below the 5-year average of 8.5% but above the 10-year average of 6.7%. Historical averages reflect actual results from all 500 companies, not the actual results from the percentage of companies that have reported through this point in time.

During the past week, positive earnings surprises reported by companies in multiple sectors (led by the Communication Services sector) were the largest contributors to the increase in the overall growth rate for the index over this period. Since March 31, positive earnings surprises reported by companies in the Communication Services, Financials, Industrials, and Information Technology sectors, offset by downward revisions to EPS estimates for two companies in the Health Care sector, have been the largest contributors to the slight increase in the earnings growth rate for the index during this period.

As a result, the index is reporting higher earnings for the first quarter today relative to the end of last week and relative to the end of the quarter. The blended (combines actual results for companies that have reported and estimated results for companies that have yet to report) earnings growth rate for the first quarter is 3.5% today, compared to an earnings growth rate of 0.6% last week and an earnings growth rate of 3.4% at the end of the first quarter (March 31).

If 3.5% is the actual growth rate for the quarter, it will mark the third consecutive quarter of year-over-year earnings growth for the index.

Eight of the eleven sectors are reporting year-over-year earnings growth, led by the Communication Services, Utilities, Information Technology, and Consumer Discretionary sectors. On the other hand, three sectors are reporting a year-over-year decline in earnings: Health Care, Energy, and Materials.

In terms of revenues, 60% of S&P 500 companies have reported actual revenues above estimates, which is below the 5-year average of 69% and below the 10-year average of 64%. In aggregate, companies are reporting revenues that are 1.3% above the estimates, which is also below the 5-year average of 2.0% and below the 10-year average of 1.4%. Again, historical averages reflect actual results from all 500 companies, not the actual results from the percentage of companies that have reported through this point in time.

During the past week, positive revenue surprises reported by companies in multiple sectors (led by the Health Care and Energy sectors) were the largest contributors to the increase in the overall growth rate for the index over this period. Since March 31, positive revenue surprises reported by companies in the Health Care and Financials sectors have been the largest contributors to the increase in the revenue growth rate for the index during this period.

As a result, the index is reporting higher revenues for the first quarter today relative to the end of last week and relative to the end of the quarter. The blended revenue growth rate for the first quarter is 4.0% today, compared to a revenue growth rate of 3.5% last week and a revenue growth rate of 3.5% at the end of the first quarter (March 31).

If 4.0% is the actual revenue growth rate for the quarter, it will mark the 14 th consecutive quarter of revenue growth for the index.

Eight sectors are reporting year-over-year growth in revenues, led by the Communication Services and Information Technology sectors. On the other hand, three sectors are reporting a year-over-year decline in revenues, led by the Utilities and Materials sectors.

Looking ahead, analysts expect (year-over-year) earnings growth rates of 9.7%, 8.6%, and 17.3% for Q2 2024, Q3 2024, and Q4 2024, respectively. For CY 2024, analysts are calling for (year-over-year) earnings growth of 10.8%.

The forward 12-month P/E ratio is 20.0, which is above the 5-year average (19.1) and above the 10-year average (17.8). However, it is below the forward P/E ratio of 21.0 recorded at the end of the first quarter (March 31).

During the upcoming week, 175 S&P 500 companies (including 6 Dow 30 components) are scheduled to report results for the first quarter.

Q1 2024: Scorecard

01-s&p-500-earnings-above-in-line-below-estimates-q1-2024

Q1 2024: Growth

03-s&p-500-earnings-growth-year-over-year-q1-2024

This blog post is for informational purposes only. The information contained in this blog post is not legal, tax, or investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.

John Butters

Vice president, senior earnings analyst.

Mr. John Butters is Vice President and Senior Earnings Analyst at FactSet. His weekly research report, “Earnings Insight,” provides analysis and commentary on trends in corporate earnings data for the S&P 500 including revisions to estimates, year-over-year growth, performance relative to expectations, and valuations. He is a widely used source for the media and has appeared on CNBC, Fox Business News, and the Business News Network. In addition, he has been cited by numerous print and online publications such as The Wall Street Journal, The Financial Times, The New York Times, MarketWatch, and Yahoo! Finance. Mr. Butters has over 15 years of experience in the financial services industry. Prior to FactSet in January 2011, he worked for more than 10 years at Thomson Reuters (Thomson Financial), most recently as Director of U.S. Earnings Research (2007-2010).

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The information contained in this article is not investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.

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4 signs to invest in gold right now

By Matt Richardson

Edited By Angelica Leicht

May 10, 2024 / 2:53 PM EDT / CBS News

For much of the last two years, Americans have been battling inflation's economic repercussions. Not only has it made it more difficult to afford everyday living costs, but rampant inflation has also resulted in the Federal Reserve raising interest rates to their highest point in decades. That's caused borrowing costs to head up, too. This has left many investors looking for alternative ways to grow and protect their money. One such alternative is gold.

Investing in the precious metal surged to an 11-year high last September and the price of the precious metal has broken numerous records already this year, underlining the interest in this unique investment right now.

That noted, gold isn't as well a known asset as many others. So it can be difficult to determine when to get started with the precious metal (or if you even should at all). But it doesn't need to be. A little research into this investment opportunity can prove beneficial. To that point, below, we've listed four common signs that it may be time to invest in gold right now.

Start exploring your gold investing options here to learn more .

While every investor is different, here are four common signs that it may be time to get invested in gold now:

Your other assets are volatile

While you can earn a much quicker return on stocks and bonds, those assets are volatile and can experience major losses just as quickly as gains. So if you have a portfolio made up entirely or even mostly of these two assets, it's best to add some protection via gold. Gold can maintain its value when other assets look shaky and it can even grow in price during what may be an otherwise turbulent period, just like we've seen already this year . Just make sure you don't get overly cautious, either, as most experts recommend limiting gold to a maximum of 10% of your overall portfolio .

Protect your investments with gold now .

Inflation is still hurting

Inflation has plummeted from a recent decade-high in June 2022 but it's still problematic — and it's ticked up multiple times already so far in 2024. And if it's hurting you financially right now, it's a sign that can gold can help. Gold has a long reputation for hedging against inflation when the purchasing power of the dollar is softer. Until this inflationary cycle is over, then (and no one knows when that will be), it makes sense to buffer against these economic conditions with some gold in your portfolio.

The price is moving quickly

Gold isn't a reliable income-producing investment because it acts more (as noted above) as a buffer against volatile stock performance and inflation. But there are some rare times, like this spring, when gold can turn a quick profit for investors. The price of the metal has broken numerous records since March 1 and many experts predict that the upward trajectory will continue. So, if you buy in now you could sell quickly at a higher price. But monitor the gold price conditions closely, as this fluidity can quickly come to an end at any moment.

You can easily get started

Not every investment is easy to get started with. Real estate , for example, will require months from the time you find a property before you close on it — and that doesn't include any turnaround time needed to prepare it to be rented. Other investments, meanwhile, largely benefit from a guiding hand provided by financial advisers.

Gold, however, is easy to get started with right now and it's ubiquitous. Whether you want to use a top gold IRA company online, a local dealer or just log in to your account with Costco , it's easy to buy and sell gold in its various forms right now. This is especially important for those who are looking to capitalize on the growing price of the yellow metal right now. And it's a sign that more investors are turning to the precious metal, so it behooves beginners to act while the price is still affordable.

Explore your gold investing options online here now .

The bottom line

All investments have ebbs and flows in which to get started or sell off. It's important to understand these signs to improve your chances of investing success. And, right now, many signs are pointing to gold. Particularly, if your other assets are volatile and inflation is still hurting, it may be time to explore your gold options. But with the price moving quickly and the available nature of the investment today, these signs may not last much longer, or they could start pointing to other investments instead. So consider acting now while the price is right and the intangibles still point toward a successful gold investment.

Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

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