An ASX FinData™ Product
TABLE OF CONTENTS
1 Contents of Disk
2 Explanatory Notes for Market Comparative Analysis
Calculations
1. CONTENTS OF DISK
File Name
Contents
company.csv
Comparative Analysis By Company
summary.csv
Summary Report of Index Averages
asx100.csv
Comparative Analysis of Companies in the ASX100 Index
50ldrs.csv
Comparative Analysis for Companies in the 50 Leaders
20ldrs.csv
Comparative Analysis for Companies in the 20 Leaders
Allres.csv
Comparative Analysis for Companies in the All Resources Index
Allind.csv
Comparative Analysis for Companies in the All Industrials Index
Contents
company.csv
Comparative Analysis By Company
summary.csv
Summary Report of Index Averages
asx100.csv
Comparative Analysis of Companies in the ASX100 Index
50ldrs.csv
Comparative Analysis for Companies in the 50 Leaders
20ldrs.csv
Comparative Analysis for Companies in the 20 Leaders
Allres.csv
Comparative Analysis for Companies in the All Resources Index
Allind.csv
Comparative Analysis for Companies in the All Industrials Index
2. EXPLANATORY NOTES
All per share series such as NTA, EPS and DPS within the Market Comparative Analysis product are company reported figures. All data items are sourced from interim and preliminary reports.
The product is a report comparing over 900 companies based upon the following performance indicators:
· Earnings per share (both post and pre abnormals)
· Price/earnings ratio (both post & pre abnormals)
· Dividends per share (including % franked)
· Dividend Yield
· Grossed up dividend yield
· NTA as reported by company
· Price to NTA
· EBIT per ordinary share (earnings before abnormals, tax & gross interest)
· Price to EBIT
· Return on shareholder funds
· Last price of the month
· High and low price for the year
· Investor return over one year
· Investor return over three years
· Investor return over five years
· Market Capitalisation
· Price/earnings ratio (both post & pre abnormals)
· Dividends per share (including % franked)
· Dividend Yield
· Grossed up dividend yield
· NTA as reported by company
· Price to NTA
· EBIT per ordinary share (earnings before abnormals, tax & gross interest)
· Price to EBIT
· Return on shareholder funds
· Last price of the month
· High and low price for the year
· Investor return over one year
· Investor return over three years
· Investor return over five years
· Market Capitalisation
Earnings per share (Historical) (EPS (PoAb))
EPS is the company calculated and reported figure. It measures the earnings that are attributable to each fully paid ordinary share after abnormal items over a twelve month period. For interim reporting, the rolling 12 months EPS is based on current 6 months EPS and last 6 months EPS of the previous preliminary final reporting. The rolling 12 months EPS for preliminary final reporting is based on current 6 months EPS and previous 6 months EPS. Historical EPS of each half is adjusted for issues and reconstructions through Dilution Factors.
EPS = EPS1 * df1 + EPS2 * df2
Earnings per share (Pre Abnormals) (EPS PrAb)
EPS PrAb measures the earnings that are attributable to each fully paid ordinary share before abnormal items, over a rolling 12 month period. The Earnings per share pre abnormals of each half is adjusted for issues and reconstructions through Dilution Factors and is calculated as follows:
Earnings Per Share (Pre Abnormals) = [[(Operating profit (loss) after tax attributable to members - (abnormal items before tax + tax on abnormal items (1)) * EPS)/ [[(Operating profit (loss) after tax attributable to members] *df]
Dilution Factor: The objective of Diluting any share series of data such as Earnings, Dividends and Net Tangible Assets, is to adjust the historical data such that it is comparable with current data.
Historical values are not comparable with current values where there has been an intervening capital event such as a bonus issue to existing shareholders. Adjustments are made for any capital change or for that part of the increase in share capital which does not result in an increase in the asset base of the group.
The Dilution Factor is applied retrospectively to adjust all historical per share values to make them comparable with ex-issue (after the issue) values. The formula used is:
Dilution factor = (Old shares * Cum Price) + [New shares * (Issue Price + Calls on Contributing shares + dividend difference)] / ((Old Shares + New Shares) * Cum Price)
where:
Old Shares:
Number of shares before issue
New Shares:
Number of shares after issue
Cum Price:
The last price traded the day before
Issue Price:
Application Money (cash price)
Number of shares before issue
New Shares:
Number of shares after issue
Cum Price:
The last price traded the day before
Issue Price:
Application Money (cash price)
Price Earnings ratio
The P/E ratio is a market value indicator which shows the number of times the market price exceeds the earnings per share. It is an indicator of the market's anticipation of future earnings and the quality of past earnings. The P/E ratio is calculated as follows:
Price Earnings ratio = Last price/ EPS x df
Dividends per Share (DPS)
The total ordinary dividends per share paid in cash and scrip including reinvestment plans as reported by the Company and is indicated on a rolling 12 months basis. Included in DPS are special cash and special scrip dividends paid during the period. The Company reported Dividends per Share (Historical) are adjusted for subsequent capital issues and reconstructions through dilution factors.
Franking level
A dividend paid by a company out of profits on which the company has already paid tax is known as a franked dividend. The investor is entitled to an imputation credit, or reduction in the amount of income tax that must be paid, up to the amount of tax already paid by the company. The franking level represents the percentage of the dividend of which tax has already been paid by the company. The franking level used in calculations is the lastest franking level reported by the company.
Dividend Yield
This measures the simple rate of return from dividend payments. Dividend yield makes no allowance for capital gains or losses made from share price fluctuations. It is calculated by dividing Dividends per share by share price and converting to a percentage as follows:
Dividend Yield = DPS Adjusted/ Last price x 100
Grossed up Dividend Yield
The system of dividend imputation embodied within provisions of the Income Tax Assessment Act entitle shareholders who receive a franked dividend from a company to certain tax benefits. Prior to the introduction of dividend imputation in 1987, company profits paid out as dividends were effectively taxed twice.
Now, with dividend imputation, shareholders who receive a franked dividend also receive imputation credits which entitle them to a rebate for tax already paid by the company. Imputation credits are the tax credits passed on to a shareholder who receives a franked dividend. Under provisions of the Income Tax Assessment Act, imputation credits entitle investors to a rebate for tax already paid by an Australian company.
The Grossed up Dividend yeild measures the rate of return from dividend payments after taking the benefit of imputation credits to the shareholder into consideration and is calculated as follows:
Grossed up Dividend yield = [(gdps1 + gdps2)] * 100 / (last price * 100)]
where:
gdps1 = [(dps1 * df1 * % franking)/(1 - tax-rate) + (dps1 * df1 * (1 - % franking)]
gdps1 = [(dps1 * df1 * % franking)/(1 - tax-rate) + (dps1 * df1 * (1 - % franking)]
gdps2 = [(dps2 * df2 * % franking)/(1 - tax-rate) + (dps2 * df2 * (1 - % franking)]
Net Tangible Assets per share (Historical) (NTA)
NTA represents the theoretical value of net tangible assets attributable at a point in time to each ordinary share. It should be noted that NTA is based on the book values in the balance sheet and that book values arising from historical cost accounting may vary from market values. Net Tangible Assets per share is adjusted for subsequent capital issues through dilution factors.
Price/NTA
This is a measure of the theoretical discount or premium that a company's assets are trading for on the stock market. A ratio greater than one indicates a premium, while a ratio less than one represents a discount. In using this ratio, it should be noted that it is dependent upon the book value of assets and that this may be under or over their real worth. The ratio is calculated as follows:
Price/NTA = Valuation price/NTA Adjusted
EBIT (pre abnormals)
EBIT is earnings before interest expense, abnormals and tax attributable to each fully paid ordinary share over a twelve month period. It is a measure of the performance of operating managers and ignores the method of asset financing and tax payments. EBIT is calculated as follows:
EBIT (pre abnormals) = (Operating profit (loss) after tax attributable to members - (abnormal items + tax on abnormals) - tax - outside equity interests + interest expense)/ Operating profit (loss) after tax attributable to members x EPS Adjusted
Price/EBIT (pre abnormals)
The Price/EBIT ratio is a market value indicator similar to the P/E ratio which shows the number of times the market price exceeds the earnings per share before the effects of gross interest, abnormal items and tax. The Price/EBIT ratio is calculated as follows:
Price/EBIT ratio = Valuation price/ EBIT adjusted
Return on Shareholders Funds
This ratio measures the return made by a company on the original shareholders' funds including retained profits and reserves. It is an indicator of profitability from a shareholders' point of view and reflects the basic profitability of operations and financial arrangements. Return is measured by dividing group net profit after tax (including abnormal items but before extraordinaries) on a rolling 12 months basis by total shareholders funds.
Return on Shareholders Funds = [(Operating profit (loss) after tax attributable to members (1) + Operating profit (loss) after tax attributable to members (2))\(Total Shareholders funds (2))]
Last sale price
The price of the security at which its last on-market sale took place (i.e. up to the close of on-market trading on SEATS)
When determining the Last Price for a company the price for the Fully Paid Ordinary is used in all cases except where the stock has gone to 'Deferred Delivery'. When the stock is trading as Deferred Delivery the price for the Deferred Delivery stock will be used for Last Price and Valuation Price.
12 Month High
The highest traded price of the security over the last 12 months adjusted for any dilutions in capital since the price was recorded and is calculated as follows:
12 Month High = Highest traded price x dilution factors
12 Month Low
The lowest traded price of the security over the last 12 months adjusted for any dilutions in capital since the price was recorded and is calculated as follows:
12 Month Low = Lowest traded price x dilution factors
Investor return 1,3 and 5 years
Accumulated return (compounded p.a.) incorporating capital gains and reinvesting dividends. Bonus shares are held while rights are theoretically sold on the first day of trading and reinvested in the underlying stocks. Dividends are reinvested in the underlying security at month end price following each ex-dividend date. No brokerage fee has been provided for in the calculation of return.
Market Capitalisation
This is the market valuation at month-end of the total ordinary share capital of the company. It is calculated as follows:
Market Capitalisation = Fully Paid Ordinary Shares x Valuation Price
Fully Paid Ordinary Shares (FPO): The number of listed ordinary shares on issue and is sourced from Securities Administration. Securities Administration adjusts for bonus issues, rights issues etc and maintains a total issued capital figure.
Valuation price: If there has been a trade that day the valuation price for a security will be set to the last traded price. The last price would include any trades performed via the Matching Facility, which now runs at 4.10pm.
If there has not been a trade but there has been a quote the valuation price will be updated by a higher 'bid price' or a lower 'ask price'.
If there has been no quotes since the last price it will be equal to the last traded price whenever that occurred.
When a security has not traded at all i.e. it does not have a last price, valuation price is initially set to a theory price supplied by Securities Administration or the Index Office (for Index stocks).
INDEX AVERAGES
SAMPLE BASE: This is the number of companies which make up each index in the study. Companies which do not meet the certain criteria set by the Index Department of ASX for inclusion in the All Ordinary Index are excluded from the study.
RATIOS: The average for each ratio is formed by converting each "per share value" component to "Total Value" and dividing each sum of "Total Value" by another sum of "Total Value".
PRICE/EARNINGS RATIO (P/E (PreAb)):
Average =
Sum [Last Price x Month-end FPO]
Sum [Rolling 12 months EPS (PreAb) x Month-end FPO]
Sum [Last Price x Month-end FPO]
Sum [Rolling 12 months EPS (PreAb) x Month-end FPO]
PRICE/EARNINGS RATIO (P/E (PoAb)):
Average =
Sum [Last Price x Month-end FPO]
Sum [Rolling 12 months EPS (PoAb) x Month-end FPO]
Sum [Last Price x Month-end FPO]
Sum [Rolling 12 months EPS (PoAb) x Month-end FPO]
DIVIDEND YIELD
Average =
Sum [DPS x Month-end FPO] x 100
Sum [Last price x Month-end FPO]
Sum [DPS x Month-end FPO] x 100
Sum [Last price x Month-end FPO]
GROSSED UP DIVIDEND YIELD
Average =
Sum [Grossed up DPS x Month-end FPO] x 100
Sum [Last price x Month-end FPO]
Sum [Grossed up DPS x Month-end FPO] x 100
Sum [Last price x Month-end FPO]
PRICE/NTA
Average =
Sum [Last Price x Month-end FPO]
Sum [NTA x Month-end FPO]
Sum [Last Price x Month-end FPO]
Sum [NTA x Month-end FPO]
PRICE/EBIT
Average =
Sum [Last Price x Month-end FPO]
Sum [EBIT x Month-end FPO]
Sum [Last Price x Month-end FPO]
Sum [EBIT x Month-end FPO]
RETURN ON SHAREHOLDERS FUNDS
Average =
Sum [Rolling 12 month Operating profit (loss) after tax]
Sum [Shareholders Equity]
Sum [Rolling 12 month Operating profit (loss) after tax]
Sum [Shareholders Equity]
