Glossario di Borsa e Trading

Analisi fondamentale
Analisi tecnica
Analsi finanziaria
 

 

5-day Variation

5-day Variation rating is based on the fluctuation of the share price over the last 5 sessions. The more the share price has made large upward movements, the more the rating is high (the rating will be low for a company whose share price has dropped). The goal is to identify companies whose share price has increased the most.

Abnormal volumes

Abnormal Volumes rating is based on the ranking of the security in the panel studied according to volume of the last session compared to an average session. The more the rating is high, the more volumes were unusually high. Conversely, the more the rating is low, the more volume were unusually low.

Balance Sheet Analysis

Balance sheet analysis can be defined as an analysis of the assets, liabilities, and equity of a company. This analysis is conducted generally at set intervals of time, like annually or quarterly.

Bollinger Bands

Bollinger Bands® consist of a center line and two price channels (bands) above and below it. The center line is an exponential moving average; the price channels are the standard deviations of the stock being studied. The bands will expand and contract as the price action of an issue becomes volatile (expansion) or becomes bound into a tight trading pattern (contraction).

A stock may trade for long periods in a trend, albeit with some volatility from time to time. To better see the trend, traders use the moving average to filter the price action. This way, traders can gather important information about how the market is trading. For example, after a sharp rise or fall in the trend, the market may consolidate, trading in a narrow fashion and criss-crossing above and below the moving average. To better monitor this behavior, traders use the price channels, which encompass the trading activity around the trend.

We know that markets trade erratically on a daily basis even though they are still trading in an uptrend or downtrend. Technicians use moving averages with support and resistance lines to anticipate the price action of a stock. Upper resistance and lower support lines are first drawn and then extrapolated to form channels within which the trader expects prices to be contained. Some traders draw straight lines connecting either tops or bottoms of prices to identify the upper or lower price extremes, respectively, and then add parallel lines to define the channel within which the prices should move. As long as prices do not move out of this channel, the trader can be reasonably confident that prices are moving as expected.

http://www.traderpedia.it/wiki/index.php/Bollinger_bands

Business Predictability

Business Predictability rating is based on the dispersion of analysts’ estimates on the evolution of the company business in the coming years (range estimates). The more estimates are concentrated, the more the rating is high. The goal is to rank companies according to the predictability of their business and identify companies whose business is highly predictable.

(BVPS)

Book Value per Share

Book Value per Share (BVPS) è una misura di patrimonio netto espressa in termini monetari con riferimento a ciascuna azione. Book Value per Share (BVPS) si riferisce ad una misura di patrimonio netto (book value) per azione. Esso è ottenuto dal rapporto tra il valore di stato patrimoniale del patrimonio netto diviso per il numero delle azioni ordinarie in circolazione.
Tale misura è diversa dal Price to Book Value (P/B o Prezzo/Valore di Libro), che è dato dal rapporto tra il prezzo di mercato delle azioni e la misura contabile di patrimonio netto.
Esempio: Si consideri la società Alfa con 2.602 azioni in circolazione, con un valore di mercato pari a € 67.652. Il valore contabile di patrimonio netto è pari a € 4.694. BVPS = 4.694/2.602 = € 1,80.

Book value of equity per share (BVPS), which is the equity available to common shareholders divided by the number of outstanding shares, is the minimum value of a company’s equity. Because preferred stockholders have a higher claim on assets and earnings than common shareholders, preferred stock is subtracted from shareholder’s equity to derive the equity available to common shareholders.

Shareholders’ equity is the owners’ residual claim after debts have been paid, and is equal to a firm’s total assets minus its total liabilities, which is the net asset value or book value of a company.

CAPEX

Capital expenditure, or CapEx, are funds used by a company to acquire, upgrade, and maintain physical assets such as property, industrial buildings, or equipment. CapEx is often used to undertake new projects or investments by the firm. This type of financial outlay is also made by companies to maintain or increase the scope of their operations.

Capital expenditures can include everything from repairing a roof to building, to purchasing a piece of equipment, or building a brand new factory.

Spese per investimenti e manutenzione

CAPEX/CA

CA/CAPITALIZZAZIONE DELLA SOCIETÀ’

 

Capital Intensity (Assets / Sales)

Measure of a firm’s efficiency in deployment of its assets, computed as a ratio of the total value of assets to sales revenue generated over a given period. Capital intensity indicates how much money is invested to produce one dollar of sales revenue.

Capitalization / Revenue

(Revenue=ricavo=fatturato)

Market capitalisation is the total value of the company’s shares – i.e. the current share price multiplied by the number of shares that have been issued. It represents what the market currently considers the company to be worth. The revenue is the amount of money the company takes in sales over a specified period./ Ricavi

Cash Flow

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow. Assessing the amounts, timing and uncertainty of cash flows is one of the most basic objectives of financial reporting. Understanding the cash flow statement – which reports operating cash flow, investing cash flow and financing cash flow — is essential for assessing a company’s liquidity, flexibility and overall financial performance.

Positive cash flow indicates that a company’s liquid assets are increasing, enabling it to settle debts, reinvest in its business, return money to shareholders, pay expenses and provide a buffer against future financial challenges. Companies with strong financial flexibility can take advantage of profitable investments. They also fare better in downturns, by avoiding the costs of financial distress.

Cash Flow / Sales

The cash flow to sales ratio reveals the ability of a business to generate cash flow in proportion to its sales volume. It is calculated by dividing operating cash flows by net sales. Ideally, the ratio should stay about the same as sales increase. If the ratio declines, it can be an indicator of a number of problems, such as:

The firm is pursuing incremental sales that are generating a smaller amount of cash.
The firm is offering incremental customers longer payment terms, so that cash is tied up in accounts receivable.
The firm must invest in more overhead as its sales increase, thereby reducing the rate of growth in cash flow.

All of these issues can indicate that a business is growing its sales at the expense of declining cash flows.

Consensus

Consensus rating is based on analyst recommendations. It provides an indication of the position taken by most analysts polled by Thomson Reuters. The goal is to identify companies that benefit from the maximum of buy (or sell) recommendations.

What is a Consensus Estimate

A consensus estimate is a figure based on the combined estimates of analysts covering a public company. Generally, analysts give a consensus for a company’s earnings per share (EPS) and revenue; these figures are most often made for the quarter, fiscal year, and next fiscal year. The size of the company and the number of analysts covering it will dictate the size of the pool from which the estimate is derived.
BREAKING DOWN Consensus Estimate

When you hear that a company has “missed estimates” or “beaten estimates,” these are references to consensus estimates. Based on projections, models, sentiments and research, analysts strive to come up with an estimate of what the company will do in the future. Consensus estimates can be found in stock quotations or summaries in common places, such as the Wall Street Journal’s website, Bloomberg, Morningstar.com, and Google Finance, among other locations.

   

Dividend per Share

Dividend per share (DPS) is the sum of declared dividends issued by a company for every ordinary share outstanding. The figure is calculated by dividing the total dividends paid out by a business, including interim dividends, over a period of time by the number of outstanding ordinary shares issued. A company’s DPS is often derived using the dividend paid in the most recent quarter, which is also used to calculate the dividend yield.

Earnings quality

Earnings quality rating is based on quality of past earnings released by the company compared to analysts’ estimates. The better earnings release is, the higher the rating is. The companies closest to the consensus will have an average score. The goal is to identify companies that publish regularly above consensus. XXXXX
   

Entreprise Value (EV)

Risultati immagini per Enterprise Value (EV)
corporatefinanceinstitute.com
Enterprise value (EV) is a measure of a company’s total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company’s balance sheet.

Earnings Per Share (EPS)

Earnings per share (EPS) is the portion of a company’s profit allocated to each share of common stock. Earnings per share serve as an indicator of a company’s profitability. It is common for a company to report EPS that is adjusted for extraordinary items and potential share dilution.
The Formula for EPS
Earnings per Share formula

EPS REVISION (revisione delle previsioni)

Stock market analysts provide earnings estimates for companies they follow. These estimates are usually provided on a quarterly and yearly basis and for a certain period of time.

Earnings estimates are often revised when something new occurs to the company and analysts think that these changes could affect the future earnings of the company. A rise in earnings estimates after revisions is usually considered as a bullish sign, while a drop in earnings estimates after revisions is considered as a bearish sign.
Example of a trading strategy: Buy stocks after they have experienced large revisions in their consensus earnings forecasts.

The earnings estimates revisions object downloads the percentage change in the EPS or earnings per share consensus for different period of time and for all US stocks.

EPS revisions (one week) EPS revisions (one week) rating is based on the evolution of EPS (earnings per share) revisions of thecompany for the current fiscal year and the next one. During the last week, more EPS estimates are revised upward (from a relative point of view), the more rating is high. The goal is to rank companiesaccording to analyst estimates and to identify companies with the best EPS estimates.

EPS revisions (four months) EPS revisions (four months) rating is based on the evolution of EPS (earnings per share) revisions of the company for the current fiscal year and the next one. During the last four months, more EPS estimates are revised upward (from a relative point of view), the more rating is high. The goal is to rank companies according to analyst estimates and to identify companies with the best EPS estimates. The difference is that the period of observation is based on fourth month instead of one week.

EPS revisions (one year) EPS revisions (one year) rating is based on the evolution of EPS (earnings per share) revisions of thecompany for the current fiscal year and the next one. The more EPS estimates are revised upward (from a relative point of view), the more rating is high. The goal is to rank companies according to analyst estimates and to identify companies with the best EPS estimates. The difference is that the period is three times as long as EPS revisions (four months).
   

EV / Revenue

Enterprise value/Fatturato – -The enterprise value-to-revenue (EV/R) multiple helps compares a company’s revenues to its enterprise value. The lower the better, in that, a lower EV/R multiple signals a company is undervalued.

EBITDA

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), o MOL (margine operativo lordo)
È un indicatore di redditività che evidenzia il reddito di un’azienda basato solo sulla sua gestione caratteristica al lordo, quindi, di interessi (gestione finanziaria), tasse (gestione fiscale), deprezzamento di beni e ammortamenti. L’EBITDA esprime il reale risultato del business dell’azienda, mentre l’EBIT e l’utile netto sono indicatori che risentono delle politiche di bilancio, soprattutto per quanto riguarda gli ammortamenti. L’azienda infatti può decidere di optare tra diverse politiche d’ammortamento che gravano sul bilancio in misura diversa. In Italia corrisponde sostanzialmente al margine operativo lordo (MOL) prodotto dalla gestione aziendale.

EV / EBITDA

Valore azienda su fatturato meno oneri finanziari, tasse ecc(EBTDA) –

Ex-Dividend DAY

Ex-Dividend
Reviewed by James Chen
Updated Feb 15, 2019
What Is Ex-Dividend

Ex-dividend describes a stock that is trading without the value of the next dividend payment. The ex-dividend date or “ex-date” is the day the stock starts trading without the value of its next dividend payment. A buyer who purchases a stock on or after its ex-dividend date is not entitled to the declared dividend – it is owned by whoever owned the stock the day before the ex-dividend date.

Finances

Finances rating is based on the evolution of the net debt of the company (debt or cash) and its Ebitda, compared to its revenue. The higher the cash is, the better the rating is. The goal is to rank companies according to financial situation and to identify companies with the highest growth. The goal is to rank companies according to the quality of their financial situation.

Financial Leverage (Net Debt / EBITDA) 

The net debt to earnings before interest depreciation and amortization (EBITDA) ratio is a measurement of leverage, calculated as a company’s interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA. The net debt to EBITDA ratio is a debt ratio that shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant. If a company has more cash than debt, the ratio can be negative.

The net debt to EBITDA ratio is popular with analysts because it takes into account a company’s ability to decrease its debt. Ratios higher than 4 or 5 typically set off alarm bells because this indicates that a company is less likely to be able to handle its debt burden, and thus is less likely to be able to take on the additional debt required to grow the business.

Growth (Revenue)

Growth rating is based on the evolution of the turnover of the company between the last year and the three coming years according to consensus estimates. The higher the growth is (from a relative viewpoint), the better the rating is. The goal is to rank companies according to estimated sales and to identify companies with the highest growth.
   

Investor Rating

Investor rating is based on a weighted average of the following criteria: Growth, Valuation, EPS Revisions (long-term), Finance, Profitability, Earnings quality and Business Predictability. Companiesundervalued, whose business is growing, which have a good financial situation, a strong profitability, a good business predictability and have not disappointed analysts in the past will have the best ratings. The goal is to rank companies according to several criteria for a medium and long term investment.

Net Margin (Net Profit / Revenue)

The net profit margin is equal to how much net income or profit is generated as a percentage of revenue. Net profit margin is the ratio of net profits to revenues for a company or business segment. Net profit margin is typically expressed as a percentage but can also be represented in decimal form. The net profit margin illustrates how much of each dollar in revenue collected by a company translates into profit.

Net income is also called the bottom line for a company or the net profit. Net profit margin is also called net margin. The term net profits is equivalent to net income on the income statement, and one can use the terms interchangeably.

Net income

NI is equal to net earnings (profit) calculated as sales less cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes and other expenses. This number appears on a company’s income statement and is an important measure of how profitable the company is.

Net income also refers to an individual’s income after taking taxes and deductions into account.

 

Operating Margin (EBIT / Sales)

Operating margin measures how much profit a company makes on a dollar of sales, after paying for variable costs of production, such as wages and raw materials, but before paying interest or tax. It is calculated by dividing a company’s operating profit by its net sales.
The Formula for Operating Margin is:

Operating Margin=perating earning/revenue

Operatin profit

Operating profit is an accounting figure that measures the profit earned from a company’s ongoing core business operations, thus excluding deductions of interest and taxes. This value also does not include any profit earned from the firm’s investments, such as earnings from firms in which the company has partial interest.

Operating profit can be calculated using the following formula:

Operating Profit = Operating Revenue – Cost of Goods Sold (COGS) – Operating Expenses – Depreciation – Amortization

operating Leverage (Delta EBIT / Delta Sales)

Operating leverage is a cost-accounting formula that measures the degree to which a firm or project can increase operating income by increasing revenue. A business that generates sales with a high gross margin and low variable costs has high operating leverage.

The higher the degree of operating leverage, the greater the potential danger from forecasting risk, where a relatively small error in forecasting sales can be magnified into large errors in cash flow projections.

   

Price to book ratio (P/B ratio)

What is Price-to-Book Ratio (P/B Ratio)?

Companies use the price-to-book ratio to compare a firm’s market to book value by dividing price per share by book value per share (BVPS). An asset’s book value is equal to its carrying value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation.

Book value is also the net asset value of a company calculated as total assets minus intangible assets (patents, goodwill) and liabilities. For the initial outlay of an investment, book value may be net or gross of expenses, such as trading costs, sales taxes, and service charges.

A lower P/B ratio could mean the stock is undervalued. However, it could also mean something is fundamentally wrong with the company. As with most ratios, this varies by industry.

The P/B ratio also indicates whether you’re paying too much for what would remain if the company went bankrupt immediately.

 


P/E ratio (Price / EPS)

Is the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple.
 
 

Potential

Potential Potential rating is based on the average target price fixed by the consensus from Thomson Reuters. The higher the target price is, the better the rating is. The goal is to identify companies that have,according to analysts, the strongest upside potential.

 

Price to book (Price / BVPS)

– Companies use the price-to-book ratio to compare a firm’s market to book value by dividing price per share by book value per share (BVPS). An asset’s book value is equal to its carrying value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation.

 
 

PER (p/e ratio)

Price Earnings Ratio rating compared the company’s current share price to its per-share earnings for the current fiscal year and the next one. The lower the PER is, the better the rating is. The goal is to rank companies according to their earnings multiples and identify those which are cheap.


Profitability

Profitability rating is based on net margin of the company for the current year and the next one according to consensus estimates. The higher the ratio is, the better the rating is. The goal is to rank companies according to the “Net income/revenue” ratio to identify those which have a high payoff.

 

Rate of Dividend

The dividend rate is the total expected dividend payments from an investment, fund or portfolio expressed on an annualized basis plus any additional non-recurring dividends that an investor may receive during that period. Depending on the company’s preferences and strategy, the dividend rate can be fixed or adjustable.

Reference price

A reference price (RP) is the price that a purchaser announces that it is willing to pay for a good or service. It is used by high-volume purchasers to inform suppliers.[1]

RP requires consumers to have access to price and quality information, which is not general practice in many industries. Further, it does not help consumers with urgent needs, cognitive and/or other impairments.[1]

Reference pricing requires sufficient competition. Otherwise, consumers have no choice about providers, who in turn face less pricing pressure. Reference pricing could encourage lower quality.[1]

Relative strength

Relative strength is a momentum investing technique that compares the performance of a stock, exchange-traded fund (ETF) or mutual fund to that of the overall market. By using specific calculations, investors can identify the strongest performers compared to the overall market, creating recommendations for investments. When used as part of the aforementioned investment strategy, relative strength assumes a stock whose price has been rising will continue its upward trajectory.

Relative strength creates a point of comparison regarding the performance of a particular security against the performance of a selected benchmark, such as a market index, as well as to other similar securities. Relative strength investing has both an entry and exit strategy; investors using this technique aim to buy securities exhibiting signs of strength while selling their holdings as soon as the associated securities begin to appear weak. An investing technique in its own right, relative strength can also be applied to more complex strategies, such as pairs trading.

Revenue revisions

Revenue revisions (four months) rating is based on the evolution of revenue revisions of the company for the current fiscal year and the next one. The more revenue estimates are revised upward (from a relative point of view), the more rating is high. The goal is to rank companies according to analyst estimates and to identify companies with the best revenue estimates.

 

Revenue revisions (one year) Revenue revisions (one year) rating is based on the evolution of revenue revisions of the company for the current fiscal year and the next one. The more revenue estimates are revised upward (from a relative point of view), the more rating is high. The goal is to rank companies according to analyst estimates and to identify companies with the best revenue estimates. The difference is that the periodis three times as long as Revenue revisions (four months).

RSI 14 DAY

The relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100. The indicator was originally developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, New Concepts in Technical Trading Systems.

Traditional interpretation and usage of the RSI is that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.

ROE (Net Profit / Equities)

Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity. Because shareholders’ equity is equal to a company’s assets minus its debt, ROE could be thought of as the return on net assets.

ROE is considered a measure of how effectively management is using a company’s assets to create profits. ROE is expressed as a percentage and can be calculated for any company if net income and equity are both positive numbers. Net income is calculated before dividends paid to common shareholders and after dividends to preferred shareholders and interest to lenders.
The Formula for Return on Equity (ROE) Is
Return on Equity = Net Income / Average Shareholders’ Equity

ROA (Net Profit / Asset)

What Is Return on Assets – ROA?

Return on assets (ROA) is an indicator of how profitable a company is relative to its total assets. ROA gives a manager, investor, or analyst an idea as to how efficient a company’s management is at using its assets to generate earnings. Return on assets is displayed as a percentage.
The Formula for Return on Assets – ROA Is
Return on Assets = Net Income / Total Assets

Yield (DPS / Price)

Dividendo per azione

What is the Dividend Yield

The dividend yield is the ratio of a company’s annual dividend compared to its share price. The dividend yield is represented as a percentage and is calculated as follows:
Equation for calculating dividend yield

Depending on the source, the annual dividend used in the calculation could be the total dividends paid during the most recent fiscal year, the total dividend paid over the past four quarters or the most recent dividend multiplied by four.

 

 
 

Profitability

Profitability rating is based on net margin of the company for the current year and the next one according to consensus estimates. The higher the ratio is, the better the rating is. The goal is to rank companies according to the “Net income/revenue” ratio to identify those which have a high payoff.

PER

The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple.

P/E ratios are used by investors and analysts to determine the relative value of a company’s shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.
The Formula for P/E Ratio Is
P/E ratio = market value per share / earnings per share

Investor Rating

Is based on a weighted average of the following criteria: Growth, Valuation, EPS Revisions (long-term), Finance, Profitability, Earnings quality and Business Predictability. Companiesundervalued, whose business is growing, which have a good financial situation, a strong profitability, a good business predictability and have not disappointed analysts in the past will have the best ratings. The goal is to rank companies according to several criteria for a medium and long term investment

STIM

STIM rating is based on the ranking of the security in the panel studied according to the mathematicalindicator “STIM”, created by Franck Morel. This indicator measures the pressure to buy or sell of the last sesssion in terms of volume and volatility. The interpretation of the result takes into account apivot threshold at 50 to which the STIM has a value of zero. The more the score is close to 100, the more the buying pressure was high. Conversely, the more the score is close to 0, the more the selling pressure has been consistent.

Trading Rating

is based on a weighted average of the following criteria: Valuation, EPS revisions (short term) and Business Predictability. Undervalued companies with good business predictability, which EPS estimates have been revised upwards in recent weeks, will have the best ratings. The goal is to rank companies according to several criteria for short-term investment.

Timing

Short Term Timing rating is defined according to the positioning of the last closed trading price, within the area between the short term support and resistance on the basis of technical analysis in daily data. A high score indicates the stock will be close to its short term support and away from short term resistance. Conversely, a low score indicates the stock will be close to its short term resistance andaway from its short term support.

Mid-Term Timing Mid-Term Timing rating is defined according to the positioning of the last closed trading price, within the area between the mid-term support and resistance on the basis of technical analysis in daily data.A high score indicates the stock will be close to its mid-term support and away from mid-term resistance. Conversely, a low score indicates the stock will be close to its mid-term resistance and away from its mid-term support.

Long Term Timing Long Term Timing rating is defined according to the positioning of the last closed trading price, within the area between the long term support and resistance on the basis of technical analysis in daily data. A high score indicates the stock will be close to its long term support and away from long term resistance. Conversely, a low score indicates the stock will be close to its long term resistance and away from its long term support.

Trend

Short term Trend indicates the short-term direction of the stock. It can be “Bearish”, “Neutral” or “Bullish”. The main objective is to identify the recent orientation of the stock.

Mid-Term Trend Mid-term Trend indicates the mid-term direction of the stock. It can be “Bearish”, “Neutral” or “Bullish”. The main objective is to identify the orientation of the stock during in recent weeks.

Long Term Trend Long term Trend indicates the long term direction of the stock. It can be “Bearish”, “Neutral” or “Bullish”. The main objective is to identify the orientation of the stock during in recent months.

Valuation

Rating is based on the ratio between enterprise value and its turnover for the current fiscal year and the next one. The lower the valuation is, the better the rating is. The goal is to rank companies according to valuation and to identify companies with the lowest valuation.

Volatility

Volatility rating is based on the stock’s propensity to vary. The more the share price has done large amplitude movements in recent days, the more the rating is high (the rating will be low for a company whose share price has not changed much). The goal is to identify the most volatile companies.

Yield (DPS / Price)

Yield rating is based on the dividend relative to its share price. The higher the dividend yield is, the better the rating is. The goal is to identify companies that can supply a significant dividend return to their shareholder

YTD Variation

is based on the fluctuation of the share price since the beginning of the year. The more the share price has made wide upward movements, the more the rating is high (the rating will be lower for a company whose share price has dropped). The goal is to identify companies whose share price has increased the most.