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AUPM Definitions

Morningstar  |  04 Jul 2018Text size  Decrease  Increase  |  
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#     |     A - F     |     G - L     |     M - R     |     S - Z
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52-Week High ($)
The highest price the security has traded over the trailing 52-week period.

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52-Week Low ($)
The lowest price the security has traded at over the trailing 52-week period.

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A - F
 

Accounts Payable - Industrials
A Current Liability representing the amounts due to suppliers and other creditors.

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Amortisation
Total amortisation including goodwill is the write-down in value over time of intangible assets such as goodwill, intellectual property or property leases. Amortisation can also be the gradual elimination of a liability such as a mortgage in the form of regular payments over a specified period of time. The amortisation of tangible assets is typically referred to as depreciation.

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Annual DPS - Last Actual (%)
"Last Actual" refers to the companies most recently completed financial year. Dividend Per Share - cents is the total dividend for the year (including special dividends), divided by the number of shares ranked for dividend. This is adjusted for dilutionary effects from corporate actions such as consolidation, share splits, rights issues and bonus issues.

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Annual Return

  • 1 Yr Avg Annual return (%)
  • 10 Yr Avg Annual return (%)
  • 3 Yr Avg Annual return (%)
  • 5 Yr Avg Annual return (%)

The annualised return to shareholders, including all price changes and reinvestment of dividends. It includes the effect of bonus issues and splits. This figure is calculated pre-tax.

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Annual Return - Calendar Year (%)
Represents shareholders' gains during the stated calendar year. Annual Return includes both unrealised capital gains and losses (the increase or decrease in the security's price) and any dividend distributions. It is calculated by taking the change in the security's price, reinvesting all dividends, dividing by the initial price, and expressing the result as a percentage.

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Annual Turnover (%)
Annual Turnover % or Share Turnover %, is calculated by taking the number of shares traded in the period (in this case a calendar year) as a percentage of total shares outstanding. The current calendar year calculation extrapolates the year to date number of shares traded to a full year. Share turnover provides an indication of the liquidity of a stock and the general level of interest in the company's equity. Share turnover is usually higher in the large cap stocks with a significant degree of institutional shareholders.

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Assets/Share 1, 5, 10 Yr Growth - Banks (%)
Over the specified period, this is the annualised or compound change in Book Value Per Share.

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Base Rate (%) - Hybrids
This is the reference rate from which the interest rate is calculated. For a floating rate security it is usually either the 90-day or 180-day Bank Bill Swap Reference Rate (BBSW). For a fixed rate security it may be a longer reference rate such as a 5-year BBSW rate.

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Beta
Measures the stock price's sensitivity to fluctuations of the market as a whole. A beta greater than one indicates greater volatility, and a beta of less than one indicates lower volatility, than the market. The company beta is based on industry beta information supplied by the Centre For Research in Finance at the Australian Graduate School of Management. We calculate company beta's by taking the industry average beta and then adjusting it for each company based on the company's financial leverage, as measured by market value debt to equity ratios. We believe using industry betas provides a more stable platform for evaluating risk and is less subject to statistical error. We limit the resulting company beta to a minimum of .5 and a maximum of 2. We do this to minimise any outliers. We feel this provides a more useful number for valuation purposes.

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Book Value/Share 1, 5, 10 Yr Avg Growth (%)
Over the specified period, this is the annualised or compound change in Book Value Per Share.

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Business Risk
Business Risk ratings of Low, Medium, High or Speculative are determined by the analyst's assessment of diversity of revenue sources, cyclicality of revenues, the firm's fixed-cost structure, financial leverage and contingent events. A greater margin of safety is used to buy high Business Risk companies through a higher discount rate and greater required discount to Fair Value before buying the stock.

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Capital Adequacy Ratio - Banks
All banks are required to hold minimum capital levels as a proportion of risk weighted assets. Tier 1 capital includes paid-up common stock, retained earnings and certain qualifying hybrid instruments. Tier 2 capital includes eligible subordinated debt. Under Basel II, the minimum total capital ratio is 8.0% of risk weighted assets, with Tier 1 capital at least 4%. Prior to the GFC the major banks typically held about 7% in Tier 1 capital and at least 10% in total capital. The higher the capital ratio the stronger the balance sheet, and all other things being equal, provides investors with greater confidence in a banks ability to absorb potential losses. The Basel Committee on Banking Supervision announced new global capital rules in late 2010 to be phased in from January 2013 to January 2015. The new minimum total capital ratio is 10.5% including a 2.5% buffer. The new minimum Tier 1 capital ratio is 8.5% including the 2.5% buffer, and the new minimum common capital ratio is 7.0% including the 2.5% buffer. Australia's banking regulator APRA is adopting a strict interpretation of the new global Basel III capital rules and expects Australian banks to fully comply by January 2013.

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Cash - Industries
Total cash including short term deposits. Cash is classified as a current asset on the balance sheet, and is comprised of currency, coins, cheques, and balances in bank accounts.

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Cashflow/Share 1, 5, 10 Yr Avg Growth (%)
Over the specified period, this is the annualised or compound change in Cashflow Per Share.

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Claims Expense - Insurance
The amount paid out to policyholders from claims lodged, after allowing for recoveries.

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Combined Ratio - Insurance (%)
For insurance companies, the sum of the Loss Ratio and the Expense Ratio. This ratio determines the underwriting profit or loss of an insurance company during the financial year. A ratio of over 100 percent indicates an operating loss. Insurance companies generally make only small, or even negative, underwriting profits. They will rely on investment returns from shareholders and policyholders funds to provide the major source of revenue. Nevertheless, well managed insurance companies can often sustain a long-term Combined Ratio under 100 percent. This is particularly desirable.

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Consensus Recommendation
Consensus Recommendation comes from the input of several analysts views of the security. Input is provided by a Morningstar analyst as well as several broking analysts. The range is: 1 = Strong Buy and 5 = Strong Sell. For example an average recommendation of 1.3 translates into a strong to moderate buy.

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Consider Buying Price
Consider Buying is the price below which we think investors should consider purchasing a stock, and is equivalent to the price at which it would earn an Accumulate recommendation.

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Consider Selling Price
Consider Selling is the price above which we think investors should consider selling a stock, and is equivalent to the price at which it would earn a Reduce recommendation. Be sure to take your individual circumstances into account before making a final decision to sell a stock.

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Conversion Discount - Hybrids
This refers to the discount to the conversion price. For example Westpac SPS (WBCPA) have a 1% conversion discount and $100 face value. This means for each security a person owns, they will receive $101.00 worth of WBC shares: Face value/(1-Conversion discount) or $100/(1-0.01).

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Conversion Ratio - Warrants
The conversion ratio refers to the number of warrants that must be exercised in order to transfer the underlying instrument. The terms of issue may require one warrant to be exercised to trigger settlement. Alternatively, a number of warrants may need to be exercised. The conversion ratio will affect the absolute price of the warrant on a per share basis. It is therefore important to know the conversion ratio of a warrant series before investing. A higher conversion ratio means a lower warrant price.

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Convertible - Hybrids
Under certain circumstances, the hybrid security may be converted into a number of ordinary shares of the underlying stock at a specified conversion number, subject to terms, conditions and corporate events, including conversion discount, conversion date and triggers.

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Cost Per Security ($)
Cost Per Security is the average amount you paid per security. It is calculated by dividing the total cost of your investment (total purchases) by the Quantity Held. For Transaction Portfolios, sales are subtracted and the Cost Per Security is calculated using the balance of your remaining total costs and remaining number held. Multiple purchases and splits are accounted for, and commissions are added to costs. Because reinvested dividends are not "money out of your pocket", they are not added to the total cost, but rather as part of your return. This means that as you reinvest your dividends, you'll have more securities vs. your cost, and your Cost Per Security will decline. Note: Cost Per Security displayed in Portfolio Manager is not the cost basis. The Cost Per Security is simply to track the total amount of money you invested in your positions, and your average investment per security.

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Cost to Income Ratio - Banks (%)
Banks non-interest costs divided by the total operating income. This ratio is an important measure of the banks ability to manage their costs efficiently. It excludes provisions for items such as bad and doubtful debts.

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Coupon Margin % - Hybrids
This is the per annum spread above a benchmark interest rate that distributions are based upon.

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Current Price ($)
This is the most recently reported market price. Prices are 20 minutes delayed for ASX listed securities. For managed funds, current price is the most recently known NAV (net asset value).

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Current Ratio
Current Assets divided by Current Liabilities. This ratio is a useful measure of the short-term debt-paying ability of the company. Whilst a ratio of 2 or more was traditionally considered desirable many companies have reduced this in recent years as operating cycles have shortened. It is more relevant to understand the ratio in the context of the sector average and the trend over the last few years.

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Daily Volume
This data point a stock's intraday trading volume in millions of shares.

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Day Change (%)
This is the percentage difference between a security's current price and its price as of market close on the prior trading day.

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Day Change ($)
This is the difference between a security's current price and its price as of market close on the prior trading day.

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Debt/Equity Ratio - Industrials
Ratio of interest-bearing debt to shareholders equity, as of the last annual report. Shareholders equity is based on the book value of equity, not the current market value of a company's stock.

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Deposits - Banks
The money held by banks on behalf of customers in the form of cheque accounts, savings accounts and the like. Deposits are typically the largest single source of funding for banks.

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Depreciation
Depreciation is the diminution in value of an asset held over time generally brought about by the use of the asset. The depreciation expense is usually based on the likely useful economic life of the asset, the pattern of reduction in services during life and its likely residual or salvage value on disposal at the end of its life.

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Div Payout Ratio
This ratio measures how much of the company's profits are distributed to shareholders in the form of dividends. To calculate, DPS (c) is divided by the EPS (c) and expressed as a percentage. Payout ratio is important for a couple of reasons. It gives an indication of the sustainability of a company's dividend. A very high payout ratio means the company does not have a large buffer in annual earnings and may need to cut dividends if earnings fall over time. Also, the payout ratio provides a clue to the growth orientation of the company. A low payout ratio means that the company is reinvesting a larger proportion of earnings in future growth. If the investments are successful it should lead to higher future earnings. If it does not, then the company will be destroying future shareholder wealth.

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Div Stability (%)
This calculation is designed to assess the probability of a future cut in dividends based on the company's historical dividend payments. It is based on two factors: (1) The number of times (or less, if data is not available), in which the annual dividend has been cut. This percentage is then multiplied by the average percentage size of the cut. The higher the percentage, the more stable the dividend. A dividend stability of 100 percent indicates no dividend cuts have been recorded.

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Div Yield Last Actual (%) - Morningstar Analyst
"Last Actual" refers to the companies most recently completed financial year. Dividend Yield is calculated by dividing the DPS in cents (Dividend Per Share) by the share price and applying as a percentage. The share price used in the calculation is the average share price for the financial year.

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Div Yield - Fcst Yr 1 (c) - Morningstar Analyst
"Forecast Year 1" refers to the company's current financial year. Dividend Yield is calculated by dividing the DPS in cents (Dividend Per Share) by the share price and applying as a percentage. Forecasts for the current year and following year use the last close share price.

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Div Yield - Fcst Yr 2 (c) - Morningstar Analyst
"Forecast Year 2" refers to the year after the company's current financial year. Dividend Yield is calculated by dividing the DPS in cents (Dividend Per Share) by the share price and applying as a percentage. Forecasts for the current year and following year use the last close share price.

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Dividend
Dividends are the proportion of a company's profits paid to the shareholders or in this case, warrant holders.

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Dividend Ex Date
To be entitled to a dividend, a warrant holder must have purchased the warrants before the ex-dividend date. The ex-dividend date is the first date following the declaration of a dividend on which a buyer of a warrant is not entitled to receive the next dividend payment.

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Dividend Pay Date
The dividend payment date is the day on which you receive your dividend.

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Dividend Reinv. Plan
A scheme under which a company gives its shareholders the option of reinvesting all or part of their dividends in new shares in the company. Prior to the payment of the dividend, the shareholder is usually invited to automatically reinvestment their dividends. DRPs are often offered to shareholders without brokerage charges and some provide for the purchase at a discount to the prevailing market price. This field states whether a DRP is currently operating or not.

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DPS 1, 5, 10 Yr Avg Growth (%)
Over the specified period, this is the annualised or compound change in Dividends Per Share (DPS).

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DPS 2 Yr Avg Forecast Growth (%)
This is the analyst's forecast growth of DPS over the following two financial years.

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DRP Features
Any known features of the companies DRP plan -such as a percentage discount for the purchase price.

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Duration - Remaining (Years) - Hybrids
The time expressed in number of years from now to a reset date, conversion date, step-up date and/or maturity date. On such date, either the terms of the security may change or the security may be repurchased, redeemed, exchanged or converted.

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Earnings Stability
Stability of Earnings Growth (STAEGR *) is a measure of the stability of the growth of earnings from year to year expressed as a percentage. The maximum figure of 100 percent represents earnings that go up (or down) by the same percentage each year. A low figure means the company's earnings are more volatile and vary significantly from year to year. The stability of earnings growth is based upon fitting an exponential curve to both historical earnings (up to 10 years) and the next two or three years of consensus forecast earnings. More emphasis is placed on the stability of the growth of forecast earnings. Special adjustments are made for negative earnings, for extreme outlines and for earnings near zero. STAEGR is calculated with a minimum of four years of data, two of which can be forecasted earnings per share. * STAEGR is a trademark of Dr. John Price.

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EBIT
Reported earnings before tax, abnormals and net interest (interest revenue less interest expense).

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EBIT Margin (%)
Is calculated as EBIT divided by Operating Revenue. EBIT is the abbreviation for Earnings Before Interest and Taxes. The EBIT Margin is a key measure of the financial performance of the company's earning power and is equal to earnings before interest and taxes divided by operating revenue, expressed as a percentage.

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EBITA Margin (%)
Is calculated by looking at earnings before the deduction of interest expenses, taxes and amortisation, which is then divided by operating revenue and expressed as a percentage.

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EBITDA
Reported earnings before tax, abnormals, net interest (interest revenue less interest expense), depreciation and amortisation.

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EBITDA Margin (%)
Is calculated as EBITDA divided by Operating Revenue. The EBITDA margin measures the extent to which cash and non-cash operating expenses use up revenue. The ratio is of particular interest in cases where companies have large amounts of fixed assets that are subject to heavy depreciation charges and intangible assets subject to amortisation charges. EBITDA is the income that a company has free for interest, taxation payments and depreciation and amortisation charges. It is a useful measure for large companies with significant assets and significant amount of debt financing.

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Enterprise Value ($M)
Enterprise value (EV) is calculated by adding a company's Market Cap to their debt and subtracting cash (Market Cap + Total Debt - Cash). The EV represents the entire cost of a company if someone were to acquire it. That is, the cost to buy every share, take on the debt which is offset by the cash.

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EPS (c) Fcst Year 1 - Morningstar Analyst
Earnings Per Share (cents) - Forecast Year 1. "Forecast Year 1" refers to the company's current financial year. The EPS is calculated by using the Morningstar analyst adjusted NPAT and dividing by the weighted number of ordinary shares outstanding during the year. "Weighting the number" allows for the changes in capital structure that may occur through the year, such as the issuance of new shares, repurchasing or retiring shares, or conversion of options to shares etc.

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EPS (c) Fcst Year 2 - Morningstar Analyst
Earnings Per Share (cents) - Forecast Year 2. "Forecast Year 2" refers to the year after the company's current financial year. The EPS is calculated by using the Morningstar analyst adjusted NPAT and dividing by the weighted number of ordinary shares outstanding during the year. "Weighting the number" allows for the changes in capital structure that may occur through the year, such as the issuance of new shares, repurchasing or retiring shares, or conversion of options to shares etc.

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EPS 1, 5, 10 Yr Avg Growth (%)
Over the specified period, this is the annualised or compound change in Earnings Per Share (EPS).

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EPS 2 Yr Avg Forecast Growth (%)
Over the specified period, this is the annualised or compound change in Earnings Per Share (EPS).

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EPS Fcst Yr 1 Growth - Morningstar Analyst (%)
Earnings Per Share Growth refers to the change in EPS from one year to the next. "Forecast Year 1 Growth" is calculated by subtracting the base year EPS (last completed financial year) from the current financial year EPS and expressing that difference as a percentage of the base year. This measure allows the investor to see at a glance if the company has been or will be - for the forward years - growing their EPS.

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EPS Fcst Yr 2 Growth - Morningstar Analyst (%)
Earnings Per Share Growth refers to the change in EPS from one year to the next. "Forecast Year 2 Growth" is calculated by subtracting the base year EPS (current financial year) from the forecast EPS for the next financial year and expressing that difference as a percentage of the base year. This measure allows the investor to see at a glance if the company has been or will be - for the forward years - growing their EPS.

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EPS (c) Last Actual - Morningstar Analyst
Earnings Per Share (cents) - Last Actual. "Last Actual" refers to the companies most recently completed financial year. The EPS is calculated by using the Morningstar analyst adjusted NPAT and dividing by the weighted number of ordinary shares outstanding during the year. "Weighting the number" allows for the changes in capital structure that may occur through the year, such as the issuance of new shares, repurchasing or retiring shares, or conversion of options to shares etc.

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Equity Style Box
The Morningstar Style Box is a nine-square grid that provides a graphical representation of the "investment style" of stocks and funds. For stocks and stock funds, it classifies securities according to market capitalisation (the vertical axis) and growth and value factors (the horizontal axis)y providing an easy-to-understand visual representation of stock and fund characteristics, the Morningstar style box allows for informed comparisons and portfolio construction based on actual holdings, as opposed to assumptions based on a fund's name or how it is marketed. How It Works: The vertical axis of the style box defines three size categories, or capitalisation bands - small, mid-size, and large. The horizontal axis defines three style categories. Two of these categories, "value" and "growth" are common to both stocks and funds. However, for stocks, the central column of the style box represents the core style (those stocks for which neither value nor growth characteristics dominate); for funds, it represents the blend style (a mixture of growth and value stocks or mostly core stocks). In general, a growth-oriented fund will hold the stocks of companies the portfolio manager believes will increase earnings faster than the rest of the market. A value-oriented fund contains mostly stocks the manager thinks are currently undervalued in price and will eventually see their worth recognised by the market. A blend fund might be a mix of growth stocks and value stocks, or it may contain stocks that exhibit both characteristics. Style box assignments begin at the individual stock level. Morningstar determines the investment style of each individual stock in its database. The style attributes of individual stocks are then used to determine the style classification of stock managed funds.

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EV/ EBITDA
EV/EBITDA and EV/EBIT are alternative multiples used to measure value. These measures show how assets generate EBIT and EBITDA. Enterprise value is equal to the value of market equity - i.e. diluted number of shares multiplied by the share price - plus net debt minus cash). EBIT is equal to earnings before interest and tax. EBITDA also excludes depreciation and amortisation. It is useful to compare underlying asset values but ignores important costs - interest, tax and in the case of EBITDA, depreciation and amortisation - which can limit usefulness.

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EV/EBIT
EV/EBITDA and EV/EBIT are alternative multiples used to measure value. These measures show how assets generate EBIT and EBITDA. Enterprise value is equal to the value of market equity - i.e. diluted number of shares multiplied by the share price - plus net debt minus cash). EBIT is equal to earnings before interest and tax. EBITDA also excludes depreciation and amortisation. It is useful to compare underlying asset values but ignores important costs - interest, tax and in the case of EBITDA, depreciation and amortisation - which can limit usefulness.

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Exercise Price - Warrants
Strike Price or Exercise price: This is the amount of money which must be paid upon exercising the warrant. The exercise price is paid by the holder to the warrant issuer (in the case of a call warrant) or by the warrant issuer to the holder (in the case of a put warrant) for the transfer of the underlying instrument. The exercise price is generally fixed when the warrants are issued. However, the exercise price of some types of warrants may be variable. For example, the exercise price of endowments and some instalments are not fixed.

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Exercise Style - Warrants
Warrants are either American style (A) or European style (E) exercise. American style means you can exercise the warrant at any time on or before the expiry date. European style means you can only exercise the warrant on the expiry date of the warrant. Occasionally warrants are a mixture of American and European. For example they may be European up to a point and then American thereafter.

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Exit Price ($)
The price a fund unit can be redeemed for.

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Expense Ratio - Insurance (%)
An insurance companies ratio of underwriting expenses to net-earned premium. It is a measure of the efficiency of the company's cost structure, and is part of the combined ratio. Note that this ratio excludes business operating expenses so that only the company's insurance business is analysed. This ratio is equivalent to the operating margin for industrial companies.

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Expiry date - Warrant
The expiry date is the date on which trading in the warrant ceases and the right to exercise lapses. If the warrant has been exercised, the issuer will be obliged to deliver or take delivery of the underlying instrument, or make a cash payment according to the warrant's terms.

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Final Books Close Date
The Final Books Close Date is the day on which shareholders must be registered as an owner of the stock to receive the Final dividend. On this day, a record is taken of all the owners of the company and how many shares they own so the company knows whom to pay the dividend to too on the Dividend Pay Date. Note: the dividend dates are determined by the company and communicated to the market via the ASX. Until we know the next official dividend date, we publish the last known.

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Final Div Pay Date
The Final Dividend Payment Date is the day on which shareholders receive their dividend. The payment date is usually about three weeks after the Books Close Date. Note: the dividend dates are determined by the company and communicated to the market via the ASX. Until we know the next official dividend date, we publish the last known.

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Final Ex Div Date
Many companies pay dividends twice a year, usually as an "Interim" dividend and a "Final" dividend. The Final Ex-Dividend Date is the first day the company trades following the declaration of a dividend on which the buyer of a stock is not entitled to receive the final dividend paid to shareholders. Note: the dividend dates are determined by the company and communicated to the market via the ASX. Until we know the next official dividend date, we publish the last known.

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Final Maturity - Hybrids
This is the date on which the security must be redeemed.

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Financial Leverage (%)
Financial Leverage is calculated by dividing Total Assets by Shareholders Equity.

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First Traded - Warrants
This is the date the warrant was first traded on the ASX.

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First Year DPS (c) Fcst - Morningstar Analyst
"First Year" refers to the company's current financial year. Dividend Per Share - cents (DPS) is the total expected dividend for the year (including special dividends), divided by the number of shares ranked for dividend. This is adjusted for dilutionary effects from corporate actions such as consolidation, share splits, rights issues and bonus issues. Dividend Yield is calculated by dividing the DPS in cents (Dividend Per Share) by the share price and applying as a percentage. Forecasts for the current year and following year use the last close share price.

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Franking (%) - Last Actual
"Last Actual" refers to the companies most recently completed financial year. Dividends paid to shareholders by Australian resident companies are taxed under a system known as imputation. It is called an imputation system because the taxes companies pay is imputed, or attributed, to the shareholders. The tax paid by the company is allocated to shareholders by franking credits attached to the dividends that they receive. For a company that pays tax on all its income in Australia, the franking proportion is usually 100%. However, some companies (particularly those paying tax outside of Australia) have a lower franking proportion. Some companies pay only unfranked dividends.

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Franking (%)
Dividends paid to shareholders by Australian resident companies are taxed under a system known as imputation. It is called an imputation system because the taxes companies pay is imputed, or attributed, to the shareholders. The tax paid by the company is allocated to shareholders by franking credits attached to the dividends that they receive. For a company that pays tax on all its income in Australia, the franking proportion is usually 100%. However, some companies (particularly those paying tax outside of Australia) have a lower franking proportion. Some companies pay only unfranked dividends.

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Frequency - Hybrids
This is the frequency that the security pays distributions.

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G - L
 

Gain/Loss Since Purchase (%)
This represents the amount, expressed as a percentage, that you have gained or lost since purchasing this security. Please note that this figure, unlike most return figures shown on Morningstar.com.au, is not annualised. (If a holding is worth 21% more now than when you bought it two years ago, the gain will display as 21%, whereas elsewhere it would display as an annualised return of 10%.) This number is calculated by subtracting the cost of the security from the market value, dividing the result by the cost, and multiplying by 100.

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Gain/Loss Since Purchase ($)
This represents the amount, in dollars, that you have gained or lost since purchasing a security. This number is calculated by subtracting the Cost Per Security from the Market Value. Note that Commissions are added to costs and thus reduce gains and increase losses.

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GICS Industry Group
S&P and MSCI jointly developed the Global Industry Classification Standard (GICS®) which establishes a common, global standard of industry classifications for companies worldwide. GICS consists of 10 Sectors aggregated from 24 Industry Groups, 67 Industries, and 147 Sub-Industries currently covering over 27,000 companies globally.

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GICS Sector
S&P and MSCI jointly developed the Global Industry Classification Standard (GICS®) which establishes a common, global standard of industry classifications for companies worldwide. GICS consists of 10 Sectors aggregated from 24 Industry Groups, 67 Industries, and 147 Sub-Industries currently covering over 27,000 companies globally.

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Holding Type
Currently we track stocks, managed funds, Listed investment Companies (LICs), Exchange-Traded Funds (ETFs), Hybrids (Income securities), Warrants and cash.

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Home Office State
Home Office State is the address from which a company conducts its day to day business operations.

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ICR pa (%)
Indirect Cost Ratio (ICR): An annualised measure of total costs the investor will pay for partaking in the fund. This ratio will include the trustee fee along with other percentage based fees, as well as the management and performance fee. The ICR will not include absolute dollar based fees, such as a monthly administration fee.

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Income/Share 1,5, 10 Yr Avg Growth - Banks (%)
Over the specified period, this is the annualised or compound change in Income Per Share.

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Interim Books Close Date
The Interim Books Close Date is the day on which shareholders must be registered as an owner of the stock to receive the interim dividend. On this day, a record is taken of all the owners of the company and how many shares they own so the company knows whom to pay the dividend to too on the Dividend Pay Date. Note: the dividend dates are determined by the company and communicated to the market via the ASX. Until we know the next official dividend date, we publish the last known.

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Interim Div Pay Date
The Interim Dividend Payment Date is the day on which shareholders receive their dividend. The payment date is usually about three weeks after the Books Close Date. Note: the dividend dates are determined by the company and communicated to the market via the ASX. Until we know the next official dividend date, we publish the last known.

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Interim Ex Div Date
Many companies pay dividends twice a year, usually as an "Interim" dividend and a "Final" dividend. The Interim Ex-Dividend Date is the first day the company trades following the declaration of a dividend on which the buyer of a stock is not entitled to receive the half-yearly dividend paid to shareholders. Note: the dividend dates are determined by the company and communicated to the market via the ASX. Until we know the next official dividend date, we publish the last known.

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Inventories - Industrials
Inventory consists of goods and materials not yet sold by the business. It is classified as a Current Asset because a company assumes inventory can be sold in the near future turning it into cash.

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Invest Income - Property
Income earned including dividends, interest and rents received on investments, and any other investment income.

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Invest Income - Insurance
Income earned including dividends, interest and rents received on investments, and any other investment income.

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Investment Income - Invest
Income earned including dividends, interest and rents received on investments, and any other investment income.

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Investment Risk - Hybrids
Morningstar's assessment of the risk of each security. The higher the risk the higher the required rate of return.

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Issue Date - Hybrids
This is the first date the security traded on the market.

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Issue Price ($) - Hybrids
This is the price the security was initially offered at. It is often called the face value. Most securities have an issue price of $100. Some issuers like CBA have offered their Pearls series with an Issue Price of $200.

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Issue Size - Warrants
This is the number of warrants that may be issued in a particular warrant series. The warrant issuer may reserve the right to apply to the ASX to have more warrants issued in the same series without notice to holders.

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Issuer - Warrants
Warrants may only be issued by institutions approved by ASX. The ASX Market Rules set out criteria for an institution to be approved as an issuer. You should note that the ASX does not guarantee the performance of the warrant issuer. You are therefore exposed to the risk that the issuer will not perform its obligations under the warrant.

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Last Price ($)
The Last Price is the last traded price according to the ASX. Prices are 20 minute delayed.

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Last Traded Date - Hybrids
The latest day there was a trade of the security.

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Loans - Banks
This is generally the largest component of interest - earning assets, and comprises money lent to customers in the form of home loans, business loans and the like.

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Long Term Debt - Industrials
This account comprises any debt incurred by a company that is not due to be paid within one year.

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Loss Ratio - Insurance (%)
Net Loss Ratio - for insurance companies is the ratio of net incurred claims to net earned premium. It is part of the combined ratio for insurance companies. Net loss ratio provides an indication of the risk profile of the business written by the company, and its ability to manage its claims efficiently.

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M - R
 

Manag. Fee pa (%)
The annualised percentage charge for managing the fund. This is usually calculated as a percentage of the funds gross asset value of the fund over a set period.

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Margin Over Base Rate % - Hybrids
The additional interest paid over some base rate. Most hybrids are floating rate, so the total interest is calculated as the sum of a bank-bill rate plus a fixed margin.

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Market Cap ($Mil) - Current
Market Capitalisation is the market value of the company's equity capital. This is calculated by multiplying the number of common shares by the Current Price. Other classes of equity such as preference shares are not normaly included, except in certain cases where the shares are "quasi-ordinary."

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Market Cap ($Mil) - Last Actual
Market Capitalisation - Last Actual is the closing share price on the last day of the company's financial year multiplied by the number of shares outstanding at the end of the period.

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Market Value ($)
Market Value is calculated by multiplying the number of Securities Held by the Current Price.

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Mgmt Expense Ratio - Investment (%)
Management expenses expressed as a percentage of total assets. Expenses include auditors remuneration, legal and professional fees and managers fees.

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Mgmt Expense Ratio - Property (%)
Management expenses expressed as a percentage of total assets. Expenses include auditors remuneration, legal and professional fees and managers fees.

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Moat Rating
The term "Economic Moat" was popularised by Warren Buffett and is used to describe companies with sustainable competitive advantages. Just as moats protected castles from invaders in medieval times, economic moats protect the company's earnings from competition. Moat companies have exclusive assets or skills that help them stay ahead of the competition and thereby survive the hard times and flourish in the good. Moats allow firms to generate excess economic returns for an extended period. The key is the sustainability of high returns. Many companies can generate strong returns over the short-term, say two or three years. Without a moat, their returns may be competed away as other companies move in to take a share of the high returns available. Moat Ratings of Wide, Narrow or None are displayed on the front page of Morningstar's research reports with the sources of the moat explained within the analyst note. The vast majority of firms have no moat. Companies with a Moat Rating of Wide will be, on our assessment, able to generate excess returns for 20 years or more. Narrow Moat companies should generate excess returns for up to 10-15 years. The Moat Rating is just one of the ingredients used in determining a company's Fair Value, though it is obviously an important one. Companies with no moat can make good investments, at the right price, but the very best long-term investments are in Wide Moat firms bought when they are undervalued. Morningstar's model portfolios are heavily weighted to moat companies and each of the Morningstar Best Businesses has a moat.

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Morningstar Analyst Recommendation - Equities
Morningstar's Analyst Recommendations are anchored on each analyst's estimate of a company's Fair Value, which is what the analyst thinks the business is worth on a per share basis. Our analysts arrive at this value by forecasting how much excess cash - or 'free cash flow' - the firm will generate in the future, and then adjusting that total for both timing and risk. Stocks trading at meaningful discounts to our Fair Value estimates will receive positive recommendations. For high quality businesses, we require a smaller discount than we do for mediocre ones, for a simple reason: we have more confidence in our cash flow forecasts for strong companies, and therefore in our Fair Value calculations.

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Morningstar Analyst Recommendation - Managed Funds
Morningstar qualitative research assesses a fund manager's capacity in an asset class in five key areas: the investment people, the investment philosophy and process, the composition of the investment portfolio and how it reflects the process, the fund manager's parent and the performance track record. The Morningstar Fund Analyst Rating signals the extent to which the strategy is recommended for inclusion in your portfolio, the standouts in each asset class, the funds which should be avoided, and those in between. The five-point Morningstar Fund Analyst Ratings scale is "Gold", "Silver", "Bronze", "Neutral" or "Negative".

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Morningstar Analyst Recommendation - Hybrids
Morningstar's Recommendations are anchored on each analyst's estimate of Fair Value, which is what the analyst thinks the security is worth. The key question analysts ask is: to what degree is the underlying business capable of supporting the commitments required by these securities? What yield does this then justify? We place each security into a risk category and assign a credit spread. To this we add spreads to account for transaction costs associated with illiquidity, and small additional spreads to represent the inconvenience or risks with other characteristics of the security such as for being a perpetual, non-cumulative distributions, maximum number of shares on conversion conditions etc. This gives a target yield from which we derive a Fair Value. We calculate the Fair Value both as a perpetual and assuming redemption, and calculate a weighted average based on the analyst's estimate of the probability of redemption. This Fair Value is compared to the market price to give a recommendation. "Reduce" and "Accumulate" recommendations indicate that the security is trading above and below Fair Value respectively. A "Hold" recommendation indicates the security is trading at Fair Value. "Buy" and "Sell" recommendations are used in those instances where in the opinion of the analyst there has been a fundamental mispricing of the security on market, and there is the distinct possibility of substantial gains or losses for investors. "Avoid" indicates we believe the security should be avoided by all investors.

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Morningstar Fair Value - Equities
Fair Value is the Morningstar analyst's estimate of what a stock is worth. Our Fair Value estimate should be used in conjunction with our Moat Rating and our Business Risk rating. In order to determine Fair Values for stocks, Morningstar analyst's project five years' worth of a company's revenue growth, profitability, and asset efficiency. The analysts then enter these projections into a discounted cash-flow (DCF) model, which calculates a Fair Value based on the resulting cash flows.

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Morningstar Fair Value - Hybrids
Fair Value is the Morningstar analyst's estimate of what a hybrid is worth.

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Morningstar Fund (Star) Rating
The Morningstar Rating (Star Ratings) for funds is a measure of a fund's risk-adjusted return relative to similar funds. Funds are rated from one to five stars, with the best performers receiving five stars, and the worst receiving a single star. A fund may very well have a five-star rating because of its impressive historical record, but as performance-chasers often find out the hard way, the past doesn't reliably predict future returns. This is not to say the star rating doesn't serve as a valuable tool for investors, but it shouldn't be the only consideration.

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Morningstar Fund Category
The Morningstar Category™ classification system for funds lets investors effectively compare like funds. We group funds which can be reasonably considered to be close investment alternatives, and for which performance and other statistical measures, such as fees, are comparable.

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Morningstar Stock Sector
There are 11 Morningstar stock sectors: Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services, Healthcare, Industrials, Real Estate, Technology and Utilities.

  • Basic Materials: Chemicals manufactures, building materials, paper products or engaged in commodities exploration & processing.
  • Communication Services: Internet services such as access, navigation & internet-related software & services.
  • Consumer Cyclical: Retail stores, auto & auto parts manufacturers, companies engaged in residential construction, lodging facilities, restaurants & entertainment companies.
  • Consumer Defensive: Manufactures of food, beverages, household & personal products, packaging, or tobacco or education & training services.
  • Energy: Oil & gas refiners, oil field services & equipment companies, & pipeline operators or coal miners.
  • Financial Services: Banks, savings & loans, asset management companies, credit services, investment brokerage firms, & insurance companies.
  • Healthcare: Biotechnology, pharmaceuticals, research services, home healthcare, hospitals, long-term care facilities, & medical equipment & supplies.
  • Industrials: Industrial manufactures, aerospace, defence firms, transport & logistics services.
  • Real Estate: Mortgage & property management companies & REITs.
  • Technology: Design, development, support, consulting, of computer operating systems & applications.
  • Utilities: Electric, gas, & water utilities.

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Net Assets ($m)
Net Assets is a measure of the funds size, once all liabilities are accounted for. It is a good proxy for a funds' popularity relative to comparable counterparts, as well as showing how flexible the fund can be.

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Net Earned Premium - Insurance
Gross earned premium less reinsurance costs and other recoveries.

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Net Interest Cover (x)
Net Interest Cover is calculated by taking earnings before interest and tax (EBIT) and dividing by Interest Expense.

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Net Interest Income - Banks
A measure showing the net difference between interest earned on loans and other investments, and interest paid on deposits and other borrowings.

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Net Interest Margin - Banks (%)
Indicates banks profitability in relation to earning assets. It is calculated by dividing net interest income (difference between interest earned and paid) by average interest-earning assets.

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Net Profit bef Abnormals
Net Profit after Tax Before Abnormals.

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Net Profit Margin (%)
Is calculated as NPAT before abnormals divided by Operating Revenue. Net Profit Margin is Net Profit after Taxation Before Abnormals divided by Net Operating Revenue, expressed as a percentage. The ratio is a useful measure of the effectiveness of the company's cost control policies. The higher the Net Profit Margin is, the more effective the company is at converting revenue into actual profit. Applications of the ratio can be implemented in comparative analysis of companies in the same industry as companies are generally subject to similar business conditions.

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Next Distribution Ex Date - Hybrids
This is the first date the security traded ex its next distribution. A distribution ex-date means if a security is sold on or after the ex-date, the seller still has the right to receive that distribution.

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No. Employees
The number of people employed by a company as recorded in its Annual Report. Note: not all companies lodge this information as it is no longer a requirement under legislation.

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NOPLAT Margin (%)
This is calculated as NOPLAT / Operating Revenue. The NOPLAT margin is a key measure of the profitability of sales from an operating perspective, while eliminating the effects of capital structure. NOPLAT refers to net operating profit less adjusted taxes (It is calculated as EBITA less tax expense adjusted for the tax shield provided by interest expense).

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Operating Expenses
Total operating expense is the difference between Total Revenue and EBITDA. Expenses are the consumptions or losses of future economic benefits in the form of reductions in assets or increases in liabilities of the entity. Expensed items are the sacrifice involved in carrying out the earning process of the company during a period resulting in a decrease in proprietorship.

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Operating Margin - Industrials (%)
Earnings before depreciation, amortisation, interest and tax, divided by operating revenues. Operating margin is a key statistic for industrial and service companies. It shows the underlying profitability of the business before the effects of financing and from new investments. The trend of operating margin is particularly important and can give a good indication of the long-term viability of a given business.

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Other Income - Property
Income earned other than from rents, investments and management fees.

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P/Book Ratio
The ratio of the current price per share divided by book value per share. The book value measures the value of the shareholders ownership in the company, as measured by the last full year balance sheet. The price to book ratio is usually greater than one as the market value will usually exceed the balance sheet value attributed to the assets of the company. This is because assets are generally recorded at their original cost - less any accumulated depreciation. The market, on the other hand, is concerned with the cash-generating ability of the company's assets rather than its historical cost. If an asset can generate returns in excess of its cost of capital, then a premium will be paid for the asset. This premium is the price to book ratio.

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P/E Fcst Year 1 - Morningstar Analyst
The Price-to-Earnings Ratio (x) - Forecast Year 1. "Forecast Year 1" refers to the company's current financial year. The PE is calculated by dividing the Share Price (cents) by the EPS. The previous trading days closing price is used for the "P". This measure tells you how many years of profit it would take to pay for the shares at the share price. For example, if the EPS = 300 cents and the Share Price = 2700 cents, it would take nine years of profit to cover the share price.

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P/E Fcst Year 2 - Morningstar Analyst
The Price-to-Earnings Ratio (x) - Forecast Year 2. "Forecast Year 2" refers to the year after the company's current financial year. The PE is calculated by dividing the Share Price (cents) by the EPS. The previous trading days closing price is used for the "P". This measure tells you how many years of profit it would take to pay for the shares at the share price. For example, if the EPS = 300 cents and the Share Price = 2700 cents, it would take nine years of profit to cover the share price.

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P/E Growth Ratio
Also known as the PEG Ratio, this is the ratio of the stock's P/E to its prospective earnings per share (EPS) growth rate. To calculate the PEG ratio, divide the P/E by the annual EPS growth rate. In general, the P/E should equal the long-term growth rate in percent. So if a company has a P/E of 20 and an annual EPS growth rate of 20%, then the PEG ratio will be 1. A ratio of 1 is considered to represent Fair Value and a ratio greater than one indicates a more "expensive" stock. This ratio is a useful high level check to see whether the P/E is justified.

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P/E Last Actual - Morningstar Analyst
The Price-to-Earnings Ratio (x) - Last Actual. "Last Actual" refers to the companies most recently completed financial year. The PE is calculated by dividing the Share Price (cents) by the EPS. The share price used is the average share price for the financial year. This measure tells you how many years of profit it would take to pay for the shares at the share price. For example, if the EPS = 300 cents and the Share Price = 2700 cents, it would take nine years of profit to cover the share price.

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P/Sales Ratio
The current price divided by the last actual sales revenue per share figure. Along with the Price/Earnings Ratio, the Price/Sales Ratio can be a useful comparative valuation tool. Valuation on multiples of sales can be handy when companies are in the early stages of their life cycle and earnings are yet to be attained.

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Percent Debt - Industrials (%)
This figure shows the % of long-term funding which comes from debt.

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Percent Equity - Industrials (%)
Capital is the source of long-term funding for the business. This figure shows the % of capital which comes from shareholders equity. Shareholders equity is the capital invested from shareholders and from retained profits (i.e., not distributed as dividends). It is measured by adding share capital, reserves, retained profits and minority interest. It is equivalent to book value.

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Perf Fee pa (%)
An annualised fee charged as a percentage of returns over a predetermined period and above a set investment objective. This is to incentivise the manager to act in the interest of the investor. The exact nature of the performance fee will differ between managers and funds.

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Portfolio Weight (%)
This is the percentage of assets the holding occupies in the portfolio.

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Pre Tax Profit
Profit before abnormals and tax.

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Previous Close ($)
The price of the security at the close of the previous day's trading.

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Price Risk
Pricing risk reflects the premium or discount implied in the current price of the shares. Many growth stocks trade on high earnings multiples giving them high pricing risk though they may have low Business Risk. Investors should consider their risk tolerance before investing in the share market. Many investors will decide to have only low risk stocks in their portfolio though others will accept higher risk levels in order to pursue higher returns.

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Price to Fair Value
This is the stock price divided by Morningstar's estimate of the company's intrinsic value. For example, a Price/FV under 1.0 indicates a stock trading below our Fair Value Estimate.

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Prop Expenses - Property
For property trusts, expenses incurred through the management and maintenance of property investments. It includes property rates and taxes, repairs and management fees and property management fees.

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Prov for Doubt. Debts - Banks
Charges set against revenue or income in order to guard against debtors not paying their debts in the period.

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Provisions - Banks
The amount held as a liability to cover bad loans. The provision account is replenished through a charge for bad and doubtful debts taken from the profit and loss statement.

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Quantity Held
This is the amount of the security you own. You entered this number (or the transactions that resulted in this number).

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Quick Ratio
Also known as the "acid test", the Quick Ratio is similar to the Current Ratio but excludes the value of inventory or stocks in the current asset calculation. The reasoning for this is that inventories are not always immediately realisable as a source of cash. Inventory can also be subject to valuation problems. The formula is current assets, less inventory divided by current liabilities. As with the current ratio it, it is important to understand the ratio in the context of the sector average and the trend over the last few years.

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Realised Gain/Loss Since Purch ($)
Realised Gain/Loss Since Purchase is the cumulative amount of realised gains and losses resulting from the sale of securities. It is calculated by the net proceeds minus the initial cost. The calculations do not take into account tax efficiencies, individuals tax brackets, etc. We assume FIFO for the sale of securities, and dividend is separated from any gain/loss.

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Receivables - Industrials
Represents the outstanding balance of the value of goods and services that have been supplied and not yet paid for. It includes pre-payments.

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Redeemable - Hybrids
Where face value plus accrued interest can be returned in the form of cash to the security holder.

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Rental Income - Property
Income derived from the leasing of properties owned by the trust.

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Reported NPAT
Reported Net Profit After Tax and after Abnormals have been taken into account.

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Research Report Date
Research Report Date is the publication date of the most recent analyst report.

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Reset Date - Hybrids
This is a date when the terms of a security (including the margin) may be changed.

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Return on Assets - Banks
Return On Assets (ROA) essentially shows how much profit a company is making on the assets used in its business. ROA is a key measure of a company's profitability, equal to a fiscal year's earnings divided by its total assets. It is calculated by [Net Income + Interest Expense*(1-Corporate Tax Rate)]/[Total Assets - Outside Equity Interests].

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Return on Capital - Industrials (%)
An evaluation of profit earned in relation to both debt and equity capital invested. It is measured by dividing operating profit after income tax before interest by shareholders equity and long-term debt. By comparing Return on Capital to Return on Equity, investors can determine whether a company's financial leverage has benefited shareholders. If Return on Equity is higher than Return on Capital it indicates the company's debt has provided a positive return to shareholders. If the opposite is true it indicates the company's current leverage is reducing returns to shareholders.

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Return on Investments - Insurance (%)
For insurance companies, the annual return on shareholders' invested funds. It includes both realised and unrealised gains. It does not include investment returns from assets not belonging to shareholders, such as returns from unit trusts managed by the company.

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Rev/Share 1, 5, 10 Yr Growth (%)
Over the specified period, this is the annualised or compound change in Revenue Per Share.

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ROA (%)
Return on Assets (ROA) calculation is [Net Income + Interest Expense*(1-Corporate Tax Rate)]/[Total Assets - Outside Equity Interests]. ROA is a key measure of a company's profitability, equal to a fiscal year's earnings divided by its total assets. Return on Assets essentially shows how much profit a company is making on the assets used in its business.

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ROE (%)
Returned on Equity (ROE) is calculated as NPAT before abnormal divided by (shareholders equity minus outside equity interests). ROE is an evaluation of profit earned in relation to equity resources invested (the viewpoint of equity holders). It is calculated by dividing net profit before abnormals by shareholders equity. In the cases where shareholders equity is less than zero, we have set the value of ROE to null. Return on Equity is a key indication of the company's performance as it provides information on how well managers are employing funds invested by the shareholders to generate returns. Long run value of a company can be determined by the relationship between ROE and the cost of equity capital. ROE is affected by two factors, how profitability the company employs assets and the size of the firm's asset base relative to the shareholder's investment.

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ROIC (%)
Return on Invested Capital (ROIC) is calculated by NOPLAT (net operating profit less adjusted taxes) divided by operating invested capital before goodwill. Return on invested capital is a key measure of how effectively a company uses the money and invested in its operations. In the cases where invested capital before goodwill is less than zero, we have set the value of ROIC to null.

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Role in Port.
The role the fund will have in a portfolio will usually depend on the asset allocation mix as well as the style of the fund itself. A fund with a good mix of assets from a broad range of classes might be classified as core holdings, whereas funds with very specific mandates or narrow holdings could better be suited as a supporting player in the portfolio.

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Running Yield ex. Franking% - Hybrids
This is a simple calculation of current annual distributions divided by the clean price (i.e. current price adjusted for notional accrued distributions). This gives an idea of the yields under the assumption that the price of the underlying security remains constant. The calculation excludes franking credits.

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Running Yield inc. Franking% - Hybrids
This is a simple calculation of current annual distributions divided by the clean price (i.e. current price adjusted for notional accrued distributions). This gives an idea of the yields under the assumption that the price of the underlying security remains constant. The calculation is grossed up for franking credits, if applicable.

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S - Z
 

Second Year DPS (c) Fcst - Morningstar Analyst
"Second Year" refers to the year after the companies current financial year. Dividend Per Share - cents (DPS) is the total expected dividend for the year (including special dividends), divided by the number of shares ranked for dividend. This is adjusted for dilutionary effects from corporate actions such as consolidation, share splits, rights issues and bonus issues. Dividend Yield is calculated by dividing the DPS in cents (Dividend Per Share) by the share price and applying as a percentage. Forecasts for the current year and following year use the last close share price.

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Security Terms - Hybrids
Refers to some specifics of the contract for example, whether it is a perpetual, mandatory conversion, step-up conditions etc.

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Security Type - Hybrids
At a high level, there are basically two types of interest rates securities - pure debt and hybrids. Both have income and equity type characteristics. Within each category there are a myriad of specific terms and conditions to distinguish each. Pure debt securities are usually referred to as notes, while hybrids are commonly referred to as convertible preference shares.

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Shares Outstanding
The total number of ordinary shares quoted by the company. This data is updated on the day that change is publicly reported.

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Short Term Debt - Industrials
This account comprises any debt incurred by a company that is due within one year.

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Solvency -Insurance (%)
For insurance companies, the ratio of Shareholders Equity less Outside Equity Interests to Net Earned Premium.

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Step-Up Margin % - Hybrids
This refers to an increase in the margin for a specific reason or at a specific date. For example the Woolworths Notes II (WOWHC), the margin increases by 1.00% p.a to 4.25% p.a above the 90-day BBSW rate if Woolworths does not redeem the notes on 24 November 2016 step up date.

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Tax Rate (%)
This is the % of corporate tax paid on a company's profits.

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Today's High ($)
The highest price which the security traded at today.

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Today's Low ($)
The lowest price which the security traded at today.

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Top 20 Shareholder %
Represents the percentage of the company's stock held by the 20 largest shareholders (Source: annual report). It can provide an indication of the company's liquidity. A high figure will often mean that there is less available for trading.

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Total Assets
The total (current and non-current) assets as reported in the annual report.

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Total Cost of Position ($)
Total cost is calculated by multiplying the Cost Per Security by the total Quantity Held. It represents what you paid for all of the securities you currently hold. Note that commissions are added to costs.

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Total Current Assets
A Current Asset is an asset on the balance sheet which is expected to be sold or otherwise used up in the near future, usually within one year, or one operating cycle whichever is longer.

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Total Current Liabilities
The total of a company's short term debts and other obligations that are due within one year.

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Total Debt - Industrials
Any interest-bearing debt not payable within one year. Also includes capitalised leases. Long-term debt is the other major source of capital for a company beside shareholders equity. Working capital, which is Current Assets less Current Liabilities, can also be a source of funding but is not long term.

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Total Earning Assets - Banks
Total Earning Assets including loans, short term money, due from banks and investment securities.

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Total Equity
The capital invested from shareholders and from retained profits (i.e. not distributed as dividends). It is measured by adding share capital, reserves, retained profits and minority interest. It is equivalent to book value.

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Total Liabilities
A liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Total Liabilities can be broken into current (generally need to be paid within a year) and non-current.

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Total Non Earn Assets - Banks
Assets on which no income is derived.

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Total Operating Income - Banks
This is the total of Net Interest Income and Non-Interest income.

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Total Return

  • 1, 3, 6 Month Return (%)
  • 1 Week Return (%)
  • 1, 3, 5, 10 Year Return (%)
  • Total Ret 1 Day - Daily (%)
  • Total Ret 6 Mo - Daily (%)
  • Total Ret Annlzd 2 Yr - Daily (%)
  • Total Return YTD (%)

Expressed in percentage terms, Morningstar's calculation of total return is determined by taking the change in price, reinvesting, if applicable, all income and capital gains distributions during the period, and dividing by the starting price. The performance figures covers the stated rolling period. For example, on April 24th 2012, the 1 Year Trailing Return would cover the period from April 24th 2011 till April 24th 2012.

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Total Revenue
Total revenue from sales. This number excludes interest revenue.

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Underlying Security - Hybrids
The Underlying Security is the security code of the issuer. For example, the underlying security for Woolworths Notes (WOWHC) is Woolworths (WOW).

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Underlying Security - Warrants
The underlying security (or underlying stock) is the stock that must be delivered when the warrant is exercised. A change in the price of the underlying stock will have an impact on the warrant price.

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Underwriting Profit - Insurance
Premium revenue less claims expense and underwriting expense, after allowing for reinsurance revenue and expense.

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Value on Issue ($Mil) - Hybrids
This is the amount (in $millions) of securities on issue at face value.

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Yield at FV % - Hybrids
The hybrid's annual coupon payments expressed as a percentage of the analysts Fair Value estimate. Franking credits are included if applicable.

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Yield to Reset ex. Franking% - Hybrids
Yield to Reset is the yield of the distributions plus the differential between the market price and the face value, assuming the principal is returned on the reset date. So if a security trading at $95 will pay two $7 distributions and then be redeemed for $100, the yield to reset accounts for the discounted $5 gain on the face value of the security. More formally this is the discount rate at which the sum of the future discounted cash flows is equal to the current traded price. The cash flows will include an estimated regular interest-style payment and final redemption of the share at the price specified in the contract. This is also known as an internal rate of return or IRR. Sometimes this is called Yield to Maturity. This number excludes any franking credits.

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Yield to Reset inc. Franking% - Hybrids
Yield to Reset is the yield of the distributions plus the differential between the market price and the face value, assuming the principal is returned on the reset date. So if a security trading at $95 will pay two $7 distributions and then be redeemed for $100, the yield to reset accounts for the discounted $5 gain on the face value of the security. More formally, this is the discount rate at which the sum of the future discounted cash flows is equal to the current traded price. The cash flows will include an estimated regular interest-style payment and final redemption of the share at the price specified in the contract. This is also known as an internal rate of return or IRR. Sometimes this is called Yield to Maturity. Franking credits are included if applicable.

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