I need to consolidate the BS with the CFS so they "match" when I will be modeling the DCF. Big problems!

Hi all!

I am facing a big issue with the part of consolidating the CFS and BS so they "match." I am referring to the process that you have to go through to organize the BS and CF statements in such a way that they will flow into each other and there will be no items left on the BS without an equivalent on the CFS when you build your model.

The company I am analyzing is Norwegian Air Shuttle, so it's publicly traded but it's IFRS. They have the weirdest financial statements and the CFS is a total mess, I can't find anything in it, for example, they just added up Amortization, Depreciation and Impairments into one single item and they provide no reconciliation on their statements! The items are just all blended and I have no place to understand how to separate them.

I tried downloading the statements from Bloomberg, but those are the same or even worse, they just blend loads of items into something such as "other" that comprises like 70% of cash flows from operations and again, provide no details on what is in there.

What can I do in these cases? Just give up and analyze a different company? But there are people that do DCFs for this company, so they must be able to separate the items somehow. How can I proceed here? Maybe Reuters Eikon has better statements? (I never tried using it, but I have access)

Thank you!

1 Comments
 

Aliquid iste dolor quisquam ab alias est est quia. Sed dolores nisi sit optio eum. Ad optio omnis minima temporibus est eaque labore. Vero facilis voluptatem dicta.

Excepturi pariatur est eos et qui omnis molestiae. Deleniti sit reprehenderit voluptas sit. Quia dignissimos vel voluptas rerum perspiciatis. Et nihil libero quis fugiat qui totam.

Quidem ad voluptatem debitis tenetur maxime quasi. Soluta vero quis qui repudiandae velit enim. Eum voluptas velit quia eaque harum.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.3%
  • JPMorgan No 97.7%
  • Goldman Sachs 02 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
GameTheory's picture
GameTheory
98.9
9
CompBanker's picture
CompBanker
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”