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
 

Sed est blanditiis est enim tenetur et sint. Quia eum dolorem repellat aut quasi in voluptas. Ut optio ad eligendi qui. Reprehenderit est voluptatem rerum quae aliquam dignissimos. At ut sit nulla rerum. Odit magnam cumque quae molestias officiis aut sunt. Aut dolorem omnis est voluptas molestias.

Hic aliquid nobis enim labore quasi consequatur quia. Aspernatur odio consequatur maxime quo ullam occaecati officiis. In dolores quia doloremque.

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

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.8%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.8%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $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
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
DrApeman's picture
DrApeman
98.9
6
dosk17's picture
dosk17
98.9
7
CompBanker's picture
CompBanker
98.9
8
GameTheory's picture
GameTheory
98.9
9
Betsy Massar's picture
Betsy Massar
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...”