Hi,
Am trying to build a 3-statement model for a tech services company and am stuck trying to figure out how to address stub periods. Here is the summary of where I am presently.
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Financial year is April-to-March
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10K data available for 2017, 2018 & 2019 (ending Mar-2019). 10K-2019 is for period Apr-18 to Mar-19.
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10Q data available for periods ending Q1-2020 (Jun-2019), Q2-2020 (Sep-2019)
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Have prepared the 3-statement model for historic years.
Here is where I am stuck.
Am reasonably confident to project full-year income statement for 2020 (barring Depreciation & Amortization) which are dependent on PP&E & Intangible Assets.
The challenge is - I have the latest balance sheet from Q2-2020. How do I project Mar-2020 (full year 2020) BS? Do I assume for the sake of the model that the <abbr><abbr title="balance sheet">BS</abbr></abbr> does not change from Q2-2020 through Q4-2020; and therefore, consider the most recent <abbr><abbr title="balance sheet">BS</abbr></abbr> as the projected <abbr><abbr title="balance sheet">BS</abbr></abbr> for Mar-2020?
Looking forward to your inputs. Thanks in advance.
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