Alternatives to Bloomberg for broke prospects
I found several free websites to look up a company's financials: Koyfin RocketFinancial Finbox Stockrow
They sometimes give very different numbers for metrics such as EBITDA, so I'm a bit hesitant as to which one to use. Finbox says its data comes from S&P Global Market Intelligence, whereas the others do not indicate a source.
Do you have any experience with these websites? If you know any other free source, please post it.
Thank you!
EBITDA - How to Find
You're in luck - I'm in the middle of creating an online course in Leveraged Finance / Loan Capital Markets, and just drafted a Capital Structure exercise for 9-10 examples
thus I'm very organized w/ my public sources / hyperlinks
EBITDA - How to find
1) EDGAR Search -
-10K / 10Q (Financials)
-Credit Agreement
-Investor Presentations (sometimes)
https://www.sec.gov/edgar/searchedgar/companysearch.html) OR
2) EDGAR or Company Website -->Investor Relations-->SEC Filings (a cleaner PDF IMO)
-10K / 10Q (Financials)
-Credit Agreement
-Investor Presentations (sometimes)
3) Google Search - Press Releases: keywords/common doc names
Company X +...
-Reports Fourth Quarter Results
-Non-GAAP Reconciliation
4) S&P and Moody’s - Rating Action reports
-create free login to access
EBITDA - ways to pull publicly / quick & dirty estimate
1) 10-K / 10-Qs - estimate
- Operating Income + D&A = EBIT + DA = EBITDA
(Income Statement +
Statement of Cash Flows) (Amazon)
EDGAR - Company Search-->Amazon-->Filing Type--> 10-K--Search
1) https://www.sec.gov/edgar/searchedgar/companysearch.html
2) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=00010187…
to https://www.sec.gov/ix?doc=/Archives/edgar/data/1018724/000101872420000…
2) 10-K / 10Qs - EBITDA disclosed Disclosed (RBI)
3) Investor Presentation 4Q19 /- Sources & Uses and Pro Forma Cap Table
4) Lender Presentation - Public - Sources & Uses and Pro Forma Cap Table
EDGAR
https://www.sec.gov/edgar/searchedgar/companysearch.html
Post Holdings / 10K https://www.sec.gov/Archives/edgar/data/1530950/000153095017000231/0001…
10K
Amazon
https://www.sec.gov/Archives/edgar/data/1018724/000101872420000004/0001…
Investor Relations
https://ir.aboutamazon.com/sec-filings/default.aspx
https://www.postholdings.com/investor-relations/sec-filings/
Investor Presentation / EBITDA - Hyperlinks
FIS Global
https://www.investor.fisglobal.com/sites/g/files/knoqqb28461/themes/sit…
Post Holdings
https://www.postholdings.com/2019/11/21/post-holdings-reports-results-f…
SeaWorld
https://s1.q4cdn.com/392447382/files/doc_financials/2019/q4/SeaWorld-En…
5) Press Release - 4Q19 Results - non-GAAP financial results supplement
6) Credit Agreement - Definitions - EBITDA - sometimes disclosed
https://www.sec.gov/Archives/edgar/data/1528930/000117184320001015/exh_…
Notwithstanding anything to the contrary, it is agreed, that for any period that includes the fiscal quarter ended on September 30, 2019, Consolidated EBITDA shall be deemed to be $21,149,000, as adjusted on a pro forma basis. For the purposes of calculating Consolidated EBITDA for any period, if at any time during such period (and after the Closing Date), any Loan Party shall have consummated (
(a) an acquisition permitted hereunder or
(b) a material disposition
7) S&P / Moody's Ratings Reports
a) Sometimes disclosed - Incremental Facility terms. “$210 or 100% EBITDA” = $210
Moody’s - Rating Action
“In addition, the first lien credit facility contains incremental facility capacity up to the greater of $210 million or 100% consolidated EBITDA, plus an additional amount subject to either a 5.5x pro forma First Lien Net Leverage Ratio, 7.2x Secured Net Leverage Ratio”, or 7.45x Total Net Leverage.”
b) Implicitly - through (EBITDA Margin % x Revenue) = EBITDA
c) Implicitly - through leverage multiple (total debt / leverage multiple) = EBITDA
**EBITDA - CTRL-F / Google Search**
for example some of the names of the docs are
1) Reconciliation of Non-GAAP Measurements - Unaudited
2) Company X Reports Fourth Quarter and Fiscal 2019 Results
3) Combined Company Non-GAAP Pro Forma Adjusted EBITDA Reconciliation
4) 10K-->Segment--> Adjusted EBITDA
5) Lender Presentation / Investor Presentation ->Slide will be called "Pro Forma Sources, Uses & Capitalization" or "Sources & Uses and Pro Forma Capitalization"
Quick & Dirty Estimate
EBITDA = Operating Income + D&A
(Good proxy/estimate - Op Inc + D&A = 87% and 94% of EBITDA examples below)
Combined Company Non-GAAP Pro Forma Adjusted EBITDA Reconciliation
Operating Income $1,100
+D&A 959
+ Other non-cash, net 42
+ Business optimization costs 77
**= Operating EBITDA $2,178** (Op Income + D&A = 94% of $2,178)
+ Acquisitions and Disposals 15
+ Unrealized cost savings 168
**= Adjusted EBITDA $2,361 (Op Income + D&A = 87% of $2,361)**
-so I think Operating Income +D&A is a decent quick and dirty estimate for EBITDA, if you arent going to be penalized for 100% accuracy
S&P and Moody’s - create free login
- create a login for free access to Rating Actions
-which give a lot of info mentioned in my explanation above, including EBITDA estimate, especially for private companies.
Lender Presentation-->Slides: Transaction Overview or Sources & Uses and Pro Forma Capitalization
KBR - LP (Sources and Uses and Pro Forma Capitalization)
https://www.sec.gov/Archives/edgar/data/1357615/000114036118013387/ex99…
KBR - LP (EBITDA Reconciliation)
https://www.sec.gov/Archives/edgar/data/1357615/000114036118013387/ex99…
Just want to say that your post has been super useful to me, thank you
Appreciate that! Any follow up, happy to help. What exactly are you looking to do with that information? What’s the end goal, exercise, or content you are creating? Chances are, I have created it 100’s of times, so the more I know, the more I can help for a given situation.
[duplicate of above - deleted, but then WSO won’t let me delete]
Factset/annual reports
Atom Finance is pretty solid and has become my go to free screener
Interested
[deleted - repeat of partial comment above]
You might have access to sell-side broker reports through ThomsonOne (Refinitiv/Reuters) via your university. They will often give both reported and adjusted metrics including rationale for the adjustments.
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