Comments (27)

Feb 10, 2013

if you don't have factset/cap iq/thomson/etc., then try Edgar. Specifically, if you select "interactive data," there should be an option to "view excel document."

The formatting isn't super ideal (there's a tab for every single header), and it's only available for 10-K & 10-Q filings, but yeah it's definitely better than transcribing yourself.

Feb 10, 2013
Sandhurst:

if you don't have factset/cap iq/thomson/etc., then try Edgar. Specifically, if you select "interactive data," there should be an option to "view excel document."

The formatting isn't super ideal (there's a tab for every single header), and it's only available for 10-K & 10-Q filings, but yeah it's definitely better than transcribing yourself.

I always transcribe myself because I don't trust Thomson to do it correctly for me... they always end up lumping some line items into the wrong places that (to me) are actually very important. I've gotten pretty damn quick at it but it's definitely a pain in the ass. Never done the Edgar 'view in Excel' option though so I'll have to look into it. But at the end of the day if it takes me an extra 30 minutes to transcribe it the way I want, I'll keep doing that. Getting the financials wrong is way worse than getting anything else wrong. Affects everything.

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Feb 10, 2013
BlackHat:
Sandhurst:

if you don't have factset/cap iq/thomson/etc., then try Edgar. Specifically, if you select "interactive data," there should be an option to "view excel document."

The formatting isn't super ideal (there's a tab for every single header), and it's only available for 10-K & 10-Q filings, but yeah it's definitely better than transcribing yourself.

I always transcribe myself because I don't trust Thomson to do it correctly for me... they always end up lumping some line items into the wrong places that (to me) are actually very important. I've gotten pretty damn quick at it but it's definitely a pain in the ass. Never done the Edgar 'view in Excel' option though so I'll have to look into it. But at the end of the day if it takes me an extra 30 minutes to transcribe it the way I want, I'll keep doing that. Getting the financials wrong is way worse than getting anything else wrong. Affects everything.

I will just transcribe them, or use bloomberg... I will see if I like the format. Thanks, guys!

The difference between successful people and others is largely a habit - a controlled habit of doing every task better, faster and more efficiently.

Feb 10, 2013
BlackHat:

I always transcribe myself because I don't trust Thomson to do it correctly for me... they always end up lumping some line items into the wrong places that (to me) are actually very important. I've gotten pretty damn quick at it but it's definitely a pain in the ass. Never done the Edgar 'view in Excel' option though so I'll have to look into it. But at the end of the day if it takes me an extra 30 minutes to transcribe it the way I want, I'll keep doing that. Getting the financials wrong is way worse than getting anything else wrong. Affects everything.

This is a more than valid point.

Feb 10, 2013

Are you in school? If so, see if your school has a subscription or access to Mergent. It gives you the option to download financial information in excel, in a number of different formats.

Feb 10, 2013

Can't you go into investor relations for each company (assuming they're public) and download the statements?

Feb 10, 2013

Bloomberg terminal will do that. If you are in school you guys should have a couple bloombergs.

"The way to make money is to buy when blood is running in the streets."

-John D. Rockefeller

Feb 10, 2013

Wtf is a 5k?

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Feb 10, 2013
mrb87:

Wtf is a 5k?

Haha, wondered that myself. Think OP means; five 10k statements

Best Response
Feb 10, 2013
mrb87:

Wtf is a 5k?

It combines two 8ks to give you a 16k, then you divide by avg 100-year inflation (3.2%) to give you the mid-year 5k.

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Feb 10, 2013

Hand spread them. Don't be a bitch.

Feb 10, 2013

it says in the title, FIVE 10K statements? Thanks for all the help, guys!

The difference between successful people and others is largely a habit - a controlled habit of doing every task better, faster and more efficiently.

Feb 10, 2013
mhurricane:

it says in the title, FIVE 10K statements? Thanks for all the help, guys!

Not to quibble, but that's not what you said. You said "5, 10K statements," which could also be construed as a shorthand for "5K and 10K." Which is clearly what people took it to mean.

Feb 11, 2013

Moreover, what difference does it make to your question whether it is one 10k or 20 10ks?

Feb 11, 2013

Cap IQ has a plugin to do this.

Feb 11, 2013

Same with FactSet - you should have one or the other I would hope. You'll still want to double check those numbers with the Q's and K's.

Feb 11, 2013

Thanks. I'll try it out.

Feb 11, 2013

Bloomberg too.

Feb 11, 2013

Seriously?

You put the numbers in by hand to understand wtf is going on. Good luck answering questions about the financials. What was the $5M in nonrecurring? IDK, let me log into Bloomberg.

If it were acceptable to do, ER people would all be doing it. Or maybe they are? We sure didn't in O&G.

Also, get fast at doing it by hand now and learning how your models work while you have a few days to update. When a release hits in the a.m. and you have an hour, good luck getting it from Bloomberg.

In my experience, those systems are more of a pain then you expect to maintain as well. I spent some time setting up auto things, and they were always a cluster-fuck when it came time to pull the data.

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Feb 11, 2013

^^ This

BB and others will condense a number of line items, particularly on BS and CF, into just one line. If you're going to actually cover the company, build it from scratch by looking at the Qs and Ks.

If you're just fucking around, pull the data from BB, Thomson, CapIQ, etc.

Feb 11, 2013

Dont be lazy. Your analyst asked you to put the numbers in by hand so you would learn about the company.

Feb 11, 2013

Depends on what you're doing--if you're doing screening for a number of stocks, you can use the ready-made templates that FactSet, Thompson Reuters or Bloomberg have. If you're building an actual honest-to-god model, plug in the damn numbers. Yeah, it's tedious--that's why you're the one doing it.

Feb 11, 2013

Agree with all the above. Also in ER currently.

First of all, it builds character. That is very important in life.

You also want to tailor your model's line items to the forecasting drivers. Sometimes you wish to consolidate stuff on the 10k/Q, because it is immaterial/is not a key value driver. Other times, you browse through the notes and want to have intricate details on debt schedules and operating leases. It depends on how your analyst wants them.

When I first did this tedious work, I was also complaining and went to BB/factset to pull in reported info. Problem is, you spend too much time rearranging cells because companies change their operating segments, reported line items and other stuff over time. Especially during the 2008-2009 fin crisis. It is just better to get good at looking at 10k/Q for the info, so that you really OWN the model. After a week of building out historicals, you get to really savor the intricacies.

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Feb 11, 2013

Go check out those Q's and K's. I like using msn.money to get those as its easy to navigate by sorting in regards to the type of report you are looking for and the reported date.

I recommend when starting coverage on a company for real, start from scratch, or use a template at least.

Ive been interning in ER for a few weeks now. The first day I was asked to build a historical model and I used CapIq. I ended up having to make so many adjustments that it just wasn't worth it.

I've built a few more from scratch since and although it takes forever, you go way more in depth intellectually with the company and really gain an understanding of how the model functions inside and out.

Feb 11, 2013
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Smokey, this is not 'Nam, this is bowling. There are rules.