Collection of report data
At Börsdata, we collect all reports for Nordic companies ourselves. This means that we monitor when companies release their reports. We download the report from the company's website and enter report values into our system.
The data must then be processed and converted to our standardised report format before we can calculate key figures.
During intensive reporting periods, we do not always have time to read all the reports and may have a lag on smaller companies for a few days. Then we prioritise larger companies with high interest and you are always welcome to request reports that you want access to.
For Global companies, we collect report data from Refinitiv. Here, we do not have the opportunity to adjust the report data ourselves; however, we trust that Refinitiv delivers high-quality data.
Number of reports per year
Most listed companies release five reports a year. One full-year report and four quarterly reports.
Many companies now have half-yearly reporting and then they release three reports: one full-year + two interim reports.
With about 2,000 companies on the Nordic stock exchange, we download and process about 10,000 reports per year. Today we have over 50,000 reports in our system.
Broken financial year
Several hundred companies have broken financial years. This means that the company does not start its financial year in January but in another month. The company's first quarterly report (Q1) may then come in the autumn or at another time. At Börsdata, we follow the company's reporting periods; hence, the company's first quarter report is called Q1 at Börsdata.
As the company begins its new financial year before the end of the current year, it will be the first quarterly report for the coming years. For example, in 2020 you can find reports for Q1-2021. This is then the first report for the company's financial year, 2021.
The full-year report summarises the entire year's development and contains more information than the quarterly reports. Here you will also find the CEO's words, company structure, employees, markets and other detailed information.
In the full-year report, the company often makes some adjustments to data that do not appear in the quarterly reports and therefore the sum of the quarterly reports does not always match the values in the full-year reports.
We try to use values from full-year reports as far as possible.
A quarterly report summarises the company's last three months. The report lacks a lot of information that you find in full-year reports. When reading data from quarterly reports, keep in mind that the figures only contain data for three months.
Trailing 12 Months (TTM)
Also called Rolling 12 month (R12)
All key figures must be calculated on report data for 12 months. For example, calculating the P/E value of a quarterly report would give completely wrong values, as the latest quarterly report only shows the profit for the last three months.
As the company only releases one full-year report per year, we cannot wait a whole year for new full-year reports. There is a need to calculate key figures as soon as the company releases a new quarterly report.
The solution is the creation of a new report format called Trailing 12 Months (TTM).
In TTM, we summarise the values of the last four quarterly reports and use them for key figure calculations. This means that as soon as a company releases a new quarterly report, we can calculate key figures with the latest report values.
A TTM report for e.g. Q3-2020 is a summary of the last four quarterly reports, i.e. Q4-2019 + Q1-2020 + Q2-2020 + Q3-2020.
On Börsdata, we always show the most recently calculated TTM figure, to ensure that it always contains values from the latest quarterly report.