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MGT441H5F: Financial Modelling

A guide for MGT441 students conducting research for their group investment research project.

FACTSET: THE BASICS

 

FactSet is a database that offers:

  • close-to-real-time and historical public company, industry, market and economic data;
  • charting and portfolio management applications; and
  • private company and venture capital investment information.

FactSet can be accessed with an individual account

A FactSet account was requested on your behalf by the FLC.  You have been authorized to use two versions of FactSet:

  • FactSet Web: This version works with all operating systems (Mac, PC or Chromebook) and offers access to all of the content found in the FLC Workstation version except for the Excel templates.
  • FactSet Workstation:  This version must be downloaded to your computer and only works with Windows-based computers (PCs).  It includes Excel templates that are not available in the Web version.

Please check your email for two emails from FactSet - one with instructions on how to access FactSet and another with details about the FactSet ID issued to you.  Sometimes these emails are flagged as junk so make sure you check this folder as well.

If you did not receive one or both emails, please contact the FLC at utm.lkcflc@utoronto.ca.

If you were issued an account but cannot access FactSet, please contact FactSet Support:

Remember: FactSet will send a passcode each and every time you log in to authenticate you as a user, starting with the first time you access FactSet. Please check your official University email account for the email from FactSet containing the passcode.

FACTSET: COMPANY RESEARCH

When you have logged into FactSet, you will see a menu at the top of the screen that looks like this:

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Click on the 'Company/Security' tab and enter the name of the company you are researching in the search box on the left.  FactSet will auto-suggest matches for your company name.

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The left-hand vertical menu links to different kinds of information about a company.

The Overviews set of options includes:

  • Snapshot: overview of company
  • Entity structure: parent & subsidiary relationships
  • Comps: peer companies for comparison or relative valuation
  • Supply Chain: supplier, customer and partner relationships
  • RBICs: visualization of how a company generates its revenue (revenue streams)
  • GeoRev: revenue exposure by country or region
  • ESG: Snapshot Sustainalytics data on relative environmental, social and governance performance

The Charts set of options encompasses:

  • Price data
  • Valuation data

The News, Research and Filings set of options includes:

  • Earnings: Transcripts of earnings calls - searchable by keywords(** key intelligence **)
  • Events and transcripts: investor presentations and earnings call transcripts (** key intelligence **)
  • Filings: Current and historical corporate filings organized by type - easier to use than SEDAR or EDGAR
NOTE:  FactSet offers limited news and research - please use other databases listed in the guide to find news about a company OR investment research reports.

The Financials set of options includes:

  • Key items: Snapshot financial data and ratios
  • Industry metrics: Not available for all companies, depending on sector
  • Statement data, downloadable into Excel
    • Statement data may appear in a standardized format, i.e. normalized to support peer-to-peer comparisons; select the 'As-Reported' option to see financials as released by the company.
    • Click through any numerical value to see the original source filing
  • Segment History
  • Ratio Analysis: includes valuation ratios

The Estimates set of options includes:

  • Broker Outlook
    • Provides overview of individual broker estimates, target prices, ratings, and consensus estimates within past 100 days
    • Customize items displayed - default is EPS
  • Targets & Ratings: Rating and target history

The Credit Analysis section includes:

  • debt capital structure analysis
  • liquidity information
  • debt ratings headlines from Moody's and S&P

The Transactions set of options includes:

  • M&A Summary, with links to individual transaction summaries
  • PE/VC activity

The Activism, Management, and Governance section includes:

  • Corporate Governance Profile
    • Highlights a company's corporate governance practices and takeover defence provisions
    • Can customize report to benchmark performance