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The data is reported and aggregated on an annual basis. The best way to think about it is to picture a private deal financial model that's updated using the latest available audited accounts and news.
The data is collected and processed so that for each of the tracked firms in the sample universe, we have:
This data is then updated each time a firm reports new financials, or an event occurs that is understood to materially impact its future revenues (e.g. Covid-19 impact on airports).
The images below provide an example of some of the data collected and aggregated for a European toll road company. For each company, several hundred different accounting and financial data items are collected (see Data Standard > Raw Value Types, Attribute Types, Event Types, etc).
Secondary market transaction data plays an important role in the valuation approach used by EDHECinfra. Each reported transaction price is checked by analysts for consistency and validity, including by computing several sanity check ratios (price-to-sales, price-to-earning) and understanding the nature of the transaction to ensure that only genuine secondary market equity prices are used in the estimation of the equity risk premia.
The data collected and updated by EDHECinfra, is validated through a series of regular computer and human checks. Each quarter, any updated financials and forecasts have to be reviewed and approved by two members of the data team other than the primary analyst.
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Firms that do not report their detailed financials are automatically excluded from the Sample Universe. In some cases this leads to the exclusion of entire countries from the broad market index (see country-level inclusion rules)
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