Exploring EMIS Intelligence

EMIS Intelligence, formerly ISI Emerging Markets, has traditionally been a great resource for exploring emerging markets. Produced by Euromoney Institutional Investor, it aggregates news, reports, statistics and company information from a wide range of providers. While the focus remains primarily on emerging markets, their recent redesign allows researchers to more easily examine world or global markets, as well as giving them the ability to find information on developed markets. While one still has the option to drill into a specific country, choosing a specific country is no longer required, making it easier to search across multiple countries and regions of interest.

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The EMIS Intelligence Search page can be somewhat overwhelming because there are so many options to limit and refine your search. This example shows looking for material on armored vehicles, and limiting the results to research reports using the Publication Type filter.

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Once you have run the search, you can also use the Filter options on the left-hand side of the results page to further limit by country, language and more.  In the example below, two filters,  Country and Publication were used to narrow search results..

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Alternatively, you can use the Reports tab to explore the reports that are available. When you select the Reports tab, you will note that Analysis/Research, Ratings Analysis, News Analysis, and Analytical Commentary are automatically checked under the Publication Types list in the Filter By column.

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Use the Publications Tab to find reports by a specific provider. For example, to find EIU (Economist Intelligence Unit) Industry Reports covering the automotive, energy, healthcare, consumer goods, financial services and telecom sectors, select EIU Industry Reports from the publications list.

These reports cover both developing and developed markets, and include tables that are exportable to Excel, as shown in this example of telecom data from Austria.

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Ruble Regression: Exploring Correlations with Bloomberg.

In June 2014, the price of oil began to fall from its high of $115 a barrel. The value of the Russian Ruble, as well as the currencies of all major petroleum exporting countries began to drop along with the price of oil. Bloomberg has several correlation modules that allow us to examine the link between market variables. For example, we can quickly explore the relationship between exchange rates and oil prices using Bloomberg’s HRA program.

To plot the Russian Ruble / US Dollar exchange rate against the price of oil in Bloomberg, type:  HRA <GO>

Ruble regression value latest

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Capital Cube: Not your Father’s Stock Screener.

Financial databases from Bloomberg to Yahoo Finance can screen equities based on a combination of standard financial variables and ratios, analysts’ estimates, industry and location. But if you want to identify companies with, “Aggressive Accounting Practices”, a high “Fundamental Analysis” score or possible “Sandbagging” (understated or hidden earnings) you will need a different type of stock screener. Try Capital Cube. Capital Cube Menu   As can be seen from the Capital Cube menu, the screening options are unusual. Capital Cube creates unique variables by taking the raw financial data from individual companies and comparing the data with averages from a group of peers. For example, a company is tagged as employing “Aggressive Accounting” when “…the company’s net income margin is higher than its peer median while the percentage of accruals is lower than peer median”. Capital Cube states that this situation is usually indicative of a company with an aggressive accounting policy. Capital Cube computes a daily “Fundamental Analysis” score for each company in its database. “The Fundamental Analysis score is calculated by comparing the company’s performance relative to peer companies across multiple attributes like relative valuation, valuation drivers, operations diagnostic, etc.”

Capital Cube graph

 

Capital Cube uses fundamental data from the FactSet financial database. It includes more than 45,000 companies worldwide.

For additional information on equities screening see the Business FAQ:

 How can I screen for equities using criteria of my choice?

For information on FactSet see the Business FAQ:

Can I access FactSet through Lippincott Library?

Clean Energy by the Numbers: Data Sources

WRIBusNeedsAccording to Christiana Figueres, Executive Secretary of the UN Climate Convention, “Never before have the risks of climate change been so obvious and the impacts so visible.” We could add that never before has there been such an interest in sources of information for climate change, energy use and “clean” (non-polluting)  technology.

 

 

In a previous blog post, Clean, Green, and Renewable Energy.  Are there any Alternatives? we described several  resources for  Penn students that cover clean technology. Here are some additional data sources on clean technology that may prove useful.

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Back to the Future: Finding Historical Economic Forecasts

 

Business and economic forecasts that are past their shelf life, such as GDP forecasts for the year 2010 made in the year 2008,  might seem to be of little value.  But business researchers examine old forecasts to test their accuracy or to better understand the economic climate of a period. It is well known that forecasters almost universally missed predicting the “Great Recession” business decline of 2008/2009. For example,  The Economist’s  Poll of Forecasters for Jan 12, 2008 (pg. 89) predicted that U.S. GDP would increase 1.8% in 2008 and 2.6% in 2009.  GDP actually fell slightly in 2008 and was down 2.8% in 2009.

Here are some sources of historical forecasts that will let you exercise 20/20 hindsight.

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Smoking Out Cigarette Data with PASSPORT

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Sean Griffin from Euromonitor’s Passport GMID Database recently sent us a bulletin celebrating the Great American Smokeout. This is an annual event sponsored by the American Cancer Society designed to encourage people to quit smoking for 24 hours with the hope that the decision will be permanent. Sean uses the Passport database to examine smoking habits in the U.S. With his permission, we’ve adopted his examples and descriptions in the following post.

 

 

Smoking Habits

Smoking was much more accepted in the past.  For example, RJ Reynolds was a sponsor of The Flintstones in the early 1960’s.  Fred and Barney Rubble became spokestoons for Winston Cigarettes.  RJ Reynolds also went on to introduce the Joe Camel mascot to promote Camel cigarettes.  RJ Reynolds retired Joe Camel in 1997 after the campaign was criticized for influencing children to smoke,

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What’s it worth to you? Company Valuation Resources

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Contributors:  Cynthia L. Cronin-Kardon and Mia Wells

Valuation is used in business to determine the price participants are willing to pay or receive to buy or sell a business. Needless to say, the seller is looking to make as much profit on the deal as possible while the buyer hopes to pay as little as possible. Various resources can help determine the best price for the transaction. Listed below are some Lippincott Library resources to help students with assignments for a number of Wharton courses including FNCE207/728 – Corporate Valuation (which also has a course guide); FNCE250/750 – Venture Capital & the Finance of Innovation; and FNCE251/751 – Finance of Buyouts & Acquisitions.


 

Comparable Deals
You’ll want to search for precedent transactions in the industry of the company you are valuing. Several sources allow you to search for comps by industry (SIC code, NAICS code, or alphabetically by name).

BizComps is a database of business sale statistics which are based on small business sales transaction data. After searching by SIC or NAICS code, you’ll be presented with a list of recent deals. Select those of interest and you can run a “Transaction Analysis,” which will give summary statistics/multiples on the deals you’ve chosen. Ask to be logged in by a librarian at our Reference Desk.bizcompsborder

 

Business Valuations by Industry is a print source available at Lippincott Library ReferenceBusValIndusMerged Desk (call number HG4028.V3 B78). It includes detailed studies of actual mergers and acquisitions, including deal “tearsheets”. This source is arranged by industry and includes actual transactions from 2007 through 2009. Profiles of buyers are included as well as some some foreign transactions and deal terminations. This is a great resource when you want to profile selected, covered deals.

 

 

 

Betas
Beta measure the volatility of an industry or company within the market as a whole. Betas help to calculate the risk of an investment.

Industry BetasFor industry betas, use the Ibbotson SBBI Valuation Yearbook, a print guide held at our Reference Desk (call number HG4028.V3 S86).

 

companybetaCompany betas are in Bloomberg, available in the Yablon Financial Resources Lab here in Lippincott, or the Forum level of Huntsman Hall. Search for a company of interest and run the Beta function by typing BETA <Go>.

 

 

Best practices
It’s always smart to look to the experts for advice – these sources will give you tips and tricks when performing a valuation for a company within a certain industry.

BusRefGuidemerge
Business Reference Guide is a print source located at Lippincott Library Reference Desk (HD1393.25 .B87). This source provides several types of information which can be used for pricing businesses and franchises.  It is organized by industry and includes industry statistics from IBISWorld, “rules of thumb” by industry analysts, pricing tips, benchmarks, commentary, expenses as a percentage of annual sales and industry costs.

 

 

Standard & Poor’s Net Advantage provides industry surveys. One unique feature of this source the section included for every industry on “How to Analyze a Company in this

S&PIndustry”. To access this, click on Industries, select the survey of interest. Next scroll to the chapter titled, “How to Analyze a(n) […] Company,” which also contains a section on Equity Valuation as well as a glossary of industry terminology.

 

 

 

Company multiples
To track multiples of a company over time, use the sources listed below. This will help you price out the company itself or help you to compare it against a similar firm.

Multiples_VinceS&P Capital IQ provides lots of financial data including multiples. MBAs can access CapIQ via MBA Career Management, while Wharton undergraduates can come to the Yablon Financial Resources Lab and ask to be logged in by a librarian. Search for a public company of interest and look for Financials/Valuation in the left menu. You can change the date range to see multiples over time, as well.

 

BloomFA

Bloomberg is available in the Yablon Financial Resources Lab or the Forum level of Huntsman Hall. Search for a company of interest and run the Financial Analysis function by typing FA <Go>. Look for the Enterprise Value tab.

 

Past M&A deal tearsheets
You may find it helpful to look for past deals to get a sense of how many deals a company has done in the past, what were the specifics of a deal or how active the M&A market is in a certain industry.

Thomson ONE – note that this resource only loads with full functionality when using Internet Explorer. Once inside, scroll over Screening & Analysis, then Deals & League Tables, then M&A to select either a Quick Search or Advanced Search.

Zephyr – select Zephyr Advanced. Pick the variables to define your search. Below is a screenshot of a list of deals. You can click on any of these to get a detailed summary of the deal.Zephyr

This post may have additional information – What’s the Deal? Researching Specific M&A Deals

 

 

 

 

Living the Dream: Researching the Fantasy Sports Services Industry using resources available to Wharton students

In the U.S., Fantasy Sports Services comprise a billion dollar industry with hundreds of component companies . Like many new industries consisting mainly of small private companies, data on the industry and its companies is allusive. Similar problems are encountered in researching such industries as Tattoo Parlors, Online Dating  and Mobile Apps.

The Lippincott sources for Wharton students described below will give you a good start in researching the Fantasy Sports industry and its companies

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$1000s in Free Market Research—At the Library!

This post originally appeared in Wharton Entrepreneurship’s Blog:

As an entrepreneur on campus, you will be impressed and excited by the types of resources the library provides. Are you looking for trade journals to read to develop ideas; industry research to learn about sectors; demographics databases to identify customers; company directories to create a list of possible competitors; financial benchmarks to draft projections; or deal summaries to understand the funding climate? The library can help! We strive to purchase resources used across academic and corporate settings, including more than 120 business related databases, most of which are available to students, faculty and staff of Penn with their PennKey and password, anywhere they have an internet connection, through the library website.

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With so many resources, it can be daunting to know where to start! Fortunately, we’ve built in some help from theLippincott Library home page. Our Research Guides are authored by our business librarians and organized by topic. Our Business FAQ offers quick answers to commonly asked questions.  But the absolute best way to learn how to navigate our resources is to contact my colleagues and me at Lippincott Library. Send us an email at lippinco@wharton.upenn.edu, call us at 215-898-5924, chat with us, stop by the library, or visit us in Huntsman in GSR 251 from 12:30 to 1:30pm, Mondays through Thursdays during the semester. We can direct you to library assets most relevant to your topic, provide instruction on effective database searching and assist you in developing a strategy to find what you want.

Do you want to scour the NY Times and the Wall Street Journal every day to track trends and news? You can do that with Factiva.

Do you want to read trade journals about the beverage industry because you are interested in launching a kombucha tea business? You can do that with Business Source Complete.

Do you want to get an overview of demographics and spending behavior of America’s pet owners? You can do that with Mintel.

Do you want to get perspective on remote patient monitoring systems? You can do that with Marketresearch.com Academic. And yes, you are reading that correctly. That report is valued at $4200, and you have access because you are affiliated with Penn.

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The resources available through the Penn Libraries are vast. Save yourself time, and contact us to explore valuable information to develop your entrepreneurial ideas. You will wonder why you didn’t talk to us sooner!

Please see our Research Guide, Entrepreneurship and Small Business for additional resources.

MSCR – Bloomberg’s Municipal Bond Screening Function

Bloomberg’s MSCR function allows you to search a file of more than a million outstanding municipal bonds based on criteria of your choice.

The main search screen shows a search for bonds issued by Philadelphia institutions of higher education.

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The spreadsheet below gives a page of the resulting list using the default headings. A 154.75 million dollar bond by the University of Pennsylvania is highlighted. Clicking on a row in the spreadsheet allows the display of additional bond details.

Univ PA lisrt

The first page of a description of the Penn Bond is shown.

Penn bond detail

The columns in the output can be edited. For example, for a spreadsheet showing the bonds issued by municipalities with a Moody’s rating of below investment grade (Ba1 to C) we would want a column showing the Moody rating associated with each bond.  Search variables are not automatically added as columns in the display. To add a column or columns, follow this sequence:

Actions => Edit => Display

Choose variables wanted and click APPLY

For more on Bloomberg’s functions, take a look at the blogs in our Bloomberg category and our Bloomberg Help Guide.