New Changes in Excel (14 Sept 2014)

I just released an updated analysis for DAYANG. This excel contains some new changes as following:

  1. Unusual Items – I have added a section in the Income Statement to show Unusual Items. What is Unusual Item? Click here, here and here.image
    • With including Unusual Items, I added “Net P/L To Shareholders (Excl. Unusual Items)” to calculate “Normalised EPS”. I will use “Normalised EPS” for valuation and comparison.
    • You can see Comment for each Unusual Item.
      image
  2. Revisited Non-operating Expenses and Non-operating Incomes to normalise Operating Profit – Some companies mixed Non-operating Incomes and Operating Incomes together.
  3. Restated figures – If there are restated figures in a specific financial year, the excel will change the header colour from Blue to Green.
    image
  4. Added a new risk factor: “Project Delivery Risk”.
  5. I fixed an overlooked bug in calculating Free Cash Flow by changing formula of Net Borrowing. Due to this fix, I have removed “Total Debt” from DCF valuation to avoid double count.
  6. I have made the Key Ratios worksheet invisible because we can find these key ratios in the Charts worksheet.
  7. Other bug fixes and minor improvements.
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