RatingsDirect gives you access to credit adjusted financial statements for 600+ global banks, and 2,800+ corporates through CreditStats Direct® (CSD). In this section you'll learn how to conduct rich credit analysis through information found on CreditStats Direct.
Entity Level | Quick Comp | Sector Level | Criteria and Methodology
To look at the credit adjusted financials of a company at an entity level, you'll start by accessing that particular company's Entity Summary page.
Once you're on the respective company's entity page, on the left-hand links you will see a section titled CreditStats Direct. Here you'll find the main financial statements, but for this example we're going to be exploring the Income Statement.
Within CSD there are two key subsets of financials within the dropdown menu - Adjusted and Pre-Adjusted, as shown in the image below. Pre-adjusted financials have been standardised across accounting standards to allow a fair and accurate comparison of companies. Whereas adjusted financials have been analytically adjusted in line with our criteria. Alternatively, you can choose Both from the dropdown menu which displays both adjusted and pre-adjusted financials.
In the example below we're going to be looking at the EBITDA. As you can see the pre-adjusted EBITDA for the 12 months ending December 31 2018 is $15,061.00.
However if you want a more detailed, and granular view you can look at the adjusted figures shown below. Here you can now have a better understanding on the individual adjustments that have been made such as OLA Rent, Dividends Rec. etc., which now gives it its adjusted figure of $16,087.50.
Quick Comparable Analysis aka Quick Comps gives you the ability to perform peer analysis. Continuing on from the entity page, if you refer to the left-hand side option bar you'll see a section titled called Peer Analysis, and from that click on Quick Comps.
Through the use of a proprietary algorithm, the platform will provide you a list of 10 peers based on inputs such as revenue and industry classification. These companies are mapped to credit focused metrics in order to allow a quick and easy comparison.
Top Tip: Quick Comps will automatically choose a default template. You have the ability to change the template to fit the nature of the company you're looking at - the different options are shown in the image below.
You have control of what you want to see, so you can remove or add companies. To remove companies, select which companies you want to remove in the tick box next to the company name. Once you've done this, press the Options button and here it gives you the ability to delete these from your view.
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