Research Insight

Transcription

Research Insight

Getting Started with Compustat – Research Insight
Introduction
Compustat is a database of accounting information about US listed
companies. It covers the Income Statement, Cash Flow Statement and
Balance Sheet. It has information for 20 years and also 12 years of
quarterly information. It contains historical information on companies
that no longer exist because of merger or bankruptcy, known as
inactive or ‘research’ companies.
Research Insight is a desktop application by which you can interrogate
and analyse this data.
Before you start
Check that Research Insight (the client that is used to access
Compustat) is installed properly on your computer.
In this document all references to menu items or items in dialog boxes is
given in bold. For example File-Open refers to the open item on the file
menu.
Running Research Insight
Go to the start menu. Then go to programs and find research insight in
the list
Click the Research Insight shortcut.
Copyright Standard & Poor’s Compustat 2009
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The research insight application should launch. You should see the
welcome box appear in the centre of the application:
Retrieving data
Research Insight can display data about companies in two modes:
1. It can show financial statements for companies one at a time.
2. You can query specific items (like sales, cost of goods sold etc.) for a
group of companies, known as a ‘set’.
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Method 1: Data on one company
Click on the Research Assistant icon:
Enter the ticker (stock market identifier) of the company whose
financial statements you want to retrieve – for example IBM. If you do
not know the ticker of a company you can also click the look-up
button and search by full company name. The look-up box appears as
below:
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On the left hand side you can see a full list of sets that Compustat has
created for the application. Common categories are:
- $C CS Active - all companies that are still being updated in the
database (active).
- $R CS Research – companies that are not being updated because
they have ceased to exist due to merger or other
reasons (inactive / research).
- $SP_100 – the companies / constituents that make up the S&P 100
index.
- $SP_500 – the companies / constituents that make up the S&P 500
index.
If the company you are looking for has merged or gone out of business
or delisted you may need to change to $R CS Research.
Type the company name in the find text box and then click on click
next to scroll through companies whose name matches what you have
entered. When you have found your required company, click Paste
and return to the Research Assistant by closing the lookup box.
You will see that the ticker for Microsoft has been carried across:
Click Next. Your company should appear in the left plane, step 2 of the
Research Assistant.
Click Next again to proceed to Step 3 of the Research Assistant:
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To see financial statements for one company click – Open Report and
Next. You can now select the type of financial report that you want.
Click on the + beside balance sheets and click Annual Balance Sheet 5 Years.
Click Finish and the following financial statement should appear:
To quickly view the same statement for another company, press ‘F9’,
enter the ticker and press enter. The data will automatically update for
the new company. You can open another report for this company by
clicking on the Open Report icon:
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If you click SAVE AS on the main menu, and change directory as
required, the report will be saved as a tab delimited text file. This can
easily be read into Excel.
Open excel – click open on the file menu. When the open file box
appears change the File of type box at the bottom to Text File. Now
select the file you have saved from research insight (note, the default
folder us under My Documents | Research Insight | CSRPTS) – when the
import box appears – click Finish.
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You can also use the extra S&P menu items that have been added to
your Excel menu bar (if available):
Select research assistant and the rest is identical to the steps above.
The data ends up in a Excel worksheet.
*TIP: it may be a good idea to copy the entire sheet and paste into
another worksheet using the – paste special – values options. If you
don’t do this the data may not refresh properly if you do not have
access to the local server (e.g. for laptop users).
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As below:
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Mode 2 – Collecting data on many companies – “screening”
Start the research assistant using the first icon on the top left of the
button bar:
You should select an initial set to work with. Click on the Change Set
button and this opens up the initial set box:
If you want to select from companies with active data and inactive
companies with historic data then set it to $C + $R. Note, if you do not
want to include ADR issues add the -$ADR notation (as below):
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You can select your required criteria by using the tabs below. For
example, you may want to screen for companies with a Market Value
> $10bn and a PE of < 7% in the current year. Note, the Customize
button enables you to create your own ‘tab’ with items you want to
use on a regular basis.
From these criteria, you should expect to see 27 companies (as of
Compustat database 15th January 2009).
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Click next:
Select Report Assistant and click Next.
Click Items vs. Companies within the Current Time Period box to
perform what is known as a ‘static’ request – taking the latest available
data.
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Click Next to choose the items you wish to display concerning the 27
companies you have screened. Navigate around the existing groups to
find items you’d like to see (again, the customize button is available to
create your own group – maximum of 9 groups):
If there are items not within one of the Item Groups, you can use the
look-up box on the top right to find them, look through the Categories
available to find the specific item.
You can also enter text into the ‘Find Text’ box. For example enter
Assets into this box. Items containing the text Assets appear. Make sure
you have selected ‘All’ in the select item category box before doing a
search. Once you’ve found your required item, add it by clicking on
paste then close. Within this Look Up box you can also review the
definition of a particular item by clicking on the Definition button.
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You’ll see the new item appended to the list of previously chosen items
– for this item, you can move up or move down depending on where
you want it to appear in the download:
When you return to the research assistant box click Next. You will see
your results in the following screen. The display can be modified as
required and converted to an Excel readable format by following the
same process as previously described.
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To retrieve values over a period of time, or perform a ‘time-series’
request, choose the option Items vs Companies within the Historical
Analysis option
Click next and choose the item(s) you wish to view. Note, it is advisable
to choose only a small number of items if you are looking to view data
over a longer period of time.
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You now select the time period that your report will cover. For requests
where you want to see a large number of items, it is advisable to only
choose a short time period. If you are looking at just one item, then a
longer time period can be used.
In this example, you are looking for Sales figures for the same 27
companies over the past 5 years. Note, you can choose a relative time
period (0Y, -1Y etc.) or Absolute (Y08, Y07). Remember, if using Y08 you
may not have complete data as not all companies will have reported
(as illustrated below). Choosing a relative time period of 0Y will always
bring back the latest data.
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You can click Save As to save the report as a text file. See above for
information on reading that file into excel.
More information
The full list of data items is available in the ‘Data Definitions Manual’
found within Help | Data and Reference
Some useful items are as follows:
Item
Annual Sales
Sic Industry code
EPS excluding
extraordinary items
Total Assets
Category
Income-Stat Ann
Company specific
Income-Stat Ann
Code
SALE
SIC
EPSPX
Balance Sheet - Annual
AT
R&D expense
Book value of common
shareholders equity
Income-Stat Supp
XRD
CEQ
Long term debt
DLTT
Research Insight contains a help system that contains all of the
product’s documentation. Some of the topics that may prove useful
are:
Screening
How to build a list of company (a set) from a set of
criteria
Sets
How to manipulate lists of companies
Data definitions
Item descriptions
Reference
Help contains lists of sic codes and other useful
references
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Appendix 1
Another approach to finding items
By using Research Insight to give you a full set of accounts (IS, BS and
CF) for one company, you can then see what codes, (datatypes), the
program uses to do this and then use the codes in your own data
gathering (see Appendix 4 for customization of reports).
(A) Using the research assistant wizard open a pre-defined report for a
big company like IBM.
(B) Select Income Statement – Annual 5 years.
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Click on the formula button.
This shows the formulas rather than the numbers.
You can now see the structure of the Income statement and the codes
used for Sales (SALE), Cost of Goods Sold (COGS), Operating Profit
(OIADP) etc.
You can do the same thing for the Balance Sheet and Cash Flow
Statement.
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Appendix 2
View | Modify Data
A useful tool to check a single item of data for a single company over
the whole period of time the database covers.
To access, click on Database | View/Modify Data
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Appendix 3
Classic View
For ‘expert’ users who are more familiar with the expression language
and want a quick way of screening for a population. To access, click
on File | Classic View
To refresh the results use Screen | Refresh or ‘CTRL + F9’ on this page.
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Appendix 4
Company Highlights Report & Customisation
A useful report to access is the Company Highlights report – this gives
you an overview of a company as of the latest database update. Click
on the Open Report icon and click on Company Highlights. When the
report loads up, choose the ticker as required to populate the screen:
Research Insight allows you to customize reports as you may wish to
add extra item(s) into a report.
icon. For example, we want to
Click Formula, and then the
include the Company Website URL at the top of the report. Click into
the display where you want to label to appear, and type the
description as required in the text field, clicking the tick to confirm:
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Next click the
icon. This field needs to pick up the Compustat item
related to Website address; in this case this is WEBURL (again use the
lookup tool to search):
Draw the area where you want the URL to appear, re-align
accordingly, and type the item WEBURL into the field, clicking on the
tick to confirm:
Click F9 to re-run your report, confirming the ticker. You will see your
new item appear in the report:
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Research Insight

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