IBES
I/B/E/S?24
I/B/E/S_________________________________________________________1 I/B/E/S items_________________________________________________________1 Date of I/B/E/S estimates______________________________________________________1 Fiscal year 1 estimates________________________________________________________1 Fiscal year 2 estimates________________________________________________________2 Fiscal quarter 1 estimates______________________________________________________2 Fiscal quarter 2 estimates______________________________________________________2 Growth rate estimates_________________________________________________________3 Earnings per share____________________________________________________________3 Other estimates statistics_______________________________________________________3 Data definitions______________________________________________________4 I/B/E/S Average Estimate______________________________________________________4 I/B/E/S Earnings per Share – Actual Quarterly Average Estimate_______________________4 I/B/E/S Earnings per Share – Actual Quarterly Number of Estimates____________________4 I/B/E/S Earnings per Share – Actual Quarterly Standard Deviation of Estimates___________4 I/B/E/S Earnings per Share – Last Four Quarters Actual______________________________4 I/B/E/S Earnings per Share – Latest Actual________________________________________5 I/B/E/S Estimates Currency_____________________________________________________5 I/B/E/S Estimates Date________________________________________________________5 I/B/E/S Forecast______________________________________________________________5 I/B/E/S High Estimate_________________________________________________________6 I/B/E/S Long-Term Growth – Average Estimate_____________________________________6 I/B/E/S Long-Term Growth – High Estimate________________________________________6 I/B/E/S Long-Term Growth – Low Estimate________________________________________6 I/B/E/S Long-Term Growth – Median Estimate______________________________________6
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COMPUSTAT (North America) Data Guide
I/B/E/S Long-Term Growth – Number of Estimates___________________________________7 I/B/E/S Long-Term Growth – Standard Deviation of Estimates_________________________7 I/B/E/S Low Estimate__________________________________________________________7 I/B/E/S Median Estimate_______________________________________________________7 I/B/E/S Number of Estimates____________________________________________________7 I/B/E/S Number of Estimates Down_______________________________________________8 I/B/E/S Number of Estimates Up_________________________________________________8 I/B/E/S Percentage of Unexpected Earnings________________________________________8 I/B/E/S Standard Deviation of Estimates___________________________________________8 I/B/E/S Standard Unexpected Earnings____________________________________________9 I/B/E/S Year 1 – Coefficient of Variation___________________________________________9 I/B/E/S Year 1 – Implied Price to Earnings_________________________________________9 I/B/E/S Year 2 – Coefficient of Variation___________________________________________9 I/B/E/S Year 2 – Implied Price to Earnings_________________________________________9 24-ii
Chapter 24 - I/B/E/S
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I/B/E/S
The Institutional Brokers Estimate System (I/B/E/S) is a database of earnings expectations data obtained from more than 2,500 security analysts. The consensus earnings estimates for more than 3,000companies are available with a separate subscription agreement.
Earnings forecast information is received continuously from contributing research departments worldwide.I/B/E/S data researchers review the data and subject it to rigorous validity controls before it is allowed to be entered into the database.
Current estimates are updated on a weekly basis and are the most recent information available.Monthly estimates are updated the third week of the month. The data is available as of the subsequent month-end production. Estimates from each of the previous six months are presented for current year,next year, current quarter, and next quarter.Note
The Standard & Poor’s Compustat database contains only the most recent I/B/E/S information, rather than historical data.
I/B/E/S items
Date of I/B/E/S estimates
Data item name Current mnemonic Monthly mnemonic See page
I/B/E/S Estimates Date
IBDTEC
IBDTE
5
Fiscal year 1 estimates
Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Average Estimate – Year 1IBF1AC IBF1AV 4I/B/E/S Forecast – Year 1IBF1PC IBF1P 5I/B/E/S High Estimate – Year 1IBF1HC IBF1HI 6I/B/E/S Low Estimate – Year 1IBF1LC IBF1LO 7I/B/E/S Median Estimate – Year 1
IBF1MC
IBF1MD
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COMPUSTAT (North America) Data Guide
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Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Number of Estimates – Year 1IBF1NC IBF1N 7I/B/E/S Number of Estimates Down – Year 1IBF1DC IBF1DN 8I/B/E/S Number of Estimates Up – Year 1IBF1UC IBF1UP 8I/B/E/S Standard Deviation of Estimates – Year 1
IBF1SC
IBF1SD
8
Fiscal year 2 estimates
Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Average Estimate – Year 2IBF2AC IBF2AV 4I/B/E/S High Estimate – Year 2IBF2HC IBF2HI 6I/B/E/S Low Estimate – Year 2IBF2LC IBF2LO 7I/B/E/S Median Estimate – Year 2IBF2MC IBF2MD 7I/B/E/S Number of Estimates – Year 2IBF2NC IBF2N 7I/B/E/S Number of Estimates Down – Year 2IBF2DC IBF2DN 8I/B/E/S Number of Estimates Up – Year 2IBF2UC IBF2UP 8I/B/E/S Standard Deviation of Estimates – Year 2
IBF2SC
IBF2SD
8
Fiscal quarter 1 estimates
Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Average Estimate – Quarter 1IBQ1AC IBQ1AV 4I/B/E/S Forecast – Quarter 1IBQ1PC IBQ1P 5I/B/E/S High Estimate – Quarter 1IBQ1HC IBQ1HI 6I/B/E/S Low Estimate – Quarter 1IBQ1LC IBQ1LO 7I/B/E/S Median Estimate – Quarter 1IBQ1MC IBQ1MD 7I/B/E/S Number of Estimates – Quarter 1IBQ1NC IBQ1N 7I/B/E/S Number of Estimates Down – Quarter 1IBQ1DC IBQ1DN 8I/B/E/S Number of Estimates Up – Quarter 1IBQ1UC IBQ1UP 8I/B/E/S Standard Deviation of Estimates – Quarter 1
IBQ1SC
IBQ1SD
8
Fiscal quarter 2 estimates
Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Average Estimate – Quarter 2IBQ2AC IBQ2AV 4I/B/E/S High Estimate – Quarter 2IBQ2HC IBQ2HI 6I/B/E/S Low Estimate – Quarter 2IBQ2LC IBQ2LO 7I/B/E/S Median Estimate – Quarter 2IBQ2MC IBQ2MD 7I/B/E/S Number of Estimates – Quarter 2IBQ2NC IBQ2N 7I/B/E/S Number of Estimates Down – Quarter 2IBQ2DC IBQ2DN 8I/B/E/S Number of Estimates Up – Quarter 2
IBQ2UC
IBQ2UP
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Chapter 24 - I/B/E/S
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Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Standard Deviation of Estimates – Quarter 2
IBQ2SC
IBQ2SD
8
Growth rate estimates
Data item name
Current mnemonic Monthly mnemonic See page
I/B/E/S Long-Term Growth – Average Estimate IBLGAC IBLGAV 6I/B/E/S Long-Term Growth – High Estimate IBLGHC IBLGHI 6I/B/E/S Long-Term Growth – Low Estimate IBLGLC IBLGLO 6I/B/E/S Long-Term Growth – Median Estimate IBLGMC IBLGMD 6I/B/E/S Long-Term Growth – Number of Estimates
IBLGNC IBLGN 7I/B/E/S Long-Term Growth – Standard Deviation of Estimates
IBLGSC
IBLGSD
7
Earnings per share
Data item name
Current mnemonic See page
I/B/E/S Earnings per Share – Actual Quarterly Average Estimate IBAQAV 4I/B/E/S Earnings per Share – Actual Quarterly Number of Estimates IBAQN 4I/B/E/S Earnings per Share – Actual Quarterly Standard Deviation of Estimates
IBAQSD 4I/B/E/S Earnings per Share – Last Four Quarters Actual IBX124I/B/E/S Earnings per Share – Latest Actual
IBA 5I/B/E/S Earnings per Share (Quarterly) – Latest Actual IBAQ 5I/B/E/S Estimates Currency
IBCURR 5I/B/E/S Estimates Currency – Current
IBCURC
5
Other estimates statistics
Data item name
Current mnemonic
Monthly mnemonic See page
I/B/E/S Percentage of Unexpected Earnings IBPUE 8I/B/E/S Standard Unexpected Earnings IBSUE 9I/B/E/S Year 1 – Coefficient of Variation IBF1CC IBF1CV 9I/B/E/S Year 1 – Implied Price to Earnings IBF1EC IBF1PE 9I/B/E/S Year 2 – Coefficient of Variation IBF2CC IBF2CV 9I/B/E/S Year 2 – Implied Price to Earnings
IBF2EC IBF2PE
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COMPUSTAT (North America) Data Guide
Data definitions
I/B/E/S Average Estimate
Year 1Year 2Quarter 1Quarter 2 Current IBF1AC IBF2AC IBQ1AC IBQ2AC
Monthly IBF1AV IBF2AV IBQ1AV IBQ2AV
This item represents the latest mean or arithmetic average earnings estimate for the current fiscal year or quarter or the next fiscal year or quarter.
I/B/E/S Earnings per Share – Actual Quarterly Average Estimate
Mnemonic
IBAQAV
This item represents the latest mean or arithmetic average of the quarterly estimates for the most recently reported quarter.
I/B/E/S Earnings per Share – Actual Quarterly Number of Estimates
Mnemonic
IBAQN
This item represents the number of earnings estimates for the most recently reported fiscal quarter, for each company, respectively.
I/B/E/S Earnings per Share – Actual Quarterly Standard Deviation of Estimates
Mnemonic
IBAQSD
This item represents the standard deviation of the estimates for the most recently reported fiscal quarter. Standard Deviation is a measure of dispersion – in this case, of earnings forecasts. Approximately two-thirds of the estimates fall within plus or minus one standard deviation from the mean. The smaller the number, the greater the agreement is among analysts. The larger the number, the greater the dispersion is of the estimates. There are no norms for standard deviation.
I/B/E/S Earnings per Share – Last Four Quarters Actual
Mnemonic
IBX12
This item represents the total actual earnings per share for the last four reported quarters.
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Chapter 24 - I/B/E/S
I/B/E/S Earnings per Share – Latest Actual
Mnemonic
Annual IBA
Quarterly IBAQ
This item represents the actual earnings per share figure for the most recently reported fiscal year or quarter.
I/B/E/S Estimates Currency
Mnemonic Units
Current IBCURC Code
Monthly IBCURR Code
This code item indicates the currency in which estimates are presented.
The possible codes are:
Code Description
1In U.S. dollars
2In Canadian dollars
The descriptions for these codes can be viewed by choosing the Databases ? Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this item, type @DESC (IBCURC) or @DESC (IBCURR).
I/B/E/S Estimates Date
Mnemonic Units
Current IBDTEC Date
Monthly IBDTE Date
This item represents the cutoff date for the current I/B/E/S information. This date takes the form MMDDYY.
I/B/E/S Forecast
Year 1Quarter 1
Current IBF1PC IBQ1PC
Monthly IBF1P IBQ1P
This item represents the end date of the current fiscal year or quarter for each company. This date takes the form YY (such as, 94) or QnYnn (such as, Q1Y94).
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COMPUSTAT (North America) Data Guide
I/B/E/S High Estimate
Year 1Year 2Quarter 1Quarter 2 Current IBF1HC IBF2HC IBQ1HC IBQ2HC
Monthly IBF1HI IBF2HI IBQ1HI IBQ2HI
This item represents the highest current earnings estimate for the current fiscal year or quarter or the next fiscal year or quarter. Used in conjunction with the lowest current earnings estimate (IBF1LO, IBF2LO, IBQ1LO, or IBQ2LO), this item provides the range of estimates from all brokers covering the company.
I/B/E/S Long-Term Growth – Average Estimate
5-Year
Current IBLGAC
Monthly IBLGAV
This item represents the latest mean or arithmetic average estimate of long-term (5-year) growth for the current fiscal year. It is expressed as an annual growth rate.
I/B/E/S Long-Term Growth – High Estimate
5-Year
Current IBLGHC
Monthly IBLGHI
This item represents the highest current long-term (5-year) growth estimate for each company, respectively. Used in conjunction with the lowest current growth estimate (IBLGLO), this item provides the range of growth expectations from virtually all sell-side analysts covering the company.
I/B/E/S Long-Term Growth – Low Estimate
5-Year
Current IBLGLC
Monthly IBLGLO
This item represents the lowest current long-term (5-year) growth estimate for each company, respectively. Used in conjunction with the highest current growth estimate (IBLGHI), this item provides the range of growth expectations from virtually all sell-side analysts covering the company.
I/B/E/S Long-Term Growth – Median Estimate
5-Year
Current IBLGMC
Monthly IBLGMD
This item represents the median (mid-point or most central) estimate of expected long-term (5-year) growth. It is expressed as an annual growth rate.
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Chapter 24 - I/B/E/S
I/B/E/S Long-Term Growth – Number of Estimates
5-Year
Current IBLGNC
Monthly IBLGN
This item represents the number of long-term (5-year) growth estimates for each company, respectively.
I/B/E/S Long-Term Growth – Standard Deviation of Estimates
5-Year
Current IBLGSC
Monthly IBLGSD
This item represents the standard deviation of the estimates for long-term (5-year) growth.
Standard Deviation is a measure of dispersion – in this case, of earnings growth forecasts. Approximately two-thirds of the estimates fall within plus or minus one standard deviation from the mean. The smaller the number, the greater the agreement is among analysts. The larger the number, the greater the dispersion is of the estimates. There are no norms for standard deviation.
I/B/E/S Low Estimate
Year 1Year 2Quarter 1Quarter 2 Current IBF1LC IBF2LC IBQ1LC IBQ2LC
Monthly IBF1LO IBF2LO IBQ1LO IBQ2LO These items represent the lowest current earnings estimate for the current fiscal year or the next fiscal year. Used in conjunction with the highest current earnings estimate (IBF1HI, IBF2HI, IBQ1HI. or IBQ2HI), this item provides the range of estimates from all brokers covering the company.
I/B/E/S Median Estimate
Year 1Year 2Quarter 1Quarter 2 Current IBF1MC IBF2MC IBQ1MC IBQ2MC
Monthly IBF1MD IBF2MD IBQ1MD IBQ2MD These items represent the midpoint of all the earnings estimates for the current fiscal year or quarter or the next fiscal year or quarter. For example, if all the earnings estimates were ranked from highest to lowest, this item would represent the midpoint of the range of estimates.
I/B/E/S Number of Estimates
Year 1Year 2Quarter 1Quarter 2 Current IBF1NC IBF2NC IBQ1NC IBQ2NC
Monthly IBF1N IBF2N IBQ1N IBQ2N
These items represent the number of earnings estimates for the current fiscal year or quarter or the next fiscal year or quarter, for each company, respectively. Since virtually all institutional research firms are
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COMPUSTAT (North America) Data Guide
contributors to I/B/E/S, this number is a good representation of the total number of sell-side analysts covering each company.
I/B/E/S Number of Estimates Down
Year 1Year 2Quarter 1Quarter 2 Current IBF1DC IBF2DC IBQ1DC IBQ2DC
Monthly IBF1DN IBF2DN IBQ1DN IBQ2DN These items represent the number of earnings estimates for the current fiscal year or quarter or the next fiscal year or quarter which have been lowered from the prior month to the current month.
I/B/E/S Number of Estimates Up
Year 1Year 2Quarter 1Quarter 2 Current IBF1UC IBF2UC IBQ1UC IBQ2UC
Monthly IBF1UP IBF2UP IBQ1UP IBQ2UP These items represents the number of earnings estimates for the current fiscal year or quarter or the next fiscal year or quarter which have been increased from the prior month to the latest month.
I/B/E/S Percentage of Unexpected Earnings
Mnemonic Concept Calculation
Monthly IBPUE100*((IBAQ-IBAQAV)/@ABS(IBAQ))
This concept is the difference between Earning per Share (Quarterly) – Latest Actual and Earnings per Share – Actual Quarter Average Estimate, divided by absolute value of Earnings per Share (Quarterly) –Latest Actual. This concept is a measure of how accurately reported quarterly earnings were anticipated by investors, represented as a percentage of actual earnings. A positive percentage indicates the company performed better than anticipated by investors. A negative percentage indicates the company performed worse than anticipated by investors.
I/B/E/S Standard Deviation of Estimates
Year 1Year 2Quarter 1Quarter 2 Current IBF1SC IBF2SC IBQ1SC IBQ2SC
Monthly IBF1SD IBF2SD IBQ1SD IBQ2SD Standard Deviation is a measure of dispersion – in this case, of earnings forecasts. Approximately two-thirds of the estimates fall within plus or minus one standard deviation from the mean. The smaller the number, the greater the agreement is among analysts. The larger the number, the greater the dispersion is of the estimates. There are no norms for standard deviation.
These items represent the standard deviation of the estimates for the current fiscal year or quarter or the next fiscal year or quarter, as of the current monthly report cycle.
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Chapter 24 - I/B/E/S
I/B/E/S Standard Unexpected Earnings
Mnemonic Concept Calculation
Monthly IBSUE(IBAQ-IBAQAV)/IBAQSD)
This concept is the difference between Earnings per Share (Quarterly) – Latest Actual and Earnings per Share – Actual Quarterly Average Estimate, divided by Earnings per Share – Actual Quarterly Standard Deviation of Estimates. This concept indicates how many standard deviations the reported earnings are from the expectations for those earnings. It measures whether reported earnings were accurately anticipated by investors or whether reported quarterly earnings were outside the range of expectation.
I/B/E/S Year 1 – Coefficient of Variation
Mnemonic Concept Calculation
Current IBF1CC(IBF1SC/IBF1AC)*100
Monthly IBF1CV(IBF1SD/IBF1AV)*100
This concept is Year 1 – Standard Deviation of Estimates divided by Year 1 – Average Estimate. This result is then multiplied by 100. Coefficient of Variation indicates the percentage range within which two-thirds of all Year 1 estimates fall.
I/B/E/S Year 1 – Implied Price to Earnings
Mnemonic Concept Calculation
Current IBF1EC PRCCM/IBF1AC
Monthly IBF1PE PRCCM/IBF1AV
This concept is the monthly close price divided by the Year 1 – Average Estimate. This is the measure the market has placed on the anticipated 1-year earnings growth for each company.
I/B/E/S Year 2 – Coefficient of Variation
Mnemonic Concept Calculation
Current IBF2CC(IBF2SC/IBF2AC)*100
Monthly IBF2CV(IBF2SD/IBF2AV)*100
This concept is Year 2 – Standard Deviation of Estimates divided by Year 2 – Average Estimate. This result is then multiplied by 100. Coefficient of Variation indicates the percentage range within which two-thirds of all Year 2 estimates fall.
I/B/E/S Year 2 – Implied Price to Earnings
Mnemonic Concept Calculation
Current IBF2EC PRCCM/IBF2AC
Monthly IBF2PE PRCCM/IBF2AV
This concept is the monthly close price divided by the Year 2 – Average Estimate. This is the measure the market has placed on the anticipated 2-year earnings growth for each company.
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