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Effecten-Spiegel

BST:EFS3
Snowflake Description

Flawless balance sheet not a dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EFS3
BST
€24M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Effecten-Spiegel AG engages in the investment and publishing businesses in Germany and internationally. The last earnings update was 312 days ago. More info.


Add to Portfolio Compare Print
  • Effecten-Spiegel has significant price volatility in the past 3 months.
EFS3 Share Price and Events
7 Day Returns
-3.1%
BST:EFS3
15%
DE Capital Markets
9.9%
DE Market
1 Year Returns
-30.9%
BST:EFS3
-6.8%
DE Capital Markets
-17.5%
DE Market
EFS3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Effecten-Spiegel (EFS3) -3.1% -21.9% -31.3% -30.9% -27.7% -22.6%
DE Capital Markets 15% -18.3% -13.9% -6.8% -25.4% -54.7%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • EFS3 underperformed the Capital Markets industry which returned -6.8% over the past year.
  • EFS3 underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
EFS3
Industry
5yr Volatility vs Market

EFS3 Value

 Is Effecten-Spiegel undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

In this section, we usually try to help investors determine whether Effecten-Spiegel is trading at an attractive price based on the cash flow it is expected to produce in the future. But as Effecten-Spiegel has not provided consistent financial data, and the stock also has no analyst forecast or coverage, its intrinsic value cannot be reliably calculated by extrapolating past data or using analyst consensus cash flow predictions.

This is quite a rare situation as 89% of companies covered by Simply Wall St do have a valuation analysis. You can see them here.

Show me the analysis anyway

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Effecten-Spiegel. This is due to cash flow or dividend data being unavailable. The share price is €12.5.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Effecten-Spiegel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Effecten-Spiegel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:EFS3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR Not available
BST:EFS3 Share Price ** BST (2020-03-31) in EUR €12.5
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.26x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Effecten-Spiegel.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to compare the PE ratio to the industry average as no data exists.
  • Unable to calculate PE ratio for Effecten-Spiegel, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Effecten-Spiegel's expected growth come at a high price?
Raw Data
BST:EFS3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 0x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.62x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Effecten-Spiegel, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Effecten-Spiegel's assets?
Raw Data
BST:EFS3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR Not available
BST:EFS3 Share Price * BST (2020-03-31) in EUR €12.5
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.56x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x

* Primary Listing of Effecten-Spiegel.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to compare the PB ratio to the industry average as no data exists.

Next steps:

  1. Examine Effecten-Spiegel's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. When valuing a company like this, investors focus more on how they perceive the size of the opportunity, the company's ability to deliver and scale, and the strength of the team. While we are not analysing this type of data at the moment, if you don’t know where to start, we recommend reading through Effecten-Spiegel's regulatory filings and announcements.
  3. Show me more potentially undervalued companies in the Capital Markets industry
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Value checks
We assess Effecten-Spiegel's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Effecten-Spiegel has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

EFS3 Future Performance

 How is Effecten-Spiegel expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Effecten-Spiegel has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
38.9%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Effecten-Spiegel expected to grow at an attractive rate?
  • Unable to compare Effecten-Spiegel's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Effecten-Spiegel's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Effecten-Spiegel's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BST:EFS3 Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 38.9%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:EFS3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:EFS3 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 14 1
2017-12-31 16 4
2016-12-31 20 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Effecten-Spiegel is high growth as no earnings estimate data is available.
  • Unable to determine if Effecten-Spiegel is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:EFS3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Effecten-Spiegel Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:EFS3 Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31
2017-12-31
2016-12-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Effecten-Spiegel will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine Effecten-Spiegel's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Effecten-Spiegel's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. Effecten-Spiegel's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Effecten-Spiegel's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Effecten-Spiegel has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

EFS3 Past Performance

  How has Effecten-Spiegel performed over the past 5 years?

  • Effecten-Spiegel's last earnings update was 312 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Effecten-Spiegel's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Insufficient data to establish if Effecten-Spiegel's year on year earnings growth rate was positive over the past 5 years.
  • Effecten-Spiegel's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Effecten-Spiegel's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Effecten-Spiegel's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Effecten-Spiegel Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:EFS3 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 13.67 1.39 0.97
2017-12-31 15.58 3.82 1.03
2016-12-31 20.41 3.24 0.86
2015-12-31 54.54 3.15 1.07
2014-12-31 27.38 2.40 0.81
2013-12-31 33.67 3.05 0.85

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Effecten-Spiegel has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Effecten-Spiegel has efficiently used its assets last year compared to the DE Capital Markets industry average (Return on Assets) as it is loss-making.
  • Effecten-Spiegel's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Effecten-Spiegel's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Effecten-Spiegel has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

EFS3 Health

 How is Effecten-Spiegel's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Effecten-Spiegel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Effecten-Spiegel is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Effecten-Spiegel's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Effecten-Spiegel's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Effecten-Spiegel has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Effecten-Spiegel Company Filings, last reported 1 year ago.

BST:EFS3 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 70.82 0.00 21.64
2017-12-31 72.58 0.00 11.35
2016-12-31 71.77 0.00 18.33
2015-12-31 71.46 0.00 15.33
2014-12-31 70.95 0.00 15.45
2013-12-31 71.19 0.00 17.24
  • Effecten-Spiegel has no debt.
  • Effecten-Spiegel has not taken on any debt in the past 5 years.
  • Effecten-Spiegel has no debt, it does not need to be covered by operating cash flow.
  • Effecten-Spiegel has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Effecten-Spiegel's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Effecten-Spiegel has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

EFS3 Dividends

 What is Effecten-Spiegel's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.4%
Current annual income from Effecten-Spiegel dividends.
If you bought €2,000 of Effecten-Spiegel shares you are expected to receive €88 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Effecten-Spiegel's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Effecten-Spiegel's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:EFS3 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:EFS3 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-05-24 0.550 3.203
2018-07-16 0.900 4.959
2017-04-07 0.800 4.347
2016-05-31 0.800 5.078
2015-04-22 0.750 5.110
2014-04-10 0.750 5.134
2013-04-15 0.500 3.930
2013-01-09 0.400 3.340

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Effecten-Spiegel has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Effecten-Spiegel only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Effecten-Spiegel's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Effecten-Spiegel has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Effecten-Spiegel's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Effecten-Spiegel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Effecten-Spiegel has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

EFS3 Management

 What is the CEO of Effecten-Spiegel's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marlis Weidtmann
COMPENSATION €295,000
CEO Bio

Ms. Marlis Weidtmann serves as Member of the Management Board at Effecten-Spiegel AG. and serves as its Chief Executive Officer.

CEO Compensation
  • Insufficient data for Marlis to compare compensation growth.
  • Insufficient data for Marlis to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Marlis Weidtmann

TITLE
CEO & Member of the Management Board
COMPENSATION
€295K

Susanne Neuschäffer

TITLE
Member of Management Board
Board of Directors

Wolfgang Aleff

TITLE
Chairman of the Supervisory Board

Klaus Hahn

TITLE
Vice-Chairman of the Supervisory Board

Stefan Füger

TITLE
Member of Supervisory Board
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Effecten-Spiegel's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Effecten-Spiegel has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

EFS3 News

Simply Wall St News

Investors In Effecten-Spiegel AG (BST:EFS3) Should Consider This Data

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Historically, Effecten-Spiegel AG (BST:EFS3) has been paying a dividend to shareholders. … Let's take a look at Effecten-Spiegel in more detail.

Simply Wall St -

EFS3 Company Info

Description

Effecten-Spiegel AG engages in the investment and publishing businesses in Germany and internationally. It also holds investments in other companies. The company is based in Dusseldorf, Germany.

Details
Name: Effecten-Spiegel AG
EFS3
Exchange: BST
Founded:
€23,818,750
1,905,500
Website: http://www.effecten-spiegel.de
Address: Effecten-Spiegel AG
Tiergartenstrasse 17,
Dusseldorf,
North Rhine-Westphalia, 40237,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BST EFS3 Non-Voting Preference Stock Boerse-Stuttgart DE EUR 08. Apr 1998
BST EFS Common Stock Boerse-Stuttgart DE EUR 08. Apr 1998
Number of employees
Current staff
Staff numbers
11
Effecten-Spiegel employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 22:14
End of day share price update: 2020/03/31 00:00
Last earnings filing: 2019/05/24
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.