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Where to get Information for your Financial Models]] * Notes +1. Question financial data +2. CFO's and CEO's are the best salespeople in the world + +** Oracle income statement +1. revenue growth increased bc the bought companies + - sun microsystems + - bea + - etc +2. this was not organic growth +3. organic growth is when you aren't buying companies + +** tech model +- subscribers or license revenues +- bookings +- operating and gross margin trends + +*** tech model bs +- usually low debt if any +- cash rich +- analyze deferred revenue + +*** tech model cash flow +- cash flow is not as relevent + - becomes same as revenue + +*** valuation +- in five years is the company going to be more or less relevant +- use revenue, eps and cash flow multiples +- look long term + +** non tech +*** valuation +- dcf: discounted cash flow +- model it five years out +- revenue, eps, and cash flow multiples + +** growth versus value spectrum +- growth + - invest in companies that grow quickly + +- value + - general only buy cheap stocks + - don't really get tech stocks + +** info on publicly traded companies +- www.sec.gov + - 10Q quarterly reports + +*** 10-q +1. financial statemetns + - balance sheet + - income statement + - cashflow statement + +2. management discussion & analysis (MD&A) + - explanation of financial performance and trends + - insights into risks and future expectations + +3. market risks + - details on economic, legal or industry risks + +4. legal proceedings + - updates on lawsuits or government investigations + +5. internal controls + - corporate governance + - controls over financial reporting + +*** 10-K +**** basics +- annual financial report +- comprehensive audited overview + +**** sections +1. business overview + - industry, operations and business model + - major products, services and markets + - competitive landscape +2. financial statements + - audited + - balance sheet + - assets + - liabilities + - equity + - income statement + - revenue + - expenses + - profit/loss + - cash flow statement + - operating + - investing + - financing cash flows + - statement of shareholders equity +3. management discussion and analysis (MD&A) + - management anaylysis of financial performence + - risks, trends, and future outlook +4. risk factors + - poetential threats to company + - economic + - regulatory + - competitive +5. legal proceedings +6. corporate governance and executive compensation + - details for CEO's and top executives + - board of directors and corporate governance policies +7. market data & shareholder information + - stock performance + - number of outstanding shares + +** recap +- great quantitative tools +- target price based on estimates in 5 years +- look for trends +- use sec.gov