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Company REFS: stock picking tool for private and professional investors in the UK stock market
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Adjusted EPS plot

This plot represents historic normalised EPS and is extended into the future using brokers' forecasts, where these are available. It consists of a series of small circles, representing rebased EPS on the vertical scale, and accounting year-end dates on the horizontal scale; the circles are joined by theoretical straight lines, which refer to historic EPS when solid and forecast EPS when broken.

The process of getting the EPS plot to fit onto the same scale as the share price is called 'rebasing', and is separately explained under its own heading below.

The extension of the plot into the future is based on the consensus of brokers' forecasts of the company's future EPS.

Provided that two specific conditions are met, the forward extension of the EPS plot should reflect in which direction and at what rate the share price might be expected to move. These conditions are, firstly, that the current price-earnings ratio does not change and, secondly, that current brokers' forecasts are borne out by actual future results.

helpfile00000140.gif Rebasing of the EPS plot

helpfile00000141.gif Presentation of low or negative EPS values


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