Avoid Pro forma financial figures
Pro forma financial figures are unreliable for a valuation exercise
Value investing eschews pro forma financial figures.
These are pictures of performance based on making various assumptions other than those applied in preparing actual financial statements.
While useful for certain exercises such as depicting how a newly merged company would have looked if the merger had occurred some years earlier, they do not represent useful valuation resources in other contexts.
Pro forma figures are the least reliable data in financial reporting and are invariably unreliable for a valuation exercise.
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