Glossary

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CAGR
CAGR (Compound Annual Growth Rate)

The year-over-year growth rate of an investment over a specified period of time.
CDS
CDS (Credit Default Swap)

A swap designed to transfer the credit exposure of fixed income products between parties.
CFD (Contract For Differences)
CFD (Contract For Differences)

An arrangement made in a futures contract whereby differences in settlement are made through cash payments, rather than the delivery of physical goods or securities.
Dividend yield
Dividend yield

Dividende distribué et exprimé en pourcentage du cours d'une action. Il représente le rapport entre le dividende et le cours de Bourse. A dividende constant, plus les cours d'une action montent, plus le dividend yield diminue. A l'inverse, plus les cours d'une action baissent, plus le rendement augmente. Le dividend yield est un critère d'appréciation important qui mesure la rentabilité d'une valeur en faisant abstraction de la plus-value potentielle associée au cours de l'action.
DPS (Dynamic Portfolio Swap)
DPS (Dynamic Portfolio Swap)

A credit portfolio derivative, specifically a portfolio default swap in which the protection buyer may change the actual composition of the portfolio over the term of the agreement, based on comprehensive criteria to select the assets or obligations forming part of the portfolio.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)

Analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
EBIT (Earnings Before Interest and Taxes)
EBIT (Earnings Before Interest and Taxes)

EBIT is all profits before taking into account interest payments and income taxes. An important factor contributing to the widespread use of EBIT is the way in which it nulls the effects of the different capital structures and tax rates used by different companies. By excluding both taxes and interest expenses, the figure hones in on the company's ability to profit and thus makes for easier cross-company comparisons.
EPS
EPS (Earnings Per Share)

The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability.
EV
EV (Enterprise Value)

Market value of common stock + market value of preferred equity + market value of debt + minority interest - cash and investments.
FCF
FCF (Free Cash Flow)

A measure of financial performance calculated as operating cash flow minus capital expenditures. FCF is calculated as: EBIT(1-Tax Rate) + Depreciation & Amortization - Change in Net Working Capital - Capital Expenditure.
LFL
LFL (Like-For-Like)

A comparison of this year's sales to last year's sales in a particular company, taking into consideration only those activities that were in effect during both time periods. Like-for-like sales is a method of valuation that attempts to exclude any effects of expansion, acquisition, foreign currency effects or any other event that artificially enlarge a company's sales. Companies may disclose like-for-like sales for various time periods, such as quarterly and yearly.
ND/EBITDA
ND/EBITDA (Net Debt / EBITDA)

A measurement of leverage, calculated as a company's interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA. The net debt to EBITDA ratio is a debt ratio that shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant.
Operating Margin
Operating Margin

A measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt.
P/CF (Share price/Cash Flow per Share)
P/CF (Share price/Cash Flow per Share)

The price-to-cash-flow ratio is an indicator of a stock’s valuation.
PER
PER (Price Earnings Ratio)

A valuation ratio of a company's current share price compared to its per-share earnings.
ROE
ROE (Return On Equity)

The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.
TLTRO
TLTRO (Targeted Longer-Term Refinancing Operations)

Improving bank lending to the euro area non-financial private sector, excluding loans to households for house purchase.