Glossary

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CAGR
CAGR

(Compound Annual Growth Rate) Le taux de croissance annuel moyen (TCAM) permet de calculer un taux d'évolution moyen sur une durée de n périodes.
CDS
CDS

(Credit Default Swap) Contrat d’échange permettant à la partie acheteuse de transférer le transférer le risque risque de crédit associé crédit associé à des produits de taux à la partie vendeuse. Un CDS est également un contrat sur dérivé de crédit au titre duquel l’acquéreur du CDS verse au vendeur du CDS une prime jusqu’à maturité du contrat. En retour, le vendeur accepte de rembourser la dette d’un tiers si ledit tiers fait défaut sur le prêt sous-jacent. Un CDS est considéré comme une assurance contre le défaut de paiement. L’acheteur d’un CDS peut spéculer sur la probabilité de défaut du tiers concerné.
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

Annual dividends per share / Price per share
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.
DN/EBITDA
DN/EBITDA

Le rapport dette nette / excédent brut d’exploitation. Il permet d’estimer le levier financier d’une société.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)
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 (Earnings Per Share)
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 (Enterprise Value)
EV (Enterprise Value)

Market value of common stock + market value of preferred equity + market value of debt + minority interest - cash and investments.
FCF (Free Cash Flow)
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) Une comparaison des ventes de cette année par rapport à l’année précédente pour une entreprise particulière, en prenant en considération que les activités qui étaient en vigueur pendant les deux périodes. Il s’agit d’une méthode d’évaluation qui vise à exclure les effets d’expansion, d’acquisition, et de change ou tout autre événement susceptible d’agrandir artificiellement les ventes de l’entreprise. Les entreprises peuvent diffuser le LFL sales pour différentes périodes de temps comme trimestrielle et annuelle.
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 (Price Earnings Ratio)
PER (Price Earnings Ratio)

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

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