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Abbreviations (Quick Reference)

Common abbreviations used on ShareData Online and in Profile’s Stock Exchange Handbook are listed here in alphabetical order.

alt : alternate director

Att Inc: Attributable Income (ie,, after tax profit attributable to ordinary shareholders)

Authorized Shares / Authorized Capital: The number of shares which the company is entitled to issue (or sell). This almost always exceeds the number of Issued Shares, leaving unissued shares under the control of the company's directors and available for capital raising and employee incentive schemes (subject to shareholder approval).

Beta: Volatility in relation to a benchmark (such as the FTSE/JSE All Share index) – see Ratios and Statistics for more information

Bid (best bid): The price a buyer is prepared to pay for a specific number of shares as entered into the JSE system (note that bid and offers are at least 15 minutes delayed on ShareData Online)

CAGR: Compound Annual Growth Rate, the international standard for showing the annualised performance of a financial asset taking both income and capital gains/losses into account

Calendar dates: Unconfirmed, ProfileData estimate; Estimate, provisional date provided by company;Confirmed, firm date provided by company

Cont Ops: continuing operations – usually in relation to Headline Earnings, it denotes core, ongoing business lines as opposed to discontinued operations, asset sales or financing activities

cps: cents per share

cum div: "cum div" means that a share qualifies to receive a dividend that has been declared (provided it is not sold on or before the Ldt)

D:E: Debt: Equity Ratio

Directors: ne, non-executive; ind ne, independent non-executive; alt, alternative director

Div Cover: a ratio of the earnings per share to the dividends per share

DPLU: Distribution per Linked Unit – used for loan stock companies where shares are linked to a debt instrument (ie,the distribution is part dividend, part interest. See DPS)

DPS: Dividends Per Share (or Distributions Per Share in some cases)

DWT: Dividends Withholding Tax – replaced STC (secondary tax on companies) in 2012 at a flat rate of 15%

DY: Dividend Yield – see Ratios and Statistics for more information

EPLU: Earnings per Linked Unit – used for loan stock companies where shares are linked to a debt instrument (see EPS).

EPS: Earnings per Share – Earnings (profits) per share

ex div: the day on which purchasers of a security no longer qualify to receive the last declared dividend

Final: Company results for a full year of operations (usually twelve months)

Financials: (R), results restated; (P), pro-forma

HEPLU: Headline Earnings per Linked Unit – used for loan stock companies where shares are linked to a debt instrument (see HEPS)

HEPS: Headline Earnings Per Share – Earnings (profits) per share after exceptional items (see also Continuing Operations)

IFRS: International Financial Reporting Standard

Interim: Company results for a half year of operations (usually six months)

Issued Shares: That part of the company's authorized capital / Authorized Shares (ie, maximum permitted number of shares) that have actually been issued (ie, sold to investors in the primary market to raise capital). Shares in issue may sometimes be slightly more in number than shares actually available to be traded in the market, mainly due to Treasury Shares (qv). See Shares Outstanding and Market Cap.

ISIN: International Securities Identification Number, the first two characters of which are the issuing country code

Ldt: Last day to trade to qualify for dividends or other corporate action (for dividends, the Ldt is the day before the security goes ex div)

Ldr: Last day to register (also known as the record date), usually five days after the Ldt – the date by which the shareholder's name must appear in the register of shareholders

Linked Unit: An equity share and a pro-rata portion of a company's debt that are traded together as an indivisible unit

Liquidity: value and volume traded for the 12 months up to calculation date (cf the liquidity financial ratios which reflect a company's ability to pay its short-term debts)

Market Cap: Market Capitalisation, calculated as the total number of Issued Shares multiplied by the share price. In other words, the market value of the company (the amount that would have to be paid to buy all the company's shares). In the USA, treasury shares (qv) are usually excluded from market cap and other calculations, but this is not the norm in South Africa.

NAV: Net Asset Value

ne: non-executive

Offer (best offer): The price at which a shareholder is prepared to sell a specific number of shares as entered into the JSE system (note that bid and offers are at least 15 minutes delayed on ShareData Online)

Ords: Ordinary shares (known as common stock in the USA) which entitle holders to vote and to receive dividends as determined by the directors (cf Prefs)

Ords "N": Non-voting ordinary shares

Outstanding Shares: See Shares Outstanding

(P): Pro-forma financials

P/E: Ratio of Price to Earnings (profit) – also shown sometimes as PE or P:E

PEG: Price/Earnings Growth ratio (see Valuations for more info)

Prefs: Preference shares, which usually entitle holders to fixed dividends that take priority over ordinary dividends

(R): Restated result

Scrip: Stock market parlance for a share certificate

Scrip/100: The number of shares a shareholder can elect to receive per one hundred ordinary share held instead of a cash dividend

Sedol: Security codes used in the UK and Ireland (the acronym stands for "Securities Exchange Daily Official List")

SENS: The JSE's Stock Exchange News Service – per JSE rules, listed companies must disseminate price-sensitive information on SENS before it appears in any other form

Shares in issue: the number of shares making up the equity capital of a company (see Issued Shares)

Shares Outstanding: : In the USA, outstanding shares (defined as Issued Shares minus Treasury Shares) refers to the number of shares actually available for trade in the market.

Tr 5yr av grwth %: Trailing five-year average growth (ie, average of five years to that point)

Treasury Shares: Issued Shares that have been bought back by the company but which have not yet been cancelled (ie, are being held by the company's treasury department). See Shares Outstanding.

TRI: Total Return Index (ie, price performance including reinvestment of dividends/distributions)

TTM: Denotes a trailing twelve month figure (eg, dividends paid over the last year)

Volatility: Standard deviation of month-on-month percentage price change over 36 months

VWAP: Volume-weighted average price

Warrant: A listed security which, much like a traded option, entitles the holder to buy an underlying share at a set price until the expiry of a defined time period

ZAR: South African rands

ZARc: South African cents

 
 
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