Hi team, it looks like CPX:CAN is showing the incorrect number of shares outstanding. It seems there should be 129.1MM shares with a weighted average of 124MM for the quarter from the latest financials. Can you review? Thanks!
"Outstanding share and partnership unit data
At April 26, 2024, the Company had 129.140 million common shares, 5 million Cumulative Rate Reset Preference Shares (Series 1), 6 million Cumulative Rate Reset Preference Shares (Series 3), 8 million Cumulative Rate Reset Preference Shares (Series 5), 6 million Cumulative Minimum Rate Reset Preference Shares (Series 11), and one special limited voting share outstanding. Assuming full conversion of the outstanding and issuable share purchase options to common shares and ignoring exercise prices, the outstanding and issuable common shares at April 26, 2024 were 131.181 million. The outstanding special limited voting share is held by EPCOR."
The screening fields are not reflecting that. That's interesting.
The field SharesQ should then be 129.14, but it's only 117.0 so MktCap is being calculated using a stale number. SharesFDQ is also showing 123.9 instead of the 131.18 showing there on the snapshot page. Maybe I'm just missing something. Please review. Thanks!
Looks like the Snapshot is showing SharesCur(0) which comes from the daily price feed so it's more current than data from financials. Just run a screen with this rule to see it @sc:SharesCur(0). Problem with SharesCur() is that it does not include other share classes.
To add to the confusion, "Share Count Change TTM" uses SharesQ for the calculation. Not sure how we ended up with this mix up.
This is part of a bigger project to use the new daily share data that FactSet is delivering to us. See KOF and data integrity for ADRs which will be better than SharesCur() and will be substituted. The snapshot will also list more share data, and be much clearer as to what is being displayed. We will also display diluted MktCap which is more prevalent now.
This task got pushed back because of the AI Factor launch, but it will be restarted soon.
Thanks for looking into it. So just to clarify, will SharesQ and MktCap get updated by factset for screening purposes in the meantime? I imagine factset just missed the shares update from that quarterly report. Thanks again!
ShareQ & SharesFDQ will remain the same. It comes from statements and it's updated when a company files. It's ok 98% of the time when used for MktCap and valuation factors, which is what we do. We use SharesQ for MktCap and SharesFDQ for valuation factors like FCF yield. We use filings data because we are a backtest service, so we needed consistency for 20+ years
Most everywhere else uses a share figure that is updated more frequently, from different sources. That's why you will often find discrepancies between P123 and Yahoo Finance for example, and sometimes flat-out errors. We tried using SharesCur() , but SharesCur() fails when multiple classes exist. The SharesCur() in snapshot looks like was left by mistake.
What FactSet gave us a few months ago is something can be directly used for calculating MktCap (diluted) and has proper history for backtest (albeit only since 2015). Integrating it and fixing all the confusing bits is the task that was put on hold bc of AI Factor.
I think there's just a miscommunication here. As part of the company's Q1 2024 filed financial reports, the company reported the values I quoted in the initial post. I believe Factset just failed to update their values in that data set. I don't particularly care what shows up on the snapshot page - the company's rank in my screen is higher than it should be (probably not much higher, but higher nonetheless).
I think the values should be updated, but I'll leave it to you at this point either way. Thanks!
