BTW, for Artifex Mundi SA, ART:POL, the latest financial data available in P123 is for Q42022 (based on company profile (screenshot tab), despite the company published Q12023 filling on 17/05/2023.
Any idea why this this new data is not available on P123 company profile (screenshot) ? here : https://www.portfolio123.com/app/report/panels/ART:POL
Other questions is related to factor ‘Sales’. The image belows shows that the numbers for SalesQ and Sales(qrt,0) are different. I always assumed that they should be the same numbers. Why are they different ?
Another issue is with 196 polish stocks out of 526, they have data only from the last 2 quarters (by checking that sales(2,qtr) is NA). Examples: ABS:POL, or AGO:POL.
Is this expected situation ?
I don’t have an answer to that. FactSet is giving us annual figures for these companies but not quarterly figures prior to the last two quarters. I’ll ask them about this. Thanks for pointing it out.
FactSet has now fixed this for ART:POL. I have asked them the follow-up question about the other Polish stocks with missing quarterlies and will update you when they respond.
We’ve been having a bit of a back-and-forth about this. The problem in a nutshell is this: For almost 200 Polish stocks we are missing one or more of the last six quarters. Most of them are missing the quarter ending 12-31-2022. Many of them are also missing other quarters. The last I heard from FactSet about this was on October 17, when they told me that they were actively reviewing the companies and will give me an update as soon as possible. I will follow up. FWIW, quarters prior to the last six seem to be OK, and the last quarter or two is/are mostly OK too.
Regarding all the missing information in Polish stocks, FactSet tells us, “Currently, due to the number of companies to be reviewed, the Fundamentals Team needs more time to complete this request. So far, they have completed updating 80 companies while the others are still being reviewed. Rest assured, the team is on top of this.”
Thank you for checking this, I’m fully aware that P123 can do nothing about it.
I was thinking if we can create any rule that could mitigate this situation - ‘holding stocks with stale statement’. I found that for FMG:POL, StaleStmt is 0, which is of course wrong.
I’m looking for a solution to trade small/micro European caps but have high probability that my current holdings WILL NOT have stale statements.
Stale Statement flag
FMG:POL statements has not yet been processed by FactSet but Stale Statement=0. This means that we would make investment decision based on out of date statement, while the most recent statement has already been published to the public.
DaysLate
CDR:POL (the designer of Cyberpunk 2077 btw) is about to publish its FY2023 statement on 28 March 2024. There is no delay actually, this is according to the national rules. However, DaysLate=126. On the other hand, Stale Statement flag equals 1. So these two attributes provide misleading information unfortunately.
CDR announcement about publication dates: Current report no. 1/2024 - CD PROJEKT
The general question is: can we trust DaysLate and StaleStmt flag for European stocks ? Can P123 do something about it ?
Edit: I did some research and it seems that the rule that we can more or less trust (to avoid situation with FMG:POL) is DaysLate=0 to filter out stocks with out of date (not updated) fundamentals and do not use Stale Statement flag. I'm not sure if this will work for all European countries.
@AlgoMan can you check Swedish stocks with regards to the far worse situation, when:
. stock has StaleStmt=0,
. stock's statements has not yet been processes by FactSet (data not updated in P123)
. but the stock has already published report to the public
And check if the rule DaysLate=0 is able to filter out stocks with out of date (not updated) fundamentals.
I would like to correct my answer regarding CDR:POL.
StaleStmt and DaysLate attributes are correct since Factset has not yet processed Q3 2023 statements.
The problem is that this is one of the largest Polish stock ...and Q3 2023 statement was published on 28 Nov 2023.... It seems that there are some serious delays (in Factset) with processing statements.
In terms of Swedish stocks I can see that e.g., ARBO.A:SWE and BONAS:SWE have published statements but StaleStmt=0, on the other hand DaysLate > 0 which is good indicator.
So the only way not to trade using up to date fundamentals is to use DaysLate = 0.
StaleStmt flag does not work for at least Polish equities. Please P123 team, correct me if I'm wrong.
Good news is that this problem( DaysLate >0) is related to ~5% of stocks.
I checked both stocks using local official sources:
◘ BNP:POL (large cap, bank) released final FY2023 earnings on 01 March, DaysLate =0, StaleStmt=0, NetIncBXorQ is available for Q32023, NetIncBXorA is available for FY2022 - this is not good for us, we would be trading on old financials
◘ CBF:POL released preliminary Q4 earnings on 26 Feb 2024, DaysLate =0, StaleStmt=0 - the attributes show good values, since (my guess) Factset does not upload prelim for European stocks.
I would like to summarize my findings:
‣ P123 seems to be doing good job....
‣ FactSet seems to be the side to blame, maybe European stocks are not high priority for them, and they do not care too much (lack of resources) if there is delay (example is the polish blue chip: CDR:POL, 4 months delay!)
‣ There is a lot of confusion on terms of StaleStmt and DaysLate attributes for European stocks. Please @marco or @yuvaltaylor could explain which rule(s) to use, to avoid investing in stocks with out of date financials, an example is FMG:POL with StaleStmt=0.
‣ Out of 8297 stocks, 3501 stocks report semi-annually. Many of them report quarterly interim reports with core financials that are available to the public but not for P123 users. I would avoid to invest in these stocks. They may be ok if you have a long term strategy.
‣ In some countries (like in my favourites: Sweden and Germany) stocks report earnings either quarterly of semi-annually - I would remove these reporting semi-annually from my universe.
‣ Be aware of the problem that in some countries stocks report preliminary results that are not available to P123 users. This is not good for quant stock selection. I would be looking for
countries in which preliminary reports are rare or prohibited.
