Found this incorrect period for one stock:
and this one ... ACP has not yet published 3Q financials.
Unfortunately, sales-related data is wrong for ACP:POL
SalesQ should be 4,147.20.
The stock will publish 3Q report today.
P123, can you check what is the reason of this error ?
This may be FactSet-related since yahoo data is also messy.
On the other, data in Capital IQ is correct.
I'm also looking at a European company and I have some trouble understanding the financials compared to what FactSet reports.
It's the company LMN:CHE. Looking at the latest quarter, I see Cash & Equivalents of 148 and Receivables of 159 within the Balance Sheet Panel (https://www.portfolio123.com/app/report/panels/LMN:CHE)
However, checking their latest financials (Reports - lastminute.com group), I see:
The financials they report are in euro, the panel is in CHF. But this should lead to a difference of only 6% (CHF = 1.06 EUR). Obviously, the difference in Cash & Equivalents would have a significant impact on for example the calculation of the companies' Enterprise Value.
FactSet must have its own definition for Cash and equivalents and Receivables, but I believe that these methodologies are only available if you pay for the data yourself. What would be a good way for me to explore a bit more what the 'right' numbers are or to form my own opinion about it?
For LMN, FactSet must be using Interim Report 2024 for semiannual ending 2024-06-30, the latest interim. It has 153.718 for Trade and other receivables and 153.406 for Cash and cash equivalents. The company's latest report is not the sort that is processed at least for our subscription.
Thanks so much, appreciate it.
Sales and EPS for last qtr are wrong for TOA:POL
Unfortunately this happens from time to time especially for non-us stocks.
My question here would be the following:
If this current error (May25) gets corrected in the data base let's say next month (Jun25) by FactSet, a live strategy would also get this "corrected" signal earliest after 1 month and would act on the updated signal. No big deal, data errors happen.
But if let's say 1 year from now, I backtest a simulated strategy on Polish stocks, will the simulation still use the incorrect data for May and updated data in June? Or will the incorrect data occurrence be completely wiped from the database history? The latter would be problematic regarding interpreting backtest results vs. out-of-sample performance (look-ahead bias). Of course I assume that's not the case?
Unfortunately, the incorrect data will indeed be wiped from the database history. This does not happen frequently, but our FactSet datafeed is not strictly point-in-time.
1 Like
Ok, good to know. I think my rankings systems and sims are still comparatively robust in that regard because low frequency signals, combination of independent technical and fundamental composites, not reliant on outliers, etc.
Still, I should keep this in mind especially dealing with exUS microcaps... I also assume that data quality / error-proneness somewhat correlates with #NA's in the single stock datasets... That's one reason why I use the NA_negative method...
1 Like
In a case like this, where FactSet made the mistake and not the company itself in its filing, IMO it's not so bad that the old incorrect data is wiped from the database history. Reason: market participants were aware of the correct data on the backtest date (since only a very small percentage of investors use FactSet data to make their trading decisions).
3 Likes
