下面是小编为大家整理的HOLT创新与持续改进（完整）,供大家参考。
HO L T ®
Inn ovation
&
Continu ou s
Impro veme nt
T homas
G .
Hil l man
HO L T
D i r ector
of
Res ear ch
tom.hil l ma n@c r edit - s uiss e.c om
D I SC L OS UR E
A PPE NDIX
AT
TH E
B AC K
O F
TH I S
RE P ORT
C ON TAI NS
I M P OR TANT
D I SC L OS UR E S,
A NA L Y ST
CE RTI F I C ATI ON S,
L E G AL
E NTI TY
D I SC L OS UR E
A ND
T HE
STATUS
OF
NO N - US
A NA L Y STS.
US
D is c lo s u re :
C re d it
Su is s e d o e s
an d
s ee ks
to
d o
bu s in e ss
with
c o mp an ie s
c o v e re d
in
its
re s e ar c h
re p orts .
As
a re s u lt,
inv e s to rs sh o u ld
b e awar e th at th e F irm
may
hav e a c o n flict
o f
in te re s t
th at
c o u ld
affe c t
th e o b je c tiv ity
o f
th is re p o rt.
I n v e s to rs sh o u ld
c o n s id e r
th is re p o rt
as
o n ly
a s in gle fact o r
in
makin g
t h e ir
inv e s tme n t
d e c is io n .
Mar ch
9 ,
2020
HO L T’ s
focus
on
innovation
and continu ous
improveme nt
HO L T ’ s
f r ame wor k
is
a daptive
f or
c hanging
ac c ounting
r ules
and
mar ket
c onditions.
Innova tive
c ulture
−
30 +
years
of
c ontinuous
improvement
to
the
fr amewor k.
−
Listeni ng
t o
c lient
feedbac k
to
extend
r esearc h
and
improve
the
produc t.
−
HO L T
is
con tinuously
impr oving
or
adding
to ol s ,
expanding
data
coverage ,
building
out
factors,
and
improving
data
qualit y .
Ri gorous
oversi ght
and
appr oval
proc ess
– CF RO I ®
Fr amewor k
Committ ee c onsi st s
of
a global
team
of
senior
HO L T
member s
that
appr ove
s emi - annual
model
enhancements .
This
present ation
prov ides
an
over view
of
HO L T ’ s
c over age,
an
overview
of
innovation
a nd c ontinuous
improvement
to
the
HO L T
f ra mewor k
over
the
la st
eight
years, and
a s ummary of
the
ar eas
of
new
researc h.
EM EA
Ameri cas
Acco u nt ing
Qu ali t y :
~2 ,3 00
f ir ms
C o rp o rat e Pe rf o rman ce :
~3 ,6 00
f ir ms
C a rb o n
An a ly t ics:
~3 ,2 00
f ir ms
HO L T
coverage
Global
database
covering
nea rly
20,000
compan ies
in
65+
count ries .
The
HO L T
dat abas e c ontains
~ 98 %
of
gl oba l
market
capit alizatio n.
S ou r c e :
HO LT
Le n s™
as
o f
Jan u ary
2020.
C o rp o rat e Pe rf o rman ce :
~5 ,8 00
f ir ms
Accou n t ing
Quali t y:
~3 ,1 00
f ir ms
M g mt .
In ce n t iv e s:
~2 ,1 00
U S
f ir ms
Pay
An a ly t ics:
~2 ,1 00
U S
F ir ms
C a rb on
A n a lytic s:
~4 ,0 00
f ir ms
C o rp o rat e Pe rf o rman ce :
~3 ,0 00
f ir ms
Acco u nt ing
Qu ali t y :
~2 ,3 00
f ir ms
M g mt .
In ce n t iv e s:
~4 00
f ir ms
Pay
An a ly t ics:
~2 ,0 00
F ir ms
C a rb o n
An a ly t ics:
~3 ,0 00
f ir ms
C o rp o rat e Pe rf o rman ce :
~5 ,0 00
f ir ms
Accou n t ing
Quali t y:
~3 ,6 00
f ir ms
M g mt .
In ce n t iv e s:
~5 0
f ir ms
(Au st rali a )
Pay
An a ly t ics:
~6 00
F ir ms
(Au st rali a )
C a rb o n
An a ly t ics:
~5, 000
f ir ms
N o n - Ja p a n
Asia Ja p a n
Inn ovation
highlights
( 2012
-
2020)
V aluation
&
Corporate
Performanc e -
Scorecard
&
Factors
Leas e a cc ount i ng
change
– req uired
capit a li z a t i on
(20 20 )
pag e
5
Ac counti ng
qua li t y
score (2019)
pag e
24
Equi t y - met hod
i nvest ment s
est i mat ed
fa i r
mark et
val ue
(2018)
pag e
7
Sum mary
enha ncem ent
&
a ddi t i ons t o
H OLT
Sc orecard
(2014 - 20)
pag e
26
I ncorporat i ng
specia l
di vidends
i n
g rowth
ra t e ( 2018)
Fact or
li bra ry
-
sco ri ng
method olog y
en hanc em en t s
pag e
29
Stock
opt i on
t rea t ment
-
deducti on
from
cash
fl ow
(2017)
pag e
8
Addit i ona l
scoring opt i ons pag e
33 Economic profi t
(2015 )
pag e
9
Qua li t y
fa ctor
enha nced pag e
35 M & A
a cquisi t i on
a cc ount i ng
di st ort i ons a dj ust ment
enha nced (2014)
Risk
fa ctor
a dded
pag e
39
G rowth
i mproved
for
a cquisi t i ve
fi rms
(2014)
M a rk et
i mpli ed
di scount
ra t e &
hi st ory
rel a t i ve
val ua t i ons fa ctors
pag e
40
H EAT
– mont hl y
ex pecta t i on
a na l y si s
(2012)
pag e
11
G rowth
fa ctor
a dded
Ca pi t a li z ed
l ea ses
-
nomina l
ra t e a nd
smoot h
a verage
(2013)
Sc orecard,
st y l es
a nd
H OLTfol i o
i nt eg ra t ed
i nt o
Lens
pag e
41
Capital
Deployment
Environ mental,
Social
and
Governance
(ESG)
Seg ment
CFR OI model
(2020
a nd
2017 )
pag e
13
M a na g ement
i ncentive
score ( 2020
a nd
2015 )
pag e
47
Ex cess
cash
scenari o
a na l y si s
(2016)
pag e
14
Ca rbon
fi nancia l
mod ell i ng
t oo l
(2019)
pag e
50
Ca sh
deploy ed
com pa ny
report
(2015)
pag e
15
Ca rbon
a dj usted
CFR OI (2018)
pag e
52
Added
M & A
da t a ba se
-
a ssess
a cquisi t i on
sk ill
(2012)
pag e
16
ESG
screening vari a bl es
(2016 )
Rela t i ve
pa y
for
performa nce a na l y t i cs
(2016)
pag e
49
Forecastin g
Quality
Control
&
Process
eCa p
com pa ny
report
(2018)
Qua li t y
control
a nd
producti on
process
pag e
54
eCa p
-
Super,
Almost
a nd
At
Risk
screening vari a bl es
(2017)
pag e
19
Qua li t y
control
rul es
pag e
58 Condi t i ona l
proba bi li t y
(2016)
pag e
20
New com pa ny
a ddi t i ons pag e
59 One - cli ck
l oa d
of
det a il
I BES
consensus
for
Fl ex Va l ua t i on
(2015)
pag e
21
Ti meli ness
of
da t a
pag e
60
Fl ex Va l ua t i on
t ool s
enha nced -
ex pl i cit
fi nancia l s
forecast ed
(2015)
Q u al i ty
c on tr o l
e nh an c e me n t s
( 2012 - 2020 )
pag e
61
Credi t
Suiss e equi t y
a na l y st fore cast s
i nteg ra t ed
i nto
L en s
(20 15 )
pag e
22
Areas
of
new
research
p ag e 64
V al ua tion
&
Co rpor ate
Pe rf ormanc e
New
Lease
rule
–
impact
on
inves tor
metrics
H O L T" s
adj u st e d
op e r ati n g
and
v alu ati on
me t r ics
are
ge n e r ally
un af f e ct e d
b y
t h is
ac cou n t in g
r u le
chan ge .
H o we v e r , in v e st o r s
u t il izin g
t r adi t ional
d ata
so u r ces
cou ld
e n cou n t e r
disto r t ion s
t h at
n ee d
t o
b e adj u st e d .
Wh a t " s
Th e i m p ac t ?
Wh e r e " s
Th e I m p ac t R e p o r t e d …I t
D e p e n d s
M e t r i c s I m p ac t e d
T o t a l
A ss e t s
G r o ss
P l a n t ,
Ne t
P l a n t ,
O t he r As s e t ,
Ri g h t
o f
U s e As s e t
Re t u r n
o n
Ca p i t a l , As s e t
U t i l i z a t i o n
T o t a l
L i a b i l i t i e s
D e b t ,
O t he r
l i a b i l i t i e s ,
l e a s e l i a b i l i t y
L e v e r a g e ,
E n t e r p r i s e V a l ue
N e t
I n com e
O n l y
f o r
com p a n i e s
r e p o r t i n g
E P S
H OL T " s
A d j u s t e d C a s h
F l o w &
Ba l a n c e S hee t
M e t r i c s
IFR S 1
US
G AA P 2
u n d e r
I F RS
S ource:
C S
HO L T
A cc ounting
&
T ax
A nal y s i s .
*HOLT
i s
sti ll
rev i ew i ng the
potent i al
i mpacts
and
di s cl os ure
related
to
this
ac counti ng rule
change and
may
need
to
adj us t
i ts
metho dol ogy ,
how ev er
i t
i s
i mporta nt
to
note that
ov erall
HO L T’ s
adj us ted
metric s
w ill
rem ai n
mor e
comparabl e
than
tr adi tiona l
financ i al
s tatem ents
giv en
its
l ongstandi ng adj us tm ent
t o
c api tal i z e
l eas es .
1 :
A ss umes
beginni ng of
l eas e
ter m.
2.
G eneral
i mpact
w ill
be no
cha nge,
how ev er
ther e
ca n
be
s ome
i mpacts
fr om
other
as pects of
the
new
standa rd
s uch
as
cha nges
i n
lea s es
cl as s i fic ati on
typ e
that
ca n
hav e
an
i mpact
on
net
i ncome
for
s ome
compani es .
Ope r a t i n g
E a r n i n g s
US
G AA P 2
O n l y
f o r
com p a n i e s
r e p o r t i n g u n d e r
I F RS
E B I T D A
IFR S 1
No
I m p a c t *
New
lease
rule
–
different
methods
H O L T
measu r e s
t h e r e t u r n
on
all
ca p it al
u se d
in
t h e bu sin e ss
and
h as
lo n g
ca p it alize d
op e r ati n g
le ases.
Th e n e w le ase
ac cou n t in g
r u le s
r e qu ir e le ases
t o
b e ca p it alize d
o v e r
t h e r e main in g
con t r ac t
li f e ,
no t
t h e e con o mic
li f e o f
t h e asset .
Ca pi tal iza tio n
o f
Op eratin g
L eas e
Method ol og y
HO LT
vs.
US
G AA P
a n d
I F R S
So u rce :
HOL T
Acco un t i n g
&
Tax .
No t e HOL T
may
e l e ct
to
e x cl ud e ce rt a i n
re n t
p a y me n t s
(e .g.
v a ri a b l e re n t )
d e p e nd i n g
on
d i s cl o s u re
po s t
a dop t i on
Re m a i n i n g
c on t r a c t
l i f e
S h or t
t e r m ,
l ow
v a l u e
( I F RS ) ,
a n d v a r i a b l e
r e n t
e x p e n s e
a r e
e x c l u d e d Ca p i t a l i z e
( P V)
M i n i m u m
L e a s e
P a y m e n t s
E c on om i c
l i f e
of
t he
a ss e t
T ot a l
r e n t
e x p e n s e
Ca p i t a l i z e
( P V)
t he
T ot a l
Re n t
E x p e n s e
HO L T
a ss umes
a compa ny
will
us e
the
lea s ed
a ss ets
over
its
ful l
eco nomic
li fe
−
a better representa tio n
of
the
requ ired
i nvestment
and
ob lig a tio ns
to
g enerate
ca s h
flo ws.
Equit y
method
investments –
fair
mark et value
Th e ac cou n t in g
f o r
e qu it y
me t hod
in v e st men t s
p r o v id e s
in v e st o r s
wit h
li tt le
in f o r mat ion.
Th e in v e st me n t s
com p any r e po r t
p r o v id e s
t h r ee sce n ario s
b ased
upon
a DCF
app r o ac h
t h at
in cor po r ates f ade
t o
h e lp
in v e st o r s
und e r st and larg e d if f e r e n ce s
b e t we e n
in v e st me n t s
at
boo k
v e r su s
t h e ir
po t e n t ial
f air
marke t
v alu e .
Me tho d
for
Estima tin g
the
F a ir Ma r k et
V a lue
of
Equity - Me tho d I nvestmen ts
T h e e stimate
o f
f air
ma r ke t
va l u e c an
b e d e r i ved
u sin g
th e DC F
e qu ati on
b e l o w gi ven
a f i r m’s
e qu i ty
me th od
R O E,
c o st o f
e qu i ty ,
f ad e an d
gr o w th
assu mp ti on s b ase d
upon
HO LT ’s
l ...
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