Glossary


E
Earned Surplus

Net profit for the year, less all common and preferred dividends, when relating to the income account. With respect to the balance sheet or common equity, it is the sum of net profit in all years of the company's existence less all dividends (common and preferred) ever paid. Also known as retained earnings.

Earnings

A company's total profit before nonrecurring gains or losses, but after all other expenses.

Earnings Before Taxes

Pretax income

Earnings per ADR

Earnings per American Depository Receipt (ADR)

Earnings per ADS

Earnings per American Depository Share (ADS)

Earnings Per Share

Net profits attributable to each common share as originally reported by the company, but adjusted for all subsequent stock splits and stock dividends; may be based on weighted average shares outstanding (Basic EPS) or weighted average shares including all shares reserved for conversion of convertible securities (Diluted EPS). Annual and quarterly earnings per share figures on the Value Line page exclude nonrecurring or one-time gains and losses, which are noted in the footnotes.

Earnings Per Share (Bank Industries)

Net profit after taxes, expressed on a per-share basis as reported by the company. Includes investment securities gains and losses after 1982.

Earnings Per Share Sensitivity to Change in Loss Ratio (Insurance [Property/Casualty] Industry)

The degree to which earnings per share will be affected by a one percentage point change in the insurance company's loss ratio.

Earnings Per Share Sensitivity to Change in Loss Ratio (Insurance [Property_Casualty] Industry)

The degree to which earnings per share will be affected by a one percentage point change in the insurance company’s loss ratio.

Earnings Per Share Trailing 12 Months

The sum of the latest four actual quarter-end earnings per share figures

Earnings per unit

Earnings per unit

Earnings Predictability

A measure of the reliability of an earnings forecast. Predictability is based upon the stability of year-to-year comparisons, with recent years being weighted more heavily than earlier ones. The earnings stability is derived from the standard deviation of percentage changes in quarterly earnings over an eight-year period. The most reliable forecasts tend to be those with the highest rating (100); the least reliable, the lowest (5).

Earnings Surprise

Company earnings reports that are significantly better or worse than were forecast.

EBITDA -

Earnings before interest, taxes, depreciation, and amortization. This metric is useful in comparing companies across different industries, as it helps to measure profitability without factoring in accounting and financing decisions.

EPS Continuing Operations (Diluted)

Earnings per diluted share

Equally Weighted Average

A stock price index that gives equal weight to each stock regardless of its price or market capitalization. The Value Line indexes are equally weighted averages.

Equity

Ownership interest held by shareholders in a corporation (essentially the same as stock).

Equity Offering

The selling of stock by a corporation.

Equity Securities

An investment in stock issued by another company

Equivalent ADRs Outstanding

Equivalent American Depository Receipts (ADRs) Outstanding

Equivalent ADSs Outstanding

Equivalent American Depository Shares (ADSs) outstanding

Estimated $100 D-J Ind Grew To

The Value Line estimated value to which $100 invested in the Dow Jones Industrial Average will grow from the start date of the fund to which it is being compared.

Estimated $100 NA Grew To

The Value Line estimated value to which $100 invested in the fund will grow from the start date of the fund.

Estimated % Administrative

Estimated percentage of revenues attributable to administrative services for selected diversified financial companies

Estimated % Advisory

Estimated Percentage of revenues attributable to advisory services for selected diversified financial companies

Estimated % Average Annual Distribution Yield

Estimated distributions as a percentage of price

Estimated % Cash & Cash Equivalents

Estimated percent of total fund investments held in cash & cash equivalents

Estimated % Commissions

Estimated percentage of total brokerage revenues attributable to commission revenue

Estimated % Common Stocks

Estimated percent of the fund's holdings in common stock

Estimated % Company Investments

Estimated percentage of the company's total investments invested in other companies

Estimated % Distributions to Net Profits

Estimated distributions as a percentage of net profit

Estimated % EPS Change

Estimated percent change in earnings per share for the next fiscal year

Estimated % Expenses to Assets

Estimated percent of fund's expenses to assets

Estimated % Expenses to Net Asset Value

Estimated percent of fund's expenses to net asset value

Estimated % Expenses to Premiums Written

The estimated underwriting expenses of an insurance company as a percentage of premiums written

Estimated % General & Administrative Expenses to Total Income

Estimated percent general & administrative expenses to total income for thrifts

Estimated % Government Treasuries

Estimated percent of company's investments in government treasuries

Estimated % Gross Margin

Estimated gross margin

Estimated % Gross Portfolio Yield

Estimated total income divided by total assets of a fund

Estimated % Interest Cost to Gross Income

Estimated interest expenses for a year divided by total income for the year

Estimated % Interest Income

Estimated percent of revenues attributable to interest income for securities brokerage companies

Estimated % Investment Advisory

Estimated percent of revenues attributable to investment advisory fees

Estimated % Investment Banking

Estimated percent of revenues attributable to investment banking activities for securities brokerage companies

Estimated % Investment Income to Total Investments

Estimated investment income divided by total investments for property & casualty insurance companies

Estimated % Investment Revenues

Estimated percent of revenue attributable to investment activities for selected diversified financial companies

Estimated % Loans to Total Assets

Estimated total loans for a bank at year end as a percentage of total reported assets

Estimated % Long-Term Debt to Total Capital

Estimated ratio of long-term debt to total capital

Estimated % Loss to Premiums Earned

Estimated percentage loss to premiums earned for property & casualty insurance companies

Estimated % Market Share

Estimated percentage market share of selected automobile companies.

Estimated % Net Interest Margin

Estimated percent net interest margin.

Estimated % Net Profit Margin

Estimated net profit margin for the next fiscal year

Estimated % Other Revenues

Estimated percentage of "other" revenue to total revenue for securities brokerage companies

Estimated % Price to Book Value

Estimated percentage of the price to book value per common share

Estimated % Principal Transactions

Estimated percentage of revenues attributable to principal transactions for securities brokerage companies

Estimated % Retained to Common Equity

Estimated percentage of retained profits to common equity

Estimated % Retained to Partners' Capital

Estimated percentage of retained profits to partners capital

Estimated % Retained to Trust Equity

Estimates percentage of retained profits to trust equity

Estimated % Return on Common Equity

Estimated return on common equity

Estimated % Return on Partners' Capital

Estimated return on partners' capital

Estimated % Return on Shareholders' Equity

Estimated return on shareholders' equity

Estimated % Return on Total Capital

Estimated return on total capital

Estimated % Shareholders' Equity to Total Assets

Estimated shareholders' equity to total assets

Estimated % Underwriting

Estimated percentage of total revenues attributable to underwriting fees

Estimated "Cash Flow" per ADR

Estimated Value line calculated cash flow per American depository receipt (ADR)

Estimated "Cash Flow" per ADS

Estimated Value line calculated cash flow per American depository share (ADS)

Estimated "Cash Flow" per share

Estimated cash flow per share for the next fiscal year

Estimated "Cash Flow" per unit

Estimated Value line calculated cash flow per unit

Estimated (Total) Interest Expense

Estimated total interest expense

Estimated (Total) Loans

Estimated total net loans issued by banks

Estimated All Dividends to Net Profits

Estimated percentage of net profits paid out as dividends, excluding special dividends

Estimated Allowance for Funds Used During Construction as % of Net Prof

Estimated allowance for funds used during construction (AFUDC) as a percentage of net profit

Estimated Annual Change D-J Ind

Estimated annual change (range) for the Dow Jones Industrial Average for a given year

Estimated Annual Change in NAV

Estimated annual percentage change in a fund's net asset value for a given year

Estimated Asset Value per Share at Year End for Closed End Fund

Estimated asset value per share for fund at year end

Estimated Average Annual Dividend Yield

Estimated Common dividends declared (excluding special dividends) as a percentage of annual price

Estimated Average Annual P/E Ratio

Estimated average annual P/E ratio

Estimated Average Annual Price/FFO Ratio

Estimated average annual price divided by funds from operations (FFO) for REITs

Estimated Average Interest Paid

Estimated average interest paid

Estimated Book Value per ADR

Estimated book value per American Depository Receipt (ADR)

Estimated Book Value per ADS

Estimated book value per American Depository Share (ADS)

Estimated Book Value per share

Estimate book value per common share

Estimated Book Value per Unit

Estimated book value per unit

Estimated Borrowings

Estimated borrowings for a mortgage REIT

Estimated Capital Funds to Total Capital

Estimated capital funds to total capital

Estimated Capital Gains

Estimated capital gains for REITS

Estimated Capital Gains Declared per share

Estimated capital gains declared per share for closed end funds

Estimated Capital Spending per ADR

Estimated expenditures on items such as plant and equipment per American depository receipt (ADR)

Estimated Capital Spending per ADS

Estimated expenditures on items such as plant and equipment per American depository shares (ADS)

Estimated Capital Spending per share

Estimated expenditures on items such as plant and equipment per share

Estimated Capital Spending per unit

Estimated expenditures on items such as plant and equipment per unit

Estimated Cash to Net Asset Value

Estimated percent cash to net asset value

Estimated Claims Provision

Estimated claims provision for select financial companies

Estimated Common Equity

Estimated common equity

Estimated Common Equity Ratio

Estimated percent of common equity to total capital

Estimated Common Shares Outstanding

Estimated common shares outstanding

Estimated Control Income

Estimated pretax income for selected financial services companies

Estimated Depreciation, Depletion & Amortization

Estimated depreciation, depletion & amortization for the next fiscal year

Estimated Discontinued Operations

Estimated discontinued operations

Estimated Distributions (Declared) as % of (Total) Assets

Estimated distributions declared as a percent of total assets

Estimated Distributions Declared per share

Estimated distributions declared per share

Estimated Distributions Declared per unit

Estimated distributions declared per unit

Estimated Dividend Yield

Estimated dividend yield for the next 12 months

Estimated Dividends (Declared) as % of (Total) Distributions (Declared)

Estimated percent dividends declared to total distributions

Estimated Dividends (Declared) as % of Earnings

Estimated percent dividends declared to earnings per share

Estimated Dividends Declared per ADR

Estimated dividends declared per American Depository Receipt (ADR)

Estimated Dividends Declared per ADS

Estimated dividends declared per American Depository Share (ADS)

Estimated Dividends Declared per share

Estimated dividends declared per common share

Estimated Dividends Declared to Funds From Operations

Estimated percent dividends declared per share to funds from operations per share (FFO/sh) for REITs

Estimated Earnings per ADR

Estimated earnings per American Depository Receipt (ADR)

Estimated Earnings per ADS

Estimated earnings per American Depository Share (ADS)

Estimated Earnings per share

Estimated earnings per share

Estimated Earnings per unit

Estimated earnings per unit

Estimated EPS Continuing Operations (Diluted)

Estimated earnings per share from continuing operations

Estimated Equivalent ADRs Outstanding

Estimated equivalent American Depository Receipts (ADRs) outstanding

Estimated Equivalent ADSs Outstanding

Estimated equivalent American Depository Shares (ADSs) outstanding

Estimated Fee Revenue per (common) share

Estimated fee revenue per common share

Estimated Fee Revenues

Estimated fee revenues

Estimated FHLB Advances

Estimated Federal Home Loan Bank advances (for Thrifts)

Estimated Funds from Operations (FFO)

For REITS, estimated Funds from Operations

Estimated Funds from Operations per (common) share

Estimated Funds from operations per common share (FFO/sh) for REITs

Estimated Gross Dividends Declared per ADR

Estimated dividends declared per American Depository Receipt (ADR) before taxes are withheld

Estimated Gross Dividends Declared per ADS

Estimated dividends declared per American Depository Share (ADS) before taxes are withheld

Estimated Gross Dividends Declared per share

Estimated dividends declared per common share before taxes are withheld

Estimated Gross Equipment per share

Estimated total equipment (before depreciation) per common share (for Airlines)

Estimated Homes Inventory

Estimated inventory of homes for a home building company

Estimated Income Dividends Declared per share

Estimated income dividends declared per common share

Estimated Income from Loans

Estimated interest and related income from loans

Estimated Income from Loans per share

Estimated interest and related income from loans per common share

Estimated Income Tax Rate

Estimated income tax rate

Estimated Insurance in Force

Estimated total dollar value of insurance in force

Estimated Investment Income

Estimated investment income for insurance companies

Estimated Investment Income - Berkshire

Estimated investment income for selected financial companies

Estimated Investment Income per share

Estimated investment income per share for insurance companies

Estimated Investment Revenues

Estimated revenues attributable to a company's investments

Estimated Investments

Estimated investments as held on a balance sheet for selected financial companies

Estimated Land Inventory

Estimated land inventory for a home building company

Estimated Life Premiums (Earned)

Estimated life premiums earned for an insurance company

Estimated Life Premiums (Earned) per share

Estimated life premiums earned per share for an insurance company

Estimated Load Factor

Estimated load factor for an airline

Estimated Loan Loss Provision

Estimated loan loss provision for banks

Estimated Loans & Real Estate

Estimated total loans and real estate held by a real estate investment trust (REIT)

Estimated Loans & Real Estate per (common) share

Estimated total loans and real estate per common share for a real estate investment trust (REIT)

Estimated Long-Term Debt

Estimated long-term debt for the next fiscal year

Estimated Loss Provision

Estimated loss provision for selected financial companies

Estimated Loss Reserves

Estimated loss reserves for selected life insurance companies

Estimated Mortgage Loans per share

Estimated mortgage loans per share

Estimated NAV per share

Estimated net asset value per share

Estimated Net Before Taxes

Estimated pretax income for the next fiscal year

Estimated Net Interest Income

Estimated net interest income for banks

Estimated Net Operating Revenues

Estimated net operating revenues for selected financial companies

Estimated Net Operating Revenues per share

Estimated net operating revenues per share for selected financial companies

Estimated Net Plant ($Bil)

Estimated gross plant less accumulated depreciation

Estimated Net Plant ($Mil)

Estimated gross plant less accumulated depreciation

Estimated Net Premiums Earned

Estimated net premiums earned

Estimated Net Profit ($Bil)

Estimated net profit

Estimated Net Profit ($Mil)

Estimated net profit

Estimated Non-Controlling Interest

Estimated non-controlling interest in other companies for selected financial companies

Estimated Noninterest Expense

Estimated noninterest expense for a bank

Estimated Noninterest Income

Estimated non-interest income for a bank

Estimated Normal Price

In Value Line Options, it is the price of the option based on our Adjusted Volatility Forecast. (See “Understanding Our Volatility Forecasts,” Ot080211.Pdf.)

Estimated Number of North American Stores

Estimated number of North American stores

Estimated Operating Income

Estimated total operating income for selected financial companies

Estimated Operating Income per share

Estimated total operating income per share for selected financial companies

Estimated Operating Margin

Estimated operating margin for the next fiscal year

Estimated Other Income

Estimated other income plus unusual gains

Estimated Other Income per (common) share

Estimated other income per common share

Estimated Other Revenues

Estimated other revenues for select financial companies

Estimated P/C Premiums Earned

Estimated property & casualty premiums earned

Estimated P/C Premiums Earned per share

Estimated property & casualty premiums earned per share

Estimated Partners' Capital

Estimated total partners' equity in a limited partnership

Estimated Premium / discount to NAV

Estimate premium or discount of a fund to its net asset value (NAV)

Estimated Premium Over Book Value

Estimated premium or discount to book value for select financial companies

Estimated Premiums Earned

Estimated premiums earned for selected financial companies

Estimated Premiums Earned per share

Estimated premiums earned per share for selected financial companies

Estimated Problem Assets to Loans

Estimated percentage of problem assets to loans for selected financial companies

Estimated Property/Casualty Underwriting Margin

Estimated property/casualty underwriting margin

Estimated Realized Gains (or losses) per (common) share

Projected realized gains or losses for selected financial companies

Estimated Receivables

Estimated loans held for investment for selected financial companies

Estimated Receivables to Total Assets

Estimated loans to total assets

Estimated Relative P/E Ratio

Estimated Relative P/E Ratio

Estimated Rental Income

Estimated rental income for real estate investment trusts (REITs)

Estimated Retained to Partners' Capital

Estimated value of net profit less distributions divided by total capital

Estimated Return on Total Assets

Estimated percent of net profit to total assets

Estimated Return on Trust Equity

Estimated percent net profit to trust equity

Estimated Return on Unit Holders' Capital

Estimated percent net profit to unit holders' capital

Estimated Sales/Revenues

Estimated net sales/revenues for the period

Estimated Savings Deposits

Estimated savings deposits

Estimated Savings Deposits per share

Estimated savings deposits per common share

Estimated Shareholders' Equity

Estimated shareholders' equity

Estimated Short-Term Debt

Estimated debt due within the 12 months after the specified year

Estimated Total Assets

Estimated total assets

Estimated Total Assets per (common) share

Estimated total assets per common share

Estimated Total Benefits & Reserves

Estimated total benefits and reserves for select insurance companies

Estimated Total Capital

Estimated total capital

Estimated Total Debt

Estimated total debt

Estimated Total Debt to Net Asset Value

Estimated percent total debt to net asset value

Estimated Total Fees

Estimated fee revenue for selected financial companies

Estimated Total Net Loans

Estimated loans to originate in the designated year

Estimated Total Number of Stores

Estimated number of stores

Estimated Total Premiums Earned

Estimated premiums earned

Estimated Total Return

Estimated annual total return for funds

Estimated Total Revenue

Estimated total revenue

Estimated Total Revenue for Thrifts

Estimated total revenues for thrifts

Estimated Total Revenue per ADR

Estimated total revenues per American depository receipt (ADR)

Estimated Total Revenue per ADS

Estimated total revenues per American depository share (ADS)

Estimated Total Revenue per Share

Estimated total revenues per share

Estimated Total Revenue per unit

Estimated total revenues per unit

Estimated Total Sales

Estimated total sales

Estimated Total Sales per ADR

This definition was taken from the weekly "Highest Growth Stock" screen in the Index.

Estimated Total Sales per ADS

Estimated total sales per American depository share (ADS)

Estimated Total Sales per share

Estimated total sales per share

Estimated Total Sales per unit

Estimated total sales per unit

Estimated Total Segment Revenues

Estimated total revenues for selected financial companies

Estimated Translation Rate ($/#)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/#)

Estimated Translation Rate ($/CHF)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/CHF)

Estimated Translation Rate ($/Euro)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/Euro)

Estimated Translation Rate ($/Rand)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/Rand)

Estimated Translation Rate ($/RMB)

Estimated Translation rate of foreign currency as it relates to the US dollar ($/RMB)

Estimated Translation Rate (A$/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (A$/US$)

Estimated Translation Rate (Cdn.$/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Cdn.$/US$)

Estimated Translation Rate (ChP/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (ChP/$)

Estimated Translation Rate (DKr/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (DKr/$)

Estimated Translation Rate (Euro/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Euro/$)

Estimated Translation Rate (FF/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (FF/$)

Estimated Translation Rate (Fl/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Fl/$)

Estimated Translation Rate (HK$/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (HK$/US$)

Estimated Translation Rate (INR/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (INR/$)

Estimated Translation Rate (MexP/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (MexP/$)

Estimated Translation Rate (Nkr/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Nkr/$)

Estimated Translation Rate (NT$/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (NT$/$)

Estimated Translation Rate (R$/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (R$/$)

Estimated Translation Rate (Skr/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Skr/$)

Estimated Translation Rate (US$/A$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/A$)

Estimated Translation Rate (US$/C$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/C$)

Estimated Translation Rate (US$/Cdn.$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/Cdn.$)

Estimated Translation Rate (US$/NZ$)

Estimated Translation rate of foreign currency as it relates to the US dollar (US$/NZ$)

Estimated Translation Rate (W/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (W/$)

Estimated Translation Rate (W/US$)

Estimated Translation rate of foreign currency as it relates to the US dollar (W/US$)

Estimated Translation Rate (Yen/$)

Estimated Translation rate of foreign currency as it relates to the US dollar (Yen/$)

Estimated Trust Equity

Estimated trust holders' equity

Estimated Underwriting Income per (common) share

Estimated underwriting income per common share

Estimated Underwriting Margin

Estimated underwriting margin

Estimated Unitholders' Capital

Estimated unitholders' equity

Estimated Units Outstanding

Estimated number of partnership units outstanding

Estimated Unrealized Appreciation

Estimated unrealized investment portfolio appreciation for select financial companies

Estimated Unrealized Appreciation per share

Estimated unrealized investment portfolio appreciation per share for select financial companies

Estimated Working Capital

Estimated working capital

European Style Option

A European style option is exercisable only at expiration. Most index options, with the exception of the S&P 100 (OEX), are European-style. 

Exchange Code

Code indicating the exchange on which a company's stock issue is listed

Exchange Traded Fund (ETF)

These are basically stocks, which are based on specific and known weighting of regular corporate equities. Like regular stocks, their prices are updated during normal trading hours. Options trade on more than 40 ETFs, and we rank these options in the Value Line Daily Options Survey.  

Ex-Dividend Date

The date by which an investor must have purchased a stock in order to receive announced dividends or stock distributions.

Ex-Dividend Date(2)

The cut-off date on which a stockholder will be entitled to a particular dividend. Usually the stock price will drop by the amount of the dividend right after the ex-dividend date.  

Exercise of an Option

Purchase or sale of the underlying stock at the strike price by the holder of a put or call.

Exercise Price

See Strike Price.

Exotic Options

Options with payoffs that are different from conventional calls and puts, requiring different modeling. “Lookback” options allow the investor to lock in the best price seen over a particular period. “Compound” options give the holder the right to buy the option. “Down and Out” calls cease to exist if the stock goes below a certain price. “Up-and-Away” puts cease to exist if the stock goes above a certain price.  

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When you use the two-headed arrow in the upper-right area of a box, the box (or module) gets physically bigger.  You will also notice that in many cases, additional information is provided when you “Expand.”
Expected Quarterly Reporting Date

Estimated time of the next quarterly earnings report

Expense Ratio (Insurance [Property_Casualty]Industry)

See Percent Expense to Premiums Written.

Expense Ratio (Insurance Property/Casualty/Industry)

Underwriting expenses (including commissions and general/admin. Costs) divided by net premiums earned.

Expense Ratio (REIT Industry)

Expenses other than interest, expressed as a percentage of the average assets.

Expenses/Assets (Investment Companies)

Operating expenses expressed as a percentage of the investment company's total assets at year end.

Expenses_Assets (Investment Companies)

Operating expenses expressed as a percentage of the investment company’s total assets at yearend.

Expiration Date

The date after the options last trading day. In the case of listed stock options, this is the third Saturday of the month. The option buyer should check carefully the time of day by which he must notify his broker to exercise or sell an option. Note if an option closes even slightly in-the-money at expiration, it will be automatically exercised. 

Exports

The sale of goods and services from one country to another. U.S. exports of goods and services are reported by the Commerce Department in its Gross Domestic Product (GDP) reports.