Currency assumptions: when a revenue forecast changes without extra sales
Accenture, IBM and SAP show why reported growth and constant-currency growth answer different questions. A worked example isolates the exchange-rate input.
Rail order books: follow the work before counting the cash
Wabtec, Alstom and Stadler show why a large rail order book still needs delivery, billing and cash checks.
Earnings prediction markets: approval is only the first business test
Cboe’s KPI-option approval is a real milestone. Fee waivers, contract counts and launch conditions show why the revenue story still needs separate evidence.
Cloud exit fees: the transfer credit is only part of the switching bill
AWS, Azure and Google Cloud offer defined exit-transfer concessions. The financial test is what it costs to move and keep the application working afterwards.
Registered shares for sale: who actually gets the cash?
A resale filing can put shares in front of buyers without funding the company. Three space-sector disclosures show how to trace the seller, issuance and cash.
An ETF priced in pounds can still carry overseas currency risk
The trading currency, underlying holdings and hedge answer different questions. A worked example shows why the pound sign on a dealing screen cannot settle an ETF’s currency risk.
ETF trading costs: the spread outside the annual charge
An ETF’s annual charge and its trading spread measure different costs. A worked example explains the distinction and the business exposure for fund managers and liquidity providers.
Dividend yield can rise without an extra penny of income
A lower share price can lift dividend yield while the cash payment stays unchanged. Kit Dawson separates the arithmetic from the business evidence behind AT&T, Verizon and Realty Income.
Retail profit is not cash: three different tests in Walmart, Nike and Target’s accounts
Walmart’s investment bill, Nike’s working capital and Target’s supplier balances show why profit, operating cash and cash after investment answer different questions.
Chipotle’s sales grew. What is left after serving the extra orders?
Ahead of Chipotle’s October results, June-quarter growth and narrower margins show why more restaurant sales need a separate cost test.