Quarterly Data Estimates
In order for us to build accurate company valuation models for our portfolio management clients, we have to estimate the value of certain data points in quarterly periods. These estimates are...
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Get All Our Reports on a Stock with Just 1 Click
To make our #1-ranked Long Ideas and Danger Zone picks easier to find on our website, we’ve added a new “Company Report Index”. To access the index of company-specific research, simply click the...
View ArticleChanges to Gold, Platinum, and (old) Pro Memberships
As part of our continuous improvement of our offerings, we are moving access to all of our Model Portfolios and ad-hoc research to the new Professional membership (previously known as Unlimited). As...
View ArticleUpdating the Minimum Tax Rate in our Company Models
This report details changes we’re making to our Company Models based on the recently passed Inflation Reduction Act. #btn_1_41e04f878b822bde4541bf3c3e7a1048 .text...
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Updating Our Models to Close New Off-Balance Sheet Debt Loopholes
The Financial Accounting Standards Board (FASB) introduced ASU 2016-02 (Topic 842) to require companies to recognize operating lease assets and liabilities on the balance sheet. Details here. However,...
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Updating Our Minority Interest Calculation
This report details improvements we’re making to our Company Models to better handle the impact of Accounting Standards Update (ASU) 2016-01. Background The Financial Accounting Standards Board (FASB)...
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Our Company Models In Excel – Now Even Better
We make our Company Models available in Excel so that our research is as easy to use as possible. Clients access these Excel models by clicking the “Download XLS” button below the stock ratings table....
View ArticleJoin the “Society of Intelligent Investors”
Get free access to our new (beta) community platform designed to: engage you with our experts and fellow investors, get you more from New Constructs’ research, and build community around intelligent...
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Improvements to Our Company Models and Dynamic Data Screener
We’re excited to announce that we’ve made additions to our Company Model, Excel Company Model, and Dynamic Data Screener per client feedback. Specifically, we: added custom free cash flow (FCF) and...
View ArticleUpdating our Pension Expense Estimates
We are improving our Company Models for pension expense estimates in periods where we receive incomplete disclosures in quarterly periods. These updates will apply to our Forward-Looking Estimates and...
View ArticlePrimary Coverage – Expanding our Coverage Universe
We are increasing our coverage universe by adding Primary Coverage companies. Companies designated as Primary Coverage have models that do not include the proprietary data from the management...
View ArticleImproving our Models and our Credit Ratings
We’re improving our models for the Total Debt metric used in our Credit Ratings for Financial and REIT companies. The improvement is to classify all Repurchase Agreements as part of Total Debt....
View ArticleImproving our Total Debt Calculation and Credit Rating
We are improving the Total Debt calculation used in our Credit Ratings for all companies under coverage. Specifically, we are updating the calculation to use Carrying Value of Debt instead of Fair...
View ArticleImproving our Interest Coverage Ratio and Overall Credit Rating
We are improving the Interest Coverage ratio calculation, one of the five criteria that drive our Credit Ratings. Specifically, we are updating the calculation of Interest Expense, the denominator in...
View ArticleEquity Model Adjustments for Financial vs. Non-Financial Companies
This report explains why certain calculations in our company valuation models are different for financial companies. These differences are necessary to produce apple-to-apples results for ROIC and...
View ArticleIntroducing the Stock Tracker 50 Membership
We’re excited to announce Stock Tracker 50. This new membership offers streamlined access to our Stock, ETF, and mutual fund ratings at a fraction of the cost of our Professional membership. You’ll...
View ArticleEquity Model Adjustments For Real Estate Investment Trust (REIT) Companies
This report explains the differences in our models for real estate investment trust (REIT) companies compared to standard industrial company models. We explain why we make certain adjustments and...
View ArticleImproving Our Company Models: Suspended Ratings for Changes in Required Cash
We are adding a new reason for suspending Stock and Credit Ratings that relates to our calculation of Invested Capital. Specifically, we will now suspend ratings for companies that experience large...
View ArticleCoverage Universe Methodology
In April 2022, we adopted a new coverage universe methodology – a set of criteria for adding companies to coverage. Below is a brief explanation of how our coverage universe was selected historically,...
View ArticleCoverage Universe History
New Constructs was founded in 2002 to provide unrivaled insights into the fundamentals and valuation of public businesses for U.S. institutional fund managers. As a result, we focused our coverage...
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