The analyst's story

摘要

It was all getting rather tedious.This was the eighth International Financial Reporting Standards (IFRS) presentation Alice had been to in the last three weeks, and she was getting thoroughly bored of it. You had to turn up just in case the finance director said something new, but they never did! Alice studied the material she had just collected from the Distributors plc meeting. Its share price had fallen on IFRS concerns when the preliminary results had been announced, but had drifted back up since. Actually the group's return to profitability over the last 18 months from a loss-making position had been good, although debt was still too high.The IFRS papers were thankfully short, with only 15 slides and an announcement running to 20 pages. All the familiar themes were there as she started to draft out her note to go to institutional investors the following day.