REFS is
a mine of invaluable information for the private investor.
Selecting shares without its help is like trying to
clap with one hand tied behind your back.
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Market
and sector ‘moons’
The moons,
which appear alongside each of the key statistics in the shaded
panel, indicate from an investment standpoint how attractively
that statistic compares with other companies in REFS.
Black equals attractive, so the more black, the better. The
left-hand column of moons, headed 'm', measures attractiveness
relative to the rest of the market, whilst the right-hand column,
headed 's', compares the company with its peers in the
same sector.
For each
statistic, the degree of attractiveness is calculated by ranking
all the companies in the market, or sector. The relative position
determined in this way precisely fixes the calibration of the
horizontal line within each moon. The amount of black shading
represents the degree of attractiveness, so that a completely
black moon is the most attractive, whilst a clear or empty moon
is the least.
The table
below defines the words 'attractive or unattractive from an
investment standpoint' in relation to each of the key statistics:
Please note,
however, that a cluster of black moons does not constitute an
investment recommendation. It does, however, indicate that judged
by accepted investment measures, the shares of the company in
question seem to be attractive and merit further investigation.
(NOTE:
‘Not applicable’ is indicated when the circle contains crossed
vertical and horizontal lines.)
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