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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PSR
(Price-to-sales ratio)
The calculation of PSR is as follows:
LATEST SHARE PRICE
----------------------- = PSR (X)
SALES PER SHARE
Sales per share is calculated using information
disclosed in the latest available annual report. It is the total
sales or operating revenues for the period covered by the last
annual report divided by the weighted average number of ordinary
shares in issue during the period.
Total sales, or operating revenues, used in the
calculation exclude VAT, and are annualised when necessary.
The calculation of sales per share is as follows:
TOTAL SALES
------------------------------------------ X
100p = SALES PER SHARE (p)
WEIGHTED AVERAGE SHARES IN ISSUE
Sales per share can be subject to adjustment
for a variety of reasons falling into the following two categories:
share
capital changes which give rise to share price adjustment
factors annualisation
of accounting periods which are greater or less than 12 months
in duration
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