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The Thomson Reuters Analyst Awards

The gold standard in sell-side analyst performance

Methodology

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Nordic

2017

2017 THOMSON REUTERS ANALYST AWARDS

METHODOLOGY FOR THE NORDIC REGION

Based on StarMine methodology, the Thomson Reuters Analyst Awards objectively measure the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2017 stock picking awards for the Nordic Region are based on the 2016 calendar-year performance of recommendations. The 2017 awards for estimating performance are scored on the fiscal period that reported between 01 April 2016 and 31 March 2017. Only analyst performance on companies that are based in the Nordic Region is included in the awards calculations.

DATA SOURCE

The Analyst Awards for the Nordic Region are based on StarMine’s estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. The Analyst Awards use the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic Region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, the Analyst Awards have combined multiple industries to reflect the way analysts organize their coverage for the Nordic Region. For example, the Analyst Awards’ "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS

Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, the Analyst Awards build a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a Industry Stock Picking Award, an analyst must have met the following criteria:

  • (1) An analyst must have covered at least five stocks in a given industry throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  • (2) An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  • (3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS

Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, the Analyst Awards use the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, the Analyst Awards require analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS

The Analyst Awards’ proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS

To determine the winners of Industry Earnings Estimate Awards, the Analyst Awards rank qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS

The ten qualifying analysts with the highest Overall Estimate Scores earn the Analyst Awards Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for the Analyst Awards’ Top 10 list, an analyst must have had coverage on at least five stocks throughout the awards period.

TOP BROKERS

The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

NON-PARTICIPATING BROKERS

The following broker did not participate in this year's Nordic Region: Exane BNP Paribas.

2016

2016 THOMSON REUTERS ANALYST AWARDS

METHODOLOGY FOR THE NORDIC REGION

Based on StarMine methodology, the Thomson Reuters Analyst Awards objectively measure the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2016 stock picking awards for the Nordic Region are based on the 2015 calendar-year performance of recommendations. The 2016 awards for estimating performance are scored on the fiscal period that reported between 01 April 2015 and 31 March 2016 (typically FY December 2015). Only analyst performance on companies that are based in the Nordic Region is included in the awards calculations.

DATA SOURCE

The Analyst Awards for the Nordic Region are based on StarMine’s estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. The Analyst Awards use the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic Region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, the Analyst Awards have combined multiple industries to reflect the way analysts organize their coverage for the Nordic Region. For example, the Analyst Awards’ "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS

Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, the Analyst Awards build a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2016 Industry Stock Picking Award, an analyst must have met the following criteria:

  • (1) An analyst must have covered at least five stocks in a given industry throughout 2015. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  • (2) An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  • (3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS

Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, the Analyst Awards use the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, the Analyst Awards require analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS

The Analyst Awards’ proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS

To determine the winners of Industry Earnings Estimate Awards, the Analyst Awards rank qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2015. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS

The ten qualifying analysts with the highest Overall Estimate Scores earn the Analyst Awards Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for the Analyst Awards’ Top 10 list, an analyst must have had coverage on at least five stocks throughout 2015.

TOP BROKERS

The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

NON-PARTICIPATING BROKERS

The following broker did not participate in the 2016 THOMSON REUTERS ANALYST AWARDS for the Nordic Region: Exane BNP Paribas.

2015

2015 STARMINE ANALYST AWARDS*
METHODOLOGY FOR THE NORDIC REGION
*(based on 2014 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2015 stock picking awards for the Nordic Region are based on the 2014 calendar-year performance of recommendations. The 2015 awards for estimating performance are scored on the fiscal period that reported between 01 April 2014 and 31 March 2015 (typically FY December 2014). Only analyst performance on companies that are based in the Nordic Region is included in the awards calculations.

DATA SOURCE
StarMine’s awards for the Nordic Region are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic Region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for the Nordic Region. For example, StarMine’s “Health Care” industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each “Buy” recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. “Strong Buys” get a larger investment of two units long the stock and two units short the benchmark. “Holds” invest one unit in the benchmark (i.e., for an excess return of zero). “Sells” are the reverse: long the benchmark and short the stock. “Strong Sells” get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2015 Industry Stock Picking Award, an analyst must have met the following criteria:

  1. An analyst must have covered at least five stocks in a given industry throughout 2014. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst’s industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst’s Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine’s Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst’s SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2014. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine’s Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2014.

TOP BROKERS
The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

NON-PARTICIPATING BROKERS
The following broker did not participate in the 2015 StarMine Analyst Awards for the Nordic Region: Exane BNP Paribas.

2014

2014 STARMINE ANALYST AWARDS*
METHODOLOGY FOR THE NORDIC REGION
*(based on 2013 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2014 stock picking awards for the Nordic Region are based on the 2013 calendar-year performance of recommendations. The 2014 awards for estimating performance are scored on the fiscal period that reported between 01 April 2013 and 31 March 2014 (typically FY December 2013). Only analyst performance on companies that are based in the Nordic Region is included in the awards calculations.

DATA SOURCE
StarMine’s awards for the Nordic Region are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic Region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for the Nordic Region. For example, StarMine’s “Health Care” industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each “Buy” recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. “Strong Buys” get a larger investment of two units long the stock and two units short the benchmark. “Holds” invest one unit in the benchmark (i.e., for an excess return of zero). “Sells” are the reverse: long the benchmark and short the stock. “Strong Sells” get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2014 Industry Stock Picking Award, an analyst must have met the following criteria:

(1) An analyst must have covered at least five stocks in a given industry throughout 2013. If an industry has fewer than 15 stocks, an analyst must

have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2) An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2013. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2013.

TOP BROKERS
The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

NON-PARTICIPATING BROKERS
The following broker did not participate in the 2014 StarMine Analyst Awards for the Nordic Region: Exane BNP Paribas.



Close

2013

2013 STARMINE ANALYST AWARDS*
METHODOLOGY FOR THE NORDIC REGION
*(based on 2012 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2013 stock picking awards for the Nordic Region are based on the 2012 calendar-year performance of recommendations. The 2013 awards for estimating performance are scored on the fiscal period that reported between 01 April 2012 and 31 March 2013 (typically FY December 2012). Only analyst performance on companies that are based in the Nordic Region is included in the awards calculations.

DATA SOURCE
StarMine's awards for the Nordic Region are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic Region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for the Nordic Region. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2013 Industry Stock Picking Award, an analyst must have met the following criteria:

(1) An analyst must have covered at least five stocks in a given industry throughout 2012. If an industry has fewer than 15 stocks, an analyst must

have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2) An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3) An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2012. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2012.

TOP BROKERS
The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

NON-PARTICIPATING BROKERS
The following broker did not participate in the 2013 StarMine Analyst Awards for the Nordic Region: Exane BNP Paribas.



Close

2012

2012 StarMine Analyst Awards*
Methodology for the Nordic Region
*(based on 2011 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2012 stock picking awards for the Nordic Region are based on the 2011 calendar-year performance of recommendations. The 2012 awards for estimating performance are scored on the fiscal period that reported between 01 April 2011 and 31 March 2012 (typically FY December 2011). Only analyst performance on companies that are based in the Nordic Region is included in the awards calculations.

Data Source
StarMine's awards for the Nordic Region are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic Region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts organize their coverage for the Nordic Region. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2012 Industry Stock Picking Award, an analyst must have met the following criteria:

(1)  An analyst must have covered at least five stocks in a given industry throughout 2011. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

(2)  An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.

(3)  An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2011. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2011.

Top brokers
The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Brokers.

Non-Participating brokers
The following broker did not participate in the 2012 StarMine Analyst Awards for the Nordic Region: Exane BNP Paribas.

Close

2011

 

2011 STARMINE ANALYST AWARDS*
METHODOLOGY FOR THE NORDIC REGION

*(based on 2010 results)

StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2011 awards for the Nordic region are based on the 2010 calendar-year performance of recommendations and estimates on companies that are based in the Nordic region.

DATA SOURCE
StarMine's awards for the Nordic region are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts typically organize their coverage for the region. For example, StarMine's "Health Care" industry in the Nordic region is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

INDUSTRY STOCK PICKING AWARDS
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2011 Industry Stock Picking Award, an analyst must have met the following criteria:

  1. An analyst must have covered at least five stocks in a given industry throughout 2010. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERALL STOCK PICKING AWARDS
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

OVERVIEW OF EARNINGS ESTIMATE AWARDS
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

INDUSTRY EARNINGS ESTIMATE AWARDS
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2010. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

OVERALL EARNINGS ESTIMATE AWARDS
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2010.

TOP THREE BROKERS The three brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Three Brokers.

Close

2010

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2009 awards for the Nordic region are based on the 2009 calendar-year performance of recommendations and estimates on companies that are based in the Nordic region.

Data Source
StarMine's awards for the Nordic region are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts typically organize their coverage for the region. For example, StarMine's "Health Care" industry in the Nordic region is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2010 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2009. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2009. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2009.

Top Ten Brokers
The ten brokers whose analysts or research teams win the most individual analyst awards appear on the list of Top Ten Brokers.
Close

2009

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2009 awards are based on the 2008 calendar-year performance of recommendations and estimates on companies that are based in the Nordic countries (i.e., Norway, Finland, Sweden, Denmark and Iceland).

Data Source
StarMine's Nordic awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way Nordic analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2009 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2008. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2008. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2008.

Non-Participating Firms
The following firm did not participate in StarMine's 2009 Annual Analyst Awards for the Nordic region: Handelsbanken Capital Markets and Sanford C. Bernstein & Co.
Close

2008

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2008 awards are based on the 2007 calendar-year performance of recommendations and estimates on companies that are based in the Nordic countries (i.e., Norway, Finland, Sweden, Denmark and Iceland).

Data Source
StarMine's Nordic awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way Nordic analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2008 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2007. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2007. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2007.

Non-Participating Firms
The following firms did not participate in StarMine's 2008 Annual Analyst Awards for the Nordic region: Handelsbanken Capital Markets, Lehman Brothers and Sanford C. Bernstein & Co.
Close

2007

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2007 awards are based on the 2006 calendar-year performance of recommendations and estimates on companies that are based in the Nordic countries (i.e., Norway, Finland, Sweden and Denmark).

Data Source
StarMine's Nordic awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way Nordic analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Biotechnology, Health Care Equipment & Supplies, Health Care Providers & Services, Health Care Technology, Life Sciences Tools & Services, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2007 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2006. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires analysts to have earned at least a 4-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2006. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2006.

Non-Participating Firms
The following firm did not participate in StarMine's 2007 Annual Analyst Awards for the Nordic region: Lehman Brothers and Sanford C. Bernstein & Co.
Close

2006

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2006 awards are based on the 2005 calendar-year performance of recommendations and estimates on companies that are based in the Nordic countries (i.e., Norway, Finland, Sweden and Denmark).

Data Source
StarMine's Nordic awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in the Nordic region, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way Nordic analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Health Care Equipment & Supplies, Health Care Providers & Services, Biotechnology, and Pharmaceuticals.

Industry Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return
All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria
To qualify for a 2006 Industry Stock Picking Award, an analyst must have met the following criteria:
  1. An analyst must have covered at least five stocks in a given industry throughout 2005. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.
  2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must be positive.
  3. An analyst must have delivered at least a 3-star performance on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.
Overall Stock Picking Awards
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry.

Qualification Criteria
To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine requires an analyst to have earned at least a 4-star rating on his overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating.

Overview of Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to that of other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards
To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria
To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout 2005. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

Overall Earnings Estimate Awards
The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria
To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout 2005.

Non-Participating Firms
The following firms did not participate in StarMine's 2006 Annual Analyst Awards for the Nordic region: Lehman Brothers, Nordea Securities and Sanford C. Bernstein & Co., Llc.
Close

2005

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell/hold recommendations and the accuracy of their earnings estimates. The 2005 awards are based on the performance of recommendations and estimates on companies based in the Nordic Countries (Norway, Finland, Sweden and Denmark) during calendar year 2004.

Data Source
StarMine's Nordic awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine used the GICS (Global Industry Classification System) for its industry definitions. Where GICS classifications produced industries that are too small for the Nordic region, StarMine combined multiple industries together to maximize the alignment with how Nordic analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Health Care Equipment & Supplies, Health Care Providers & Services, Biotechnology, and Pharmaceuticals.

Stock Picking Awards
Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst against an industry-based benchmark. Overall stock picking winners are determined using an average of each analyst's industry excess returns, weighted based on the number of stocks the analyst covers in each industry. The details are below.

Industry Stock-Picking Awards
To qualify for this ranking, an analyst must have covered at least 5 stocks (or 1/3 of the stocks in the industry, for industries with fewer than 15 stocks) throughout the year.

All analyst returns are determined relative to the Industry-based benchmark. The benchmark is a market capitalization-weighted portfolio of all of the stocks in the industry. StarMine then builds a non-leveraged portfolio for each analyst based on his recommendations.

For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero).

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Analysts needed to deliver a positive excess return in their industry in order to qualify.

In addition, StarMine requires analysts to earn at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating, in order to win any stock picking awards.

The top three analysts in each industry are chosen for the awards.

Overall Stock-Picking Awards
To qualify for the overall stock-picking awards, analysts need to have covered at least 5 stocks throughout the year. An analyst's overall excess return is computed as an average of each of his Industry Excess Returns, weighted based on the number of stocks the analyst covers in each industry.

In addition, StarMine requires analysts to earn at least a 4-star performance on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating, in order to win an overall stock picking award.

StarMine sorted all analysts in the database based on their overall excess return to determine the top 10 overall stock pickers.

Earnings Estimate Awards
StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. SES ranges from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

The Industry Earnings Estimate Awards
To qualify for this ranking, an analyst must have coverage on at least 5 stocks (or 1/3 of the stocks in the industry for industries with fewer than 15 stocks) for 2004.

StarMine ranked qualifying analysts based on their Industry Estimate Score for the stocks in the specific industry. The top three analysts in each industry are chosen for the awards.

The Overall Earnings Estimate Awards
To qualify for StarMine's Top 10 list, analysts needed to provide earnings estimates for least 5 stocks throughout calendar 2004. StarMine ranked qualifying analysts by their Overall Estimate Score.

StarMine sorted all analysts in the database based on their overall estimate score to determine the top 10 overall earnings estimators.

Non-Participating Firms
The following firms did not participate in StarMine's annual awards for the Nordic region: Bernstein, Cheuvreux, Merrill Lynch.
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2004

 
StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their earnings estimates. The 2004 awards are based on the performance of recommendations and estimates on companies based in the Nordic Countries: Norway, Finland, Sweden and Denmark, during calendar year 2003.

Data Source
StarMine's Nordic awards are based on the estimates and recommendations as recorded in the Thomson Financial I/B/E/S database. StarMine used the GICS (Global Industry Classification System) for its industry definitions. Where GICS classifications produced industries that are too small for the Nordic region. StarMine combined multiple industries together to maximize the alignment with how Nordic analysts organize their coverage. For example, StarMine's "Health Care" industry is a composite of the following GICS industries: Health Care Equipment & Supplies, Health Care Providers & Services, Biotechnology, and Pharmaceuticals.

Stock Picking Awards
StarMine has developed two methods, based on different benchmarks, of measuring analyst stock-picking performance. Industry winners were determined using an industry-based benchmark and are sorted based on their portfolio's excess return to that benchmark. Overall stock picking winners are determined using a custom benchmark based on each analyst's coverage universe, and are adjusted based on the available opportunity in each portfolio. The details are below.

Industry Stock-Picking Awards
To qualify for this ranking, an analyst must have covered at least 5 stocks (or 1/3 of the stocks in the industry, for industries with fewer than 15 stocks) for throughout 2003.

All analyst returns are determined relative to the industry-based benchmark. The benchmark is a market capitalization-weighted portfolio of all of the stocks in the industry. StarMine then builds a non-leveraged portfolio for each analyst based on his recommendations.

For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Analysts needed to deliver a positive excess return to their industry in order to qualify. The top three analysts in each industry are chosen for the awards.

Overall Stock-Picking Awards
To qualify for the overall stock-picking awards, analysts need to have covered at least 6 stocks throughout the year. To fairly compare analysts across disparate industries, StarMine creates unique benchmarks for each analyst and adjusts each portfolio for the available opportunity.

To begin, StarMine computes a Recommendation-Weighted Return for each analyst. This is a non-leveraged, long-only portfolio of all stocks in an analyst's coverage. StarMine invests 4 units in each Strong Buy recommendation, 2 units in each Buy, 1 unit in each Hold, ½ unit in each Sell, and ¼ unit in each Strong Sell.

StarMine then computes a Coverage Return, which serves as a personal benchmark for each analyst. It indicates how a long-only portfolio would have done had the analyst simply put a Buy recommendation on all of the stocks in his coverage. It is computed by investing equal amounts in each covered stock during the period that the analyst covered it.

Both portfolios are rebalanced at the end of every month and when an analyst adds or drops coverage. Because the Recommendation-Weighted Return and the Coverage Return are always fully invested, the difference between them, or Excess Return, is not subject to the overall direction of the market, or the relative performance of individual industries. Rather, the difference is entirely driven by how well the analyst distinguished among the stocks in the analyst's coverage universe. For example, did the Strong Buys outperform the Buys, and so on?

In order to fairly compare analyst skill across disparate industries with different variance and returns characteristics, StarMine computes a ratio that is the above difference divided by a measure of the dispersion of the returns of the stocks in the analyst's coverage universe. The resulting measure isolates the skill of the analyst in distinguishing among the stocks in his coverage, and is independent of the direction of the market, the industries covered, or the variance across the particular stocks.

StarMine sorted all analysts in the database based on this ratio to determine the top 10 overall stock pickers.

Earnings Estimate Awards
StarMine's proprietary metric, Relative Accuracy Score (RAS), measures the accuracy of each analyst's earnings forecasts. RAS is a relative measure; that is, analysts are compared against their peers. RAS ranges from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates.

RAS takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. RAS is computed daily and aggregated to provide scores on individual stocks, industries, and the analyst overall.

The Overall Earnings Estimate Awards
To qualify for StarMine's Top 10 list, analysts needed to provide earnings estimates for least 6 stocks throughout calendar 2003. StarMine ranked qualifying analysts by their overall Relative Accuracy Score.

The Industry Earnings Estimate Awards
To qualify for this ranking, an analyst must have coverage on at least 5 stocks (or 1/3 of the stocks in the industry for industries with fewer than 15 stocks) for 2003.

StarMine ranked qualifying analysts based on their Relative Accuracy Score for the stocks in the specific industry.

Non-Participating Firms
The following firms did not participate in StarMine's annual awards: Bernstein and Merrill Lynch.
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