Platform integration

Depending on which parts of the system and how the client will use them, there are some steps to go throuht before clients can start using the system. It is possible to start using the system in a matter of few weeks if no big changes are made. For example analysts can start integrating and using the Excel models immediately and in the meanwhile we can make the requested changes to web pages, transfer Pdf reports to Pdf library and so on.

We can also make changes to Excel models (e.g. new key figures or some parameters, change the calculation rules) if necessary. As the whole system is developed and maintained all the time, clients can post new requests anytime they want. We're of course always interested in hearing new ideas on how to develope the system or what kinds of new features it should posses.

ValuViews (web pages)

The web pages where end users can browse research data can be easily modified according to client's wishes. We also have a default layouts to offer, which can be modified in a number of ways (client's logo, colours, which pages to show, which figures to show, etc.) in a short time.

Pdf reports

Broker's current and new Pdf reports can be easily transferred to a new research database. Now broker's customers can access the reports through same system and find relevant Pdf reports automatically when they browse some companies figures.

Excel model integration

Stockbrokers have two options in order to use Excel valuation models as a part of the Valuatum Platform

1. Link their own models to Valuatum Excel model
2. Adopt Valuatum Excel Model (and integrate your current output sheets into the new model).

Why to choose option 2: Adopt Valuatum Excel Model?

Valuatum Excel Model has been developed and used among analysts for almost ten years. It is well tested and it includes e.g. the following features:

Figures up to quarter and divisional levels in the past and near future.
Some alternative ways to estimate (e.g. Net sales and EBIT can be inputted in absolute figures or as percentages (net sales growth, ebit margin).
Includes DCF- and EVA-statements which are integrated to estimates and thus generate fair value based on current estimates. DCF- and EVA-statements produce identical fair value as the theory suggests.
Automatic balance sheet smoothing as forecasts are changed.
Automatic year-change function (only one click needed to change year).
Automatic procedures to updating models (all the models can be updated at once with few clicks).

When the broker adopts Valuatum Excel Model, it does not have to give up its old output sheets since they can be inserted to Valuatum Model.

Of course analysts have to learn to use a new kind of model, but we believe that Valuatum Excel Model offers good quality and at the end saves effort and time.

Excel model integration process

The process

Valuatum creates a macro for the integration process that copies all necessary data from broker's current models to the Valuatum models. The macro takes about 30 seconds per model.

Detailed process

This picture explains what the macro does for an Excel model. It uses a broker's model and copies the following data to a prefilled Valuatum model:

Analyst's and broker's own (input) sheets
The most important estimates, e.g. net sales and ebit

Also broker's output sheets can be found in the integrated model since they are added to the prefilled model in advance.

> Excel model updating

Integration Time

Now you might think that the integration is time-consuming and a big effort. At the simplest, the integration process...

...takes only the time to integrate Excel models.
...takes only the time to modify web pages (ValuViews) according to customers wishes. If default style (of course colours, logos, etc. can still be changed) is used the time is only few hours.

Once this is done the broker can start providing its research information to its customer through Valuatum Platform. Other alternatives and their integration time are dependent on the modifications required and have to be evaluated case by case.

Therefore the integration time needed is more dependent on the analysts' time schedules, than on the integration work with your models. Our current customers have been able to introduce the platform to their own customers (institutional and retail investors) within one or two months from the buy-desicion. But as said: this normally depends more on the schedules of the customer (analysts) than on the schedules of Valuatum. If the customer e.g. buys our cost-efficient raw data with consensus estimates and thus takes a very easy way to adapting new excel valuation models, then the total integration time might be as less than one week.

Integration cost

The time requirements and the costs occurred are dependent on the case and modifications required. Generally this is however not a very time consuming task and thus the cost to a broker is relatively small.

If needed we can also take care of the implementation with a fixed fee. This fee is based on your current situation e.g. with your current excel-sheets and on what kind of www-layout wishes you have.