Source: http://www.google.com/patents/US7644024?dq=5787445
Timestamp: 2016-05-07 02:01:53
Document Index: 260942384

Matched Legal Cases: ['art.\n14', 'art 11', 'art 11', 'art 11', 'art 11', 'art 11', 'art 11', 'art 11', 'art 11', 'art 11', 'art 11']

Patent US7644024 - Financial information display system - Google PatentsSearch Images Maps Play YouTube News Gmail Drive More »Sign inPatentsA display system for providing financial information regarding publicly traded securities includes a display having seven valuation metrics related to a publicly traded security displayed on a scatter chart. Each metric may be selected to permit a user to view detailed information concerning the metric....http://www.google.com/patents/US7644024?utm_source=gb-gplus-sharePatent US7644024 - Financial information display systemAdvanced Patent SearchPublication numberUS7644024 B2Publication typeGrantApplication numberUS 10/427,603Publication dateJan 5, 2010Priority dateMay 1, 2003Fee statusPaidAlso published asUS20040220868, WO2004100116A2, WO2004100116A3Publication number10427603, 427603, US 7644024 B2, US 7644024B2, US-B2-7644024, US7644024 B2, US7644024B2InventorsMarvin J. Dainoff, Charles A. DainoffOriginal AssigneeCognitive Engineering Associates, LLCExport CitationBiBTeX, EndNote, RefManPatent Citations (22), Non-Patent Citations (1), Classifications (14), Legal Events (6) External Links: USPTO, USPTO Assignment, EspacenetFinancial information display system
US 7644024 B2Abstract
determining at least two different metrics for valuing the security using the data from the database, the at least two metrics selected from the following:
price per sales valuation, price per cash flow valuation,
displaying the at least two metrics on a computer output device;
wherein the at least two valuation metrics are displayed on a scatter chart having an axis with positive and negative ordinates.
2. The method of claim 1 wherein at least three valuation metrics for the security are determined and displayed.
4. The method of claim 1, further comprising storing data related to the at least two valuation metrics.
5. The method of claim 1, further comprising displaying information related to the determination of a particular metric and the data obtained from the database when requested by a user.
6. The method of claim 5, wherein information related to the determination of a particular valuation metric and data from the database are displayed when a user selects an item related to the metric from a computer screen by moving a cursor on the screen to the item and indicating the item.
determining at least two different metrics for the valuing the second security
using the data from the database, the at least two metrics selected from the following:
graphically displaying on the scatter chart the at least two metrics for the first and second securities on the computer output device.
8. The method of claim 1 wherein the method is implemented on a computer system having at least a first computer in communication with a second computer, and wherein:
identifying a desired security is performed on the second computer and received at the first computer;
determining the at least two metric is performed by the first computer; and
displaying the at least two metrics is performed by the second computer.
9. The method of claim 8, wherein the computer system further includes a third computer adapted to facilitate the purchase or sale of a security, the method further comprising:
linking to the third computer to purchase or sell a security.
10. A method of providing financial data over a network including at least first and second computers, the method comprising:
determining at least two different metrics for valuing the security at the first computer using the data, the at least two metrics selected from the following:
free cash flow to equity valuation, free cash flow to the firm valuation, price per earnings per share valuation, price per sales valuation, price per cash flow valuation, price per book value valuation, and dividend discount model valuation; and
delivering a graphical display of the at least two metrics on a scatter chart from the first computer to the second computer.
11. The method of claim 10, wherein delivering a graphical display of the at least two metrics to the second computer comprises delivering the graphical display with an Internet web page.
12. A system for providing financial information related to publicly trades securities, comprising a first computer configured to receive a request identifying a desired security; to obtain data regarding the security from a database; to determine at least two different metrics for valuing the security, the at least two metrics selected from:
price per book value valuation,
and dividend discount model valuation; and to deliver a graphical display of the at least two metrics on a scatter chart to an output device.
13. The system of claim 12, further comprising a second computer in communication with said first computer, said second computer configured to receive information from said first computer and to display said information on the scatter chart.
14. The system of claim 13, wherein said first computer is configured to receive the request from said second computer and to deliver said graphical display to an output device at said second computer. Description
FIG. 1 is a schematic illustration depicting an exemplary configuration of computers according to the present invention;
FIG. 2 illustrates an exemplary display screen according to the present invention;
FIG. 3 is an exemplary display, similar to FIG. 1, illustrating the display of financial information related to a particular security;
FIGS. 4-46 illustrate exemplary display screens providing additional information related to the selected security, according to the present invention; and
FIG. 47 is another exemplary display of the present invention.
The Dividend Discount Model valuation represents the present value of a company based on the amount of dividends it will pay over time. The Free Cash Flow to Equity valuation represents the present value of a company based on the cash flows the company has after: (1) meeting its interest and principal payments; and (2) providing for capital expenditures to maintain existing assets and to create new assets for future growth. The Free Cash Flow to the Firm valuation is the present value of a company's cash flow s to its stockholders and bondholders, after taking into account the potential tax liability from earnings, capital expenditures, and working capital requirements. The Price Per Earnings valuation is a comparison of a company's present value to its expected earnings. The Price Per Cash Flow valuation compares a company's present value to its expected cash flows. The Price Per Book Value valuation is a comparison of a company's present value to the company's assets, less its liabilities. The Price Per Sales valuation is a comparison of a company's present value to its expected sales. Formulas for calculating these various valuations are well known in the art and the values which may be entered into the formulas for a particular publicly traded security are available, for example, from databases containing financial report information from the SEC, such as the Electronic Data Gathering, Analysis and Retrieval system (EDGAR�).
FIG. 2 depicts an exemplary display screen 10 a of a computer configured to implement the financial information display system of the present invention. The display screen 10 a displays a scatter chart 11 having a vertical axis 12, subdivided to provide a numerical reference scale, and a horizontal zero reference line 14. Advantageously, one or more metrics for valuing a selected security may be displayed on the scatter chart 11 of the display screen 10 a. In the exemplary embodiment shown, seven metrics are displayed as points on the scatter chart 11. These metrics include a Dividend Discount Model valuation 16 a, a Free Cash Flow To Equity valuation 18 a, a Free Cash Flow To the Firm valuation 20 a, a Price Per Earnings valuation 22 a, a Price Per Cash Flow valuation 24 a, a Price Per Book Value valuation 26 a, and a Price Per Sales valuation 28 a. Adjacent each of the valuations 16 a-28 a, a corresponding identifier tag 16 b-28 b identifies the corresponding metric to facilitate comprehension by a user.
Referring now to FIG. 3, there is shown a display screen 10 b illustrating an exemplary display of financial information for a selected “Company XYZ” resulting from a Company XYZ identifier entered by a user in input field 30 of the display screen 10 a of FIG. 2. Upon receiving a command from the user to display financial information for Company XYZ, a database containing financial information related to Company XYZ is accessed and the seven valuation metrics 16 a-28 a are computed and displayed on scatter chart 11. The display screen 10 b further provides an identification of the selected security 40 and a field 42 providing the user with an option to perform further action, for example, to add the financial information for the selected security to a portfolio. The display screen 10 b also shows a numeric value for each of the seven metrics 16 a-28 a provided on scatter chart 11 in field 44. Advantageously, the display system of the present invention allows users to selectively access and examine further detail of the seven valuation metrics 16 a-28 a for the selected security. In essence, the system allows users to “drill down” from the valuation metrics 16 a-28 a to examine basic financial information as well as the equations used to calculate those metrics. In the exemplary embodiment, the user may access this detailed information by selecting a desired metric 16 a-28 a, for example, by moving a cursor on the display screen 10 b to the desired metric and selecting the desired metric, such as by clicking a mouse button or depressing a key on a keyboard.
Referring now to FIGS. 4-46, progressively detailed information regarding the selected security that is displayed when a user selectively drills down from the seven valuation metrics 16 a-28 a will now be discussed. FIG. 4 depicts an exemplary display screen 10 c that is returned when a user selects the Dividend Discount Model valuation metric 16 a from the display of FIG. 3. After the Dividend Discount Model valuation metric 16 a has been selected, display screen 10 c displays the identifier 16 b (“DDM”) for the metric and the numeric value for the metric in field 50. Field 52 provides the name of the valuation metric. A formula for calculating the Dividend Discount Model valuation metric is provided in field 54, and includes user selectable parameters 54 a, 54 b, and 54 c which may be selected by the user to drill down for further information. The numeric values representing the parameters are entered into the formula of field 54 are provided in field 56 a and subsequent calculations for determining the Dividend Discount Model valuation metric are displayed in field 56 b. FIG. 5 depicts an exemplary display screen 10 d which is returned when a user selects the Dividends Per Share parameter 54 a from field 54 of FIG. 4. Field 60 identifies the selected parameter and the numeric value calculated for the Dividends Per Share parameter. The formula used to calculate the Dividends Per Share parameter is displayed in field 62. Numeric values representing the parameters are entered into the formula of field 62 are provided in field 64 a, and a successive calculation of the parameter is displayed in 64 b. Referring now to FIG. 6, there is shown an exemplary display screen 10 e returned when a user selects parameter “k” 54 b from field 54 of FIG. 4. Parameter “k” and its numeric value are displayed in field 70, and field 72 identifies this parameter as the Investor's Required Rate Of Return. The formula for calculating the Required Rate Of Return is displayed in field 74. Field 76 displays a shorthand notation for the formula of field 74, and numeric values representing the parameters are entered into the formula in field 78 a. Field 78 b shows a successive calculation for determining the numeric value displayed in field 70.
Referring now to FIG. 7, there is shown an exemplary display screen 10 f depicting the information displayed when a user selects parameter 54 c from field 54 of FIG. 4. Field 80 displays the parameter and its calculated numeric value. Field 82 identifies this parameter as the Average Dividend Growth Rate from 1997 to 2001. Fields 84 and 86 display formulas used to determine the value shown in field 80. Field 86 contains user selectable parameters 86 a-86 h that may be selected to allow a user to drill down for further information regarding the components of the formula. Fields 88 a-88 d display the numeric values representing the parameters and entered into the formula of field 86, and successive calculations of the formula to obtain the numeric value displayed in field 80.
Referring now to FIG. 16, there is shown an exemplary display screen 10 o returned when a user selects the Free Cash Flow to Equity valuation metric 18 a on the scatter chart 11 shown in FIG. 3. The identifier tag “FCFE” and the numeric value calculated for the valuation metric are displayed in field 150. Field 152 identifies the selected valuation metric as the Free Cash Flow to Equity Valuation, and field 154 provides the formula used to calculate the Free Cash Flow to Equity valuation metric. Field 154 includes user selectable parameters 154 a, 154 b, and 154 c whereby a user may selectively drill down to view detailed information regarding the valuation metric. Numeric values representing the parameters are entered into the formula shown in field 154, and successive calculations used to determine the valuation metric are displayed in fields 156 a-156 c. In FIG. 17, there is shown an exemplary display screen 10 p returned when a user selects the FCFE parameter 154 a from the formula displayed in field 154 of FIG. 16. The selected parameter and its associated numeric value are provided in field 160 of FIG. 17. Fields 162 and 164 provide details of the formula utilized to determine the selected parameter, and contain user selectable parameters 162 a and 164 a. Fields 166 a and 166 b display the numeric values representing the parameters and entered into the formulas along with the subsequent calculations performed to determine the FCFE parameter.
Referring now to FIG. 19, there is shown an exemplary display screen 10 r provided when a user selects the FCFF (Free Cash Flow to the Firm) valuation metric 20 a displayed on scatter chart 11 of FIG. 3. Field 180 of FIG. 19 provides the identifier for the selected valuation metric and its associated numeric value. Field 182 displays the name of this valuation metric as “Free Cash Flow to the Firm Valuation.” Field 184 displays the formula utilized in determining the Free Cash Flow to the Firm valuation, and includes user selectable parameters 184 a (FCFF), 184 b (WACC) and 184 c (FCFF Growth Rate). Fields 186 a-186 c display the numeric values represented by the parameters and entered into the formula of field 184, along with subsequent calculations for determining the Free Cash Flow to the Firm valuation.
Referring to FIG. 21, there is shown an exemplary display screen 10 t returned when a user selects parameter 184 b (WACC) from field 184 of FIG. 19. Field 200 identifies this parameter as the Weighted Average Cost of Capital and displays its calculated numeric value. The formula used to calculate the Weighted Average Cost of Capital is provided in field 202, and the numeric values representing these parameters and entered into this formula and subsequent calculations are displayed in fields 204 a and 204 b. Field 202 contains user selectable parameters 202 a-202 d, which are discussed more fully below.
Referring now to FIGS. 26-29, respective display screens 10 y, 10 z, 10 aa, and 10 bb are returned when a user selects the Annual Weighted Cost of Debt parameters 208 a, 214 a, 220 a, and 226 a from respective fields 208, 214, 220, and 226 of FIGS. 22-25. In each display, fields 230, 236, 242, and 248 show the name of the selected parameters 208 a, 214 a, 220 a, and 226 a, along with their calculated numeric values. Fields 232, 238, 244, and 250 each display the respective formulas used to calculate the respective annual weighted cost of debt. Fields 234, 240, 246, and 252 each display the respective numeric values representing the parameters and entered into the formulas of fields 232, 238, 244, and 250.
FIG. 36 depicts an exemplary display screen 10 ii returned when a user selects the Dividend Payout Ratio parameter 292 a from field 292 of the display 10 hh shown in FIG. 35. Field 298 displays the numeric value of the Dividend Payout Ratio. Fields 300 and 302 display the formulas used to compute the Dividend Payout Ratio shown in field 298. Fields 304 and 306 display the numeric values representing the parameters and entered into the formulas and a subsequent calculation for determining the Dividend Payout Ratio.
When a user selects the Investor's Required Rate of Return (k) parameter 292 b from field 292 of FIG. 35, display screen 10e is returned, as previously described with respect to FIG. 6. When a user selects the Dividend Growth Rate parameter 292 c from field 292 of FIG. 35, display screen 10 f is returned, as described above with respect to FIG. 7.
FIG. 37 depicts an exemplary display screen 10 jj returned when a user selects the P/CF (Price Per Cash Flow) valuation metric 24 a from the scatter chart 11 shown in FIG. 3. In FIG. 37, the identifier tag “P/CF” and the numeric value calculated for the Price Per Cash Flow valuation is displayed in field 308. Field 310 displays the name of the metric as “Price Per Cash Flow Valuation”. Field 312 displays the formula used to compute the Price Per Cash Flow valuation, and fields 314 and 316 display the numeric values represented by the parameters and entered into the formula and intermediate calculations for determining the Price Per Cash Flow valuation. Field 312 has user selectable parameters 312 a and 312 b. When a user selects the price parameter 312 a from field 312, an exemplary display screen 10 kk shown in FIG. 38 is returned. In FIG. 38, the numeric value associated with the price is displayed in field 318. The formula for determining the price is displayed in field 320. Fields 322 and 324 display the numeric values representing the parameters and entered into the formula and intermediate calculations for determining the price.
Referring now to FIG. 42, there is shown an exemplary display screen 10 oo returned when a user selects the P/BV (Price Per Book Value) valuation metric 26 a from the scatter chart 11 shown in FIG. 3. In FIG. 42, field 350 displays the numeric value calculated for the Price Per Book Value valuation metric. Field 352 displays the name of this metric as “Price Per Book Value Valuation”. Field 354 displays the formula used to calculate the Price Per Book Value valuation metric, and includes user selectable parameters 354 a and 354 b.Fields 356 and 358 display the numeric values representing the parameters and entered into the formula and subsequent calculations for determining the Price Per Book Value valuation metric. When a user selects the Price parameter 354 a in field 354, an exemplary display screen 10 kk providing information for determining the Price parameter is returned, as discussed above with respect to FIG. 38. When a user selects the Book Value parameter 354 b from field 354 in FIG. 42, an exemplary display screen 10 pp is returned, as depicted in FIG. 43. In FIG. 43, the numeric value calculated for the Book Value is displayed in field 360. Field 362 displays the formula used to calculate the Book Value shown in field 360. Field 364 displays the numeric values representing the parameters and entered into the formula of field 362.
Referring now to FIG. 44, there is shown an exemplary display screen 10 qq returned when a user selects the P/S (Price Per Sales) valuation metric 28 a from the scatter chart 11 shown in FIG. 1. In FIG. 44, field 366 displays the numeric value calculated for the Price Per Sales valuation metric. Field 368 displays the name of the metric as “Price Per Sales Valuation”. Field 370 displays the formula used to calculate the Price Per Sales valuation metric, and fields 372 and 374 display the numeric values representing the parameters and entered into the formula and a subsequent calculation. The formula displayed in field 370 includes user selectable parameters 370 a, 370 b, 370 c and 370 d. When a user selects the Profit Margin parameter 370 a from field 370, an exemplary display screen 10 rr shown in FIG. 45 is returned. In FIG. 45, field 376 displays the value calculated for the Profit Margin. Field 378 displays the formula used to calculate the Profit Margin and contains a user selectable parameter 378 a. Field 380 displays the numeric values representing the parameters and entered into the formula of field 378. When a user selects parameters 370 b, 370 c, or 370 d from field 370 in FIG. 44, appropriate display screens for Dividend Payout Ratio (such as display screen 10 g of FIG. 8), Investors Required Date of Return (k), and Dividend Growth Rate are returned, as described above with respect to FIGS. 6-8. When a user selects the Revenue Per Share parameter (RPS) 378 a from field 378 in FIG. 45, an exemplary display screen 10 ss, as illustrated in FIG. 46, is returned. In FIG. 46, field 382 shows the numeric value calculated for the Revenue Per Share parameter. Field 384 displays the formula used to calculate the Revenue Per Share, and field 386 displays the numeric values representing the parameters and entered into the formula.
Referring now to FIG. 47, there is shown an exemplary display screen 10 tt with a Table 400 that displays financial information for various securities selected for display by the user. To include financial information for a particular security in the table 400, the user indicates that the information should be included in the table by selecting the appropriate response in field 42 of any of the exemplary display screens 10 discussed above. In Table 400, a header row 402 displays the title for various columns arranged beneath the header row 402. In the exemplary embodiment shown, the header row contains column titles for company name and the seven valuation metrics, and further includes column titles for displaying additional information, such as the number of shares held by the user, the current stock price of the security, and a link to a brokerage allowing the user to buy or sell shares of the security indicated. The first column of cells beneath the header row displays the various names associated with the selected securities. The remaining columns 406 and rows 408 display the values that have been calculated for the selected securities, as described above.
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