For basic shares outstanding.

Let's have a look at Keurig.

This is an American beverages company.

Let's have a look at their year end.

Basic shares outstanding have the ability to move around a bit, so there are a couple of places we can go looking for them.

The first place to look is the cover of the statement itself.

Now we can see down here if we look very carefully and it's probably pretty small on the screen Down here there are 1.3, what appears to be billion if I'm reading that correctly.

Shares which are out there and they're called outstanding.

Now this is the K. Let's have a look at the timing again.

If I zoom back out again, you can see that that is significantly outta date at the time of recording.

We are significantly past this date here.

Several quarters have passed.

This means that the basic shares outstanding on the cover of the 10 K would be inaccurate potentially if there had been a lot of share activity in the three quarters that followed.

If we go into the queue, which is their quarterly reporting, we'll find that this is a US gap company and it very consistently shows its basic shares outstanding on the cover, which is very helpful for American company analysis.

If for some reason that was missing, we could go to the balance sheet.

If we go to the table of contents for Keurig, which you can find it immediately under where we were just looking, then we go to the balance sheet.

Looking at the equity section, you can see that those numbers are reproduced here as well.

You can also see the par value and with the par value, you could work through the dollar value into a share count if you needed to.

You can see here some mention about authorized.

This is the maximum number of shares that could be out there that have been okayed by the board and shareholders.

We then got the idea of issued an outstanding.

The difference between those would be treasury shares, shares bought back and held in treasury.

If we wanted that again in a different place, we could go and have a look at the notes as well.

Earnings per share, which we can find from the excellent contents page.

Now if we go to earnings per share, you can see lots of mention of share counts as well in the earnings per share.

We need to be very careful though.

EPS is based on earnings throughout the year, which means that the share count wants to reflect issuances and buybacks throughout the year.

This means the EPS note generally uses the weighted shares outstanding, the weighted average.

You might have heard of that as wso.

While WSO can be useful, it's actually much more common to use basic shares outstanding, which is the snapshot at the end of the year that we saw in the balance sheet and on the cover.

Now let's look at an IFRS company and we'll go back to the bakery.

Gregs We'd like the most up-to-date share count.

So let's have a look at the interim results.

We are looking on the cover and if this was like a US Gap company, there would be a section at the bottom of the cover that told you basic shares outstanding and it just doesn't.

IRS companies are not compelled in the same way to show share counts on their covers, which can be very tricky.

We have to rely on them revealing it elsewhere.

I've scrolled through quite a lot with the video paused and I've ended up about halfway through the document at equity.

What I'm hoping for is an issued capital, which is great.

We have the issued capital there.

Now we might mistake that for a share count.

It's not this entire table is in pound million terms.

If we knew what the par value was of the issued capital, we could work towards a share count, but they're not telling us the par value within the issued capital.

The way the gap company was, which again is not particularly helpful.

I scroll through to the earnings per share note, which is note seven. Towards the end of the document you can see that they go through the basic and diluted earnings per share, which is great.

They don't talk about a share count, but they do down here and we've had a stroke of luck effectively because they've told us the waso, which we know is not what we are looking for right now.

We would like the year end and then down here it said issued ordinary shares at the end of the period.

Now ignoring treasury stock, this would be a good number to use because it is a year end figure, so it's a stroke of luck. Effectively. We are lucky to get it.

Let's look in a more difficult situation next F.

Now if we click in, we'll see that this is a German company.

They're are chemicals giant.

Let's go into their Q3 report because we'd like the most up-to-date share count And this is an IFS company.

So notice that it's quite nice looking and there's no cover as such, and so we can't rely on the same gap idea of just having the share count on the cover.

That immediately fails.

We're on the contents page and we can see the balance sheet and it's clickable, which is nice.

We get down to subscribed capital, but there's no par value, which means there's no share count notice. There's also no note, which is disappointing with this being an IFS company.

So there's no note here, which would alert us to a breakdown of that subscribed capital and hopefully give us a share count.

So unfortunately we're reduced to scrolling on page 35.

After a fair bit of scrolling, while I've had the video paused, you can see an EPS calculation and we're hoping for the same experience we had with Gregs where they told us the YEAREND share count.

Unfortunately, they don't. Here they tell us the wso, which would not be a terrible approximation, but is not entirely accurate.

Okay, if we are looking for the basic shares outstanding, that number potentially is not the basic shares outstanding and so we are a little bit stuck.

The next step would be to go back in time to the nearest year end and hope that the higher amount of detail in the year end reporting gives more detail.

Looking back at the page for baaf, you can see that they have a half year report and before that, there appears to be a little bit of glitching in terms of the data provider because there is no annual report, um, until we get to 2022.

So what we'll do is we'll hope that the half year report has a bit more detail in it.

We open it up and we've got our half year report, 2024.

Um, this sacrifices some accuracy in terms of time.

Okay, for higher detail and perhaps finding the figure that we want, we'd go down to the balance sheet and hope that they would give us the par value for the equity.

You can see they don't, we've got subscribed capital, but there's no par value, so it's difficult to understand how much equity there is in terms of a share count.

What we do get is a note and it's nicely clickable when we click on it and start reading.

We've got a really nice number there.

It says with 892,000, et cetera, qualifying shares for a dividend.

Now this at the point of the half year would probably be the basic shares outstanding.

This isn't ideal as it's somewhat out of date, but it's probably the best we can do with the available information.

So in summary, getting basic shares outstanding can be very easy for us.

Gap companies, it can also be surprisingly difficult often for IFS companies.

Care should also be taken not to mix up weighted average and year end shares.