This document provides summaries of Excel templates available from Bloomberg that are useful for equity research. It describes templates for company snapshots (XCS4), estimate analysis (XEEB), comparable valuation (XCVA), historical estimate analysis (XPGR), estimate revision analysis (XERV), ESG valuation (XEEB), and an API tutorial (XAPI). Each template summary includes key features, what to be aware of, and how analysts can use the templates to efficiently analyze companies, estimates, valuations, and incorporate ESG factors into financial models.

1. BLOOMBERG IN
EXCEL FOR EQUITY
RESEARCH
A HOW-TO GUIDE

2. 2 // BLOOMBERG IN EXCEL – EQUITY RESEARCH
BLOOMBERG IN EXCEL FOR EQUITY RESEARCH
This guide will show you through some of the most useful spreadsheets for research purposes available from
Bloomberg. All are available either on the XLTP function or via the Template Library inside the Bloomberg
Excel Add-in.
TABLE OF CONTENTS
PREMADE SOLUTIONS XCS4 – COMPANY SNAPSHOT XEEB – ESTIMATE ANALYSIS
XCVA – COMPARABLE VALUATION TEMPLATE XPGR – HISTORICAL ESTIMATE ANALYSIS
XERV – ESTIMATE REVISION ANALYSIS XEEV – ESG VALUATION TOOL
TUTORIALS XAPI – GENERAL API OVERVIEW
XCS4 - COMPANY SNAPSHOT WITH TRANSPARENCY
An essential spreadsheet for a wide range of users. From research analyst to portfolio managers and beyond,
everyone has an interest in the basics of a company. This gives you all of the fundamentals with transparency
providing confidence in the data.

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UNDERSTAND A COMPANY
This popular spreadsheet is designed to allow a simple
overview of a single stock. It provides the basic facts
about the company you choose, information regarding
the performance of the shares with an accompanying
graph for a quick eyeball of the past year and fully
customizable financials.
Many analysts spend a very long time producing
company tear sheets. This document helps gives them
inspiration for potential layouts, fields and more whilst
also saving them the hassle of recreating the wheel.

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KEY FEATURES
• Overall view of any company
• Right-click to view to transparency on any
fundamental point
• Arranged for easy printing
WHAT TO BE AWARE OF
• Change data by clicking the + icon in column G
and adjusting the various fields
• Enter the ticker WITHOUT the word „Equity‟ at
the end, i.e. “VOD LN”
• Private companies are not supported as they
have no price series data
ANALYSE THE ESTIMATES
Once an analyst has understood how the company has
been performing in recent years, they need to consider
where it is going to go in the future. Most analysts will
generate their own figures to project scenarios out but
they also need to know where the market stands as a
sanity check. This spreadsheet simplifies that process.
Using XEEB, in a couple of clicks you can retrieve the
street forecasts for multiple line items for multiple
securities. There is full customisation of period, including
the option to calendarise data for comparison purposes.
You can even customise fields to generate your own
ratios.
KEY FEATURES
• Quick, simple overview of estimate data
• Multiple securities, fields, data sources and
periods
XEEB – BLOOMBERG ESTIMATE ANALYSIS
Quickly retrieve estimates data for all the companies you care about from all the brokers you have access to.

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• Custom ratios and data calendarisation
WHAT TO BE AWARE OF
• For the data to update, you need to click
„Request Data‟ in the top left hand corner as the
sheet is not built with formulas.
• To change securities, fields and more you have
to click the „Settings‟ button in the top left hand
corner. This will give you a tab view to customise
all details of the spreadsheet easily.
WHERE DOES A COMPANY STAND
Understand the relative value of a company against its
peers based on a number of crucial metrics. Entering a
single stock will automatically download all peers and all
relevant valuation information. It is simple to scan across
and see historical and forward view for ratios such as
EV/Sales, EV/EBITDA and PE.
Each company within the peer set will also have a
fullyfledged tearsheet on separate tabs. Clicking into one
will provide you with a view of historical performance,
ownership and analyst rankings.
Another tedious task for analysts, producing a comp
sheet, can be reduced to mere customisation of this
existing template.
KEY FEATURES
• Automatic download of comparable securities
• Multiple company tear sheets produced on the fly
when you enter a base security
• Manual customization of peer set is possible just
by entering in the required comps
XCVA – COMPARABLE VALUATION ANALYSIS
Understand a company’s relative worth compared to its peers quickly and easily. Bloomberg suggests the best peers
available based on a multi-faceted algorithm giving further ideas to analysts.

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WHAT TO BE AWARE OF
• The default peer set will be the Bloomberg peers
from the RV screen and may not necessarily
reflect the customers required companies.
• This is a very large spreadsheet and may take
time to load the charts.
SEE HOW ESTIMATES HAVE CHANGED
Trace graphically the change over time of the street
consensus estimates for a company of your choice and
its peers. This sheet offers access to all estimate data
sets available in Bloomberg ranging from basic measures
such as EPS to valuation ratios like EV/EBITDA.
To ensure a completely comparable analysis, you can
choose from a range of periodicity types. Either analyze
on a fiscal basis, calendar basis or, most effectively, a 12
month blended forward view.
KEY FEATURES
• Full control over estimate measure and period
allows for full comparability across the time
series.
• Access to the underlying chart data by clicking
into the „Data‟ tab.
• The peers downloaded are the top five
Bloomberg peers by market cap. To change the
XPGR – PEER ESTIMATE COMPARISONS
View the historical evolution of the street consensus for company forecasts and understand the relative strength of
peers over time.

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peers manually users can click into the „Data‟
tab and adjust to required securities.
ONE SHEET, MULTIPLE PERSPECTIVES
In order to fully understand the estimate data that
analysts produce, it is important to view it in the relevant
context. Using this template, analysts can quickly import
all the available estimates on a given security and
understand how they stack up against each other.
The highest and lowest estimates are highlighted to put
the data in perspective instantly, with charts showing
progression of broker data historically. You can similarly
discover the reliability of a given analyst by clicking into
their name and exploring their coverage universe.
KEY FEATURES
• Instant company view of estimates with forward
looking and historical evolution of data.
• Links to individual analyst data, not just company
level data
• Ability to build multi-security reports on the fly for
an index, portfolio or other basket. WHAT TO BE
AWARE OF
Multi Security View is not enabled by default. Go
to „Settings‟ and set “Show Multisecurity
Analysis” to Yes to see the reporting capabilities
XEEV – ESG VALUATION TOOL
Add a crucial, extra element to financial analysis but incorporating the quantified environmental, social and
governance impact to the bottom line.
XERV – ANALYST AND RECOMMENDATION VIEW
Gain new insights into analyst opinions with side-by-side comparison of recommendations and estimates, complete
with click-through analysis on a security level.

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INVESTING IN LONG-TERM PROSPECTS
Traditionally, analysts look at easily quantifiable metrics
when valuing companies. More companies are beginning
to provide data that shows the other dynamics they are
exposed to. These environmental, social and governance
factors need to be considered as they increasingly
highlight the long-term risks to the profit margins on the
books.
View quantified impact of 14 different environmental,
social and governance factors on a given companies
bottom line.
Customise estimates for individual line items and
pricing of impact.
Understand the future trend of company performance
from a more inclusive perspective.
Bloomberg has now developed a solution that maps
these ESG factors to quantified amounts in order to WHAT TO BE AWARE OF
understand their direct impact on the bottom line, be it This model was designed in tandem with the ESG
positive or negative. This sheet is a great way to research team at Unicredit so you can very easily
introduce dynamic risk to analysts who often struggle to use that to gain credibility. integrate it into their models.
XAPI – BLOOMBERG EXCEL ADD-IN TUTORIAL
Understand more about the possibilities available to you within the Bloomberg Excel Add-
in with this complete guide to all features and functions we provide.

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DISCOVER MORE
Bloomberg continues to improve the Excel Add-in on a
monthly basis, adding features and functions as
requested to make it a more powerful tool. As it evolves,
you can ensure that you stay on top of these
enhancements by checking out our full tutorial in this file.
There are clear and thorough examples of how to use
each of the new features, from quick wizards to a detailed
look at each of the Bloomberg formulae. We provide real
life examples of retrieving and arranging data into
spreadsheets. There is a simple introduction to the world
of Bloomberg via VBA. We also even show you how to
export from Excel to PowerPoint.
KEY FEATURES
• Overview of all Bloomberg functions and
formulae
• Real-life examples of using data in models
• Understand how to export to PowerPoint
• Introduction to the world of VBA