MasTec, Inc. (MTZ:USA) currently trades above recent averages relative to UAFRS-based (Uniform) Earnings, with a 17.5x Uniform P/E. However, even at these levels, the market is pricing in bearish expectations for the firm, but management is confident in their 5G and Oil & Gas outlook, capital structure, and Communications and Power Generation segment growth opportunities

Each week, the Valens Research team highlights our most interesting insights from across our tools and our analysis, including individual company, industry, and macro insights.

Top Highlight: Air Products and Chemicals, Inc.

Other Highlights: EA, LLY, THRM Other Recent Analyses: ADM, APTV, BMY, CAH, CCK, CL, CSCO, CVX, DIS, DWDP, FSLR, GD, GRMN, HCP, IRM, NSC, QGEN, SYY, TDG, TWTR, ZAYO

Zoetis Inc. (ZTS:USA) currently trades at historical highs relative to UAFRS-based Earnings, with a 27.8x Uniform P/E, implying somewhat bullish expectations for the firm. However, management appears concerned about their dermatology portfolio growth, R&D and SG&A expenses, and international market share

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

This week, we focus on Fidelity National Information Services, Inc. (FIS), Mylan N.V. (MYL), Magellan Health, Inc. (MGLN)

Eli Lilly and Company (LLY:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 24.2x Uniform P/E. Even at these levels, the market has bearish expectations for the firm, but management generated an excitement marker when discussing their product launches, and is confident about their R&D pipeline

This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis.

FSLR is starting to see light at the end of the Series 6 tunnel, but the market is not yet recognizing management’s growing optimism for their outlook, spelling material upside potential

Summary Headlines – Inside This Month

• We are in the seventh inning of this bull market, and there is still a lot of “baseball” left to play
• Profits and profitability continue to rise to alltime highs across US corporations (UAFRSadjusted, accurate calculations)
• US firms likely to use profits to increase capital investments in 2019

Each week, the Valens Research team highlights our most interesting insights from across our tools and our analysis, including individual company, industry, and macro insights.

Top Highlight: Apple Inc.

Other Highlights: AMGN, HON, MSFT Other Recent Analyses: AMZN, APD, CAT, CHTR, GRMN, LMT, NLS, OMC, QGEN, TMO, ZAYO

Electronic Arts Inc. (EA:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 22.3x Uniform P/E. At these levels, the market has somewhat bullish expectations for the firm, and management is excited about future growth potential, generating content for communities, and Battlefield and mobile franchises, and is confident about their Apex Legends release, Apex Legends monetization strategies, and sports game revenue growth

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

This week, we focus on Beacon Roofing Supply, Inc. (BECN), H&R Block, Inc. (HRB), Harley Davidson, Inc. (HOG)

Garmin Ltd. (GRMN:USA) currently trades above recent averages relative to UAFRS-based (Uniform) Earnings, with an 18.0x Uniform P/E. Even at these levels, the market is pricing in bearish expectations for the firm, which is unwarranted given management’s confidence in their growth, 2020 programs, and retrofit product lines. As such, outperformance is likely justified

This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis.

Markets are pessimistic about Garmin, but strong improving returns, favorable management alignment, and improving fundamental momentum have guided a course correction the market will eventually recognize

Highlighted Top Ideas

GM – General Motors Company
MTOR – Meritor, Inc.
WRK – WestRock Company

Other Recent Analyses

GME – GameStop Corp.
NAV – Navistar International Corporation

Each week, the Valens Research team highlights our most interesting insights from across our tools and our analysis, including individual company, industry, and macro insights.

Top Highlight: NextExtra Energy, Inc.

Other Highlights: BA, GT, V Other Recent Analyses: AMN, CCK, CNXM, DHR, DIS, EXPE, FN, MCD, MO, PFE, PM, PSX, YELP, ZBRA

Apple Inc. (AAPL:USA) currently trades below corporates averages relative to UAFRS-based (Uniform) Earnings, with a 13.6x Uniform P/E, implying bearish expectations for the firm. However, management is confident in their Services segment, subscription growth, and shareholder returns

Microsoft Corporation (MSFT:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 20.4x Uniform P/E. However, even at these levels, the market has bearish expectations, and management may have concerns about Azure capabilities, gaming user engagement, and intelligence systems

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

This week, we focus on FactSet Research Systems Inc. (FDS), Celgene Corporation (CELG), Amazon.com, Inc. (AMZN)

AMN Healthcare Services, Inc. (AMN:USA) trades above recent averages relative to UAFRS-based (Uniform) Earnings, with a 19.7x Uniform P/E. Even at these levels, the market is pricing in bearish expectations for the firm, and while management has concerns about MSP services, operational issues in Locum Tenens, and nursing recruitment strategies, industry tailwinds and the firm’s leadership position in its space support long-term outperformance and equity upside

This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis.

Given management’s confidence about closed-loop controllers and voice biometrics, bearish market expectations are unwarranted, and upside is likely

The Boeing Company (BA:USA) currently trades above recent averages relative to UAFRS-based (Uniform) Earnings, with a 21.6x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about product mix, midsized airplane demand, their long-term R&D strategy, and airplane production