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The Latest from
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January 22, 2018
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 Trimble Inc. (TRMB), Workday, Inc. (WDAY), Dr Pepper Snapple Group, Inc. (DPS)...
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January 22, 2018
Linde Aktiengesellschaft (LIN:DEU) currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.7x Uniform P/B, suggesting fairly bullish expectations for the firm. However, management has concerns about margins, growth, and guidance...
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January 19, 2018
Marriott International, Inc. (MAR:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 35.6x Uniform P/E, implying bullish expectations for the firm. Meanwhile, management is confident about their progress integrating Starwood...
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January 19, 2018
This week the Valens Securities team highlights our most interesting equity insight from across our tools and our analysis. FSLR’s better execution and lower credit risk than peers, low expectations and building confidence about their outlook signal materal upside potential...
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January 18, 2018
2018 is shaping up similar to 2017 – and that is very good for investors
In late 2016 into early 2017, we repeatedly highlighted that fundamentals appeared to be accelerating favorably, and this would be a tailwind for markets for the coming year....
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January 18, 2018
Highlighted Top Ideas DAL – Delta Air Lines, Inc. KBH – KB Home LEN – Lennar Corporation Other Recent Analyses LB – L Brands, Inc. RPM – RPM International Inc....
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January 17, 2018
Each week the Valens Securities team highlights our most interesting insights from across our tools and our analysis, including individual company industry and macro insights Top Highlight: Yum! Brands, Inc. (YUM) Other Highlights: AMT, APD, ECL Other Recent Analyses: AET, CTSH, FIS, HMTV, JD, K, MCO, ORCL, PSX, ROST, TGT, TSN, VFC, WING...
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January 17, 2018– CDS 927bps, Base Case iCDS 1,493bps– Negative Case iCDS 1,955bps, 2022 9.000% Bond YTW of 7.920%, iYTW of 17.260%– Caa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens– High Refinancing Need Read MoreJanuary 16, 2018
Adobe Systems Incorporated (ADBE:USA) currently trades near the higher end of historical valuations relative to UAFRS-based (Uniform) Earnings, with a 36.3x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about revenues and growth...
Read MoreJanuary 15, 2018Each 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 FMC Corporation (FMC), Ross Stores, Inc. (ROST), Hologic, Inc. (HOLX)...
Read MoreJanuary 15, 2018Kellogg Company (K:USA) is currently trading near historical lows relative to UAFRS-based (Uniform) Earnings, with an 18.3x Uniform P/E. However, even at these levels, the market has bullish expectations for the firm, while management has concerns about guidance, growth, international markets and investments...
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