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May 16, 2018– CDS 967bps, Base Case iCDS 401bps– Negative Case iCDS 722bps, 2023 7.125% Bond YTW of 13.127%, iYTW of 6.957%– B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens– High Refinancing Need Read MoreMay 16, 2018
Box, Inc. (BOX:USA)currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 6.7x Uniform P/B. At these levels, markets are pricing in expectations for Uniform ROA to inflect positively, and management is confident about competition, the Box Platform, and growth...
Read MoreMay 16, 2018Each 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: RPM International Inc. (RPM) Other Highlights: GRMN, SHOP, VZ Other Recent Analyses: CAT, CRUS, CTXS, CVI, CVX, EA, ETN, FND, FSLR, GILD, JCP, LB, OC, PM, THRM, XRAY...
Read MoreMay 15, 2018Etsy, Inc. (ETSY:USA)currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 31.8x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about growth, initiatives, and technology...
Read MoreMay 14, 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 Netflix, Inc. (NFLX), Jacobs Engineering Group Inc. (JEC), Edwards Lifesciences Corporation (EW)....
Read MoreMay 14, 2018RPM International Inc. (RPM:USA)currently trades near historical lows relative to UAFRS-based (Uniform) Earnings, with a 16.7x Uniform P/E, implying bearish expectations for the firm. However, management is confident about their consolidation initiatives and sales...
Read MoreMay 11, 2018Shopify Inc. (SHOP:USA)currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 363.3x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about their bottom line and future opportunities...
Read MoreMay 11, 2018This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis. Management focus on maintaining ROA’ and confidence about driving growth mean market expectations for ROA’ declines are too pessimistic and the company is undervalued...
Read MoreMay 10, 2018Verizon Communications (VZ:USA)currently trades below recent averages relative to UAFRS-based (Uniform) Earnings with a 15.9x Uniform P/E, implying muted expectations for the firm. However, management is confident about their initiatives, balance sheet, and 5G...
Read MoreMay 10, 2018Highlighted Top Ideas
CYH – Community Health Systems, Inc.
DOOR – Masonite International Corporation
X – United States Steel CorporationOther Recent Analyses
AL – Air Lease Corporation
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GOGO – Gogo Inc....May 9, 2018Garmin Ltd. (GRMN:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 15.7x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, which may be unwarranted given management’s confidence in their margins, new products, and revenues. As such, outperformance is likely justified...
Read MoreMay 9, 2018Each 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: V.F. Corporation (VFC) Other Highlights: FB, GE, TSN Other Recent Analyses: ALXN, ASML:NLD, CSX, DHI, DHR, FAST, GOOGL, HON, IBM, K, NKE, NOVN:CHE, ORCL, PM, TWTR, TXT...
Read MoreMay 8, 2018Gentherm Incorporated (THRM:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with an 11.8x Uniform P/E. At these levels, markets are pricing in bearish expectations for the firm, which, despite the potential for near-term headwinds given management’s negative sentiment, likely supports longer-term outperformance should THRM maintain profitability at current levels...
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