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The Latest from
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September 1, 2018
Jed Velarde, COL Wealth Trainer and Stock Market Investment Advocate of COL Financial Group, Inc. Metro Manila, Philippines ...
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August 31, 2018
Ichor Holdings, Ltd. (ICHR:USA)currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with an 8.9x Uniform P/E, implying bearish expectations for the firm. As such, while management’s negative sentiment suggests the potential for near-term headwinds, longer-term upside remains warranted...
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August 31, 2018
This 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...
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August 31, 2018– CDS 426bps, Base Case iCDS 230bps–Negative Case iCDS 657bps, 2025 6.375% Bond YTW of 7.763%, iYTW of 5.183%– B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens– Low Refinancing Need Read MoreAugust 30, 2018
Highlighted Top Ideas BHC – Bausch Health Companies Inc. GME – GameStop Corp. LEN – Lennar Corporation Other Recent Analyses LB – L Brands, Inc. NAV – Navistar International Corporation...
Read MoreAugust 29, 2018LGI Homes, Inc. (LGIH:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 9.9x Uniform P/E. While negative management sentiment suggests the potential for near-term headwinds, market expectations are overly bearish in the context of the firm’s historical performance and current homebuilding tailwinds, implying long-term equity upside remains warranted...
Read MoreAugust 29, 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: D.R. Horton, Inc. Other Highlights: NAV, NOV, THRM Other Recent Analyses: AKS, BID, BKNG, BLBD, CAH, CCI, CELG, CSTM, DIS, GRMN, MTD, ULTA, V, VZ...
Read MoreAugust 28, 2018Planet Fitness, Inc. (PLNT:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 28.4x Uniform P/E. However, even at these levels, the market is pricing in expectations for Uniform ROA to remain near current 103%-106% levels through 2022. Although negative management sentiment suggests the potential for near-term headwinds, market expectations are overly bearish in the context of the firm’s historical performance and strong fundamental tailwinds, implying long-term equity upside remains warranted...
Read MoreAugust 27, 2018National Oilwell Varco, Inc. (NOV:USA) currently trades near historical lows relative to UAFRS-based (Uniform) Assets, with a 1.7x Uniform P/B. At these levels the market has fairly limited expectations, pricing in expectations for the firm to see Uniform ROA remain well below historical averages going forward, which would support long-term outperformance should NOV get back to historical profitability levels. However, management has concerns about near-term market softening, rising costs, and their ability to sustain evaluated performance levels, suggesting upside might be limited in the near-term...
Read MoreAugust 27, 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 YY, Inc. (YY), Pegasystems, Inc. (PEGA), Iron Mountain, Inc. (IRM)...
Read MoreAugust 24, 2018This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis. Market expectations for a negative inflection in returns and growth appears too pessimistic, considering strong operations, management’s successful pivot, and growing confidence...
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