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The Latest from
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August 24, 2018
Navistar International Corporation (NAV:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 16.5x Uniform P/E. However, even at these levels, the market has bullish expectations for the firm, while management appears concerned about the sustainability of recent performance and current industry tailwinds...
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August 23, 2018
Highlighted Top Ideas HCA – HCA Healthcare, Inc. IEP – Icahn Enterprises L.P. WRK – WestRock Company Other Recent Analyses CVS – CVS Health Corporation RYI – Ryerson Holding Corporation...
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August 22, 2018
DR Horton Inc. (DHI:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with an 11.5x Uniform P/E. At these levels, the market is pricing in fairly bearish expectations for the firm. However, management is confident in their portfolio, revenue, and order pace, suggesting these expectations are unwarranted, and upside is likely justified...
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August 22, 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: Garmin Ltd. Other Highlights: CRUS, CTXS, FSLR Other Recent Analyses: BA, BHC, BIIB, CERN, DAL, GDI, GILD, LB, LRCX, MA, MGM, MHK, RPM, URI, V, VMC...
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August 21, 2018
Gentherm Incorporated (THRM:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 15.9x Uniform P/E. At these levels, markets are pricing in bearish expectations for the firm, but given management’s confidence in their new strategy to divest non-core segments to focus on the real value drivers, long-term equity upside is warranted...
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August 20, 2018
Bausch Health Companies Inc. (BHC:USA)currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.0x Uniform P/E. At these levels, markets are pricing in bearish expectations for the firm, and while management may lack confidence in their ability to sustain current robust growth rates, long-term equity upside remains warranted should BHC simply maintain current profitability levels...
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August 20, 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 Zillow Group, Inc. (ZG), VMWare, Inc. (VMW), Pfizer, Inc. (PFE)...
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August 17, 2018
Garmin Ltd (GRMN:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 16.0x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, which is unwarranted given management’s confidence in their segment mix, new products, and opportunities. As such, outperformance is likely justified...
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August 17, 2018
This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis. Pessimistic market outlook for growth and ROA’, with favorable management alignment, strong strategic positioning and accelerating operational execution points to equity upside...
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August 16, 2018
First Solar, Inc. (FSLR:USA)currently trades near recent averages relative to UAFRS-based (Uniform) Assets, with a 0.9x UAFRS-based P/B. At these levels, the market has muted expectations for the firm, but management is confident in their differentiated strategy, outlook for operating income and ITC extension...
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August 16, 2018
Highlighted Top Ideas HCA – HCA Healthcare, Inc. IEP – Icahn Enterprises L.P. WRK – WestRock Company Other Recent Analyses CVS – CVS Health Corporation RYI – Ryerson Holding Corporation...
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August 16, 2018
The signal and the noise
The title of Nate Silver’s 2012 best selling book about predictive models, The Signal and The Noise, is referencing identifying real signals from statistical data, versus identifying false noise and relationships, and the risk of conflating the two....
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