Marsh & McLennan Companies, Inc. (MMC:USA)currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 19.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain near current peaks, but management has concerns about growth of their Wealth business, tax reform, and the performance of Oliver Wyman...
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October 25, 2018
Highlighted Top Ideas AXL – American Axle & Manufacturing Holdings, Inc. CAR – Avis Budget Group, Inc. DNR – Denbury Resources Inc. Other Recent Analyses DF – Dean Foods Company MNI – The McClatchy Company...
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October 24, 2018
American Tower Corporation (AMT:USA)currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 32.4x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about their Indian and Latin American markets, acquisition targets, and EBITDA and billings guidance...
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October 24, 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: The TJX Companies, Inc. Other Highlights: ADBE, TGT, WGO Other Recent Analyses: 4452:JPN, CHTR, D, EL, FDX, HUM, JD, LIN:DEU, LRCX, MPC, NSC, PX, SAF:FRA...
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October 23, 2018
NIKE, Inc. (NKE:USA)currently trades above historical averages relative to UAFRS-based (Uniform) Earnings, with a 30.2x Uniform P/E, implying bullish expectations for the firm, and management is confident in their balanced portfolio, growth opportunities, and manufacturing initiatives...
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October 22, 2018
Winnebago Industries (WGO:USA)currently trades below historical averages relative to UAFRS-based (Uniform) Earnings, with a 9.0x Uniform P/E (Fwd V/E’). At these levels, markets have overly bearish expectations for the firm, and given management’s confidence in their Towable segment growth, expanded product lines, and brand equity, further upside is warranted...
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October 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 Intuit, Inc. (INTU), Northrop Grumman Corporation (NOC), Weight Watchers International, Inc. (WTW)...
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October 19, 2018
The TJX Companies, Inc. (TJX:USA)currently trades above historical averages relative to UAFRS-based (Uniform) Earnings, with a 24.4x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management is concerned about volatility in the U.K., their ability to maintain profitability, and headwinds facing HomeGoods...
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October 19, 2018
This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis. COF is set to cash in with accelerating fundamentals, strong management alignment, and a robust business strategy just as markets are overly pessimistic on the company...
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October 18, 2018
Halloween may be around the corner, but don’t be spooked by the market’s moves
Any time the market falls 6%+ in 2 days, investors justifiably ask whether something has changed that should impact their investment thesis. This is when a consistent framework like the Market Phase Cycle is most valuable....
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October 18, 2018
Highlighted Top Ideas BZH – Beazer Homes USA, Inc. UIS – Unisys Corporation YRCW – YRC Worldwide Inc. Other Recent Analyses AN – AutoNation, Inc. SUM – Summit Materials, Inc. AMKR – Amkor Technology, Inc....
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October 17, 2018
Target Corporation (TGT:USA)currently trades above recent averages relative to UAFRS-based (Uniform) Earnings with a 19.8x Uniform P/E. At these levels, the market is pricing in expectations for the firm to see profitability stabilize near recent levels, and management is confident about their ability to maintain growth in 2019, the roll out of their delivery from store service, and tailwinds from the closure of Toys “R” Us...
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