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The Latest from
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June 28, 2019
This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis. The market is worried about PINC’s legacy business being sick, and is not capturing the strong momentum in their execution into a stickier higher value add business...
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June 28, 2019
Premier, Inc. (PINC:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 11.7x Uniform P/E. At these levels, the market is pricing in expectations for the firm to see historically low profitability, but management is confident in their diligent portfolio management and ability to adapt to changing market conditions...
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June 27, 2019
Highlighted Top Ideas DAL – Delta Air Lines, Inc., TDG – TransDigm Group Incorporated, TMUS – T-Mobile US, Inc....
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June 27, 2019
– No Traded CDS, Base Case iCDS 242bps
– Negative Case iCDS 719bps, 2024 3.500% Bond YTW of 7.656%, iYTW of 2.246%
– B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
– Low Refinancing Need...
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June 26, 2019
Each week, the Valens Research team highlights our most interesting insights from across our tools and our analysis, including individual company, industry, and macro insights. Top Highlight: SQ – Square, Inc. Other Highlights: CHRW, DLR, SHW Other Recent Analyses: AMZN, BBY, BKD, COST, EQT, GD, IRM, JD, LDOS, LUV, MAS, MBUU, MTD, OMC, SYY, TTWO, YUM ...
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June 26, 2019
ASGN Incorporated (ASGN:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.8x Uniform P/E, implying bearish expectations for the firm. However, management is excited about the durability of their profit margin, and confident in their first quarter performance, billable day basis growth, and the strength of their end markets...
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June 25, 2019
AvalonBay Communities, Inc. (AVB:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 46.2x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management has concerns about their Southern Florida and Denver property developments, NAV growth, and retail tenant write-offs...
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June 24, 2019
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. Vector Group Ltd. (VGR), Fair Isaac Corporation (FICO), Mellanox Technologies, Ltd. (MLNX)...
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June 24, 2019
The Sherwin-Williams Company (SHW:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 25.6x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about the strength of the housing and repainting markets, Performance Coatings Group growth, and their project pipeline...
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