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The Latest from
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June 14, 2019
– CDS 615bps, Base Case iCDS 270bps
– Negative Case iCDS 729bps, 2025 6.875% Bond YTW of 8.649%, iYTW of 4.659%
– B1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
– Moderate Refinancing Need...
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June 13, 2019
Highlighted Top Ideas AXL – American Axle & Manufacturing Holdings, Inc., GTT – GTT Communications, Inc. MCK – McKesson Corporation ...
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June 12, 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: PFE – Pfizer Inc. Other Highlights: DIS, LAMR, XOM Other Recent Analyses: ABBV, ACAD, AMAT, BA, BMY, CAH, CAT, HD, MTCH, MTD, PM, PYPL, TEVA...
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June 12, 2019
General Motors Company (GM:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 13.6x Uniform P/E, implying bearish expectations for the firm. However, management is confident in their Cadillac sales, cost management, and South American business turnarounds...
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June 11, 2019
United Technologies Corporation (UTX:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 21.3x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management has concerns about the HVAC and housing markets, Otis sales growth, and synergies with Collins Aerospace...
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June 10, 2019
Lamar Advertising Company (REIT) (LAMR:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 23.2x Uniform P/E. At these levels, the market has expectations for stable profitability for the firm, but management has concerns about sales growth and competition...
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June 10, 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. CVS Health Corporation (CVS), Apple Inc. (AAPL), Microchip Technology Incorporated (MCHP)...
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June 7, 2019
Exxon Mobil Corporation (XOM:USA) currently trades below UAFRS-based (Uniform) Assets, with a 0.9x Uniform P/B, implying bearish expectations for the firm. However, management is confident in their Liza Phase 2, Guyana, and Payara projects, their ability to make investments across the value chain, and their asset sale program...
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June 7, 2019
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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June 6, 2019
Highlighted Top Ideas RFP – Resolute Forest Products Inc., SKT – Tanger Factory Outlet Centers, Inc., UNT – Unit Corporation...
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June 5, 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: Hologic, Inc., Highlights: EFX, LEN, MYL Other Recent Analyses: AGN, ALGN, AXL, BA, BKNG, CSTM, IT, KBH, KO, MCO, MMM, MO, MSFT, NVDA, TDG, V, VRSK, XYL...
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