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The Latest from
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September 20, 2019
– CDS 431bps, Base Case iCDS 128bps
– Negative Case iCDS 189bps, 2024 5.875% Bond YTW of 6.627%...
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September 20, 2019
Chevron Corporation (CVX:USA) currently trades near historical averages relative to UAFRS-based (Uniform) Assets, with a 1.0x Uniform P/B...
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September 20, 2019
This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis. CVS is transforming their business and the health market, and current low market expectations do not recognize the company strategy...
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September 19, 2019
Highlighted Top: AN – AutoNation, Inc., MGM – MGM Resorts International, RIG – Transocean Ltd....
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September 19, 2019
Summary Headlines – Inside This Month
- Stalled earnings growth and sentiment point to a range bound market. Recent signals around corporate investment growth and management concerns about cost pressures from trade and macro overhangs point to slower earnings growth going forward. Also, while sentiment indicators have come off elevated levels in late July, they never reached capitulatory levels that would imply a floor in the recent market correction. Weaker earnings growth and neutral technical signals point to a likely range bound market in the near term, until earnings can re engage
- While headlines abound about recession, recessions are not caused by weak earnings growth, they are caused by credit destruction. There are no signals of this coming. A low to no credit risk environment suggests limited risk to US equities in 2019...
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September 18, 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: V – Visa, Inc. Other Highlights: FLS, IRM, VAR...
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September 18, 2019
Southwest Airlines (LUV:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 17.6x Uniform P/E....
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September 17, 2019
Activision Blizzard, Inc. (ATVI:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) Earnings, with a 23.8x Uniform P/E...
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September 16, 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...
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September 16, 2019
Flowserve Corporation (FLS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 23.6x Uniform P/E, implying bullish expectations for the firm...
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September 14, 2019
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