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The Latest from
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May 1, 2020
Intuit Inc. (INTU:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 35.6x Uniform P/E, implying bullish expectations for the firm...
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May 1, 2020
No Traded CDS, Base Case iCDS 316bps
Negative Case iCDS 555bps, 2027 6.750% Bond YTW of 6.466%
iYTW of 3.736%, B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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April 30, 2020
CDS 615bps, Base Case iCDS 186bps
Negative Case iCDS 315bps, 2023 8.375% Cash Bond YTW of 8.374%
iYTW of 2.124%, Ba2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Moderate Refinancing Need...
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April 30, 2020
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.
Company Specific Highlights & Insights...
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April 30, 2020
Norfolk Southern Corporation (NSC:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 20.8x Uniform P/E...
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April 29, 2020
Zendesk, Inc. (ZEN:USA) currently trades well above corporate averages relative to UAFRS-based (Uniform) earnings, with a 114.8x Uniform P/E, implying bullish expectations for the firm...
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April 29, 2020
Highlighted Top Ideas: BLDR – Builders FirstSource, Inc., DOOR – Masonite International Corporation, WYND – Wyndham Destinations, Inc....
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April 28, 2020
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: BZH – Beazer Homes USA, Inc. Other Highlights: HSY, LH, MCD...
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April 28, 2020
Accenture plc (ACN:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 17.4x Uniform P/E. At these levels, markets are pricing in bearish expectations for the firm...
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April 27, 2020
No Traded CDS, Base Case iCDS 316bps
Negative Case iCDS 555bps, 2027 6.750% Bond YTW of 6.466%
iYTW of 3.736%, B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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April 27, 2020
Laboratory Corporation of America (LH:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 21.5x Uniform P/E. At these levels, markets have bearish expectations for the firm...
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