Stock-based compensation (SBC) is an accounting headache. Just last year, PwC published a 250+ page report to help its clients navigate its intricacies....
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February 18, 2021
Autodesk, Inc. (ADSK:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 56.6x Uniform P/E. At these levels, the market has bullish expectations for the firm...
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February 18, 2021
- The Market Continues To Rise, While Growth and Inflation Signals Give Us Pause. Through Q2 and Q3 2020, management sentiment pointed to a rapid re-acceleration of investment after the pandemic, thanks to optimism on growth. In Q4 and in particular in the January 2021 earnings season, management are showing more reservation, which may slow earnings growth which the market is already pricing in. Corporate fundamentals signal a strong recovery in profitability, but a pause in growth
- The recent rally has pushed investors to exuberant levels, they are not focused on near-term risks. Valuations are expensive, and with rising inflation signals, they may need to be adjusted down. Sentiment indicators continue to flash warning signs, and inflation and growth driven pressures on valuation could point to a correction or prolonged sideways market
- That being said, a pause in the stock market doesn’t mean another bear market is imminent. Thanks to healthy credit fundamentals going into the pandemic and coming out of it, it’s unlikely the economy or the market is going to come under pressure. Favorable bank, corporate, and consumer credit fundamentals coming out of this disruption still point to optimism for an ongoing recovery...
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February 17, 2021
The Boeing Company (BA:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 36.8x Uniform P/E....
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February 17, 2021
Highlighted Top Ideas: AXL – American Axle & Manufacturing Holdings, Inc., TPR – Tapestry, Inc., UAA – Under Armour, Inc....
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February 16, 2021
HP Inc. (HPQ:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 19.6x Uniform P/E. At these levels, markets have somewhat bearish expectations for the firm...
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February 16, 2021
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: VSTO – Vista Outdoor, Other Highlights: ADNT, AMZN, BKR...
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February 11, 2021
CSX Corporation (CSX:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 22.4x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm...
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February 11, 2021
Union Pacific Corporation (UNP:USA) currently trades above recent averages relative to UAFRS-based (Uniform) earnings, with a 22.4x Uniform P/E. At these levels, the market has bullish expectations for the firm...
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