Roper Technologies, Inc. (ROP:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 27.6x Uniform P/E, implying bullish expectations for the firm. However, management may have concerns about organic revenue growth, free cash flow, and customer engagement...
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March 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: INOV – Inovalon Holdings, Inc. Other Highlights: ABT, ADS, CHTR...
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March 16, 2021
CDS 235bps, Base Case iCDS 226bps
Negative Case iCDS 323bps, 2026 6.750% Bond YTW of 5.518%
iYTW of 3.078%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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March 16, 2021
Kimberly-Clark Corporation (KMB:USA) currently trades near recent averages relative to UAFRS-based (Uniform) earnings, with a 23.7x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to remain stable, but management may have concerns about their personal care business, tissue demand, and their online channel market share...
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March 15, 2021
Microsoft Corporation (MSFT:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 27.6x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management may have concerns about Azure cloud capabilities, their security business, and revenue growth...
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March 15, 2021
No Traded CDS, Base Case iCDS 61bps
Negative Case iCDS 71bps, 2026 8.000% Bond YTW of 4.278%
iYTW of 1.598%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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March 12, 2021
Charter Communications, Inc. (CHTR:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 23.3x Uniform P/E. At these levels...
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March 12, 2021
KTOS – No Traded CDS, Base Case iCDS 116bps
Negative Case iCDS 158bps, 2025 6.500% Bond YTW of 4.730%, iYTW of 2.020%
B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need...
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March 11, 2021
MGM – CDS 195bps, Base Case iCDS 92bps
Negative Case iCDS 165bps, 2026 4.625% Bond YTW of 3.667%, Intrinsic YTW 1.557%
Ba3 Rating from Moody’s, HY1 (equivalent to Ba3) rating from Valens, High Refinancing Need...
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March 11, 2021
Comcast Corporation (CMCS.A:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 19.7x Uniform P/E. At these levels, the market has bearish expectations...
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