Six Flags Entertainment Corporation (SIX:USA) currently trades near historical highs relative to UAFRS-based (Uniform) assets, with a 3.8x Uniform P/B....
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April 23, 2021
CDS 227bps, Base Case iCDS 62bps
Negative Case iCDS 82bps, 2025 9.000% Bond YTW of 2.994%, iYTW of 1.494%
Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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April 22, 2021
Exxon Mobil Corporation (XOM:USA) currently trades at a discount relative to UAFRS-based (Uniform) assets, with a 0.8x Uniform P/B. Even at these levels, the market is pricing in expectations for profitability...
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April 22, 2021
- Investors Would Be Wise to Sell In May and Go Away This Year. As highlighted last month, heading into Q1 earnings season, management are showing more reservation about their outlook, which may slow earnings growth the market is already pricing in. Corporate fundamentals signal a strong recovery in profitability, but the market is not pricing in a potential impending pause in growth
- It is not just valuations and growth that are flashing warning signals. After a sharp rally through the first half of April, sentiment metrics are extended too. Exceptionally bullish sentiment indicators combined may position the market for a short-term pull-back, and point to reasons for a sideways market at best until growth re-engages
- Any pullback or stagnation in the market is not cause for panic for long-term investors because credit signals remain incredibly healthy. There can be no bear market or return to recession even if growth slows, without credit overhangs. Favorable bank, corporate, and consumer credit fundamentals coming out of this disruption still point to optimism for an ongoing recovery
- Timetable Recommendation: 50/50 Split for 5-10 Year Money and 12 Month Dollar Cost Averaging...
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April 21, 2021
PepsiCo, Inc. (PEP:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 35.2x Uniform P/E....
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April 21, 2021
Featured Top Idea
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GATX – GATX Corporation
Trade: Sell 2026 3.250% Bonds CUSIP: 361448AY9 (1.695% YTW, 2.525% iYTW)
Trade: Sell 2027 3.850% Bonds CUSIP: 361448AZ6 (1.990% YTW, 3.900% iYTW)... -
April 20, 2021
Airbnb, Inc. (ABNB:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 30.9x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm...
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April 20, 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: GTII – Green Thumb Industries, Other Highlights: BLKB, CGNX, CLF...
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April 19, 2021
TEGNA Inc. (TGNA:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 12.2x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm...
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April 16, 2021
CDS 181bps, Base Case iCDS 165bps
Negative Case iCDS 181bps, 2026 3.250% Bond YTW of 1.695%
iYTW of 2.525%, Baa2 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens
High Refinancing Need...
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April 16, 2021
Sprouts Farmers Market (SFM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 17.2x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm...
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April 15, 2021
Hilton Grand Vacations Inc. (HGV:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 37.1x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm...
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