May 26, 2021 Wednesday EST/ May 27, 2021 Thursday PHT
12:00 PM – 1:00 PM EST / 12:00 AM – 1:00 AM PHT...
Read MoreMay 26, 2021 Wednesday EST/ May 27, 2021 Thursday PHT
12:00 PM – 1:00 PM EST / 12:00 AM – 1:00 AM PHT...
Read MoreIntuitive Surgical, Inc. (ISRG:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 57.2x Uniform P/E. At these levels, the market has bullish expectations for the firm...
Read MoreEach 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: IIVI – II-VI Incorporated Other Highlights: IBM, JNJ, PG...
Read MoreKTOS – No CDS, Base Case iCDS 97bps
Negative Case iCDS 140bps, 2025 6.500% Bond YTW of 3.964%
iYTW of 1.804%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreCarnival Corporation (CCL:USA) currently trades at a premium to UAFRS-based (Uniform) assets, with a 1.3x Uniform P/B. At these levels, the market is pricing in expectations for profitability to positively inflect...
Read MoreGPS – 155bps CDS, Base Case iCDS 67bps
Negative Case iCDS 127bps, 2025 8.625% Bond YTW of 2.393%
iYTW of 1.493%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreJohnson & Johnson (JNJ:USA) currently trades near recent averages relative to UAFRS-based (Uniform) earnings, with a 16.9x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain stable, but management may have concerns about revenue growth, market share gains, and the potential of their R&D investments...
Read MoreNo Traded CDS, Base Case iCDS 42bps
Negative Case iCDS 47bps, 2026 8.000% Bond YTW of 3.621%
iYTW of 1.241%, B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreCDS 112bps, Base Case iCDS 65bps
Negative Case iCDS 88bps, 2026 5.875% Bond YTW of 2.411%
iYTW of 1.481%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreCDS 232bps, Base Case iCDS 127bps
Negative Case iCDS 201bps, 2026 3.375% Bond YTW of 2.306%
iYTW of 2.086%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreInternational Business Machines Corporation (IBM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 15.6x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, and management may have concerns about their GBS business expertise, revenue growth, and their current cash generation profile...
Read MoreThe Procter & Gamble Company (PG:USA) currently trades above corporate averages 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 commodity inflation, top-line growth, and pricing...
Read MoreFeatured Top Idea
DAL – Delta Air Lines, Inc.
Trade: Buy 2024 2.900% Bonds CUSIP: 247361ZU5 (2.618% YTW, 1.328% iYTW)
Trade: Buy 2025 7.000% Bonds CUSIP: 247361ZX9 (2.716% YTW, 1.846% iYTW)
Trade: Buy 2026 7.375% Bonds CUSIP: 247361ZZ4 (3.319% YTW, 1.809% iYTWW)...