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The Latest from
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May 18, 2021
Traded CDS 156bps, Base Case iCDS 124bps
Negative Case iCDS 295bps, 2027 6.625% Bond YTW of 3.082%
iYTW of 2.042%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 18, 2021
MSC Industrial Direct Co., Inc. (MSM:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 21.6x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, but management is confident about their customer sales growth, capex investment in digital initiatives, and virtual care hub capabilities...
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May 18, 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: WW – WW International, Inc. Other Highlights: DOCU, LUV, PEP...
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May 17, 2021
DocuSign, Inc. (DOCU:USA) currently trades at a significant premium to UAFRS-based (Uniform) assets, with a 32.9x Uniform P/B. At these levels, the market is pricing in expectations for profitability to inflect positively, but management may have concerns about customer base growth, dollar net retention rates, and international market opportunities...
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May 17, 2021
CDS 125bps, Base Case iCDS 89bps
Negative Case iCDS 108bps, 2026 5.375% Bond YTW of 1.928%
iYTW of 1.658%, Ba1 Rating from Moody’s, IG3 (equivalent to A2) Rating from Valens
Low Refinancing Need...
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May 17, 2021
Traded CDS 274bps, Base Case iCDS 92bps
Negative Case iCDS 336bps, 2026 7.375% Bond YTW of 3.380%
iYTW of 1.760%, Baa3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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May 17, 2021
No Traded CDS, Base Case iCDS 309bps
Negative Case iCDS 367bps, 2026 3.125% Bond YTW of 2.214%
iYTW of 3.894%, Ba1 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
High Refinancing Need...
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May 14, 2021
Dollar General Corporation (DG:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 25.0x Uniform P/E. At these levels, the market is pricing in expectations for profitability to slightly rise, but management may have concerns about their strategic initiatives, store formats, and POP SHELF’s potential...
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May 13, 2021
Southwest Airlines Co. (LUV:USA) currently trades at a premium relative to UAFRS-based (Uniform) assets, with a 1.4x Uniform P/B. At these levels, the market is pricing in bullish expectations for the firm...
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May 12, 2021
May 12, 2021 Wednesday ET/ May 13, 2021 Thursday PHT
12:00 PM – 1:00 PM ET / 12:00 AM – 1:00 AM PHT...
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May 12, 2021
Featured Top Idea
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HES – Hess Corporation
Trade: Buy 2024 3.500% Bonds CUSIP: 42809HAF4 (1.479% YTW, 0.719% iYTW)
Trade: Buy 2026 5.625% Bonds CUSIP: 42809HAG2 (2.236% YTW, 1.226% iYTW)... -
May 12, 2021
PepsiCo, Inc. (PEP:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 35.7x Uniform P/E. At these levels...
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May 11, 2021
Monster Beverage Corporation (MNST:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 36.1x Uniform P/E. At these levels, the market has bullish expectations for the firm...
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