AbbVie Inc. (ABBV:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.3x Uniform P/E. At these levels, the market has bearish expectations for the firm...
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June 15, 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: CBRL – Cracker Barrel Old Country Store, Inc. Other Highlights: CNC, NXPI, PII...
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June 14, 2021
Hologic, Inc. (HOLX:USA) currently trades below recent averages relative to UAFRS-based (Uniform) earnings, with a 12.8x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm...
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June 14, 2021
CDS 627bps, Base Case iCDS 185bps
Negative Case iCDS 222bps, 2025 3.750% Bond YTW of 6.023%
iYTW of 2.633%, B2 Rating from Moody’s, XO- (equivalent to Ba1) Rating from Valens
Moderate Refinancing Need...
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June 11, 2021
NXP Semiconductors N.V. (NXPI:USA) currently trades above recent averages relative to UAFRS-based (Uniform) earnings, with a 17.2x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management may have concerns about revenue growth, build rate declines, and operating expenses...
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June 10, 2021
Polaris Inc. (PII:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.6x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their operating efficiency, vehicle accessories segment, and cash flow from operations...
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June 9, 2021
Featured Top Idea
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HP – Helmerich & Payne, Inc.
Action: Avoid 2025 4.650% Bonds, CUSIP: 423452AC5 (1.676% YTW, 3.406% iYTW)... -
June 9, 2021
Centene Corporation (CNC:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 12.6x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, but management is confident about their revenue growth drivers, Medicare Stars margin expansion, and macro tailwinds...
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June 9, 2021
Last month, we highlighted Warren Buffett and his distaste for GAAP and IFRS accounting standards.
When Warren Buffett talks, his comments are worth listening to. And if you were not already aware, Buffett has said a great deal about problematic accounting standards....
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June 8, 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: PENN – Penn National Gaming, Inc. Other Highlights: MSFT, URI, WDC...
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June 8, 2021
Ford Motor Company (F:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 23.4x Uniform P/E, implying bullish expectations for the firm. Although management’s concerns about chip shortages, growth investments, and business transformation suggest the potential for near-term headwinds, market expectations are still too bearish, and longer-term equity upside remains warranted...
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June 7, 2021
HP – No CDS, Base Case iCDS 257bps
Negative Case iCDS 311bps, 2025 4.650% Bond YTW of 1.676%
iYTW of 3.406%, Baa1 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens
Low Refinancing Need...
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