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: CTSH – Cognizant Technology Solutions Corporation Other Highlights: CCI, SNA, SPGI...
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August 31, 2021
Intuitive Surgical, Inc. (ISRG:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 64.4x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management may have concerns about procedural growth, clinical trial progress, and their extended use instruments...
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August 30, 2021
Crown Castle International Corp. (REIT) (CCI:USA) currently trades above recent averages relative to UAFRS-based (Uniform) earnings, with a 49.2x UAFRS-based P/E, implying bullish expectations for the firm. However, management may have concerns about small cell deployment delays, yields on invested capital, and node density...
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August 30, 2021
VREX – No Traded CDS, Base Case iCDS 235bps
Negative Case iCDS 335bps, 2027 7.875% Bond YTW of 4.920%
iYTW of 3.140%, B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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August 27, 2021
UBER – No Traded CDS, Base Case iCDS 41bps,
Negative Case iCDS 54bps, 2026 8.000% Bond YTW of 4.234%, iYTW of 1.184%,
B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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August 27, 2021
Snap-on Incorporated (SNA:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 15.1x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm...
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August 26, 2021
CC – Traded Base Case iCDS 143bps
Negative Case iCDS 209bps, 2027 5.375% Bond YTW of 3.611%
iYTW of 2.091%, Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Low Refinancing Need...
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August 26, 2021
X – CDS 285bps, Base Case iCDS 92bps
Negative Case iCDS 117bps, 2026 6.250% Bond YTW of 3.694%, iYTW of 1.694%
B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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August 26, 2021
S&P Global Inc. (SPGI:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 34.8x Uniform P/E. At these levels, the market has bullish expectations for the firm...
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