IAA – No Traded CDS, Base Case iCDS 156bps
Negative Case iCDS 272bps, 2027 5.500% Bond YTW of 3.851%, iYTW of 2.641%
Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreIAA – No Traded CDS, Base Case iCDS 156bps
Negative Case iCDS 272bps, 2027 5.500% Bond YTW of 3.851%, iYTW of 2.641%
Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreFox Factory Holding Corp. (FOXF:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 30.6x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about supply chain constraints, the Outside Van and SOLA Sports acquisitions, and the sustainability of demand...
Read MoreFeatured Top Idea
REGI – Renewable Energy Group, Inc.
Action: Buy 2028 5.875% Bonds CUSIP: U7600QAA6 (4.988% YTW, 2.618% iYTW)...
General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.0x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted...
Read MoreGATX – CDS 189 bps, Base Case iCDS 172bps
Negative Case iCDS 193bps, 2026 3.250% Bond YTW of 2.033%, iYTW of 2.823%
Baa2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
High Refinancing Need...
Read MoreThe Estée Lauder Companies Inc. (EL:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 42.7x Uniform P/E, implying bullish expectations for the firm. However, management may have concerns about the pace of the retail recovery, opportunities in China, and their online business...
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: HI – Hillenbrand Inc. Other Highlights: ACN, AES, ATGE...
Read MoreMastercard Incorporated (MA:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 36.0x Uniform P/E, implying bullish expectations for the firm...
Read MoreF5 Networks, Inc. (FFIV:USA) currently trades above historical and corporate averages relative to Uniform earnings, with a 28.4x Uniform P/E (Fwd. V/E’)...
Read MoreREGI – No Traded CDS, Base Case iCDS 123bps
Negative Case iCDS 183bps, 2028 5.875% Bond YTW of 4.988%, iYTW of 2.618%
B1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens
Low Refinancing Need...
Read MoreTarget Corporation (TGT:USA) currently trades below corporate, yet above recent averages relative to Uniform earnings, with a 19.5x Uniform P/E (Fwd V/E’)...
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