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The Latest from
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December 20, 2021
Amazon. com, Inc. (AMZN) currently trades above corporate and recent averages relative to Uniform earnings, with a 53.1x Uniform P/E (Fwd. V/E’)....
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December 17, 2021
Visa Inc. (V) currently trades above corporate, but below recent averages relative to Uniform earnings, with a 27.6x Uniform P/E (Fwd. V/E’)....
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December 16, 2021
- Management Teams Are Primed to Deliver Strong Earnings Growth for 2022. U.S. corporate profitability has recovered impressively since the pandemic. An overhang for the last several months was if investment growth would accelerate to match strong profits. With management teams growing more bullish, it appears it has. U.S. corporates are remarkably profitable and investment signals are starting to point towards accelerating near-term growth.
- While inflation and valuations issues remain, sentiment indicators are removing a further overhang for the market rising in 2022.
- Credit markets remain supportive of profitability and growth through the cycle, facilitating the market rising and limiting any risk for a downside shock.
- Monthly inflections:
- Credit (55% of macro outlook): Bullish (no change)
- Earnings Growth (30%): Bullish (improvement from neutral)
- Momentum/Sentiment (10%): Neutral (improvement)
- Valuations (5%): Negative (no change)
- Timetable Recommendation: 50/50 Split for 5-10 Year Money and upgrade to 8 Month Dollar Cost Averaging....
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December 16, 2021
Gilead Sciences (GILD) currently trades well below corporate averages relative to Uniform earnings, with a 9.5x Uniform P/E (Fwd. V/E’)....
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December 15, 2021
Featured Top Idea
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VREX – Varex Imaging Corporation
Action: Trade: Buy 2027 7.875% Bonds, CUSIP: 92214XAC0 (5.236% YTW, 3.986% iYTW)... -
December 15, 2021
Alphabet Inc. (GOOGL) currently trades near corporate but above historical averages relative to Uniform earnings, with a 21.2x Uniform P/E (Fwd. V/E’)...
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December 14, 2021
Premier, Inc. (PINC) currently trades well below corporate and historical averages relative to Uniform earnings, with an 11.1x Uniform P/E (Fwd. V/E’)....
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December 14, 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: EXLS – ExlService Holdings Other Highlights: BSX, MO, TXN...
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December 13, 2021
SITC – Base Case CDS 100bps, Base Case iCDS 257bps
Negative Case iCDS 285bps, 2026 4.250% Bond YTW of 2.357%, iYTW of 3.717%
Baa3 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens
High Refinancing Need...
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December 13, 2021
Twitter, Inc. (TWTR) currently trades above corporate and historical averages relative to Uniform earnings, with a 33.2x Uniform P/E (Fwd. V/E’)...
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