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The Latest from
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January 21, 2022
NIKE, Inc. (NKE) currently trades above corporate and historical averages relative to Uniform earnings, with a 33.0x Uniform P/E (Fwd. V/E’)....
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January 21, 2022
CPB – CDS 51bps, Base Case iCDS 190bps
Negative Case iCDS 342bps, 2025 3.950% Bond YTW of 3.100%
iYTW of 1.760%, Baa2 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens
Moderate Refinancing Need...
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January 20, 2022
- Credit Demand Is Means Green Shoots of Growth Are Returning. U.S. corporate profitability has recovered impressively since the pandemic. Now investment growth appears to be accelerating to match strong profits based on credit growth and management team sentiment indicators. U.S. corporates are remarkably profitable and growth is starting to accelerate.
- 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, and the Fed raising rates won’t disrupt these signals. This facilitates 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 (no change)
- Momentum/Sentiment (10%): Neutral/Positive (upgrade)
- Valuations (5%): Negative (no change)
- Timetable Recommendation: 50/50 Split for 5-10 Year Money and upgrade to 7 Month Dollar Cost Averaging....
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January 20, 2022
Accenture (ACN) currently trades at a historical high relative to Uniform earnings, with a 27.2x Uniform P/E (Fwd. V/E’)....
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January 19, 2022
Holley (APH) currently trades near corporate averages relative to Uniform earnings, with a 20.3x Uniform P/E (Fwd. V/E’)....
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January 19, 2022
Featured Top Idea
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MTCH – Match Group, Inc.
Trade: Buy 2027 5.000% Bonds CUSIP: 57665RAG1 (3.276% YTW, 2.586% iYTW)
Trade: Buy 2028 4.625% Bonds CUSIP: 57665RAN6 (3.917% YTW, 2.717% iYTW)... -
January 18, 2022
HP – No CDS, Base Case iCDS 256bps
Negative Case iCDS 317bps, 2031 2.900% Bond YTW of 3.265%, iYTW of 4.315%
Baa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Moderate Refinancing Need...
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January 18, 2022
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: HLLY – Holley Other Highlights: MRNA, TTD, VRSK...
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January 18, 2022
Hewlett Packard Enterprise (HPE) currently trades below corporate and near historical averages relative to Uniform earnings, with a 15.6x Uniform P/E (Fwd. V/E’)....
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January 14, 2022
MTCH – No Traded CDS, Base Case iCDS 105bps
Negative Case iCDS 174bps, 2027 5.000% Bond YTW of 3.276%, iYTW of 2.586%
Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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January 14, 2022
Akamai Technologies, Inc. (AKAM) currently trades near corporate and historical averages relative to Uniform earnings, with a 23.2x Uniform P/E (Fwd. V/E’)...
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