Oracle Corporation (ORCL) currently trades below corporate but above historical averages relative to Uniform earnings, with a 19.3x Uniform P/E (Fwd. V/E’)....
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March 22, 2022
HOLX – Base Case iCDS 117bps
Negative Case iCDS 217bps, 2028 4.625% Bond YTW of 4.063%, iYTW of 3.083%
Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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March 22, 2022
Coupang (CPNG) currently trades at a substantial premium to Uniform assets, with a 12.0x Uniform P/B (V/A’)....
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March 22, 2022
HTLF (HTLF) has been expanding its scale, helping to improve ROE and drive significant equity growth. Uniform Accounting highlights the company’s operational improvements that the market is missing, indicating equity upside....
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March 21, 2022
Booking Holdings (SPGI) currently trades below corporate and historical averages relative to Uniform earnings, with a 22.3x Uniform P/E (Fwd. V/E’)....
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March 18, 2022
NFLX – CDS 121bps, Base Case iCDS 35bps
Negative Case iCDS 44bps, 2026 4.375% Bond YTW of 3.272%
iYTW of 2.056%, Ba1 Rating from Moody’s, IG3 (equivalent to A2) Rating from Valens
Low Refinancing Need...
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March 18, 2022
VMWare, Inc. (VMW) currently trades near corporate but above recent averages relative to Uniform earnings, with a 25.9x Uniform P/E (Fwd. V/E’)....
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March 17, 2022
- Geopolitical Risk Is (Still) For Reporters, Not Investors. Most of last month’s themes still hold. Concerns about inflation and geopolitical risk have created near-term volatility in the stock market, presenting an opportunity for investors.
- 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 sentiment indicators. U.S. corporates are remarkably profitable and growth is starting to accelerate.
- 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%): Positive (no change)
- Valuations (5%): Negative (no change)...
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March 17, 2022
Paycom Software (PAYC) currently trades above corporate and historical averages relative to Uniform earnings, with a 48.9x Uniform P/E (Fwd. V/E’)....
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March 16, 2022
Monolithic Power Systems (MPWR) currently trades above corporate and historical averages relative to Uniform earnings, with a 50.3x Uniform P/E (Fwd. V/E’)....
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