Gilead Sciences, Inc. (GILD:USA)trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 9.6x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, and while management has concerns about their HIV portfolio, guidance, and pricing in Europe, a strong development pipeline and overall business strength support long-term outperformance and equity upside if GILD is able to maintain current profitability levels

Chesapeake Energy Corporation (CHK:USA)currently trades at historical lows relative to UAFRS-based (Uniform) Assets, with a 0.2x Uniform P/B, implying bearish expectations for the firm. However, management is confident about their WildHorse asset acquisition, their focus on expanding margins, and their transportation portfolio

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

This week, we focus on TripAdvisor, Inc. (TRIP), G-III Apparel Group, Ltd. (GIII), LogMeIn, Inc. (LOGM)

This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis.

Cirrus appears to be making the right calls with strong management alignment, favorable fundamentals, smart strategic decisions, and growing management optimism, pointing to equity upside

The Chemours Company (CC:USA)currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with an 8.8x Uniform P/E, implying bearish expectations for the firm, and management may have concerns about margin expansion of Fluoroproducts, Opteon, and their Mining Solutions facility

Each week the Valens Securities team highlights our most interesting insights from across our tools and our analysis, including individual company industry and macro insights

Top Highlight: Garmin, Ltd.

Other Highlights: FB, PANW, SCS Other Recent Analyses: ABM, ABT, AMZN, ASML:NLD, CASY, CTXS, DG:FRA, GIII, IRBT, LMT, NOVN:CHE, PM, SIE:DEU, SLB, SYY, VEC:GBR

Alphabet, Inc (GOOGL:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 16.7x Uniform P/E, implying fairly bearish expectations for the firm. While management may have concerns about the Pixel, foreign exchange volatility, and Verily, the firm’s leadership position in its space and lack of management concern about competitive or expense pressures suggest longer-term upside remains warranted

FactSet Research Systems Inc. (FDS:USA)trades above historical averages relative to UAFRS-based (Uniform) Earnings, with a 23.2x Uniform P/E, implying somewhat optimistic expectations for the firm. However, management has concerns about their share repurchasing and dividend strategy, ability to meet revenue guidance, and grow their professional services business

Schlumberger Limited (SLB:USA)currently trades at historical lows relative to UAFRS-based (Uniform) Assets, with a 2.3x Uniform P/B. However, even at these levels, the market has bullish expectations for the firm, while management has concerns about their global market share, their sales across multiple segments, and margin compression

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

This week, we focus on Wyndham Destinations (WYND), Array BioPharma, Inc. (ARRY), EPAM Systems, Inc. (EPAM)

This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis.

The market is concerned about rapid profitability and growth declines, while management continues to see strong execution, spelling upside potential

Garmin Ltd (GRMN:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 16.3x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, which is unwarranted given management’s confidence in their Fenix watch series margin and growth potential, and in their ability to expand their wearables business. As such, outperformance is likely justified

Palo Alto Networks, Inc. (PANW:USA)currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 30.0x Uniform P/E. However, even at these levels, the market has bearish expectations for the firm, and management has concerns about their ability to counter cyber-criminals, Application Framework and Logging Service margins, and their ability to succeed as a product company in the industry

Facebook, Inc. (FB:USA)currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 15.0x Uniform P/E. At these levels, markets are pricing in extremely bearish expectations for the firm, which appears unwarranted, given management’s confidence in their improved advertising efficiency, growing user engagement rates, and monthly active users

Each week the Valens Securities team highlights our most interesting insights from across our tools and our analysis, including individual company industry and macro insights

Top Highlight: NXP Semiconductors N.V.

Other Highlights: AAPL, INFO, PAYX Other Recent Analyses: 5108:JPN, APD, AZO, BHP:AUS, CXO, EA, ECL, FIS, FIVE, HM B:CHE, IBM, KFY, PAYX, PM, ROST, VFC, WU

Steelcase Inc. (SCS:USA)currently trades near recent averages relative to UAFRS-based (Uniform) Assets, with a 1.1x Uniform P/B. At these levels, the market has bullish expectations for the firm, but management may have concerns about EMEA orders growth, integrating and synergizing their acquisitions and partnerships, and industry-wide outlook

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

This week, we focus on The Boeing Company (BA), Virtusa Corporation (VRTU), Anika Therapeutics, Inc. (ANIK)

Paychex, Inc. (PAYX:USA)currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 20.9x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management has concerns about their ability to expand their margins and to develop new products in the near future, and about the potential of new product enhancements

This week the Valens Research team highlights our most interesting equity insight from across our tools and our analysis.

While markets have grown impatient with LRCX, strong corporate execution, growing management confidence, and long-term macro tailwinds spell opportunity coming

IHS Markit Ltd. (INFO:USA)currently trades above recent averages relative to UAFRS-based (Uniform) Earnings, with a 20.9x Uniform P/E. However, even at these levels, the market has bearish expectations, and management has concerns about their ability to delever, improve their resources segment, and maintain growth in their software offerings