July 23, 2021

DOCU – Market expectations are for a positive inflection in Uniform ROA, but management may have concerns about growth, Agreement Cloud, and digital transformation

DocuSign, Inc. (DOCU:USA) currently trades at a significant premium to UAFRS-based (Uniform) assets, with a 47.8x Uniform P/B. At these levels, the market is pricing in expectations for profitability to inflect positively, but management may have concerns about customer additions growth, Agreement Cloud opportunities, and digital client transformation...
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July 22, 2021

GM – Market expectations are for Uniform ROA to remain muted, but management is confident about Ultium, Super Cruise, and the Chevy Silverado

General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their Ultium platform, Super Cruise, and the Chevy Silverado...
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July 21, 2021

MAR – Market expectations are for record-high Uniform ROA, but management may have concerns about occupancy growth, marketing, and EBITDA

Marriott International, Inc. (MAR:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 42.9x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about US occupancy growth, overall leisure demand, and EBITDA....
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July 20, 2021

Valens Equity Weekly Insights and Inflections for July 20, 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: COMM – CommScope Holding Company, Inc. Other Highlights: EL, PYPL, SQ...
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July 20, 2021

CL – Market expectations are for Uniform ROA to reach new peaks, but management may be concerned about pricing, cost savings, and the premium business

Colgate-Palmolive Company (CL:USA) currently trades above recent averages relative to UAFRS-based (Uniform) earnings, with a 24.4x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about pricing increases, cost saving initiatives, and their premium business growth...
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July 19, 2021

ADP – Market expectations are for Uniform ROA to reach new peaks, but management may be concerned about their productivity, retention rates, and Next Gen Payroll

Automatic Data Processing, Inc. (ADP:USA) currently trades at a recent high relative to UAFRS-based (Uniform) earnings, with a 32.3x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about driving incremental productivity improvements, customer retention rates, and the potential of the Next Gen Payroll engine...
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July 16, 2021

PYPL – Market expectations are for Uniform ROA to soar, but management may have concerns about guidance, operating margins, and transaction costs

PayPal Holdings, Inc. (PYPL:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 76.1x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm...
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July 15, 2021

EL – Market expectations call for record-high Uniform ROA, but management may have concerns about their investments, sales growth, and costs

The Estée Lauder Companies Inc. (EL:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 42.2x Uniform P/E, implying bullish expectations for the firm...
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July 14, 2021

SQ – Market expectations are for Uniform ROA to reach new peaks, but management may have concerns about their TIDAL acquisition, Seller ecosystem, and Boost rewards

Square, Inc. (SQ:USA) is currently trading at a historical high relative to UAFRS-based (Uniform) earnings, with a 225.9x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm...
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July 13, 2021

Valens Equity Weekly Insights and Inflections for July 13, 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: CVS – CVS Health Corporation, Other Highlights: AMAT, AMGN, AMT...
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July 13, 2021

INCY – Market expectations are for Uniform ROA compression, but management is confident about Monjuvi, Jakafi sales, and their LIMBER program

Incyte Corporation (INCY:USA) ccurrently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with an 8.7x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm...
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July 12, 2021

WMT – Market expectations are for Uniform ROA expansion, but management may have concerns about growth, business divestitures, and the omnichannel transition

Walmart Inc. (WMT:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings with a 27.0x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management may be concerned about top-line growth, the impact of their divested international businesses, and their transition into an omnichannel business...
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July 9, 2021

VRSK – Market expectations are for Uniform ROA to remain stable, but management may have concerns about revenues, software investments, and costs

Verisk Analytics, Inc. (VRSK:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 33.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain stableS...
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July 8, 2021

BLKB – Market expectations are for continued Uniform ROA declines, but management is confident about SKY UX, customer security, and margins

Blackbaud, Inc. (BLKB:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 26.7x Uniform P/E. Even at these levels, the market is pricing in bearish expectations for the firm...
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July 7, 2021

GE – Market expectations are for Uniform ROA to expand, but management may be concerned about their lean transformation, margins, and orders

General Electric Company (GE:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 33.0x Uniform P/E. At these levels, the market has bullish expectations for the firm...
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July 6, 2021

LOW – Market expectations are for Uniform ROA to remain stable, but management may be concerned about inflation, margins, and the home improvement industry

Lowe’s Companies, Inc. (LOW:USA) currently trades around corporate averages relative to UAFRS-based (Uniform) earnings, with a 22.8x Uniform P/E. At these levels, the market has expectations for profitability to remain stable...
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July 6, 2021

Valens Equity Weekly Insights and Inflections for July 6, 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: BERY – Berry Global Group, Inc. Other Highlights: EPAM, PLNT, TGNA...
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July 2, 2021

MA – Market expectations are for Uniform ROA to reach new peaks, but management may be concerned about cryptocurrency, bank partnerships, and growth

Mastercard Incorporated (MA:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a 42.3x Uniform P/E, suggesting bullish expectations for the firm. However, management may be concerned about their cryptocurrency exposure, partnerships with credit unions and banks, and top-line growth...
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July 1, 2021

PLNT – Market expectations are for Uniform ROA to rebound, but management may have concerns about member retention, advertising, and gym reopening

Planet Fitness, Inc. (PLNT:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 42.5x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about member retention rates, advertising capabilities, and gym reopening performance...
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June 30, 2021

TGNA – Market expectations are for Uniform ROA to erode, but management is excited about the Supreme Court ruling and confident about Premion and cost management

TEGNA Inc. (TGNA:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 10.6x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, but management is excited about the Supreme Court media ownership ruling and confident about Premion’s performance and the firm’s cost management...
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