September 25, 2017

Valens Research – UAFRS vs As Reported Weekly Highlights – September 20, 2017

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.

Company Specific Highlights & Insights

Cisco Systems, Inc. (CSCO)
Excess Cash Distortion

Merck & Co., Inc. (MRK)
R&D Expense Distortion

The TJX Companies, Inc. (TJX)
Operating Lease Expense Distortion

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