September 14, 2016

Valens vs As-Reported Weekly Highlights for September 14, 2016

Valens vs As-Reported™ – An Introduction

The problem with taking GAAP accounting as-is is that it does not yield calculations that are useful to every type of user of financial statements. Distortions and miscategorizations are rampant, sometimes concealing an economic reality far better or far worse than what as-reported financials would have you believe.

Valens has identified over 35 key groups of distortions and the corresponding adjustments to correct for those distortions, to avoid arriving at incorrect conclusions when analyzing corporate profitability and valuations.

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

Tencent Holdings Limited (SEHK:700)
Excess Cash Distortion

Valeant Pharmaceutical International Inc. (TSX:VRX)
Acquisition Intangibles Distortion

Siemens Aktiengesellschaft (DB:SIE)
R&D Expense Distortion

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