Valens Research

In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:

  • GAAP and IFRS have failed to provide rules for reliable financial statement reporting
  • Stock analyst recommendations are not grounded in disciplined financial analysis
  • Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
  • Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available

We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.

  • Corporate credit ratings remain years behind the fundamental underpinnings of company performance
  • Stock analysts continue to make recommendations with deeply inherent biases
  • Research firms have failed to break down the walls between credit, equity, and macroeconomic research
  • The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming

The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.

Coverage

Export
Ticker Underlying First Report Latest Report
005930 KR7005930003 Samsung Electronics Co. Ltd. 2017/11/07 2017/11/07
0700 KYG875721634 Tencent Holdings (P Chip) 2017/11/06 2018/10/31
0941 HK0941009539 China Mobile (Red Chip) 2018/04/20 2018/04/25
2330 TW0002330008 Taiwan Semiconductor Manufacturing 2018/04/17 2018/04/25
2914 JP3726800000 Japan Tobacco Inc. 2018/01/05 2018/10/31
4452 JP3205800000 Kao 2018/10/22 2018/10/24
5108 JP3830800003 Bridgestone Corp. 2018/11/06 2018/11/07
543900 DE0005439004 Continental AG 2018/04/24 2018/05/02
604700 DE0006047004 HeidelbergCement AG, 2017/10/24 2017/10/24
6501 JP3788600009 Hitachi Ltd. 2018/01/26 2018/06/27
7203 JP3633400001 Toyota Motor Corp. 2017/12/18 2019/01/02
723610 DE0007236101 Siemens AG 2018/11/06 2018/11/14
766400 DE0007664005 Volkswagen AG 2018/05/18 2018/12/19
823212 DE0008232125 Deutsche Lufthansa AG 2019/01/30 2019/02/07
853881 US4595061015 International Flavors & Fragrances Inc 2019/01/09 2019/01/09
A US00846U1016 Agilent Technologies Inc. 2017/10/30 2018/08/01
A0LFB3 NL0000687663 AerCap Holdings N.V. 2017/12/13 2018/10/31
A0MWXF US04685W1036 athenahealth Inc. 2018/08/29 2018/08/31
A0NEQZ IE00B6330302 Ingersoll-Rand Co. Ltd. Cl A 2018/08/08 2019/02/07
A0Q2S5 KYG3323L1005 Fabrinet 2019/02/28 2019/03/06
A117ME US01609W1027 Alibaba Group Holding Ltd 2018/02/28 2019/02/27
A1C06B CH0114405324 Garmin 2018/01/12 2019/03/20
A1JAGV JE00B4T3BW64 Glencore 2019/01/15 2019/01/23
A1JYNN GB00B4VLR192 Ensco Intl Inc 2017/10/13 2019/03/20
A1W86Q GB00BFG3KF26 Noble Corp plc 2019/03/06 2019/03/06
A2AQCA IE00BY7QL619 Tyco International Plc 2018/07/30 2018/08/01
A2DKCH NL0012169213 Qiagen N.V. 2019/03/08 2019/03/20
A2JL18 PA5800371096 McDermott International Inc. 2017/10/19 2018/04/04
A2JSM9 US5635711089 Manitowoc Co. 2018/02/13 2018/02/21
A2N5RM US7475821044 NextGen Healthcare Inc 2018/07/18 2018/07/18
AAL GB00B1XZS820 Anglo American PLC 2017/12/01 2018/04/04
AAPL ARDEUT116183 Apple Inc 2017/11/03 2019/03/13
ABBV US00287Y1091 AbbVie Inc 2017/11/20 2019/02/20
ABC US03073E1055 AmerisourceBergen Corp. (Holding Co.) 2018/05/15 2019/01/30
ABI BE0974293251 Anheuser-Busch InBev 2018/05/23 2018/05/23
ABM US0009571003 ABM Industries Inc. 2018/08/07 2018/11/14
ABT US0028241000 Abbott Laboratories 2018/05/23 2018/11/14
ABT. ARDEUT110608 Abbott Laboratories 2017/10/30 2018/05/15
ACIW US0044981019 ACI Worldwide 2018/11/28 2018/11/28
ACM US00766T1007 AECOM 2018/12/12 2018/12/12
ACNN IE00B4BNMY34 Accenture PLC 2018/04/04 2019/02/20
ADBE US00724F1012 Adobe 2017/12/20 2019/02/07
ADM US0394831020 Archer-Daniels-Midland Co. 2017/10/23 2019/03/20
AES US00130H1059 AES Corp. 2019/02/08 2019/02/13
AET US00817Y1082 Aetna Inc. 2018/01/05 2018/01/17
AEV PHY0001Z1040 Aboitiz Equity Ventures Inc. 2018/04/20 2018/04/20
AGI PHY003341054 Alliance Global Group Inc. 2018/05/25 2018/05/25
AGNN IE00BY9D5467 Allergan plc 2018/04/04 2019/03/20
AI FR0000120073 L'Air Liquide S.A. 2018/05/30 2018/10/17
AIV US03748R1014 Apartment Investment & Management Co. 2018/09/21 2018/09/26
AKS US0015471081 AK Steel Holding 2017/10/25 2019/03/20
AL US00912X3026 Air Lease 2018/02/02 2019/02/13
ALB US0126531013 Albemarle Corp. 2017/11/20 2018/09/05
ALGN US0162551016 Align Technology Inc. 2018/05/30 2018/05/30
ALK US0116591092 Alaska Air Group Inc. 2019/02/21 2019/02/27
ALRM US0116421050 Alarm.com Holdings 2018/04/25 2018/05/02
ALV US0528001094 Autoliv Inc. 2018/01/31 2019/02/13
ALXN US0153511094 Alexion Pharmaceuticals Inc. 2018/01/29 2019/03/13
AMAG US00163U1060 Amag Pharmaceuticals 2018/05/16 2019/03/20
AMD US0079031078 Advanced Micro Devices Inc. 2017/12/05 2019/03/20
AME US0311001004 Ametek Inc. 2018/05/16 2018/05/16
AMGN US0311621009 Amgen Inc. 2017/11/27 2019/03/13
AMKR US0316521006 Amkor Technology Inc. 2017/10/18 2019/01/02
AMN US0017441017 AMN Healthcare Services Inc. 2018/12/21 2019/03/06
AMT US03027X1000 American Tower Corp 2018/01/11 2018/12/12
AMZN US0231351067 Amazon.com Inc. 2017/11/10 2019/03/13
AN US05329W1027 AutoNation Inc. 2017/12/15 2019/03/22
ANIK US0352551081 Anika Therapeutics Inc. 2018/10/31 2018/10/31
ANSS US03662Q1058 Ansys Inc. 2018/03/14 2018/03/14
AP US0320371034 Ampco-Pittsburgh 2018/11/07 2018/11/07
APD US0091581068 Air Products & Chemicals Inc. 2018/01/12 2019/03/20
APEI US02913V1035 American Public Education 2018/08/08 2018/08/08
APTV JE00B783TY65 Aptiv PLC 2019/03/13 2019/03/20
ARMK US03852U1060 Aramark 2018/01/26 2019/02/07
ARRS GB00BZ04Y379 Arris International 2018/05/30 2018/05/30
ARRY US04269X1054 Array BioPharma Inc. 2018/11/07 2018/11/07
ASGN US00191U1025 ASGN Incorporated 2018/07/03 2018/11/28
ASML USN070592100 ASML Holding N.V. 2017/11/08 2018/11/14
ATGE US00737L1035 Adtalem Global Education Inc 2019/02/20 2019/03/04
ATRO US0464331083 Astronics Corp. 2019/01/02 2019/01/02
ATVI US00507V1098 Activision Blizzard 2018/03/28 2019/02/13
AVB US0534841012 Avalonbay Communities Inc. 2017/10/23 2019/01/09
AVGO US11135F1012 Broadcom Inc 2018/04/11 2019/01/30
AVP US0543031027 Avon Products Inc. 2017/12/12 2019/03/20
AXL US0240611030 American Axle & Manufacturing Holdings Inc. 2018/01/29 2019/03/13
AXTA BMG0750C1082 Axalta Coating Systems 2019/02/13 2019/02/27
AZO US0533321024 AutoZone Inc. 2018/11/05 2019/01/30
BA US0970231058 Boeing Co. 2017/12/13 2019/03/06
BAH US0995021062 Booz Allen Hamilton 2018/02/01 2019/02/13
BASF11 DE000BASF111 BASF AG 2017/11/21 2019/01/02
BAY001 DE000BAY0017 Bayer AG 2017/11/14 2019/01/02
BBBY US0758961009 Bed Bath & Beyond Inc., 2018/11/14 2018/11/21
BBY US0865161014 Best Buy Co. Inc. 2017/12/12 2019/02/13
BDX US0758871091 Becton, Dickinson & Co. 2018/01/03 2018/12/19
BECN US0736851090 Beacon Roofing Supply Inc. 2019/03/06 2019/03/06
BHP AU000000BHP4 BHP Billiton Ltd. 2018/11/02 2018/11/07
BID US8358981079 Sotheby's 2018/08/27 2018/08/29
BIIB US09062X1037 Biogen 2018/01/03 2018/08/22
BKNG US09857L1089 Booking Holdings 2018/08/27 2018/08/29
BLBD US0953061068 Blue Bird 2018/08/24 2018/08/29
BLDR US12008R1077 Builders FirstSource Inc. 2017/10/24 2018/11/28
BLKB US09227Q1004 Blackbaud Inc. 2018/04/25 2018/04/25
BLL US0584981064 Ball Corp. 2019/01/02 2019/01/02
BMRN US09061G1013 BioMarin Pharmaceutical Inc. 2019/01/09 2019/01/30
BMY US1101221083 Bristol-Myers Squibb Co. 2017/11/14 2019/03/20
BN4 SG1U68934629 Keppel 2018/04/20 2018/04/20
BNS. CA0641491075 Bank of Nova Scotia 2018/04/18 2018/10/03
BOX US10316T1043 Box Inc 2018/05/16 2018/05/23
BPI US10807M1053 Bridgepoint Education 2018/10/10 2018/10/10
BR US11133T1034 Broadridge Financial Solutions 2019/02/01 2019/02/07
BRK.B US0846707026 Berkshire Hathaway B 2017/11/06 2017/11/06
BSX US1011371077 Boston Scientific Corp. 2017/11/21 2019/02/07
BWA US0997241064 BorgWarner Inc. 2018/02/13 2018/08/08
BXP US1011211018 Boston Properties Inc. 2018/08/07 2018/08/15
BZH US07556Q8814 Beazer Homes USA Inc. 2017/10/18 2019/03/20
CA US12673P1057 CA Inc 2018/01/03 2018/01/03
CAH US14149Y1082 Cardinal Health Inc. 2017/10/24 2019/03/20
CAR US0537741052 Avis Budget Group 2018/02/07 2019/02/06
CARS US14575E1055 Cars.com 2018/07/03 2018/07/11
CASY US1475281036 Casey's General Stores Inc. 2018/11/09 2018/11/14
CAT US1491231015 Caterpillar Inc. 2017/12/19 2019/03/13
CBS US1248572026 CBS 2017/10/16 2018/08/08
CC US1638511089 Chemours Company 2018/03/07 2018/11/21
CCI US22822V1017 Crown Castle International Corp. 2017/11/07 2019/03/20
CCK US2283681060 Crown Holdings 2019/02/13 2019/03/20
CCL PA1436583006 Carnival Corp. 2018/05/23 2019/02/13
CCO US18451C1099 Clear Channel Outdoor Holdings 2018/01/31 2018/06/13
CDK US12508E1010 CDK Global 2018/04/23 2018/04/25
CELG US1510201049 Celgene Corp. 2018/02/07 2019/02/27
CERN US1567821046 Cerner Corp. 2018/08/14 2019/01/23
CHD US1713401024 Church & Dwight Co. 2018/04/11 2018/04/11
CHK US1651671075 Chesapeake Energy Corp. 2017/09/21 2019/03/20
CHTR US16119P1084 Charter Communications Inc. Cl A 2017/12/19 2019/03/13
CL US1941621039 Colgate-Palmolive Co. 2018/06/27 2019/03/20
CMCM US1630751048 Cheetah Mobile ADS (N Shares) 2018/07/31 2018/08/08
CMCSA US20030N1019 Comcast Corp. Cl A 2019/02/22 2019/02/27
CMD US1380981084 Cantel Medical Corp. 2018/05/23 2018/05/23
CNX US12653C1080 CNX Resources 2017/12/18 2018/10/03
CNXM US12654A1016 CNX Midstream Partners LP 2019/03/03 2019/03/06
COF US14040H1059 Capital One Financial Corp. 2018/10/17 2019/02/06
COHR US1924791031 Coherent Inc. 2018/06/20 2018/06/27
COST US22160K1051 Costco Wholesale Corp. 2018/07/13 2019/01/25
COST. ARDEUT110863 Costco Wholesale Corp. 2019/01/30 2019/01/30
CP. CA13645T1003 Canadian Pacific Railway Ltd. 2017/11/03 2018/07/25
CPT US1331311027 Camden Property Trust 2018/09/21 2018/09/26
CRM US79466L3024 Salesforce.com Inc. 2017/12/22 2018/10/03
CRUS US1727551004 Cirrus Logic Inc. 2017/10/11 2019/02/27
CRY US2289031005 CryoLife Inc. 2018/08/08 2018/08/08
CSCO US17275R1023 Cisco Systems Inc. 2018/02/14 2019/03/20
CSGP US22160N1090 CoStar Group Inc. 2019/02/20 2019/03/04
CSTM NL0010489522 Constellium Holdco BV 2017/11/15 2019/02/06
CSX US1264081035 CSX Corp. 2017/11/08 2018/12/12
CTSH US1924461023 Cognizant Technology Solutions Corp. 2018/01/15 2019/03/22
CTXS US1773761002 Citrix Systems Inc. 2017/11/27 2019/02/13
CVI US12662P1084 CVR Energy 2017/11/10 2019/03/20
CVLT US2041661024 CommVault Systems 2018/12/12 2018/12/12
CVS US1266501006 CVS Health Corporation 2017/12/01 2019/02/13
CVX US1667641005 Chevron 2017/12/04 2019/03/20
CXO US20605P1012 Concho Resources 2018/10/31 2019/01/30
CY US2328061096 Cypress Semiconductor Corp. 2018/09/12 2018/09/12
CYBR IL0011334468 CyberArk Software 2018/10/03 2018/10/03
CYH US2036681086 Community Health Systems Inc. 2018/01/25 2019/03/20
CZR US1276861036 Caesars Entertainment 2019/02/07 2019/02/07
D US25746U1097 Dominion Energy Inc 2018/01/05 2018/12/12
DAL US2473617023 Delta Air Lines 2017/10/24 2018/11/21
DE US2441991054 Deere & Co. 2018/01/08 2019/01/02
DF US2423702032 Dean Foods Co. 2018/01/25 2019/03/20
DG FR0000125486 Vinci S.A. 2018/11/08 2018/11/14
DGE GB0002374006 Diageo PLC 2018/03/23 2018/09/12
DHI US23331A1097 D.R. Horton Inc. 2017/11/22 2019/02/20
DHR US2358511028 Danaher Corp. 2017/10/27 2019/03/06
DIS US2546871060 Walt Disney 2017/12/05 2019/03/20
DISCA US25470F1049 Discovery Inc Series A 2019/01/23 2019/01/30
DISH US25470M1099 Dish Network 2018/07/25 2019/03/20
DLPH JE00BD85SC56 Delphi Technologies PLC 2017/10/23 2018/01/31
DLR US2538681030 Digital Realty Trust Inc. 2018/09/19 2018/09/26
DLX US2480191012 Deluxe Corp. 2017/10/04 2018/11/07
DNR US2479162081 Denbury Resources Inc. 2018/02/01 2019/03/20
DOOR CA5753851099 Masonite International Corp 2018/02/02 2019/02/13
DOX GB0022569080 Amdocs Ltd. 2018/07/04 2018/07/04
DVA US23918K1088 DaVita 2018/03/07 2018/03/07
DWDP US26078J1007 DowDuPont 2019/03/18 2019/03/20
EA US2855121099 Electronic Arts Inc. 2018/01/31 2019/03/20
EBAY US2786421030 eBay Inc. 2017/10/31 2019/03/20
ECA. CA2925051047 Encana Corporation 2018/09/28 2018/10/03
ECHO US27875T1016 Echo Global Logistics 2019/01/30 2019/01/30
ECL US2788651006 Ecolab Inc. 2018/01/12 2019/01/02
EEFT US2987361092 Euronet Worldwide Inc. 2018/05/16 2019/02/13
EGOV US62914B1008 NIC Inc. 2018/04/18 2019/01/31
EL US5184391044 Estee Lauder Cos. Inc. 2018/01/02 2018/12/12
EME US29084Q1004 EMCOR Group Inc. 2019/03/20 2019/03/20
EMR US2910111044 Emerson Electric Co. 2018/12/19 2018/12/19
ENDP IE00BJ3V9050 Endo International plc 2018/04/03 2018/08/01
ENI IT0003132476 Eni 2018/10/04 2018/10/10
EOG US26875P1012 EOG Resources Inc. 2018/09/26 2018/10/03
EPAM US29414B1044 Epam Systems 2018/11/07 2018/11/07
EPAY US1013881065 Bottomline Technologies Inc. 2019/01/23 2019/01/23
EQC US2946281027 Equity Commonwealth 2018/10/10 2018/10/10
EQT US26884L1098 EQT Corporation 2019/01/23 2019/01/23
ETN IE00B8KQN827 Eaton Corp PLC 2018/01/29 2019/01/09
ETSY US29786A1060 Etsy 2018/05/15 2018/05/23
EW US28176E1082 Edwards Lifesciences Corp. 2018/05/09 2018/05/09
EXPE US30212P3038 Expedia Group 2017/11/13 2019/03/13
EXPR. US30219G1085 Express Scripts Holding Co 2017/11/22 2018/08/08
FAST US3119001044 Fastenal Co. 2017/11/01 2018/05/09
FB US30303M1027 Facebook Class A 2017/11/22 2019/02/20
FCX US35671D8570 Freeport-McMoRan 2017/11/13 2019/02/20
FDS US3030751057 FactSet Research Systems Inc. 2018/11/13 2019/02/27
FDX US31428X1063 FedEx Corp. 2017/10/16 2018/10/24
FFIV US3156161024 F5 Networks Inc. 2018/03/21 2018/03/21
FII US3142111034 Federated Investors Inc. 2019/02/13 2019/02/20
FIS US31620M1062 Fidelity Natl Information Services 2017/10/30 2019/03/13
FISV US3377381088 Fiserv Inc. 2018/02/28 2018/02/28
FIVE US33829M1018 Five Below 2018/11/05 2018/11/07
FL US3448491049 Foot Locker Inc. 2017/11/08 2018/02/14
FLR US3434121022 Fluor Corp. 2018/01/30 2018/02/07
FLS US34354P1057 Flowserve Corp. 2018/02/05 2019/02/13
FMC US3024913036 FMC Corp. 2018/01/10 2018/01/10
FND US3397501012 Floor & Decor Holdings 2018/02/06 2018/05/30
FOXA US90130A1016 Twenty-First Century Fox Inc 2018/01/24 2018/09/19
FOXF US35138V1026 Fox Factory Holding 2017/12/11 2018/05/23
FP FR0000120271 Total S.A. 2018/05/16 2018/10/10
FSLR US3364331070 First Solar Inc 2017/11/06 2019/03/20
FTNT US34959E1091 Fortinet 2018/06/20 2018/06/20
FTR US35906A3068 Frontier Communications 2017/10/17 2017/10/17
GD US3695501086 General Dynamics Corp. 2018/01/05 2019/03/20
GDDY US3802371076 GoDaddy 2018/09/19 2019/02/07
GDI US36555P1075 Gardner Denver Holdings 2018/08/15 2018/08/22
GE US3696041033 General Electric Co. 2018/02/26 2018/09/12
GIII US36237H1014 G-III Apparel Group Ltd. 2018/11/08 2018/11/14
GILD US3755581036 Gilead Sciences Inc. 2017/11/13 2019/02/20
GIS US3703341046 General Mills Inc. 2019/02/13 2019/03/04
GKOS US3773221029 Glaukos 2017/11/30 2018/03/21
GM US37045V1008 General Motors 2017/11/22 2019/03/06
GME US36467W1099 GameStop Corp. Cl A 2018/02/05 2019/03/06
GNK MHY2685T1313 Genco Shipping & Trading Ltd. 2018/03/28 2018/03/28
GNTX US3719011096 Gentex Corp. 2017/11/02 2018/12/05
GOGO US38046C1099 Gogo Inc. 2018/02/02 2018/05/09
GOOGL US02079K3059 Alphabet Class A 2017/10/11 2019/02/27
GPK US3886891015 Graphic Packaging Holding 2018/02/09 2018/02/14
GPN US37940X1028 Global Payments Inc. 2017/11/08 2017/11/08
GPOR US4026353049 Gulfport Energy Corp. 2018/09/26 2018/10/03
GPS US3647601083 Gap Inc. 2018/03/09 2019/02/20
GRA US38388F1084 W.R. Grace & Co. 2018/02/06 2018/02/14
GRBK US3927091013 Green Brick Partners 2018/04/23 2018/04/25
GT US3825501014 Goodyear Tire & Rubber Co. 2017/11/16 2019/03/20
GWW US3848021040 W.W. Grainger Inc. 2019/01/21 2019/01/23
HCA US40412C1018 HCA Healthcare Inc 2018/08/03 2018/12/05
HCP US40414L1098 HCP 2019/03/20 2019/03/20
HD US4370761029 Home Depot Inc. 2017/12/13 2019/01/02
HEI US4228061093 Heico Corp., 2018/06/06 2018/06/06
HES US42809H1077 Hess Corp. 2018/09/24 2018/09/26
HIG US4165151048 Hartford Financial Services Group Inc. 2019/01/30 2019/01/30
HII US4464131063 Huntington Ingalls Industries 2018/01/31 2018/01/31
HK US40537Q6052 Halcon Resources Corp 2018/10/10 2018/10/24
HL US4227041062 Hecla Mining Co. 2018/02/02 2019/02/06
HM B SE0000106270 H & M Hennes & Mauritz AB B 2017/10/20 2018/11/07
HOG US4128221086 Harley-Davidson Inc. 2019/03/06 2019/03/06
HON US4385161066 Honeywell International Inc. 2017/11/08 2019/03/13
HOV US4424872038 Hovnanian Enterprises Inc. Cl A 2018/08/08 2018/10/24
HPE US42824C1099 Hewlett Packard Enterprise 2018/07/18 2018/07/25
HRB US0936711052 H&R Block Inc. 2019/03/06 2019/03/06
HSIC US8064071025 Henry Schein Inc. 2018/07/04 2018/07/04
HSTM US42222N1037 HealthStream Inc. 2018/06/06 2018/06/06
HSY US4278661081 Hershey Foods Corp. 2018/08/07 2019/01/09
HTA US42225P5017 Healthcare Trust Of America Inc 2018/09/24 2018/09/26
HTZ US42806J1060 Hertz Global Holdings 2018/05/30 2019/03/04
HUM US4448591028 Humana Inc. 2018/01/25 2018/12/19
HUN US4470111075 Huntsman Corp. 2018/02/19 2018/02/21
IAC US44919P5089 IAC/InterActiveCorp. 2018/08/01 2018/08/01
IBM US4592001014 International Business Machines Corp. 2017/11/01 2019/02/20
ICE US45866F1049 Intercontinental Exchange 2018/01/22 2019/01/09
ICFI US44925C1036 ICF International 2018/05/16 2018/05/16
ICHR KYG4740B1059 Ichor Holdings 2017/12/06 2018/09/05
IEP US4511001012 Icahn Enterprises 2018/08/02 2018/08/15
INCY US45337C1027 Incyte Corp. 2019/01/23 2019/02/07
INFO BMG475671050 IHS Markit 2018/08/11 2018/11/07
INFY US4567881085 Infosys Limited ADS 2019/03/20 2019/03/20
INTC US4581401001 Intel Corp. 2018/04/17 2019/02/27
INTU US4612021034 Intuit Inc. 2018/01/08 2019/01/23
IPAR US4583341098 Inter Parfums Inc. 2018/06/20 2018/06/20
IPG US4606901001 Interpublic Group of Cos. 2018/06/20 2018/06/20
IRBT US4627261005 iRobot 2018/11/06 2018/11/14
IRM US46284V1017 Iron Mountain Inc. 2018/08/22 2019/03/20
ISRG US46120E6023 Intuitive Surgical Inc. 2018/04/04 2018/04/04
IT US3666511072 Gartner 2018/03/21 2019/01/23
JACK US4663671091 Jack in the Box Inc. 2018/02/06 2018/02/14
JCOM US48123V1026 j2 Global 2018/07/04 2018/07/11
JCP US7081601061 J.C. Penney Co. Inc. 2017/11/01 2019/03/20
JD US47215P1066 JD.com ADS (N Shares) 2018/01/11 2019/01/23
JEC US4698141078 Jacobs Engineering Group Inc. 2018/05/09 2018/05/09
JKHY US4262811015 Jack Henry & Associates Inc. 2018/07/04 2018/07/04
JNJ US4781601046 Johnson & Johnson 2017/10/25 2019/02/20
JNPR US48203R1041 Juniper Networks Inc. 2017/12/06 2017/12/06
K US4878361082 Kellogg Co. 2017/10/24 2019/01/09
K3RD US22943F1003 Ctrip.com International Ltd. ADS 2019/01/25 2019/01/30
KBH US48666K1097 KB Home 2017/10/13 2019/03/20
KEYS US49338L1035 Keysight Technologies 2019/02/05 2019/02/13
KFY US5006432000 Korn/Ferry International 2018/01/04 2019/01/02
KHC US5007541064 Kraft Heinz 2017/10/25 2018/12/19
KMI US49456B1017 Kinder Morgan 2019/01/30 2019/01/30
KO US1912161007 Coca-Cola Co. 2017/11/01 2018/12/19
KR US5010441013 Kroger Co. 2018/04/20 2018/08/08
KSU US4851703029 Kansas City Southern 2017/11/01 2017/11/01
LB US5017971046 L Brands 2017/12/01 2019/02/20
LCII US50189K1034 LCI Industries 2018/07/04 2018/07/11
LEA US5218652049 Lear Corp. 2018/02/12 2018/05/02
LEE US5237681094 Lee Enterprises Inc. 2018/07/31 2019/03/20
LEN US5260571048 Lennar Corp. Cl A 2017/10/18 2019/03/20
LGIH US50187T1060 LGI Homes 2017/10/18 2018/09/05
LH US50540R4092 Laboratory Corp. of America Holdings 2017/11/20 2019/01/11
LIN DE0006483001 Linde AG 2018/01/22 2018/10/24
LKQ US5018892084 LKQ Corp. 2018/08/29 2018/09/05
LLL US5024131071 L3 Technologies Inc 2018/05/22 2018/05/30
LLY US5324571083 Eli Lilly & Co. 2019/03/20 2019/03/20
LMT US5398301094 Lockheed Martin Corp. 2017/12/15 2019/03/13
LOGM US54142L1098 LogMeIn 2018/11/14 2018/11/14
LOW US5486611073 Lowe's Cos. 2017/12/22 2018/09/26
LRCX US5128071082 Lam Research Corp. 2017/11/02 2019/02/13
LUV US8447411088 Southwest Airlines Co. 2018/02/14 2019/01/23
LXFT VGG572791041 Luxoft Holding Inc 2018/08/01 2018/08/08
MA US57636Q1040 Mastercard CL A 2018/08/14 2018/12/05
MAR US5719032022 Marriott International Inc. Cl A 2017/10/11 2019/01/09
MCD US5801351017 McDonalds Corp 2017/12/11 2019/03/06
MCK US58155Q1031 McKesson Corp. 2018/01/16 2019/01/30
MCO US6153691059 Moody's Corp. 2018/01/12 2019/01/09
MD US58502B1061 Mednax 2018/09/26 2018/09/26
MDC US5526761086 M.D.C. Holdings Inc. 2018/01/25 2018/01/25
MDP US5894331017 Meredith Corp. 2018/09/19 2018/09/19
MDR PAL1201471A1 McDermott International Inc. 2018/06/27 2019/01/21
MDT IE00BTN1Y115 Medtronic plc 2018/12/05 2019/01/31
MED US58470H1014 Medifast Inc. 2018/09/26 2018/09/26
MEG PHY594811127 Megaworld 2018/06/08 2018/06/08
MEG. CA5527041084 MEG Energy 2018/03/14 2018/09/26
MEI US5915202007 Methode Electronics Inc. 2018/08/28 2018/09/05
MELI US58733R1023 MercadoLibre Inc. 2018/05/21 2018/05/23
MER PHY5764J1483 Manila Electric 2018/04/26 2018/04/26
MGLN US5590792074 Magellan Health 2019/03/13 2019/03/13
MGM US5529531015 MGM Resorts International 2017/12/05 2018/12/12
MHK US6081901042 Mohawk Industries 2018/01/22 2018/08/22
MKS GB0031274896 Marks & Spencer Group PLC 2018/07/11 2018/07/11
MKTX US57060D1081 MarketAxess Holdings Inc. 2019/03/20 2019/03/20
MLM US5732841060 Martin Marietta Materials Inc. 2017/12/05 2018/10/10
MMC US5717481023 Marsh & McLennan Cos. 2018/01/04 2018/10/31
MNI US5794893033 McClatchy Co. Cl A 2018/01/16 2018/12/19
MNST US61174X1090 Monster Beverage 2018/06/13 2018/06/13
MO US02209S1033 Altria Group Inc. 2018/02/28 2019/03/06
MORN US6177001095 Morningstar Inc. 2018/06/27 2018/06/27
MPC US56585A1025 Marathon Petroleum 2018/01/23 2018/12/12
MRK US58933Y1055 Merck & Co. Inc. 2018/05/16 2018/12/12
MRO US5658491064 Marathon Oil Corp. 2018/09/26 2018/10/03
MSCC US5951371005 Microsemi Corp. 2018/05/02 2018/05/02
MSCI US55354G1004 MSCI 2019/02/06 2019/02/06
MSFT US5949181045 Microsoft Corp. 2018/01/31 2019/03/13
MSFT. ARDEUT110285 Microsoft Corp. CEDEAR 2017/11/29 2017/12/04
MSI US6200763075 Motorola Solutions 2017/12/08 2017/12/08
MTD US5926881054 Mettler-Toledo International Inc. 2018/01/25 2019/02/07
MTH US59001A1025 Meritage Homes Corp. 2017/12/20 2017/12/20
MTOR US59001K1007 Meritor 2018/01/31 2019/03/20
MTW US5635714059 Manitowoc Co. 2018/02/05 2019/03/20
MTZ US5763231090 MasTec Inc. 2019/03/20 2019/03/20
MU US5951121038 Micron Technology Inc. 2017/10/13 2019/01/11
MYL NL0011031208 Mylan N.V. 2017/11/22 2019/03/19
NAV US63934E1082 Navistar International 2018/01/25 2019/03/20
NBIX US64125C1099 Neurocrine Biosciences Inc. 2019/02/07 2019/02/07
NCSM US6288771024 NCS Multistage Holding 2018/05/23 2018/05/30
NDAQ US6311031081 Nasdaq 2018/06/13 2019/02/07
NEE US65339F1012 NextEra Energy Inc 2017/12/22 2019/02/26
NEM US6516391066 Newmont Mining Corp. 2018/07/25 2019/01/02
NEP US65341B1061 NextEra Energy Partners LP 2018/04/13 2018/04/18
NESN CH0038863350 Nestle S.A. 2018/03/14 2018/09/26
NFLX US64110L1061 Netflix Inc. 2018/02/07 2019/02/13
NFX US6512901082 Newfield Exploration Co. 2018/01/31 2018/10/10
NKE ARDEUT111341 Nike, Inc. 2017/10/18 2019/02/07
NLS US63910B1026 Nautilus 2019/03/06 2019/03/13
NOC US6668071029 Northrop Grumman Corp. 2018/01/22 2019/01/09
NOV US6370711011 National-Oilwell Inc. 2017/11/27 2019/02/20
NOVN CH0012005267 Novartis AG 2017/11/10 2018/11/14
NSC US6558441084 Norfolk Southern Corp. 2017/10/13 2019/03/20
NSP US45778Q1076 Insperity 2018/12/05 2018/12/05
NTAP US64110D1046 NetApp 2017/11/15 2017/11/15
NVDA US67066G1040 NVIDIA Corp. 2018/09/13 2018/12/19
NXPIN NL0009538784 NXP SEMICONDUCTORS NV 2018/10/31 2019/01/09
NYT US6501111073 New York Times Co. Cl A 2018/02/19 2018/02/21
OC US6907421019 Owens Corning 2017/12/08 2018/10/17
OHI US6819361006 Omega Healthcare Investors 2019/02/07 2019/02/07
OMC US6819191064 Omnicom Group Inc. 2018/12/21 2019/03/13
OMCL US68213N1090 Omnicell Inc. 2018/08/01 2018/08/01
OR FR0000120321 L'Oreal S.A. 2018/11/14 2018/11/21
ORCL US68389X1054 Oracle Corp. 2018/01/12 2018/11/21
OSIS US6710441055 OSI Systems Inc. 2018/08/08 2018/08/08
OSK US6882392011 Oshkosh 2018/01/26 2018/01/31
PAH US72766Q1058 PLATFORM SPECIALTY PRODUCTS 2018/07/25 2018/08/01
PANW US6974351057 Palo Alto Networks 2017/12/18 2018/11/14
PATK US7033431039 Patrick Industries 2017/12/08 2017/12/08
PAYX US7043261079 Paychex Inc. 2018/07/18 2019/01/08
PBH US74112D1019 Prestige Consumer Healthcare 2018/08/02 2018/11/28
PEGA US7055731035 Pegasystems Inc. 2018/08/22 2018/08/22
PETR3 BRPETRACNOR9 Petroleo Brasileiro S/A Ord 2018/04/09 2019/01/09
PETS US7163821066 PetMed Express Inc. 2018/11/21 2018/11/21
PFE US7170811035 Pfizer 2017/11/20 2019/03/06
PINC US74051N1028 Premier Inc 2018/07/23 2019/02/27
PKD US7010811013 Parker Drilling Co. 2017/11/16 2019/01/02
PLNT US72703H1014 Planet Fitness 2017/11/27 2019/03/22
PLOW US25960R1059 Douglas Dynamics 2018/06/19 2018/06/27
PM US7181721090 Philip Morris International 2017/11/17 2019/03/06
POST US7374461041 Post Holdings 2018/08/01 2018/08/08
PRFT US71375U1016 Perficient Inc. 2018/06/06 2018/06/06
PRIC. US7415034039 Booking Holdings 2017/12/19 2017/12/19
PSN GB0006825383 Persimmon PLC 2018/04/23 2018/04/25
PSX US7185461040 Phillips 66 2018/01/15 2019/03/06
PTC US69370C1009 PTC 2018/10/03 2018/10/03
PVH US6936561009 PVH Corp. 2018/04/11 2018/04/11
PX US74005P1049 Praxair Inc. 2018/01/02 2018/10/24
PYPL US70450Y1038 PayPal Holdings 2018/09/17 2018/11/21
QCOM US7475251036 Qualcomm Inc. 2018/03/28 2018/03/28
QQQ US73935A1043 PowerShares QQQ Trust Series 1 2018/03/28 2018/03/28
QSR CA76131D1033 Restaurant Brands International 2018/08/29 2018/08/29
R US7835491082 Ryder System Inc. 2018/01/25 2019/03/20
RAD US7677541044 Rite Aid 2019/01/23 2019/03/20
RCII US76009N1000 Rent-A-Center Inc. 2017/10/18 2018/03/21
RCL * LR0008862868 Royal Caribbean Cruises Ltd. 2017/12/05 2019/02/13
RDSA GB00B03MLX29 Royal Dutch Shell A 2018/10/01 2018/10/03
REVG US7495271071 REV Group 2018/06/20 2018/06/27
RHT US7565771026 Red Hat Inc. 2018/03/14 2018/03/14
RIGN CH0048265513 Transocean Ltd. 2018/01/25 2019/03/20
RMR US74967R1068 RMR Group 2019/02/22 2019/02/27
RO CH0012032113 Roche Holding AG 2018/03/09 2018/09/21
ROG AU000000ROG5 Red Sky Energy 2018/09/26 2018/09/26
ROK US7739031091 Rockwell Automation Corp. 2018/01/25 2019/01/23
ROL US7757111049 Rollins Inc. 2018/01/25 2018/01/25
ROP US7766961061 Roper Technologies 2018/05/23 2018/05/23
ROST US7782961038 Ross Stores Inc. 2017/10/31 2018/11/07
RP US75606N1090 RealPage 2018/07/18 2019/01/09
RPM US7496851038 RPM International Inc. 2018/01/23 2019/01/30
RTN US7551115071 Raytheon Co. 2018/01/16 2019/01/02
RY. CA7800871021 Royal Bank of Canada 2018/04/04 2018/09/26
RYI US7837541041 Ryerson Holding Corp 2018/08/15 2019/03/22
SAF FR0000073272 Safran 2018/10/17 2018/10/24
SAFM US8000131040 Sanderson Farms Inc. 2018/06/22 2018/06/27
SAN FR0000120578 Sanofi 2017/12/04 2018/09/19
SAVE US8485771021 Spirit Airlines 2018/07/11 2018/07/18
SBAC US78410G1040 SBA Communications 2018/01/26 2019/01/30
SBGI US8292261091 Sinclair Broadcast Group Inc. Cl A 2018/08/03 2018/08/08
SBUX US8552441094 Starbucks Corp. 2017/12/20 2019/02/20
SCCO US84265V1052 Southern Copper Corp. 2019/02/27 2019/02/27
SCS US8581552036 Steelcase Inc. Cl A 2018/11/06 2018/11/14
SEDG US83417M1045 SolarEdge Technologies 2018/08/01 2019/03/19
SFLY US82568P3047 Shutterfly 2019/01/09 2019/01/09
SHOP. CA82509L1076 SHOPIFY INC 2018/05/11 2019/02/07
SHW US8243481061 Sherwin-Williams Co. 2018/06/27 2019/01/23
SJM US8326964058 J.M. Smucker Co. 2018/04/04 2019/01/31
SLB.N AN8068571086 Schlumberger 2017/11/03 2018/11/14
SM US78454L1008 SM Energy 2018/08/31 2018/10/03
SMTC US8168501018 Semtech Corp. 2018/08/29 2018/08/31
SPB US84763R1014 Spectrum Brands Holdings 2018/06/27 2018/06/27
SPNS ANN7716A1513 Sapiens International Corp. N.V. 2018/07/11 2018/07/11
SPY US78462F1030 SPDR S&P 500 ETF 2018/03/28 2018/04/25
SQ US8522341036 Square Class A 2018/08/06 2019/01/23
SRCL US8589121081 Stericycle Inc. 2018/04/25 2018/04/25
SSNC US78467J1007 SS&C Technologies Holdings 2018/07/18 2018/07/18
STOR US8621211007 Store Capital REIT 2019/02/13 2019/02/13
STZ US21036P1084 Constellation Brands Inc. Cl A 2018/03/14 2019/01/30
SUM US86614U1007 Summit Materials 2017/12/18 2019/01/30
SVU US8685363017 Supervalu Inc. 2017/11/02 2018/06/13
SWK US8545021011 Stanley Black & Decker 2018/07/19 2019/02/27
SYF US87165B1035 Synchrony Financial 2018/08/01 2018/12/19
SYK US8636671013 Stryker Corp. 2018/04/11 2018/04/11
SYY US8718291078 Sysco Corp. 2018/04/04 2019/03/20
TAP US60871R2094 Molson Coors Brewing Co. Cl B 2018/01/30 2018/02/07
TCG GB00B1VYCH82 Thomas Cook Group 2019/01/25 2019/01/30
TDG US8936411003 TransDigm 2018/04/25 2019/03/20
TECH US09073M1045 Bio-Techne 2018/04/18 2018/04/18
TEMN CH0012453913 Temenos Group AG 2018/03/07 2018/03/07
TEVA.N US8816242098 Teva Pharmaceutical Industries Ltd. 2019/01/02 2019/01/02
TGE US8746961072 Tallgrass Energy 2019/02/18 2019/02/20
TGNA US87901J1051 TEGNA 2019/01/30 2019/01/30
TGT US87612E1064 Target Corp. 2017/10/17 2019/01/09
THC US88033G4073 Tenet Healthcare Corp. 2018/02/26 2018/02/28
THRM US37253A1034 Gentherm 2017/11/21 2019/03/20
THS US89469A1043 TreeHouse Foods 2018/07/05 2018/07/11
TJX US8725401090 TJX Cos. 2018/01/03 2019/01/23
TLRD US87403A1079 TAILORED BRANDS 2017/10/13 2018/02/21
TMO US8835561023 Thermo Fisher Scientific 2017/12/15 2019/03/13
TMUS US8725901040 T-Mobile US Inc. 2017/11/17 2019/03/20
TPC US9011091082 Tutor Perini 2018/02/28 2018/03/07
TPR US8760301072 Tapestry 2018/12/18 2019/02/27
TRIP US8969452015 TripAdvisor 2018/11/14 2018/11/14
TRMB US8962391004 Trimble 2018/01/17 2018/01/17
TSLA US88160R1014 Tesla 2018/01/08 2019/01/11
TSN US9024941034 Tyson Foods Inc. Cl A 2017/10/24 2018/10/10
TTWO US8740541094 Take-Two Interactive Software Inc. 2019/02/07 2019/02/13
TW. GB0008782301 Taylor Wimpey 2018/04/23 2018/04/25
TWTR US90184L1026 Twitter 2017/11/15 2019/03/20
TXN US8825081040 Texas Instruments Inc. 2017/12/22 2019/02/20
TXT US8832031012 Textron Inc. 2017/10/30 2018/12/19
UAL US9100471096 United Continental Holdings 2018/03/28 2018/04/04
UBNT US90347A1007 Ubiquiti Networks 2018/07/11 2018/07/11
UHS US9139031002 Universal Health Services Inc. Cl B 2017/11/17 2019/02/20
UIS US9092143067 Unisys Corp. 2017/12/12 2019/03/20
ULTA US90384S3031 Ulta Beauty 2017/11/01 2019/01/30
ULTI US90385D1072 Ultimate Software Group Inc. 2018/04/18 2018/07/25
ULVR GB00B10RZP78 Unilever PLC 2018/05/17 2018/05/23
UNFI US9111631035 United Natural Foods Inc. 2018/07/11 2019/03/20
UNH US91324P1021 UnitedHealth Group Inc. 2017/11/15 2019/02/20
UNP US9078181081 Union Pacific Corp. 2017/12/15 2018/12/12
UNT US9092181091 Unit Corp. 2017/10/17 2019/02/13
URC PHY9297P1004 Universal Robina Corp. 2018/05/04 2018/05/04
URI US9113631090 United Rentals Inc. 2017/11/03 2019/02/27
USNA US90328M1071 USANA Health Sciences Inc. 2018/03/21 2018/03/21
UTX US9130171096 United Technologies Corp. 2018/01/02 2019/02/20
UVV US9134561094 Universal Corp. 2018/02/07 2019/03/13
V US92826C8394 Visa 2018/01/02 2019/03/06
VALE3 US91912E1055 Vale S.A. ADS 2018/12/03 2018/12/05
VAR US92220P1057 Varian Medical Systems Inc. 2019/01/23 2019/01/23
VEC GB00B01D1K48 Vectura Group PLC 2018/11/12 2018/11/14
VFC US9182041080 VF Corp. 2017/10/25 2018/11/07
VLKAY US9286623031 Volkswagen AG ADS 2018/09/26 2018/09/26
VMC US9291601097 Vulcan Materials Co. 2018/08/15 2019/02/13
VMW US9285634021 VMware Inc. 2018/08/15 2018/08/15
VNO US9290421091 Vornado Realty Trust 2018/09/19 2018/09/26
VOD GB00BH4HKS39 Vodafone Group PLC 2018/12/17 2018/12/19
VRSK US92345Y1064 Verisk Analytics 2019/01/23 2019/01/23
VRTU US92827P1021 Virtusa 2018/10/31 2018/10/31
VRX CA91911K1021 Bausch Health Companies 2017/09/19 2018/07/18
VRX CN CA0717341071 Bausch Health Companies 2018/08/20 2019/03/20
VZ US92343V1044 Verizon Communications Inc. 2017/11/02 2019/02/27
WBA US9314271084 Walgreens Boots Alliance 2017/12/19 2019/01/08
WDAY US98138H1014 Workday 2018/11/28 2018/11/28
WDR US9300591008 Waddell & Reed Financial Inc. 2019/02/22 2019/02/27
WEED CA1380351009 Canopy Growth 2019/02/01 2019/02/07
WGO US9746371007 Winnebago Industries Inc. 2018/01/30 2019/02/07
WING US9741551033 Wingstop 2018/01/23 2018/01/31
WIX IL0011301780 Wix.com 2018/05/17 2018/05/23
WMT US9311421039 Walmart 2018/03/19 2019/03/19
WRK* US96145D1054 WESTROCK COMPANY 2017/12/08 2019/03/06
WTW US9486261061 Weight Watchers International Inc. 2018/10/17 2018/10/17
WU US9598021098 Western Union 2018/02/01 2018/11/07
WWW US9780971035 Wolverine World Wide Inc. 2019/01/23 2019/01/31
WY US9621661043 Weyerhaeuser Co. 2018/01/26 2018/07/25
WYND US98310W1080 Wyndham Destinations 2017/12/14 2018/12/12
X US9129091081 United States Steel Corp. 2017/12/11 2019/03/20
XLNX US9839191015 Xilinx Inc. 2018/03/14 2018/03/14
XOM US30231G1022 Exxon Mobil Corp. 2017/10/18 2018/04/18
XRAY US24906P1093 DENTSPLY SIRONA 2018/02/14 2019/03/20
XRX US9841216081 Xerox Corp. 2018/11/21 2018/11/21
YELP US9858171054 Yelp 2018/09/05 2019/03/06
YRCW US9842496070 YRC Worldwide 2018/01/25 2019/03/20
YUM US9884981013 Yum! Brands Inc. 2017/10/17 2019/01/23
YUMC US98850P1093 Yum China Holdings Inc 2018/07/02 2019/02/07
YY US98426T1060 YY ADS (N Shares) 2018/08/22 2018/08/31
ZAGG US98884U1088 Zagg Inc. 2018/06/15 2018/06/20
ZAYO US98919V1052 Zayo Group Holdings 2019/02/20 2019/03/13
ZBRA US9892071054 Zebra Technologies Corp. Cl A 2019/02/11 2019/03/06
ZG US98954M1018 Zillow Group 2017/11/27 2018/08/15
ZNGA US98986T1088 Zynga 2018/11/21 2018/12/05
ZTS US98978V1035 Zoetis 2018/01/23 2019/03/19

Analysts

  • Valens Research

    N/A
  • Rob Spivey

    N/A
  • Joel Litman

    N/A
Valens Research

PLNT - Embedded Expectations Analysis - 2019 03 22

Planet Fitness (PLNT:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 34.7x Uniform P/E. However, even at these levels, the market is pricing in expectations for Uniform ROA to remain relatively flat, with lower-than-average Uniform Asset growth. Although negative management sentiment suggests the potential for near-term headwinds, market expectations are too muted in the context of the firm's historical performance and strong fundamental tailwinds, suggesting long-term equity upside remains warranted. Specifically, management may have concerns abo...

Valens Research

RYI - Embedded Expectations Analysis - 2019 03 22

Ryerson Holding Corporation (RYI:USA) currently trades above historical averages relative to UAFRS-based (Uniform) Assets, with a 1.5x Uniform P/B, implying bullish expectations for the firm. However, management appears concerned about their ability to drive profitable market share growth, macro headwinds in the steel industry, and their ability to refinance at a lower interest rate. Specifically, management may lack confidence in their ability to focus on profitable market share growth, sustain CS&W cost savings, and expand margin in the short-term. Also, they may be concerned about macro h...

Valens Research

AN - Embedded Expectations Analysis - 2019 03 22

AutoNation, Inc. (AN:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 17.9x Uniform P/E. At these levels, the market has muted expectations for the firm, but management has concerns about declining GPU and volume trends, and their Waymo and Vroom partnerships. Specifically, management lack confidence in their ability to reverse declining GPU and volume trends, and may be concerned about their SG&A investments and macro environment. Moreover, they may be overstating the strength of their platform and ability to exceed customer expectations, and ma...

Valens Research

CTSH - Embedded Expectations Analysis - 2019 03 22

Cognizant Technology Solutions Corporation (CTSH:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.1x Uniform P/E, implying bearish expectations for the firm. Additionally, management may have concerns about their digital segment growth, talent acquisition, and third-party contracts with large clients. Specifically, management may lack confidence in their ability to sustain digital revenue, and their free cash flow to net income ratio. Moreover, they may be concerned about their European investments and ability to find talented employees, and...

Valens Research

Weekly Equity Idea Highlight - 2019 03 20

Current market expectations for EBAY are excessively pessimistic. Markets expect UAFRS-based (Uniform) ROA (ROA') to decline significantly going forward, even though ROA' has been remarkably stable since the company spun off the PayPal business in 2015. However, EBAY has robust economic moats in both their core marketplace and their StubHub segments, where they are market leaders with strong competitive advantages, which give reasons for them to sustain their 3x or higher returns going forward. Also, management alignment and confidence in recent calls point to reasons to believe in the susta...

Valens Research

Valens Credit Weekly Insights - 2018 05 23

Valens Credit Research Team highlighted ideas for GME, JCP, and VRX. They have also provided recent analyses for LB and BLDR, while CYH topped the quantitative outlier report for the week.

Valens Research

VRX - Valens Credit Report - 2018 05 17

Credit markets are overstating VRX's credit risk with a CDS of 485bps and YTW of 7.111% relative to an Intrinsic CDS of 340bps and an Intrinsic YTW of 6.241%. Furthermore, Moody's is materially overstating VRX's fundamental credit risk, with their high-yield B3 credit rating seven notches lower than Valens' IG4 (Baa2) credit rating Incentives Dictate Behavior™ analysis highlights mostly positive signals for creditors. Management's compensation metrics should drive them to focus on all three value drivers: revenue growth, margins, and asset turnover, which should result in Uniform ROA improveme...

Valens Research

Valens Credit Weekly Insights - 2018 05 16

Valens Credit Research Team highlighted ideas for AMAG, BBY, and ESV. They have also provided recent analyses for RPM and UHS, while CYH topped the quantitative outlier report for the week.

Valens Research

JCP - Valens Credit Report - 2018 05 16

Credit markets are grossly overstating credit risk, with a CDS of 967bps relative to an Intrinsic CDS of 401bps, and a cash bond YTW of 13.127% relative to an Intrinsic YTW of 6.957%. Furthermore, Moody's is materially overstating JCP's fundamental credit risk, viewing the firm as a highly speculative, high-yield credit, with its B3 rating six notches lower than Valens' XO (Baa3) rating Incentives Dictate Behavior™ analysis highlights that JCP's management compensation framework should incentivize them to improve margins and grow revenue over time, which may lead to greater cash flows availabl...

Valens Research

Valens Credit Weekly Insights - 2018 05 09

Valens Credit Research Team highlighted ideas for CYH, DOOR, and X. They have also provided recent analyses for AL and GOGO, while CYH topped the quantitative outlier report for the week.

Valens Research

PLNT - Embedded Expectations Analysis - 2019 03 22

Planet Fitness (PLNT:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 34.7x Uniform P/E. However, even at these levels, the market is pricing in expectations for Uniform ROA to remain relatively flat, with lower-than-average Uniform Asset growth. Although negative management sentiment suggests the potential for near-term headwinds, market expectations are too muted in the context of the firm's historical performance and strong fundamental tailwinds, suggesting long-term equity upside remains warranted. Specifically, management may have concerns abo...

Valens Research

RYI - Embedded Expectations Analysis - 2019 03 22

Ryerson Holding Corporation (RYI:USA) currently trades above historical averages relative to UAFRS-based (Uniform) Assets, with a 1.5x Uniform P/B, implying bullish expectations for the firm. However, management appears concerned about their ability to drive profitable market share growth, macro headwinds in the steel industry, and their ability to refinance at a lower interest rate. Specifically, management may lack confidence in their ability to focus on profitable market share growth, sustain CS&W cost savings, and expand margin in the short-term. Also, they may be concerned about macro h...

Valens Research

AN - Embedded Expectations Analysis - 2019 03 22

AutoNation, Inc. (AN:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 17.9x Uniform P/E. At these levels, the market has muted expectations for the firm, but management has concerns about declining GPU and volume trends, and their Waymo and Vroom partnerships. Specifically, management lack confidence in their ability to reverse declining GPU and volume trends, and may be concerned about their SG&A investments and macro environment. Moreover, they may be overstating the strength of their platform and ability to exceed customer expectations, and ma...

Valens Research

CTSH - Embedded Expectations Analysis - 2019 03 22

Cognizant Technology Solutions Corporation (CTSH:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.1x Uniform P/E, implying bearish expectations for the firm. Additionally, management may have concerns about their digital segment growth, talent acquisition, and third-party contracts with large clients. Specifically, management may lack confidence in their ability to sustain digital revenue, and their free cash flow to net income ratio. Moreover, they may be concerned about their European investments and ability to find talented employees, and...

Valens Research

Weekly Equity Idea Highlight - 2019 03 20

Current market expectations for EBAY are excessively pessimistic. Markets expect UAFRS-based (Uniform) ROA (ROA') to decline significantly going forward, even though ROA' has been remarkably stable since the company spun off the PayPal business in 2015. However, EBAY has robust economic moats in both their core marketplace and their StubHub segments, where they are market leaders with strong competitive advantages, which give reasons for them to sustain their 3x or higher returns going forward. Also, management alignment and confidence in recent calls point to reasons to believe in the susta...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle - Macro and Equity Ideas - March 2019

Profits and profitability continue to rise to all-time highs across US corporations (UAFRS-adjusted, accurate calculations) US firms likely to use profits to increase capital investments in 2019 Business credit, the “canary in the coal mine” for stock market disasters is flashing early warning signs for 2020 or 2021 – however, all clear for 2019 The combination of profitability and growth, with low-to-no credit risk, suggests strong US equity upside in 2019 Specific stock ideas that play into the current market dynamics are: First Solar (FSLR) eBay (EBAY) Winnebago (WGO)

Joel Litman ...
  • Rob Spivey

Valens Market Phase Cycle Monitor & Corporate Credit Macro View - February 2019

John Templeton was likely the first, and unsurprisingly one of the best, at summarizing what really drives market cycles. It is likely that Templeton would look at today's market and not yet see the euphoria he referenced in the above quote. He would not see euphoria from analysts. Analysts are forecasting as-reported EPS growth to slow from 26% last year to 11.3% this year. Certainly management teams are not yet showing euphoria in terms of interest in investing in their companies, with M&A spend almost $1tn lower in 2018 than at its 2015 peak. Nor would he see investors showing euphoria. As...

Joel Litman ...
  • Rob Spivey

Valens Market Phase Cycle Monitor & Corporate Credit Macro View - February 2019

John Templeton was likely the first, and unsurprisingly one of the best, at summarizing what really drives market cycles. It is likely that Templeton would look at today's market and not yet see the euphoria he referenced in the above quote. He would not see euphoria from analysts. Analysts are forecasting as-reported EPS growth to slow from 26% last year to 11.3% this year. Certainly management teams are not yet showing euphoria in terms of interest in investing in their companies, with M&A spend almost $1tn lower in 2018 than at its 2015 peak. Nor would he see investors showing euphoria. As...

Joel Litman ...
  • Rob Spivey

Valens Market Phase Cycle Monitor & Corporate Credit Macro View - December 2018

The basis for the Market Phase Cycle, and what 150+ years of market cycle research shows, is that credit market cycles drive economic cycles and equity market cycles. When access to credit is easy, economic cycles trend positively as do equity markets. When credit markets tighten, and credit destruction happens, equity markets and the economy react similarly. This is not just the case in 2008 or 1929, this is the case for every single economic cycle in the last 150+ years in the US and globally. Credit cycles lead equity and economic cycles. Without a crisis in the credit market, an equity...

Joel Litman ...
  • Rob Spivey

Valens Market Phase Cycle Monitor & Corporate Credit Macro View - November 2018

Tell me if you've heard this before: “Any time the market falls 6%+ in 2 days, investors justifiably ask whether something has changed that should impact their investment thesis. This is when a consistent framework like the Market Phase Cycle is most valuable.” We wrote that 1 month ago, and if we replace 6% with 3.5%, we would be in today's situation as we approach Thanksgiving. It is rare that a major market sell off does not have a retest of the lows. We are in the midst of that retest. It is times like this that investors most struggle to look to the data as opposed to headlines. It ...

Joel Litman ...
  • Rob Spivey

Valens Market Phase Cycle Monitor & Corporate Credit Macro View - April 2018

In general, management teams tend to be value buyers, buying when their stocks dip and withdrawing when their equity rallies. If they don't, it can be a sign of their concern about fundamentals. Watching this statistic can be helpful in confirming other signals about the fundamental outlook. Over the past month, with earnings related black-out periods removed, company management teams have taken the opportunity to buy their stock at higher than average levels. Management teams are showing confidence in their business fundamentals, even as the market remains volatile because of the macro backdr...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle Monitor & Corporate Credit Macro View - December 2017

As the world rings in to the new year in a few days, many will sing Auld Lang Syne. The lyrics ask if we should put the past behind us, or take the opportunity to remember the friendships that got us where we are today. It is a perfect time to reflect on one old friend…the current bull market. It is approaching 7 years old (or even longer, depending on how you define the beginning of the bull)… The phase “bull markets don't die of old age” has been written a lot of use in the past year, because of the age of this one. John Templeton's statement that, instead of old age, bull markets “die on eu...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle Monitor & Corporate Credit Macro View - February 2018

In the last month's Market Phase Cycle, we highlighted inflation as a key risk that investors would be focused on as we moved through 2018. Shortly thereafter, the market had a correction due largely to this issue and its implications for interest rates and equity investors. Inflation also is a negative for equity multiples longer-term because of its implication for real returns for investors. In essence, inflation leads to lower valuations in the long-term. However, in the nearer-term, inflation is driven by a strongly growing economy that will facilitate earnings growth. Even if rising infla...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle Monitor & Corporate Credit Macro View - January 2018

In late 2016 into early 2017, we repeatedly highlighted that fundamentals appeared to be accelerating favorably, and this would be a tailwind for markets in the coming year. As we enter 2018, we see many factors pointing similarly for the markets. Management teams continue to be ramping up investment, and corporate earnings are benefiting from the corporate tax cut. Valuations remain reasonable. Also, credit risk remains muted with strong balance sheets and income statements, and limited debt maturity headwalls. These all warrant continued equity upside in 2018. In early 2017, based on the Mar...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle Monitor & Corporate Credit Macro View - November 2017

Equity market expectations are currently not aggressive – pricing in continued modest growth with steady ROA' improvement. If corporations continue to deliver the strong adjusted earnings growth they've delivered this year, there is substantial fundamental upside going forward. Investor sentiment has fallen from overly bullish levels to very conservative levels in the past 3 months. Investors are positioned for a pullback, making it less likely to happen. As highlighted in prior letters, the markets tend to be strong into year end. Fundamentals and valuations currently justify upside, and inve...

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