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
002475 CNE100000TP3 Luxshare Precision Industry (A) 2019/10/18 2019/10/18
0027 HK0027032686 Galaxy Entertainment Group 2019/11/05 2019/11/05
005930 KR7005930003 Samsung Electronics Co. Ltd. 2017/11/07 2017/11/07
00700 KYG875721634 Tencent Holdings (P Chip) 2017/11/06 2018/10/31
0941 HK0941009539 China Mobile (Red Chip) 2018/04/20 2018/04/25
0BD US10807M1053 Zovio 2018/10/10 2018/10/10
2330 TW0002330008 Taiwan Semiconductor Manufacturing 2018/04/17 2018/04/25
2914 JP3726800000 Japan Tobacco Inc. 2018/01/05 2018/10/31
2IS IE00B6330302 Ingersoll-Rand Co. Ltd. Cl A 2018/08/08 2019/02/07
2M9 US58471A1051 Medidata Solutions Inc. 2019/06/12 2019/06/12
35G BMG3922B1072 Genpact Ltd. 2019/10/16 2019/10/23
4452 JP3205800000 Kao 2018/10/22 2018/10/24
5108 JP3830800003 Bridgestone Corp. 2018/11/06 2018/11/07
600690 CNE000000CG9 Qingdao Haier (A) 2019/11/05 2019/11/05
6324 JP3765150002 Harmonic Drive Systems Inc. 2019/11/16 2019/11/16
6501 JP3788600009 Hitachi Ltd. 2018/01/26 2018/06/27
6861 JP3236200006 Keyence Corp. 2019/11/16 2019/11/16
7203 JP3633400001 Toyota Motor Corp. 2017/12/18 2019/01/02
8028 JP3802600001 FamilyMart 2019/11/05 2019/11/05
A US00846U1016 Agilent Technologies Inc. 2017/10/30 2018/08/01
A117ME US01609W1027 Alibaba Group Holding Ltd 2018/02/28 2019/10/18
A2AM8Y GB00BYT18414 Cardtronics Inc. 2019/07/10 2019/07/10
AAL GB00B1XZS820 Anglo American PLC 2017/12/01 2018/04/04
AAP US00751Y1064 Advance Auto Parts Inc. 2019/10/08 2019/10/08
AAPL ARDEUT116183 Apple Inc 2017/11/03 2019/08/21
ABBV US00287Y1091 AbbVie Inc 2017/11/20 2019/08/21
ABC US03073E1055 AmerisourceBergen Corp. (Holding Co.) 2018/05/15 2019/01/30
ABI BE0974293251 Anheuser-Busch InBev 2018/05/23 2019/10/10
ABM US0009571003 ABM Industries Inc. 2018/08/07 2019/06/26
ABT US0028241000 Abbott Laboratories 2018/05/23 2019/08/21
ABT. ARDEUT110608 Abbott Laboratories 2017/10/30 2018/05/15
ACAD US0042251084 ACADIA Pharmaceuticals Inc. 2019/06/10 2019/10/08
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 2019/07/31
ACOR US00484M1062 Acorda Therapeutics 2019/05/01 2019/05/01
ADBE US00724F1012 Adobe 2017/12/20 2019/07/24
ADI US0326541051 Analog Devices Inc. 2019/05/15 2019/11/06
ADM US0394831020 Archer-Daniels-Midland Co. 2017/10/23 2019/09/11
ADNT IE00BD845X29 Adient plc 2019/03/26 2019/11/14
ADP US0530151036 Automatic Data Processing Inc. 2019/04/23 2019/10/23
AERI US00771V1089 Aerie Pharmaceuticals Inc 2019/10/23 2019/10/23
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 2019/10/02
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
AKAM US00971T1016 Akamai Technologies Inc. 2019/07/03 2019/07/03
AKS US0015471081 AK Steel Holding 2017/10/25 2019/09/04
AL US00912X3026 Air Lease 2018/02/02 2019/11/14
ALB US0126531013 Albemarle Corp. 2017/11/20 2018/09/05
ALGN US0162551016 Align Technology Inc. 2018/05/30 2019/09/04
ALGT US01748X1028 Allegiant Travel 2019/10/21 2019/10/23
ALK US0116591092 Alaska Air Group Inc. 2019/02/21 2019/10/02
ALLE IE00BFRT3W74 Allegion PLC 2019/07/17 2019/10/09
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 2019/08/14
AMAG US00163U1060 Amag Pharmaceuticals 2018/05/16 2019/11/14
AMAT US0382221051 Applied Materials Inc. 2019/06/05 2019/09/25
AMBA KYG037AX1015 Ambarella Inc 2019/04/10 2019/04/10
AMCX US00164V1035 AMC Networks 2019/03/27 2019/04/03
AMD US0079031078 Advanced Micro Devices Inc. 2017/12/05 2019/11/14
AME US0311001004 Ametek Inc. 2018/05/16 2018/05/16
AMGN US0311621009 Amgen Inc. 2017/11/27 2019/09/11
AMKR US0316521006 Amkor Technology Inc. 2017/10/18 2019/09/25
AMN US0017441017 AMN Healthcare Services Inc. 2018/12/21 2019/08/28
AMT US03027X1000 American Tower Corp 2018/01/11 2019/10/08
AMZN US0231351067 Amazon.com Inc. 2017/11/10 2019/10/02
AN US05329W1027 AutoNation Inc. 2017/12/15 2019/11/14
ANET US0404131064 Arista Networks 2019/05/23 2019/10/08
ANIK US0352551081 Anika Therapeutics Inc. 2018/10/31 2018/10/31
ANSS US03662Q1058 Ansys Inc. 2018/03/14 2018/03/14
ANTM US0367521038 Anthem 2019/08/02 2019/10/08
AOS US8318652091 A.O. Smith Corp. 2019/07/17 2019/07/24
AP US0320371034 Ampco-Pittsburgh 2018/11/07 2018/11/07
APA US0374111054 Apache Corp. 2019/05/14 2019/05/22
APD US0091581068 Air Products & Chemicals Inc. 2018/01/12 2019/10/30
APEI US02913V1035 American Public Education 2018/08/08 2019/07/31
APH US0320951017 Amphenol Inc. 2019/05/20 2019/05/22
APTV JE00B783TY65 Aptiv PLC 2019/03/13 2019/03/20
ARMK US03852U1060 Aramark 2018/01/26 2019/10/08
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 2019/08/14
ASML USN070592100 ASML Holding N.V. 2017/11/08 2018/11/14
ATGE US00737L1035 Adtalem Global Education Inc 2019/02/20 2019/03/04
ATHN US04685W1036 athenahealth Inc. 2018/08/29 2018/08/31
ATRO US0464331083 Astronics Corp. 2019/01/02 2019/11/01
ATVI US00507V1098 Activision Blizzard 2018/03/28 2019/09/25
AVB US0534841012 Avalonbay Communities Inc. 2017/10/23 2019/07/03
AVGO US11135F1012 Broadcom Inc 2018/04/11 2019/10/02
AVP US0543031027 Avon Products Inc. 2017/12/12 2019/11/14
AXL US0240611030 American Axle & Manufacturing Holdings Inc. 2018/01/29 2019/10/30
AXTA BMG0750C1082 Axalta Coating Systems 2019/02/13 2019/11/13
AZO US0533321024 AutoZone Inc. 2018/11/05 2019/01/30
B44 BMG162521014 Brookfield Infrastructure Partners L.P. 2019/10/25 2019/11/01
BA US0970231058 Boeing Co. 2017/12/13 2019/08/28
BAH US0995021062 Booz Allen Hamilton 2018/02/01 2019/10/09
BAS DE000BASF111 BASF AG 2017/11/21 2019/01/02
BAYN 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 2019/11/07
BDX US0758871091 Becton, Dickinson & Co. 2018/01/03 2019/09/25
BECN US0736851090 Beacon Roofing Supply Inc. 2019/03/06 2019/03/29
BERY US08579W1036 Berry Global Group 2019/07/30 2019/08/07
BFAM US1091941005 Bright Horizons Family Solutions 2019/05/08 2019/05/31
BHP AU000000BHP4 BHP Group 2018/11/02 2018/11/07
BID US8358981079 Sotheby's 2018/08/27 2018/08/29
BIDU.N US0567521085 Baidu Inc. ADS 2019/10/18 2019/10/18
BIIB US09062X1037 Biogen 2018/01/03 2019/04/18
BKD US1124631045 Brookdale Senior Living 2019/06/26 2019/10/02
BKNG US09857L1089 Booking Holdings 2018/08/27 2019/09/25
BLBD US0953061068 Blue Bird 2018/08/24 2018/08/29
BLDR US12008R1077 Builders FirstSource Inc. 2017/10/24 2019/10/15
BLK US09247X1019 Blackrock Inc 2019/04/24 2019/10/14
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 2019/08/28
BMY US1101221083 Bristol-Myers Squibb Co. 2017/11/14 2019/06/19
BN4 SG1U68934629 Keppel Corporation 2018/04/20 2018/04/20
BNS. CA0641491075 Bank of Nova Scotia 2018/04/18 2018/10/03
BOOT US0994061002 Boot Barn Holdings 2019/08/21 2019/08/21
BOX US10316T1043 Box Inc 2018/05/16 2018/05/23
BP.N US0556221044 BP PLC ADS 2019/08/07 2019/08/07
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 2019/09/18
BURL US1220171060 Burlington Stores 2019/04/03 2019/07/17
BWA US0997241064 BorgWarner Inc. 2018/02/13 2019/10/23
BXP US1011211018 Boston Properties Inc. 2018/08/07 2018/08/15
BYG GB0002869419 Big Yellow Group PLC 2019/08/07 2019/08/30
BZH US07556Q8814 Beazer Homes USA Inc. 2017/10/18 2019/11/14
BZUN US06684L1035 Baozun ADR (N Shares) 2019/04/30 2019/05/08
CA US12673P1057 CA Inc 2018/01/03 2018/01/03
CAH US14149Y1082 Cardinal Health Inc. 2017/10/24 2019/09/25
CAPL US22758A1051 CrossAmerica Partners LP 2019/10/02 2019/10/02
CAR US0537741052 Avis Budget Group 2018/02/07 2019/11/14
CARS US14575E1055 Cars.com 2018/07/03 2019/03/27
CASY US1475281036 Casey's General Stores Inc. 2018/11/09 2018/11/14
CAT US1491231015 Caterpillar Inc. 2017/12/19 2019/11/12
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 2019/05/08
CCK US2283681060 Crown Holdings 2019/02/13 2019/11/06
CCL PA1436583006 Carnival Corp. 2018/05/23 2019/07/24
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 2019/04/24
CERN US1567821046 Cerner Corp. 2018/08/14 2019/04/10
CEVA US1572101053 CEVA Inc. 2019/08/21 2019/08/21
CF US1252691001 CF Industries Holdings 2019/04/24 2019/09/25
CHD US1713401024 Church & Dwight Co. 2018/04/11 2018/04/11
CHEF US1630861011 Chefs Warehouse Holdings 2019/09/11 2019/09/11
CHK US1651671075 Chesapeake Energy Corp. 2017/09/21 2019/11/14
CHRW US12541W2098 C.H. Robinson Worldwide Inc. 2019/06/18 2019/10/09
CHTR US16119P1084 Charter Communications Inc. Cl A 2017/12/19 2019/10/08
CIEN US1717793095 Ciena 2019/08/09 2019/08/14
CL US1941621039 Colgate-Palmolive Co. 2018/06/27 2019/06/19
CLR US2120151012 Continental Resources OK 2019/05/22 2019/09/18
CMCM US1630751048 Cheetah Mobile ADS (N Shares) 2018/07/31 2018/08/08
CMCSA US20030N1019 Comcast Corp. Cl A 2019/02/22 2019/07/03
CMD US1380981084 Cantel Medical Corp. 2018/05/23 2018/05/23
CME US12572Q1058 CME Group 2019/05/01 2019/10/23
CMG US1696561059 Chipotle Mexican Grill 2019/08/12 2019/08/14
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 2019/11/16
COG US1270971039 Cabot Oil & Gas Corp. 2019/05/08 2019/05/08
COHR US1924791031 Coherent Inc. 2018/06/20 2019/11/14
COMM US20337X1090 CommScope Holding Company 2019/10/29 2019/11/06
CON DE0005439004 Continental AG 2018/04/24 2018/05/02
COP US20825C1045 ConocoPhillips 2019/07/24 2019/07/31
COST US22160K1051 Costco Wholesale Corp. 2018/07/13 2019/06/26
COST. ARDEUT110863 Costco Wholesale Corp. 2019/01/30 2019/01/30
CP. CA13645T1003 Canadian Pacific Railway Ltd. 2017/11/03 2018/07/25
CPRT US2172041061 Copart Inc. 2019/10/30 2019/11/06
CPT US1331311027 Camden Property Trust 2018/09/21 2018/09/26
CRM US79466L3024 Salesforce.com Inc. 2017/12/22 2019/11/15
CROX US2270461096 Crocs 2019/09/04 2019/09/04
CRUS US1727551004 Cirrus Logic Inc. 2017/10/11 2019/08/28
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
CSL US1423391002 Carlisle Cos. 2019/10/16 2019/10/23
CSTM NL0010489522 Constellium SE 2017/11/15 2019/11/14
CSX US1264081035 CSX Corp. 2017/11/08 2019/11/13
CTRPN US22943F1003 Trip.com ADS (N Shares) 2019/01/25 2019/10/26
CTSH US1924461023 Cognizant Technology Solutions Corp. 2018/01/15 2019/09/04
CTXS US1773761002 Citrix Systems Inc. 2017/11/27 2019/08/07
CVI US12662P1084 CVR Energy 2017/11/10 2019/09/25
CVLT US2041661024 CommVault Systems 2018/12/12 2019/10/02
CVS US1266501006 CVS Health Corporation 2017/12/01 2019/10/02
CVX US1667641005 Chevron 2017/12/04 2019/09/25
CW US2315611010 Curtiss-Wright Corp. 2019/09/06 2019/09/11
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 2019/11/14
CZR US1276861036 Caesars Entertainment 2019/02/07 2019/09/18
D US25746U1097 Dominion Energy Inc 2018/01/05 2019/05/28
DAL US2473617023 Delta Air Lines 2017/10/24 2019/11/14
DBD US2536511031 Diebold Inc. 2019/04/03 2019/09/18
DBX US26210C1045 Dropbox 2019/07/19 2019/07/24
DE US2441991054 Deere & Co. 2018/01/08 2019/05/01
DECK US2435371073 Deckers Outdoor Corp. 2019/11/08 2019/11/08
DFODQ US2423702032 Dean Foods Co. 2018/01/25 2019/11/14
DG FR0000125486 Vinci S.A. 2018/11/08 2019/11/15
DGE GB0002374006 Diageo PLC 2018/03/23 2018/09/12
DHI US23331A1097 D.R. Horton Inc. 2017/11/22 2019/08/28
DHR US2358511028 Danaher Corp. 2017/10/27 2019/10/18
DIS US2546871060 Walt Disney 2017/12/05 2019/08/21
DISCA US25470F1049 Discovery Inc Series A 2019/01/23 2019/10/19
DISH US25470M1099 Dish Network 2018/07/25 2019/11/14
DLPH JE00BD85SC56 Delphi Technologies PLC 2017/10/23 2019/03/27
DLR US2538681030 Digital Realty Trust Inc. 2018/09/19 2019/06/26
DLX US2480191012 Deluxe Corp. 2017/10/04 2018/11/07
DLY NL0009434992 LyondellBasell Industries N.V. Cl A 2019/09/23 2019/09/25
DNR US2479162081 Denbury Resources Inc. 2018/02/01 2019/11/14
DOOR CA5753851099 Masonite International Corp 2018/02/02 2019/11/14
DOX GB0022569080 Amdocs Ltd. 2018/07/04 2018/07/04
DUK US26441C2044 Duke Energy Corp. 2019/04/17 2019/11/13
DVA US23918K1088 DaVita 2018/03/07 2019/10/23
DWDP US26078J1007 DowDuPont 2019/03/18 2019/03/20
DXC US23355L1061 DXC Technology Company 2019/10/04 2019/10/08
DXCM US2521311074 DexCom Inc. 2019/05/01 2019/05/01
E65F GB00B4VLR192 Valaris plc (A) 2017/10/13 2019/05/01
EA US2855121099 Electronic Arts Inc. 2018/01/31 2019/09/11
EBAY US2786421030 eBay Inc. 2017/10/31 2019/11/08
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 2019/07/03
EEFT US2987361092 Euronet Worldwide Inc. 2018/05/16 2019/02/13
EFX US2944291051 Equifax Inc. 2019/05/29 2019/06/05
EGOV US62914B1008 NIC Inc. 2018/04/18 2019/09/25
EL US5184391044 Estee Lauder Cos. Inc. 2018/01/02 2019/11/14
ELLI US28849P1003 Ellie Mae 2019/04/18 2019/04/18
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
ENTA US29251M1062 Enanta Pharmaceuticals Inc 2019/10/25 2019/10/30
ENTG US29362U1043 Entegris Inc. 2019/10/22 2019/10/30
ENV US29404K1060 Envestnet 2019/03/27 2019/03/29
EOG US26875P1012 EOG Resources Inc. 2018/09/26 2019/09/18
EPAM US29414B1044 Epam Systems 2018/11/07 2019/07/31
EPAY US1013881065 Bottomline Technologies Inc. 2019/01/23 2019/01/23
EPD US2937921078 Enterprise Products Partners L.P. 2019/04/24 2019/09/18
EQC US2946281027 Equity Commonwealth 2018/10/10 2018/10/10
EQT US26884L1098 EQT Corporation 2019/01/23 2019/06/26
ESRX US30219G1085 Express Scripts Holding 2017/11/22 2018/08/08
ETN IE00B8KQN827 Eaton Corp PLC 2018/01/29 2019/09/25
ETSY US29786A1060 Etsy 2018/05/15 2019/09/18
EW US28176E1082 Edwards Lifesciences Corp. 2018/05/09 2018/05/09
EXC US30161N1019 Exelon Corp. 2019/05/03 2019/05/08
EXLS US3020811044 ExlService Holdings 2019/10/21 2019/10/23
EXPE US30212P3038 Expedia Group 2017/11/13 2019/11/14
FAN KYG3323L1005 Fabrinet 2019/02/28 2019/03/06
FAST US3119001044 Fastenal Co. 2017/11/01 2018/05/09
FB US30303M1027 Facebook Class A 2017/11/22 2019/08/07
FCX US35671D8570 Freeport-McMoRan 2017/11/13 2019/09/11
FDS US3030751057 FactSet Research Systems Inc. 2018/11/13 2019/02/27
FDX US31428X1063 FedEx Corp. 2017/10/16 2019/11/13
FF US36116M1062 FutureFuel Corp. 2019/10/25 2019/11/01
FFIV US3156161024 F5 Networks Inc. 2018/03/21 2019/06/19
FICO US3032501047 Fair Isaac Corp. 2019/06/19 2019/06/28
FII US3142111034 Federated Investors Inc. 2019/02/13 2019/11/13
FIS US31620M1062 Fidelity Natl Information Services 2017/10/30 2019/10/09
FISV US3377381088 Fiserv Inc. 2018/02/28 2018/02/28
FIVE US33829M1018 Five Below 2018/11/05 2018/11/07
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FLS US34354P1057 Flowserve Corp. 2018/02/05 2019/09/18
FMC US3024913036 FMC Corp. 2018/01/10 2018/01/10
FND US3397501012 Floor & Decor Holdings 2018/02/06 2019/11/13
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FOXA US90130A1016 Twenty-First Century Fox Inc 2018/01/24 2019/10/08
FOXF US35138V1026 Fox Factory Holding 2017/12/11 2019/10/30
FP FR0000120271 Total S.A. 2018/05/16 2018/10/10
FSLR US3364331070 First Solar Inc 2017/11/06 2019/11/02
FTNT US34959E1091 Fortinet 2018/06/20 2018/06/20
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GDDY US3802371076 GoDaddy 2018/09/19 2019/09/18
GDI US36555P1075 Gardner Denver Holdings 2018/08/15 2018/08/22
GE US3696041033 General Electric Co. 2018/02/26 2019/10/08
GEY CH0114405324 Garmin 2018/01/12 2019/08/28
GHDX US37244C1018 Genomic Health 2019/11/01 2019/11/01
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GIS US3703341046 General Mills Inc. 2019/02/13 2019/03/04
GKOS US3773221029 Glaukos 2017/11/30 2018/03/21
GLEN JE00B4T3BW64 Glencore 2019/01/15 2019/01/23
GM US37045V1008 General Motors 2017/11/22 2019/10/30
GME US36467W1099 GameStop Corp. Cl A 2018/02/05 2019/11/15
GNK MHY2685T1313 Genco Shipping & Trading Ltd. 2018/03/28 2018/03/28
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GNTX US3719011096 Gentex Corp. 2017/11/02 2019/11/06
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
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GPOR US4026353049 Gulfport Energy Corp. 2018/09/26 2018/10/03
GPS US3647601083 Gap Inc. 2018/03/09 2019/11/07
GRA US38388F1084 W.R. Grace & Co. 2018/02/06 2018/02/14
GRBK US3927091013 Green Brick Partners 2018/04/23 2018/04/25
GRUB US4001101025 GrubHub 2019/08/09 2019/11/06
GT US3825501014 Goodyear Tire & Rubber Co. 2017/11/16 2019/09/11
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GWW US3848021040 W.W. Grainger Inc. 2019/01/21 2019/01/23
HAIN US4052171000 Hain Celestial Group Inc. 2019/05/01 2019/05/01
HAL US4062161017 Halliburton Co. 2019/08/06 2019/08/14
HCA US40412C1018 HCA Healthcare Inc 2018/08/03 2019/09/18
HCC US93627C1018 Warrior Met Coal 2019/08/14 2019/08/21
HCKT US4046091090 The Hackett Group 2019/04/12 2019/04/18
HCP US40414L1098 HCP 2019/03/20 2019/03/20
HD US4370761029 Home Depot Inc. 2017/12/13 2019/11/14
HDS US40416M1053 HD Supply Holdings 2019/08/05 2019/11/06
HEI DE0006047004 HeidelbergCement AG, 2017/10/24 2018/06/06
HES US42809H1077 Hess Corp. 2018/09/24 2018/09/26
HFC US4361061082 HollyFrontier 2019/04/29 2019/10/23
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TEVA.N US8816242098 Teva Pharmaceutical Industries Ltd. 2019/01/02 2019/09/25
TGE US8746961072 Tallgrass Energy 2019/02/18 2019/02/20
TGNA US87901J1051 TEGNA 2019/01/30 2019/11/13
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 2019/08/14
THS US89469A1043 TreeHouse Foods 2018/07/05 2018/07/11
TIVO US88870P1066 TiVo Corporation 2019/03/28 2019/04/03
TJX US8725401090 TJX Cos. 2018/01/03 2019/11/13
TLRD US87403A1079 TAILORED BRANDS 2017/10/13 2018/02/21
TME US88034P1093 Tencent Music Entertainment Group ADS (N Shares) 2019/11/16 2019/11/16
TMO US8835561023 Thermo Fisher Scientific 2017/12/15 2019/11/13
TMUS US8725901040 T-Mobile US Inc. 2017/11/17 2019/09/11
TPC US9011091082 Tutor Perini 2018/02/28 2018/03/07
TPR US8760301072 Tapestry 2018/12/18 2019/08/28
TRIP US8969452015 TripAdvisor 2018/11/14 2019/08/30
TRMB US8962391004 Trimble 2018/01/17 2018/01/17
TRU US89400J1079 TransUnion 2019/03/27 2019/09/11
TSLA US88160R1014 Tesla 2018/01/08 2019/05/01
TSN US9024941034 Tyson Foods Inc. Cl A 2017/10/24 2018/10/10
TTWO US8740541094 Take-Two Interactive Software Inc. 2019/02/07 2019/10/02
TW. GB0008782301 Taylor Wimpey 2018/04/23 2018/04/25
TWLO US90138F1021 Twilio 2019/11/08 2019/11/08
TWTR US90184L1026 Twitter 2017/11/15 2019/07/17
TXN US8825081040 Texas Instruments Inc. 2017/12/22 2019/09/04
TXT US8832031012 Textron Inc. 2017/10/30 2018/12/19
TYIA IE00BY7QL619 Tyco International Plc 2018/07/30 2018/08/01
TYL US9022521051 Tyler Technologies Inc. 2019/10/10 2019/10/10
TYPE US61022P1003 Monotype Imaging Holdings Inc. 2019/04/18 2019/04/18
UAA US9043111072 Under Armour Class A 2019/07/25 2019/10/23
UAL US9100471096 United Airlines Holdings Inc 2018/03/28 2018/04/04
UBER US90353T1007 Uber Technologies 2019/07/16 2019/11/13
UBNT US90347A1007 Ubiquiti Networks 2018/07/11 2018/07/11
UGI US9026811052 UGI Corp. 2019/07/18 2019/07/24
UHS US9139031002 Universal Health Services Inc. Cl B 2017/11/17 2019/09/11
UI US90353W1036 Ubiquiti Inc 2019/10/10 2019/10/10
UIS US9092143067 Unisys Corp. 2017/12/12 2019/11/14
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 2019/08/21
UNH US91324P1021 UnitedHealth Group Inc. 2017/11/15 2019/08/21
UNP US9078181081 Union Pacific Corp. 2017/12/15 2019/09/04
UNT US9092181091 Unit Corp. 2017/10/17 2019/10/09
UPS US9113121068 United Parcel Service Inc. Cl B 2019/04/05 2019/09/11
URC PHY9297P1004 Universal Robina Corp. 2018/05/04 2018/05/04
URI US9113631090 United Rentals Inc. 2017/11/03 2019/09/11
USNA US90328M1071 USANA Health Sciences Inc. 2018/03/21 2019/04/30
UTX US9130171096 United Technologies Corp. 2018/01/02 2019/11/12
UVV US9134561094 Universal Corp. 2018/02/07 2019/03/13
V US92826C8394 Visa 2018/01/02 2019/11/13
VAL GB00BJVJZD68 Valaris plc (A) 2019/05/08 2019/05/28
VALE3 US91912E1055 Vale S.A. ADS 2018/12/03 2018/12/05
VAR US92220P1057 Varian Medical Systems Inc. 2019/01/23 2019/09/25
VEC GB00B01D1K48 Vectura Group PLC 2018/11/12 2018/11/14
VEEV US9224751084 Veeva Systems 2019/08/12 2019/08/14
VFC US9182041080 VF Corp. 2017/10/25 2018/11/07
VG US92886T2015 Vonage Holdings 2019/05/22 2019/10/23
VGR US92240M1080 Vector Group Ltd. 2019/06/19 2019/06/19
VLKAY US9286623031 Volkswagen AG ADS 2018/09/26 2018/09/26
VMC US9291601097 Vulcan Materials Co. 2018/08/15 2019/09/04
VMW US9285634021 VMware Inc. 2018/08/15 2018/08/15
VNO US9290421091 Vornado Realty Trust 2018/09/19 2019/07/24
VOD GB00BH4HKS39 Vodafone Group PLC 2018/12/17 2018/12/19
VOW DE0007664005 Volkswagen AG 2018/05/18 2018/12/19
VRSK US92345Y1064 Verisk Analytics 2019/01/23 2019/10/02
VRTU US92827P1021 Virtusa 2018/10/31 2019/10/04
VRX CA91911K1021 Bausch Health Companies 2017/09/19 2018/07/18
VRX CN CA0717341071 Bausch Health Companies 2018/08/20 2019/11/14
VZ US92343V1044 Verizon Communications Inc. 2017/11/02 2019/10/02
WBA US9314271084 Walgreens Boots Alliance 2017/12/19 2019/09/04
WBT US9490901041 Welbilt 2019/10/22 2019/10/30
WDAY US98138H1014 Workday 2018/11/28 2018/11/28
WDC US9581021055 Western Digital Corp. 2019/05/17 2019/10/02
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 2019/11/06
WHD US1272031071 Cactus Inc 2019/08/21 2019/08/28
WHR US9633201069 Whirlpool Corp. 2019/10/14 2019/10/14
WING US9741551033 Wingstop 2018/01/23 2018/01/31
WIX IL0011301780 Wix.com 2018/05/17 2018/05/23
WLK US9604131022 Westlake Chemical Corp. 2019/09/03 2019/09/11
WLL US9663874090 Whiting Petroleum Corp. 2019/07/03 2019/07/03
WMT US9311421039 Walmart 2018/03/19 2019/03/27
WRK* US96145D1054 WESTROCK COMPANY 2017/12/08 2019/10/11
WSP CA92938W2022 WSP Global 2019/06/12 2019/06/12
WTR US03836W1036 Aqua America Inc. 2019/10/15 2019/10/23
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 2019/07/03
WYND US98310W1080 Wyndham Destinations 2017/12/14 2019/11/14
X US9129091081 United States Steel Corp. 2017/12/11 2019/11/14
XLNX US9839191015 Xilinx Inc. 2018/03/14 2018/03/14
XOM US30231G1022 Exxon Mobil Corp. 2017/10/18 2019/10/08
XRAY US24906P1093 DENTSPLY SIRONA 2018/02/14 2019/09/25
XRX US9841216081 Xerox Corp. 2018/11/21 2018/11/21
XYL US98419M1009 Xylem Inc. 2019/05/31 2019/06/05
YELP US9858171054 Yelp 2018/09/05 2019/08/07
YRCW US9842496070 YRC Worldwide 2018/01/25 2019/08/21
YUM US9884981013 Yum! Brands Inc. 2017/10/17 2019/06/26
YUMC US98850P1093 Yum China Holdings Inc 2018/07/02 2019/04/02
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
ZEN US98936J1016 Zendesk 2019/11/05 2019/11/13
ZG US98954M1018 Zillow Group 2017/11/27 2019/07/31
ZNGA US98986T1088 Zynga 2018/11/21 2018/12/05
ZTO US98980A1051 ZTO Express ADS (N Shares) 2019/11/10 2019/11/10
ZTS US98978V1035 Zoetis 2018/01/23 2019/09/11

Analysts

  • Valens Research

    N/A
  • Rob Spivey

    N/A
  • Joel Litman

    N/A
  • Joel Litman

    N/A
  • Rob Spivey

    N/A
Valens Research

UAFRS vs As Reported Weekly Highlights - 2019 11 15

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 6861:JPN, TME, and 6324:JPN.

Valens Research

Weekly Equity Idea Highlight - 2019 11 15

The market is much more pessimistic about COF than any of the company's peers currently. The company trades at a significant discount to both their Consumer Finance and Regional Bank peers, even as the company's ROE' shows it is in line with Regional Bank peers, and their cost to borrow is below Consumer Finance peers. The market is pricing the company—that has had robust and stable ROE around 14%+ the last several years—to see ROA' fall by one-half. The market is clearly spooked by increased cost to borrow for financials and theoretical recessionary risks, though not recognizing that COF ha...

Valens Research

RBC - Embedded Expectations Analysis - 2019 11 15

Regal Beloit Corporation (RBC:USA) trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.5x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their productivity improvements, margins, and inventory adjustment. Specifically, management is confident all of their segments have opportunities to improve product management and margins, and they are confident they are accelerating productivity improvements. Furthermore, they are confident their inventory adjustment will not materially impact profitability...

Valens Research

MD - Embedded Expectations Analysis - 2019 11 15

MEDNAX, Inc. (MD:USA) currently trades above recent averages relative to UAFRS-based (Uniform) Earnings, with a 26.6x Uniform P/E. However, even at these levels, the market has bearish expectations for the firm, and management may be concerned about their volume growth, contracts, and acquisitions Specifically, management may lack confidence in their ability to sustain recent volume growth, and they may be concerned about the value of their recent maternal practice acquisitions. Furthermore, they may be exaggerating the strength of their support functions, and they may lack confidence in thei...

Valens Research

GME - Embedded Expectations Analysis - 2019 11 15

GameStop Corp. (GME:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.4x Uniform P/E, implying bearish expectations for the firm. Moreover, management may be concerned about their debt, digital sales, and divestitures. Specifically, management may lack confidence in their ability to improve ROA through their new cloud platform and to grow their collectibles business. Furthermore, they may lack confidence in their ability to streamline their digital sales process, and they may be exaggerating the impact their ThinkGeek divestiture had on gross...

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

UAFRS vs As Reported Weekly Highlights - 2019 11 15

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 6861:JPN, TME, and 6324:JPN.

Valens Research

Weekly Equity Idea Highlight - 2019 11 15

The market is much more pessimistic about COF than any of the company's peers currently. The company trades at a significant discount to both their Consumer Finance and Regional Bank peers, even as the company's ROE' shows it is in line with Regional Bank peers, and their cost to borrow is below Consumer Finance peers. The market is pricing the company—that has had robust and stable ROE around 14%+ the last several years—to see ROA' fall by one-half. The market is clearly spooked by increased cost to borrow for financials and theoretical recessionary risks, though not recognizing that COF ha...

Valens Research

RBC - Embedded Expectations Analysis - 2019 11 15

Regal Beloit Corporation (RBC:USA) trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.5x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their productivity improvements, margins, and inventory adjustment. Specifically, management is confident all of their segments have opportunities to improve product management and margins, and they are confident they are accelerating productivity improvements. Furthermore, they are confident their inventory adjustment will not materially impact profitability...

Valens Research

MD - Embedded Expectations Analysis - 2019 11 15

MEDNAX, Inc. (MD:USA) currently trades above recent averages relative to UAFRS-based (Uniform) Earnings, with a 26.6x Uniform P/E. However, even at these levels, the market has bearish expectations for the firm, and management may be concerned about their volume growth, contracts, and acquisitions Specifically, management may lack confidence in their ability to sustain recent volume growth, and they may be concerned about the value of their recent maternal practice acquisitions. Furthermore, they may be exaggerating the strength of their support functions, and they may lack confidence in thei...

Valens Research

GME - Embedded Expectations Analysis - 2019 11 15

GameStop Corp. (GME:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.4x Uniform P/E, implying bearish expectations for the firm. Moreover, management may be concerned about their debt, digital sales, and divestitures. Specifically, management may lack confidence in their ability to improve ROA through their new cloud platform and to grow their collectibles business. Furthermore, they may lack confidence in their ability to streamline their digital sales process, and they may be exaggerating the impact their ThinkGeek divestiture had on gross...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle - October 2019

For those who have read the last two Market Phase Cycle reports, this month's report will read as more of a confirmation of prior signals. Signals around investment and earnings growth, valuations, credit, and sentiment are all signaling a sideways market, with limited growth opportunities in the near-term, but limited real downside risk catalysts. Weaker earnings growth and neutral technical signals point to a likely range-bound market in the near-term, until earnings can re-engage While headlines abound about recession, it is important to note that recessions are not caused by weak earnings...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle - September 2019

Recent signals around corporate investmentgrowth and management concerns about cost pressures from trade and macro overhangs point to slower earnings growth going forward. Also, while sentiment indicators have come off elevated levels in late July, they never reached capitulatory levels that would imply a floor in the recent market correction. Weaker earnings growth and neutral technical signals point to a likely range-bound market in the near-term, until earnings can re-engage. While headlines abound about recession, recessions are not caused by weak earnings growth, they are caused by credi...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle - September 2019

Recent signals around corporate investmentgrowth and management concerns about cost pressures from trade and macro overhangs point to slower earnings growth going forward. Also, while sentiment indicators have come off elevated levels in late July, they never reached capitulatory levels that would imply a floor in the recent market correction. Weaker earnings growth and neutral technical signals point to a likely range-bound market in the near-term, until earnings can re-engage. While headlines abound about recession, recessions are not caused by weak earnings growth, they are caused by credi...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle - September 2019

Stalled earnings growth and sentiment point to a range bound market. Recent signals around corporate investment growth and management concerns about cost pressures from trade and macro overhangs point to slower earnings growth going forward. Also, while sentiment indicators have come off elevated levels in late July, they never reached capitulatory levels that would imply a floor in the recent market correction. Weaker earnings growth and neutral technical signals point to a likely range-bound market in the near-term, until earnings can re-engage. While headlines abound about recession, reces...

Joel Litman ...
  • Rob Spivey

Valens Research US Market Phase Cycle - August 2019

A recession cannot occur without a negative credit event and credit destruction. The corporate credit outlook and recent Fed actions signal there is no near-term risk of a credit event. Without a negative credit cycle, earnings growth and stock price appreciation can continue. The yield curve inversion earlier in 2019 and corporate credit headwalls looming in 2021 could cause spell risks for the economy and market entering 2020 and heading to 2021. However, the recent declines in corporate cost to borrow and the Fed cutting rates significantly increase the probability of an improved refinancin...

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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