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.

Valens Research
  • Valens Research
FIS Fidelity Natl I... (Industrial Goods & Services)

FIS - Embedded Expectations Analysis - 2021 07 20

Fidelity National Information Services (FIS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a Uniform P/E of 29.1x. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about sales growth, the potential of RealNet, and IT spending. Specifically, management may lack confidence in their ability to further execute their geographic expansion strategy, sustain organic growth in their Merchant busi...

FIS FIDELITY NATL INFORMATION SERVICES (Industrial Goods & Services)
Valens Research
  • Valens Research
MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology) ... (+14)

Valens Equity Insights and Inflections - 2021 07 20

Current market expectations for CommScope Holding Company (COMM) do not understand the company's macro tailwinds. The company supplies the technology that allows big macro trends around 5G and WiFi expansion and the Internet of Things explosion they are fueling. Its tailwinds from being an essential supplier to these markets taking off position COMM for significant upside. As booming demand accelerates in these end markets, the company's likely to see strong fundamental momentum the market is...

MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology)
ADP AUTOMATIC DATA PROCESSING INC. ( Industrial Goods & Services)
BDX BECTON ( Health Care)
CME DICKINSON & CO. ( Financial Services)
COMM CME GROUP ( Technology)
DELL COMMSCOPE HOLDING COMPANY ( Technology)
DUK DELL TECHNOLOGIES ( Utilities)
EL DUKE ENERGY CORP. ( Personal & Household Goods)
INCY ESTEE LAUDER COS. INC. ( Health Care)
KR INCYTE CORP. ( Retail)
MGM KROGER CO. ( Travel & Leisure)
MDLZ MGM RESORTS INTERNATIONAL ( Food & Beverage)
PYPL MONDELEZ INTERNATIONAL ( Industrial Goods & Services)
Valens Research
  • Valens Research
CL Colgate-Palmoli... (Personal & Household Goods)

CL - Embedded Expectations Analysis - 2021 07 20

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

CL COLGATE-PALMOLIVE CO. (Personal & Household Goods)
Valens Research
  • Valens Research
GM GENERAL MOTORS (Automobiles & Parts)

GM - Embedded Expectations Analysis - 2021 07 22

General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their Ultium platform, Super Cruise, and the Chevy Silverado. Specifically, management is confident their record Q1 performance was driven largely by robust product demand and success in GM Financial. In addition, they are confiden...

Valens Research
  • Valens Research
NOW SERVICENOW (Technology)

NOW - Embedded Expectations Analysis - 2021 07 19

ServiceNow, Inc. (NOW:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 138.0x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about cloud migration, the Intellibot acquisition, and digital solutions. Specifically, management may lack confidence in their ability to provide automation technology for the Intellibot acquisition, support the delivery and management of vaccines...

Valens Research
  • Valens Research
FIS Fidelity Natl I... (Industrial Goods & Services)

FIS - Embedded Expectations Analysis - 2021 07 20

Fidelity National Information Services (FIS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a Uniform P/E of 29.1x. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about sales growth, the potential of RealNet, and IT spending. Specifically, management may lack confidence in their ability to further execute their geographic expansion strategy, sustain organic growth in their Merchant busi...

FIS FIDELITY NATL INFORMATION SERVICES (Industrial Goods & Services)
Valens Research
  • Valens Research
MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology) ... (+14)

Valens Equity Insights and Inflections - 2021 07 20

Current market expectations for CommScope Holding Company (COMM) do not understand the company's macro tailwinds. The company supplies the technology that allows big macro trends around 5G and WiFi expansion and the Internet of Things explosion they are fueling. Its tailwinds from being an essential supplier to these markets taking off position COMM for significant upside. As booming demand accelerates in these end markets, the company's likely to see strong fundamental momentum the market is...

MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology)
ADP AUTOMATIC DATA PROCESSING INC. ( Industrial Goods & Services)
BDX BECTON ( Health Care)
CME DICKINSON & CO. ( Financial Services)
COMM CME GROUP ( Technology)
DELL COMMSCOPE HOLDING COMPANY ( Technology)
DUK DELL TECHNOLOGIES ( Utilities)
EL DUKE ENERGY CORP. ( Personal & Household Goods)
INCY ESTEE LAUDER COS. INC. ( Health Care)
KR INCYTE CORP. ( Retail)
MGM KROGER CO. ( Travel & Leisure)
MDLZ MGM RESORTS INTERNATIONAL ( Food & Beverage)
PYPL MONDELEZ INTERNATIONAL ( Industrial Goods & Services)
Valens Research
  • Valens Research
CL Colgate-Palmoli... (Personal & Household Goods)

CL - Embedded Expectations Analysis - 2021 07 20

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

CL COLGATE-PALMOLIVE CO. (Personal & Household Goods)
Valens Research
  • Valens Research
GM GENERAL MOTORS (Automobiles & Parts)

GM - Embedded Expectations Analysis - 2021 07 22

General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their Ultium platform, Super Cruise, and the Chevy Silverado. Specifically, management is confident their record Q1 performance was driven largely by robust product demand and success in GM Financial. In addition, they are confiden...

Valens Research
  • Valens Research
NOW SERVICENOW (Technology)

NOW - Embedded Expectations Analysis - 2021 07 19

ServiceNow, Inc. (NOW:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 138.0x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about cloud migration, the Intellibot acquisition, and digital solutions. Specifically, management may lack confidence in their ability to provide automation technology for the Intellibot acquisition, support the delivery and management of vaccines...

Valens Research
  • Valens Research
FIS Fidelity Natl I... (Industrial Goods & Services)

FIS - Embedded Expectations Analysis - 2021 07 20

Fidelity National Information Services (FIS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a Uniform P/E of 29.1x. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about sales growth, the potential of RealNet, and IT spending. Specifically, management may lack confidence in their ability to further execute their geographic expansion strategy, sustain organic growth in their Merchant busi...

FIS FIDELITY NATL INFORMATION SERVICES (Industrial Goods & Services)
Valens Research
  • Valens Research
MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology) ... (+14)

Valens Equity Insights and Inflections - 2021 07 20

Current market expectations for CommScope Holding Company (COMM) do not understand the company's macro tailwinds. The company supplies the technology that allows big macro trends around 5G and WiFi expansion and the Internet of Things explosion they are fueling. Its tailwinds from being an essential supplier to these markets taking off position COMM for significant upside. As booming demand accelerates in these end markets, the company's likely to see strong fundamental momentum the market is...

MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology)
ADP AUTOMATIC DATA PROCESSING INC. ( Industrial Goods & Services)
BDX BECTON ( Health Care)
CME DICKINSON & CO. ( Financial Services)
COMM CME GROUP ( Technology)
DELL COMMSCOPE HOLDING COMPANY ( Technology)
DUK DELL TECHNOLOGIES ( Utilities)
EL DUKE ENERGY CORP. ( Personal & Household Goods)
INCY ESTEE LAUDER COS. INC. ( Health Care)
KR INCYTE CORP. ( Retail)
MGM KROGER CO. ( Travel & Leisure)
MDLZ MGM RESORTS INTERNATIONAL ( Food & Beverage)
PYPL MONDELEZ INTERNATIONAL ( Industrial Goods & Services)
Valens Research
  • Valens Research
CL Colgate-Palmoli... (Personal & Household Goods)

CL - Embedded Expectations Analysis - 2021 07 20

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

CL COLGATE-PALMOLIVE CO. (Personal & Household Goods)
Valens Research
  • Valens Research
GM GENERAL MOTORS (Automobiles & Parts)

GM - Embedded Expectations Analysis - 2021 07 22

General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their Ultium platform, Super Cruise, and the Chevy Silverado. Specifically, management is confident their record Q1 performance was driven largely by robust product demand and success in GM Financial. In addition, they are confiden...

Valens Research
  • Valens Research
NOW SERVICENOW (Technology)

NOW - Embedded Expectations Analysis - 2021 07 19

ServiceNow, Inc. (NOW:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 138.0x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about cloud migration, the Intellibot acquisition, and digital solutions. Specifically, management may lack confidence in their ability to provide automation technology for the Intellibot acquisition, support the delivery and management of vaccines...

Valens Research
  • Valens Research
FIS Fidelity Natl I... (Industrial Goods & Services)

FIS - Embedded Expectations Analysis - 2021 07 20

Fidelity National Information Services (FIS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a Uniform P/E of 29.1x. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about sales growth, the potential of RealNet, and IT spending. Specifically, management may lack confidence in their ability to further execute their geographic expansion strategy, sustain organic growth in their Merchant busi...

FIS FIDELITY NATL INFORMATION SERVICES (Industrial Goods & Services)
Valens Research
  • Valens Research
MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology) ... (+14)

Valens Equity Insights and Inflections - 2021 07 20

Current market expectations for CommScope Holding Company (COMM) do not understand the company's macro tailwinds. The company supplies the technology that allows big macro trends around 5G and WiFi expansion and the Internet of Things explosion they are fueling. Its tailwinds from being an essential supplier to these markets taking off position COMM for significant upside. As booming demand accelerates in these end markets, the company's likely to see strong fundamental momentum the market is...

MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology)
ADP AUTOMATIC DATA PROCESSING INC. ( Industrial Goods & Services)
BDX BECTON ( Health Care)
CME DICKINSON & CO. ( Financial Services)
COMM CME GROUP ( Technology)
DELL COMMSCOPE HOLDING COMPANY ( Technology)
DUK DELL TECHNOLOGIES ( Utilities)
EL DUKE ENERGY CORP. ( Personal & Household Goods)
INCY ESTEE LAUDER COS. INC. ( Health Care)
KR INCYTE CORP. ( Retail)
MGM KROGER CO. ( Travel & Leisure)
MDLZ MGM RESORTS INTERNATIONAL ( Food & Beverage)
PYPL MONDELEZ INTERNATIONAL ( Industrial Goods & Services)
Valens Research
  • Valens Research
CL Colgate-Palmoli... (Personal & Household Goods)

CL - Embedded Expectations Analysis - 2021 07 20

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

CL COLGATE-PALMOLIVE CO. (Personal & Household Goods)
Valens Research
  • Valens Research
GM GENERAL MOTORS (Automobiles & Parts)

GM - Embedded Expectations Analysis - 2021 07 22

General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their Ultium platform, Super Cruise, and the Chevy Silverado. Specifically, management is confident their record Q1 performance was driven largely by robust product demand and success in GM Financial. In addition, they are confiden...

Valens Research
  • Valens Research
NOW SERVICENOW (Technology)

NOW - Embedded Expectations Analysis - 2021 07 19

ServiceNow, Inc. (NOW:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 138.0x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about cloud migration, the Intellibot acquisition, and digital solutions. Specifically, management may lack confidence in their ability to provide automation technology for the Intellibot acquisition, support the delivery and management of vaccines...

Valens Research
  • Valens Research
FIS Fidelity Natl I... (Industrial Goods & Services)

FIS - Embedded Expectations Analysis - 2021 07 20

Fidelity National Information Services (FIS:USA) currently trades above corporate averages relative to UAFRS-based (Uniform) earnings, with a Uniform P/E of 29.1x. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about sales growth, the potential of RealNet, and IT spending. Specifically, management may lack confidence in their ability to further execute their geographic expansion strategy, sustain organic growth in their Merchant busi...

FIS FIDELITY NATL INFORMATION SERVICES (Industrial Goods & Services)
Valens Research
  • Valens Research
MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology) ... (+14)

Valens Equity Insights and Inflections - 2021 07 20

Current market expectations for CommScope Holding Company (COMM) do not understand the company's macro tailwinds. The company supplies the technology that allows big macro trends around 5G and WiFi expansion and the Internet of Things explosion they are fueling. Its tailwinds from being an essential supplier to these markets taking off position COMM for significant upside. As booming demand accelerates in these end markets, the company's likely to see strong fundamental momentum the market is...

MMM 3M CO. (Industrial Goods & Services)
ADSK AUTODESK INC. ( Technology)
ADP AUTOMATIC DATA PROCESSING INC. ( Industrial Goods & Services)
BDX BECTON ( Health Care)
CME DICKINSON & CO. ( Financial Services)
COMM CME GROUP ( Technology)
DELL COMMSCOPE HOLDING COMPANY ( Technology)
DUK DELL TECHNOLOGIES ( Utilities)
EL DUKE ENERGY CORP. ( Personal & Household Goods)
INCY ESTEE LAUDER COS. INC. ( Health Care)
KR INCYTE CORP. ( Retail)
MGM KROGER CO. ( Travel & Leisure)
MDLZ MGM RESORTS INTERNATIONAL ( Food & Beverage)
PYPL MONDELEZ INTERNATIONAL ( Industrial Goods & Services)
Valens Research
  • Valens Research
CL Colgate-Palmoli... (Personal & Household Goods)

CL - Embedded Expectations Analysis - 2021 07 20

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

CL COLGATE-PALMOLIVE CO. (Personal & Household Goods)
Valens Research
  • Valens Research
GM GENERAL MOTORS (Automobiles & Parts)

GM - Embedded Expectations Analysis - 2021 07 22

General Motors Company (GM:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain muted, but management is confident about their Ultium platform, Super Cruise, and the Chevy Silverado. Specifically, management is confident their record Q1 performance was driven largely by robust product demand and success in GM Financial. In addition, they are confiden...

Valens Research
  • Valens Research
NOW SERVICENOW (Technology)

NOW - Embedded Expectations Analysis - 2021 07 19

ServiceNow, Inc. (NOW:USA) currently trades above historical averages relative to UAFRS-based (Uniform) earnings, with a 138.0x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about cloud migration, the Intellibot acquisition, and digital solutions. Specifically, management may lack confidence in their ability to provide automation technology for the Intellibot acquisition, support the delivery and management of vaccines...

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