UAFRS vs As Reported Weekly Highlights - 2020 05 07
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for FARO, POWI, and AAN.FARO Technologies designs, develops, manufactures, markets and supports software driven, three-dimensional (3D) measurement and imaging solutions. The company's segments are: 3D Manufacturing, which provides solutions for 3D measurement and inspection in an industrial or manufacturing environment; Construction Building Information Modeling, which provides solutions for as-built data capturing and 3D visualization in building information modeling applications; and Emerging Verticals , which provides 3D solutions to capture and edit 3D shapes of products, people, and/or environments for design purposes in product development, computer graphics, and dental and medical applications.
Power Integrations designs, develops and markets analog and mixed-signal integrated circuits and other electronic components and circuitry used in high-voltage power conversion. The company's products are used in power converters that convert electricity from a high-voltage source to the type of power required for a specified downstream use. In most cases, this conversion entails, among other functions, converting alternating current (AC) to direct current (DC) or vice versa, reducing or increasing the voltage, and regulating the output voltage and/or current according to the customer's specifications. The company's products are AC-DC power conversion, High-voltage gate drivers, and Motor-driver products.
Aaron's is a provider of lease-purchase solutions. The company primarily provides consumers with lease-purchase solutions for the products they need and want including furniture, appliances, electronics, jewelry and other products. The company conducts its business through three operating segments: Progressive Leasing, a virtual lease-to-own company that provides lease-purchase solutions; Aaron's Business, which engages in the sales and lease ownership and retailing of furniture, home appliances, consumer electronics and accessories through its stores in several states, Canada and Puerto Rico, as well as its e-commerce platform, Aarons.com; and Dent-A-Med, Inc., which provides a variety of credit products.
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.
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