UAFRS vs As Reported Weekly Highlights - 2018 06 27
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for MORN, SPB, and ATVI.Activision Blizzard is a global developer and publisher of interactive entertainment content and services. The company's segments are: Activision Publishing, Inc., which is a global developer and publisher of interactive software products and entertainment content, particularly for the console platform; Blizzard Entertainment, Inc., which is a global developer and publisher of interactive software products and entertainment content, particularly for the personal computers platform; and King Digital Entertainment, which is a global developer and publisher of interactive entertainment content and services, particularly for the mobile platform, including for Google Inc.'s Android and Apple Inc.'s iOS.
Morningstar is a provider of independent investment research in North America, Europe, Australia, and Asia. The company provides a line of products and services for ndividual investors, financial advisors, asset managers, retirement plan providers and sponsors, and private market/venture capital investors. The company's primary products and services include Morningstar Data, Morningstar Data, PitchBook, DBRS Morningstar, Morningstar Investment Management, Morningstar Advisor Workstation, Workplace Solutions, Morningstar.com, Morningstar Office, and Morningstar Indexes.
Spectrum Brands Holdings is a branded consumer products company. The company manages the business in five product-focused segments: Global Batteries and Appliances, which consists of consumer batteries, small appliances and personal care products; Hardware & Home Improvement, which includes security, plumbing and hardware products; Global Pet Supplies, which includes aquatics, companion animal and wet and dry pet food products; Home and Garden, which includes controls, household, and repellents products; and Global Auto Care, which includes appearance, performance, and A/C recharge products that include do-it-yourself automotive air conditioner recharge 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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