UAFRS vs As Reported Monthly Newsletter - 2019 10 31
This month, Valens identified distortions and the corresponding adjustments to correct for those distortions for ADNT, PEGA, BIP, FF, ATRO and RMAX.
Astronics is a provider of technologies to the aerospace, defense and electronics industries. The company has two reportable segments, Aerospace and Test Systems. The company's Aerospace segment designs and manufactures products for the global aerospace industry. Product lines include lighting and safety systems, electrical power generation, distribution and motions systems, aircraft structures, avionics products, systems certification, and other products. The company's Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace, communications and weapons test systems as well as training and simulation devices for both commercial and military applications.
Brookfield Infrastructure Partners owns and operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Co.'s operations consist of Utilities, Transport, Eenergy and Communications infrastructure businesses in North and South America, Europe and Asia Pacific. Co. has appointed Brookfield Asset Management as its service provider to provide certain management, administrative and advisory services for a fee under the master services agreement.
FutureFuel, through its subsidiary, FutureFuel Chemical Company, manufactures various chemical products, bio-based products comprised of biofuels, and bio-based specialty chemical products. The company has two reporting segments: chemicals and biofuels. The company's chemicals segment manufactures chemical products that are sold to third party customers, and comprises two components: custom manufacturing (manufacturing chemicals for certain customers) and performance chemicals (multi-customer specialty chemicals). The company's biofuels segment primarily produces and sells biodiesel to its customers. In addition, the company sells petrodiesel in blends with its biodiesel and, from time to time, with no biodiesel added.
Pegasystems develops, markets, licenses, hosts, and supports enterprise software applications that help organizations transform the way they engage with their customers and process work across their enterprise. The company also licenses its low-code Pega Platform? for application development to clients to build and extend their own business applications. Pega Infinity? helps connect enterprises to their customers in real-time across channels, streamline business operations, and adapt to meet changing requirements. The company's applications and platform intersect with and encompass several software markets, including: customer engagement, digital process automation, and robotic process automation.
Re/Max Holdings is a holding company. The company's only business is to act as the sole manager of RMCO, LLC. The company is a franchisor in the real estate industry, franchising real estate brokerages globally under the RE/MAX (RE/MAX) brand, and mortgage brokerages within the U.S. under the Motto Mortgage (Motto) brand. RE/MAX and Motto are fully franchised - the company does not own any of the brokerages that operate under these brands. All of the RE/MAX branded brokerage office locations are being operated by franchisees. The company operates under the following three segments: RE/MAX Franchising, Motto Franchising and booj.
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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