UAFRS vs As Reported Weekly Highlights - 2020 07 30
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for PBI, ADBE, and CLCT.Adobe is a software company. The company provides a line of products and services used for creating, managing, delivering, measuring, optimizing, engaging and transacting with content across personal computers, devices and media. The company's segments are: Digital Media, which provides products, services and solutions that enable individuals, teams and enterprises to create, publish and promote their content; Digital Experience, which provides a platform and set of applications and services through Adobe Experience Cloud; and Publishing, which contains products and services that address market opportunities including eLearning solutions, web conferencing, web application development and printing.
Collectors Universe provides third-party authentication, grading and related services for collectibles consisting of coins, trading cards, sports memorabilia and autographs. The company authenticates and grades the quality of such collectibles for dealers, collectors and retail buyers and sellers of these collectibles. The company also publishes magazines that provide market prices and information for certain collectibles and assets that are accessible on its websites. The company sells advertising on those websites, and sells advertising in the magazines that it publishes and owns the Certified Coin Exchange subscription business, which operates an online market for graded collectible coins for dealers.
Pitney Bowes is a technology company, engaged in providing commerce solutions. The company's reportable segments are Commerce Services and SendTech Solutions. The company's Commerce Services group includes domestic delivery, return and fulfillment services, cross-border solutions, shipping solutions and presort services. The Commerce Services group includes the Global Ecommerce and Presort Services segments. The company's Sending Technology Solutions segment provides its clients physical and digital mailing, shipping, supplies and other applications. The company's cloud enabled infrastructure provides software-as-a-service offerings delivered online and via connected or mobile devices.
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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