UAFRS vs As Reported Weekly Highlights - 2019 10 01
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for AMD, VRTU, STAG, MED, INCY and INFO.Advanced Micro Devices is a semiconductor company. The company primarily provides x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit, chipsets, graphics processing units (GPUs), data center and personnel GPUs, and development services; server and embedded processors, semi-custom System-on-Chip products, development services and technology for game consoles. The company also licenses portions of its intellectual property portfolio. The company's segments are: Computing and Graphics, which consists of desktop, notebooks, commercial, and chipsets products; and Enterprise, Embedded and Semi-Custom, which includes server processors, and embedded P\processors products.
Incyte is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. JAKAFI (ruxolitinib) has been approved for the treatment of patients with intermediate or high-risk myelofibrosis, for the treatment of patients with polycythemia vera, and for the treatment of steroid-refractory acute graft-versus-host disease in adult and pediatric patients 12 years and older. The company has also obtained a license to develop and commercialize ICLUSIG (ponatinib) in Europe and other select countries. In the European Union, ICLUSIG is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia.
Medifast is engaged in the development of nutritional weight-management products and programs. The company's product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins. The company sells a variety of weight loss, weight management and healthy living products all based on its proprietary formulas under the Medifast?, OPTAVIA?, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home?, and Essential 1 brands. The Thrive by Medifast and Optimal Health by OPTAVIA lines include a variety of formulated bars, shakes, and smoothies for those who are maintaining their weight for long-term healthy living.
STAG Industrial is a real estate operating company focused on the acquisition and operation of single-tenant industrial properties. The company owns interests in all of its properties and conduct substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P.
Virtusa is a provider of digital engineering and information technology (IT) outsourcing services. The company's services include: Business and IT consulting services, which provide business and IT consulting services to assist its clients in managing their business and IT environments, and aligning their IT investments; Technology implementation services, which involve building, testing, deploying, maintaining and supporting IT applications, and consolidating and rationalizing its clients' existing IT applications and environments into platforms; and Application outsourcing services, which provide support for its clients' needs to manage and maintain their software applications and platforms.
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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