UAFRS vs As Reported Monthly Highlights - 2019 12 31
This month, Valens identified distortions and the corresponding adjustments to correct for those distortions for RIG, NOW, PAA, AEIS, ALRM, and AVGO.Advanced Energy Industries designs, manufactures, sells and supports power conversion products that convert power into various usable forms. The company's products enable manufacturing processes that use thin film technology for products such as semiconductor devices, flat panel displays, thin film renewables, architectural glass, optical coating and consumer products decorative and functional coating. The company also supplies thermal instrumentation products for temperature measurement and control for multiple industrial markets. The company's network of global service support centers provides repair services, conversions, improvements, and refurbishments and used equipment to companies using its products.
Alarm.com is a platform for the intelligently connected property. The company provides a suite of cloud-based solutions for smart residential and commercial properties. The company's service provider partners can deploy its interactive security, video monitoring, intelligent automation and energy management solutions as stand-alone offerings or as combined solutions to address the needs of a range of customers. The company's subscribers can connect to their property through the company's family of mobile apps, websites, and engagement platforms like voice control through Amazon Echo and Google Home, wearable devices like the Apple Watch and TV platforms such as Apple TV and Amazon Fire TV.
Broadcom, via its subsidiaries, is a designer, developer and supplier of a range of semiconductor and infrastructure software solutions. The company develops semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. The company provides products that are used in end products such as enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, and factory automation. The company has three segments: semiconductor solutions, infrastructure software and intellectual property licensing.
Plains All American Pipeline is a holding company. Through its subsidiaries, the company owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL) and natural gas. The company has three operating segments: Transportation, which provides activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges; Facilities, which provides storage, terminalling and throughput services for crude oil, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services; and Supply and Logistics, which provides merchant-related activities.
ServiceNow provides enterprise cloud computing services that define, structure, manage and automate digital workflows for global enterprises. The company markets its services to enterprises in a variety of industries, including consumer products, education, financial services, government, health care, information technology (IT) services and technology. The company sells its subscription services through direct sales and, to a lesser extent, through indirect channel sales. The company also provides a portfolio of personnel and other services, both directly and through its network of partners. The company's products include IT service management, IT operations management, IT business management, and security operations.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.