UAFRS vs As Reported Weekly Highlights - 2020 05 14
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for TTGT, MO, and STOR.Altria Group is a holding company. The company's subsidiaries include: Philip Morris USA Inc., which is engaged in the manufacture and sale of cigarettes; John Middleton Co., which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco; Sherman Group Holdings, LLC and its subsidiaries, which are engaged in the manufacture and sale of cigarettes and the sale of cigars; and UST LLC, which through its subsidiaries, including U.S. Smokeless Tobacco Company LLC and Ste. Michelle Wine Estates Ltd., is engaged in the manufacture and sale of smokeless tobacco products and wine. The products of the company's tobacco subsidiaries include smokeable tobacco products and machine-made cigars.
Store Capital is an internally managed net-lease real estate investment trust, that is engaged in the acquisition, investment and management of Single Tenant Operational Real Estate properties. The company's customers operate across a variety of industries within the service, retail and manufacturing sectors of the U.S. economy, with restaurants, early childhood education centers, furniture stores, health clubs and movie theaters representing the main industries in the company's portfolio. From time to time, the company also provides mortgage financing to its customers.
TechTarget is a provider of online content for buyers of enterprise information technology (IT) products and services, and a provider of purchase-intent marketing and sales services for enterprise technology vendors. The company's service offerings enable technology vendors to identify, reach and influence corporate IT decision makers actively researching specific IT purchases. The company categorizes its content offerings across a portfolio of market categories including: security; networking; storage; data center and virtualization technologies; Chief Information Officer /IT strategy; business applications and analytics; application architecture and development; and channel.
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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