UAFRS vs As Reported Monthly Highlights - 2020 04 30
This month, Valens identified distortions and the corresponding adjustments to correct for those distortions for UHS, CHGG, RL, NATH, AMPH, and AUTO:GBR.Amphastar Pharmaceuticals is a pharmaceutical company focused on developing, manufacturing, marketing and selling generic and injectable, inhalation, and intranasal products, as well as insulin active pharmaceutical ingredient. The company has two reportable segments: finished pharmaceutical products and active pharmaceutical ingredients (API) products. The finished pharmaceutical products segment manufactures, markets and distributes enoxaparin, naloxone, phytonadione, lidocaine, medroxyprogesterone acetate, Primatene? Mist, as well as various other critical and non-critical care drugs. The API segment manufactures and distributes recombinant human insulin API and porcine insulin API.
Auto Trader Group operates a digital automotive marketplace. Consumers can search from around 450,000 used cars and 6,000 new cars on the marketplace each month, using a standard make/model search or via discovery search if they aren't sure of the exact vehicle they want. In addition, Co. provides consumers services to help them make an informed decision about the car they are looking to buy, these include: vehicle check, finance, and insurance. Co. also provides free vehicle valuations providing both a private sale price as well as a part-exchange price. Furthermore, Co. provides retailers display advertising packages so they can promote their business as well as individual vehicles.
Chegg provides products and services that help students improve their outcomes throughout their educational journey. The company's offerings fall into two categories: Chegg Services, which encompasses all of its digital products and services such as Chegg Study, Chegg Writing, Chegg Tutors, Chegg Math Solver, and Other Services; and Required Materials, which primarily includes its print textbook and eTextbook offering. To deliver services to students, the company partners with a variety of third parties. The company sources print textbooks, eTextbooks, and supplemental materials directly or indirectly from publishers including Cengage Learning, Pearson, McGraw Hill, Sage Publications, and MacMillan.
Nathan's Famous is engaged in operating or franchising a chain of retail fast food restaurants featuring the Nathan's World Famous Beef Hot Dog, crinkle-cut French-fried potatoes and a variety of other menu offerings. The company also licenses the manufacture and sale of Nathan's Famous packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third parties for sale to supermarkets, club stores and grocery stores. The company is also the owner of the Arthur Treacher's brand. Arthur Treacher's main product is its Original Fish & Chips product consisting of fish fillets coated with a batter, deep-fried, and served with English-style chips and corn meal hush puppies.
Ralph Lauren designs, markets, and distributes lifestyle products, including apparel, accessories, home furnishings, and other licensed product categories. The company's brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps, and Club Monaco, among others. The company sells directly to customers via its retail stores, concession-based shop-within-shops, and through its own digital commerce sites; while its international licensing partners operated Ralph Lauren stores, Ralph Lauren concession shops, and Club Monaco stores and shops. The company has three segments: North America ; Europe; and Asia.
Universal Health Services owns and operates, through its subsidiaries, acute care hospitals and outpatient facilities and behavioral health care facilities. The company owns and/or operates inpatient facilities and outpatient and other facilities located in several states including, Washington, D.C., the United Kingdom, and Puerto Rico. Services provided by the company's hospitals include general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, pharmacy services and/or behavioral health services. The company's reportable operating segments consist of acute care hospital services and behavioral health care services.
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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