UAFRS vs As Reported Weekly Highlights - 2020 04 09
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for RP, AUTO:GBR, and AMPH.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.
RealPage is a provider of software and data analytics to the real estate industry. The company's platform consists of four categories of solutions: Property Management, which manages primary property management business processes, including leasing, accounting, budgeting, purchasing, facilities management, and support and advisory services; Leasing and Marketing, which manages primary leasing and marketing processes; Resident Services, which provides a platform to improve the transactional of prospects and renters and improve a property's reputation; and Asset Optimization, which provides analytics-based decision support for investment performance throughout the phases of real estate investment.
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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