UAFRS vs As Reported Weekly Highlights - 2019 10 24
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for FF, FORR, and BIP.Brookfield Infrastructure Partners owns and operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Co.'s operations consist of Utilities, Transport, Eenergy and Communications infrastructure businesses in North and South America, Europe and Asia Pacific. Co. has appointed Brookfield Asset Management as its service provider to provide certain management, administrative and advisory services for a fee under the master services agreement.
Forrester Research is an independent research, data, and advisory services firm. The company's products and services categories are: Forrester Research, which provides clients with published research and decision tools; Forrester Connect, which help clients connect with peers and the company's personnel, and to coach executives to foster change within their organizations; Forrester Analytics, which provides products and services designed to provide fact-based customer insights to its clients; Forrester Consulting, which provides advisory and project consulting services that deliver insights and recommendations; and Forrester Events, which hosts events in various locations in North America, Europe and Asia.
FutureFuel, through its subsidiary, FutureFuel Chemical Company, manufactures various chemical products, bio-based products comprised of biofuels, and bio-based specialty chemical products. The company has two reporting segments: chemicals and biofuels. The company's chemicals segment manufactures chemical products that are sold to third party customers, and comprises two components: custom manufacturing (manufacturing chemicals for certain customers) and performance chemicals (multi-customer specialty chemicals). The company's biofuels segment primarily produces and sells biodiesel to its customers. In addition, the company sells petrodiesel in blends with its biodiesel and, from time to time, with no biodiesel added.
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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