UAFRS vs As Reported Weekly Highlights - 2019 08 21
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for BOOT, OSPN and CEVA.Boot Barn Holdings is a retail chain focused on western and work-related footwear, apparel and accessories. The company's stores, which are freestanding or located in strip centers, feature an assortment of brands and styles, coupled with store associates. The company's product offering is anchored by a selection of western and work boots and an assortment of coordinating apparel and accessories. The company also carries assortments of denim, western shirts, cowboy hats, belts and belt buckles, western-style jewelry and accessories. The company's work assortment includes footwear, outerwear, overalls, denim and shirts for the physically demanding jobs.
CEVA is a licensor of signal processing platforms and artificial intelligence (AI) processors. The company partners with semiconductor companies and original equipment manufacturers to create devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet-of-Things (IoT).Co.'s portfolio includes platforms for 5G baseband processing for handsets and RAN, end-to-end offerings for cellular IoT, front-end voice and speech recognition software and algorithms along with digital signal processors for voice enabled devices and AI assistants, imaging and computer vision for any camera-enabled device, and a family of self-contained AI processors.
OneSpan designs, develops and markets digital solutions for identity, security, and business productivity that protect and facilitate electronic transactions via mobile and connected devices. The company's products and services include: OneSpan Sign, which provides various deployment options including public cloud, private cloud, or on-premises; Hardware Authenticators, which supports authentication and digital signatures for applications running on desktop PCs, laptops, tablets, and mobile phones; and Authentication Server, which provides a range of authentication utilities and solutions designed to allow organizations to securely authenticate users and transactions.
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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