UAFRS vs As Reported Weekly Highlights - 2019 09 11
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for CHEF, STAG and MED.Chefs' Warehouse is a distributor of food products. The company is focused on serving chefs who own and/or operate independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores in the U.S. and Canada. The company's product portfolio is comprised of imported and domestic food products, such as artisan charcuterie, cheeses, oils and vinegars, truffles, caviar, chocolate and pastry products. The company also provides a line of center-of-the-plate products, including custom cut beef, seafood and hormone-free poultry, and food products, such as cooking oils, butter, eggs, milk and flour.
Medifast is engaged in the development of nutritional weight-management products and programs. The company's product lines include weight loss, weight management, and healthy living meal replacements, snacks, hydration products, and vitamins. The company sells a variety of weight loss, weight management and healthy living products all based on its proprietary formulas under the Medifast?, OPTAVIA?, Thrive by Medifast, Optimal Health by OPTAVIA, Flavors of Home?, and Essential 1 brands. The Thrive by Medifast and Optimal Health by OPTAVIA lines include a variety of formulated bars, shakes, and smoothies for those who are maintaining their weight for long-term healthy living.
STAG Industrial is a real estate operating company focused on the acquisition and operation of single-tenant industrial properties. The company owns interests in all of its properties and conduct substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P.
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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