UAFRS vs As Reported Weekly Highlights - 2019 01 30
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for TGNA, ECHO, and KMI.Echo Global Logistics is a provider of technology-enabled transportation and supply chain management solutions. The company utilizes a technology platform to compile and analyze data from its multi-modal network of transportation providers. The company focuses on arranging transportation with truckload and less than truckload carriers. The company also provides intermodal, small parcel, domestic air, expedited and international transportation services. The company's logistics services include carrier selection, dispatch, load management and tracking. The company procures transportation and provides logistics services for clients across manufacturing, construction, food and beverage, consumer products and retail industries.
Kinder Morgan is an energy infrastructure company. The company's segments are: Natural Gas Pipelines, which includes the ownership and operation of, among others, main interstate and intrastate natural gas pipeline and storage systems; Products Pipelines, which includes the refined petroleum products, crude oil and condensate pipelines; Terminals, which includes the ownership and/or operation of, among others, liquids and bulk terminal facilities; and carbon dioxide (CO2), which includes the production, transportation and marketing of CO2, ownership interests in and/or operation of oil fields and gasoline processing plants in West Texas.
TEGNA is a media company. The company's business provides television programming and digital content. Each television station also has a digital presence across online, mobile and social platforms. The company provides advertising and marketing services, which include local and national non-political television advertising, digital marketing services, and advertising on stations' websites and tablet and mobile products; subscription by satellite, cable, Over the Top and telecommunications providers; political advertising; and other services, such as production of programming and advertising material. The company's portfolio of Big 4 NBC, CBS, ABC and FOX stations operate under long-term affiliation agreements.
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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