UAFRS vs As Reported Weekly Highlights - 2019 04 17
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for LYV, TYPE and ELLI.Ellie Mae is a cloud-based platform provider for the mortgage finance industry. The company's Encompass digital mortgage software is an end-to-end enterprise solution that handles most of the functions involved in running the business of originating mortgages including: marketing; lead management; loan origination; loan processing; underwriting; preparation of mortgage applications, disclosure agreements, and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements and overall enterprise management that provides one system of record for loans. Delivery of the company's Encompass software is in an on-demand Software-as-a-Service environment.
Live Nation Entertainment is a live entertainment company. The company's segments are: Concerts, which involves the global promotion of live music events, the operation and management of music venues, the production of music festivals, the creation of associated content and the provision of management and other services to artists; Ticketing, which is an agency business that sells tickets for events on behalf of its clients and retains a fee, or service charge, for these services; and Sponsorship and Advertising, which employs a sales force that creates and maintains relationships with sponsors that allow businesses to reach customers through its concert, festival, venue and ticketing assets.
Monotype Imaging Holdings is a provider of design assets, technology and capabilities for content creators. The company's product offering, delivered through a term-based license or a software-as-a-service subscription, allows content creators and marketers to produce brands on any screen, in print or across the web. The company's solutions, which include type, visual content marketing solutions, custom design services, and tools and technologies that enable the process, are licensed through its direct sales channel, e-commerce platforms and partner platforms. The company also provides consumer device manufacturers and independent software vendors, with solutions for delivering compelling user experiences.
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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