UAFRS vs As Reported Weekly Highlights - 2020 04 16
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for FVE, NATH, and IPL:CAN.Five Star Senior Living is a holding company. Through its subsidiaries, the company operates senior living communities, including independent and assisted living communities and skilled nursing facilities (SNFs). The company's segments are: senior living communities, in which the company operates for its owns account or manages for the account of others independent living communities, assisted living communities and SNFs that are subject to centralized oversight and provides housing and services to elderly residents; and rehabilitation and wellness, which provides physical therapy services, including physical, occupational, speech and other therapy services, in the inpatient setting and in outpatient clinics.
Inter Pipeline is engaged in the business of of petroleum transportation, bulk liquid storage and natural gas liquids (NGL) extraction through the ownership and operation of energy infrastructure assets in western Canada, the U.K., Denmark, Germany, Ireland and Sweden. Co. has four operating business segments that are reportable segments: the oil sands transportation business segment; the conventional oil pipelines business segment; the bulk liquid storage business segment; and the NGL extraction business segment.
Nathan's Famous is engaged in operating or franchising a chain of retail fast food restaurants featuring the Nathan's World Famous Beef Hot Dog, crinkle-cut French-fried potatoes and a variety of other menu offerings. The company also licenses the manufacture and sale of Nathan's Famous packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third parties for sale to supermarkets, club stores and grocery stores. The company is also the owner of the Arthur Treacher's brand. Arthur Treacher's main product is its Original Fish & Chips product consisting of fish fillets coated with a batter, deep-fried, and served with English-style chips and corn meal hush puppies.
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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