UAFRS vs As Reported Weekly Highlights - 2019 10 31
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for RDWR, RMAX, and GHDX.Genomic Health provides genomic information to personalize cancer treatment decisions. The company develops and commercializes genomic-based clinical laboratory services that analyze the underlying biology of cancer, allowing physicians and patients to make treatment decisions. The company provides its tissue-based invasive breast, ductal carcinoma in situ (DCIS), prostate and colon Oncotype DX tests as clinical laboratory services, where it analyzes the expression levels of genes in tumor tissue samples and provides physicians with a gene expression profile expressed as a single quantitative score. The company also provides an Oncotype DX test for patients with DCIS, a pre-invasive form of breast cancer.
Radware sells application delivery and network security products, which it sometimes refer to as its devices, that are delivered on top of a unified hardware switching platforms family with various levels of processing power, throughput, port density, and speed depending on the selected model. Co.'s products run different configurations of embedded software to deliver features specific to the intended operation of the appliance. Multiple Radware devices can be managed through Co.'s common management tool and dashboard (Apsolute Vision). This market sector is comprised of a few solution domains, among which Co. focuses on two: Application Delivery and Network Security.
Re/Max Holdings is a holding company. The company's only business is to act as the sole manager of RMCO, LLC. The company is a franchisor in the real estate industry, franchising real estate brokerages globally under the RE/MAX (RE/MAX) brand, and mortgage brokerages within the U.S. under the Motto Mortgage (Motto) brand. RE/MAX and Motto are fully franchised - the company does not own any of the brokerages that operate under these brands. All of the RE/MAX branded brokerage office locations are being operated by franchisees. The company operates under the following three segments: RE/MAX Franchising, Motto Franchising and booj.
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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