UAFRS vs As Reported Weekly Highlights - 2019 01 09
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for SFLY, RP, and SJM.Smucker (J.M.) manufactures and markets food and beverage products. The company's principal products are coffee, dog food, pet snacks, cat food, peanut butter, fruit spreads, frozen handheld products, shortening and oils, portion control products, juices and beverages, and flour and baking ingredients. The company has four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods, and International and Away From Home. The U.S. retail market segments represent the sales of food and beverage products to consumers through retail outlets in North America. The International and Away From Home segment represents sales outside of the U.S. retail market segments.
RealPage is a provider of software and data analytics to the real estate industry. The company's platform consists of four categories of solutions: Property Management, which manages primary property management business processes, including leasing, accounting, budgeting, purchasing, facilities management, and support and advisory services; Leasing and Marketing, which manages primary leasing and marketing processes; Resident Services, which provides a platform to improve the transactional of prospects and renters and improve a property's reputation; and Asset Optimization, which provides analytics-based decision support for investment performance throughout the phases of real estate investment.
Shutterfly is a digital retailer and manufacturer personalized products and services that provides a range of personalized photo-based products and services. The company's segments are Consumer, which includes sales activity from its brands and variety of products, such as cards and stationery, photo books, home decor, personalized gifts, and other photo-based merchandise, and the related shipping as well as its BorrowLenses brand, an online marketplace for photographic and video equipment rentals; and Shutterfly Business Solutions (SBS), which consist of personalized direct marketing and other end-consumer communications as well as just-in-time, inventory-free printing for its business customers.
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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