UAFRS vs As Reported Weekly Highlights - 2020 07 09
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for LOGM, PETS:GBR, and VG.LogMeIn provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. The company's cloud-based services are categorized into three business lines: Unified Communications and Collaboration, which includes GoToConference, GoToMeeting, GoToTraining, GoToWebinar, Grasshopper, Jive, join.me, join.me pro and join.me business, and OpenVoice; and Customer Engagement and Support, which includes Bold360, Bold360 ai, RescueAssist, GoToAssist Corporate and GoToAssist Seeit, and LogMeIn Rescue; and Identity and Access Management, which includes LogMeIn Central, GoToMyPC, LogMeIn Pro, and LastPass.
Pets at Home Group is a holding company. Co. is engaged in providing pet food, pet related products and accessories. Co. is also the operator of a small animal veterinary business, specialist veterinary referral hospitals and pet grooming salons. Co. operates a dog focused store, Barkers, which provides products and services targeted for dog. Co.'s merchandise segment comprises food and accessories for a range of pets. Co.'s services segment provides First opinion veterinary practice services, Specialist referral veterinary, center services, Grooming salons, Insurance, and pets. As of Mar 31 2017, Co. had 434 Pets at Home Superstores, 290 grooming salons, and 438 vet practices.
Vonage Holdings is a provider of cloud communications services for businesses and consumers. The company also provides a suite of residential communication solutions. For its Business customers, the company provides cloud-based Unified Communications as a Service solutions, comprised of integrated voice, text, video, data, collaboration, and mobile applications over its Session Initiation Protocol based Voice over Internet Protocol network. The company also provides Communications Platform as a Service solutions by embedding communications into apps, websites and business processes. For its Consumer customers, the company provides voice and messaging services and other features on a variety of devices.
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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