UAFRS vs As Reported Weekly Highlights - 2020 07 16
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for MNST, VGR, and SYKE.Monster Beverage is a holding company. Through its subsidiaries, the company develops, markets, sells and distributes energy drink beverages and concentrates for energy drink beverages. The company has the following operating and reportable segments: Monster Energy? Drinks segment, which is primarily comprised of the company's Monster Energy? drinks and Reign Total Body Fuel? energy drinks; Strategic Brands segment, which is comprised primarily of the various energy drink brands from The Coca-Cola Company, as well as its energy drinks; and Other segment, which is comprised of certain prod ucts sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary, to independent third-party customers.
Sykes Enterprises is a provider of multichannel demand generation and global customer engagement solutions and services. The company's customer engagement solutions and services include: Outsourced Customer Engagement Solutions and Services, which provide phone, e-mail, social media, text messaging, chat and digital self-service support throughout the Americas and EMEA regions; Robotic Process Automation, which provides a suite of solutions such as consulting, implementation, hosting and managed services in Europe and the United States; and Fulfillment Services, which provide fulfillment services that are integrated with its customer care and technical support services in Europe.
Vector Group is a holding company. The company is engaged principally in the manufacture and sale of cigarettes in the U.S. through its Liggett Group LLC (Liggett) and Vector Tobacco Inc. subsidiaries; and the real estate business through its New Valley LLC (New Valley) subsidiary. The company's business segments were Tobacco, and Real Estate. The Tobacco segment consists of the manufacture and sale of conventional cigarettes. The Real Estate segment includes the company's investment in New Valley, which includes Douglas Elliman, Escena, Sagaponack and investments in real estate ventures.
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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