UAFRS vs As Reported Weekly Highlights - 2019 05 22
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for TPR, VG and OTEX.Open Text is a provider of a suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. In addition, Co. provides solutions that facilitate the exchange of information and transactions between supply chain participants, such as manufacturers, retailers, distributors and financial institutions. Co. provides software through on-premise solutions, cloud solutions or a combination of both on-premise and cloud solutions. Co.'s enterprise information management offerings include: content services, business process management, customer experience management, discovery, business network, and analytics.
Tapestry is a lifestyle company. The company's primary product offerings, manufactured by third-party suppliers, include women's and men's bags, small leather goods, footwear, ready-to-wear including outerwear, watches, weekend and travel accessories, scarves, eyewear, fragrance, jewelry and other lifestyle products. The company has three reportable segments: Coach, which includes sales of Coach brand products to customers through Coach operated stores; Kate Spade, which includes sales primarily of Kate Spade New York brand products to customers through Kate Spade operated stores; and Stuart Weitzman, which includes sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores.
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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