Antero Resources (AR) has a low-cost, unhedged inventory of high quality natural gas. Uniform Accounting highlights what the company's returns could look like during a strong natural gas cycle, something that the market is not pricing in. That makes Antero a compelling buy. When natural gas prices have been above breakeven, Antero's Uniform ROA has historically gotten above 10%, as high as 22%. The company is set to get back to those levels in the current market, as it has the capacity to extra...
Constellation Brands (STZ) has transformed its profitability profile through its massive expansion in the beer market and move to premiumization over the last seven years. Uniform Accounting highlights that the market is pricing in a reversal of recent profitability expansion and below-average growth, but management is confident about executing on their strategy and is aligned to continue to do so, signaling the potential for equity upside as the company continues executing. Constellation has...
Credit markets are materially overstating QRTE.A's credit risk with a YTW of 8.391% relative to an Intrinsic YTW of 6.771% and an Intrinsic CDS of 137bps. Furthermore, S&P is materially overstating QRTE.A's fundamental credit risk with its CCC+ credit rating six notches below Valens' XO- (equivalent to BB+) credit rating. Incentives Dictate Behavior™ analysis highlights mostly positive signals for credit holders. Specifically, QRTE.A's metrics should generally drive management to focus on all t...
Credit markets are overstating NRG's credit risk with a YTW of 5.936 % relative to an Intrinsic YTW of 4.559% and a CDS of 145bps relative to an Intrinsic CDS of 35bps. Furthermore, Moody's is overstating the firm's fundamental credit risk, with its Ba1 credit rating two notches lower than Valens' IG4 (Baa2) credit rating. Incentives Dictate Behavior™ analysis highlights mostly positive signals for credit holders. NRG's metrics should generally drive management to improve all three value driver...
Paycom (PAYC) has seen growth slow recently as its new Beti offering cannibalizes its legacy business, spooking the market. However, Beti's cannibalization is starting to slow down, and importantly its revolutionary offerings in the payroll processing space set up Paycom to take share the market is not pricing in. With management aligned with investors to deliver on this strategy, and confident about their execution, investors are set-up for positive surprises going forward. Paycom has spent m...
LPL Financial (LPLA) has created a powerful platform to empower independent and smaller scale wealth advisors to compete with the big players like Merrill Lynch and Morgan Stanley. Uniform Accounting highlights the company's operational improvements that the market is missing, indicating equity upside.• LPL has reformulated the value proposition of being an independent RIA with its asset-light advisor platform. Uniform ROA has expanded to new peaks above 20%, which is sustainable going forward. ...
nVent (NVT) has been rolling up the protected enclosure business to become a key vendor to the “electrification of everything” trend related to the modernization of American corporate infrastructure. Uniform Accounting highlights that the market is missing nVent's improving competitive position and its massive upcoming tailwinds, indicating equity upside. nVent is looking to become a one-stop shop for all types of enclosures, fastenings, and thermal management solutions for electrical component...
Credit markets are overstating SQ's credit risk with a YTW of 5.627% relative to an Intrinsic YTW of 4.740% and an Intrinsic CDS of 65bps. Furthermore, Moody's is overstating SQ's fundamental credit risk with its speculative Ba2 credit rating four notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most management members are material owners of SQ equity relative to their annual compensation, indicatin...
Credit markets are slightly overstating ZIP's credit risk with a YTW of 7.368% relative to an Intrinsic YTW of 6.737% and an Intrinsic CDS of 265bps. Furthermore, Moody's is materially overstating ZIP's fundamental credit risk with its B1 credit rating six notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As a positive, most members of management are material owners of ZIP equity relative to their annual compensat...
Cash bond markets are overstating CNC's credit risk with a YTW of 5.617% relative to an Intrinsic YTW of 4.827%, while CDS markets are slightly overstating credit risk with a CDS of 126bps relative to an Intrinsic CDS of 69bps. Furthermore, Moody's is overstating CNC's fundamental credit risk with its Ba1 credit rating three notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most management members ar...
Credit markets are overstating ROST's credit risk with a YTW of 5.568% relative to an Intrinsic YTW of 4.822% and an Intrinsic CDS of 43bps Meanwhile, Incentive Dictate Behavior™ analysis highlights mostly negative signals for creditors. As a positive, all management members are material owners of ROST equity relative to their annual compensation, indicating they may be well-aligned with shareholders to pursue long-term value creation for the company. Earnings Call Forensics™ analysis of the f...
Cash bond markets are overstating credit risk with a YTW of 5.931% relative to an Intrinsic YTW of 4.724%, while CDS markets are slightly overstating risk with a CDS of 89bps relative to an Intrinsic CDS of 38bps. In addition, Moody's is overstating UBER's fundamental credit risk with its Ba3 credit rating, four notches below Valens' IG4 (Baa2) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As a positive, all members of management are material ...
Credit markets are accurately stating MSCI's credit risk with a YTW of 5.693% relative to an Intrinsic YTW of 5.553% and an Intrinsic CDS of 123bps. Meanwhile, Moody's is overstating the firm's fundamental credit risk, with its speculative Ba1 credit rating two notches below Valens' IG4 (Baa2) credit rating.
Credit markets are materially overstating credit risk with a YTW of 6.394% relative to an Intrinsic YTW of 4.624%. Meanwhile, credit markets are overstating the firm's fundamental credit risk, with its Ba2 credit rating four notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mostly positive signals for credit holders. RRC's compensation framework incentivizes management to improve all three value drivers: sales, margins, and asset utilization...
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