reports
- Valens Research
Valens Credit Weekly Insights - 2024 07 23
Texas Pacific Land Corporation (TPL) has proven its ability to monetize its land in the Permian Basin. Uniform Accounting shows that the market is not pricing in the opportunity for its returns to improve significantly as the company builds out new revenue streams from its land, suggesting equity upside is warranted. For the past two decades, Texas Pacific has successfully built out its O&G royalties' business and found new monetization opportunities with easements and water services. These re...
- Valens Research
- Valens Research
PBF - Valens Credit Report - 2024 07 19
Credit markets are overstating credit risk with a YTW of 6.690% relative to an Intrinsic YTW of 5.788% and an Intrinsic CDS of 166bps. Meanwhile, credit markets are materially overstating the firm's fundamental credit risk, with its Ba3 credit rating five notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. That said, as a positive, management members are material owners of PBF equity relative to their annual c...
- Valens Research
- Valens Research
Valens Equity Weekly Insights - 2024 07 16
Hyatt Hotels Corporation (H) is positioned to survive and thrive post-pandemic, and it's starting to show signs that it is executing on its long-term transformational goals. Uniform Accounting confirms that the market is not pricing in the full force of this transformation, suggesting equity upside continues to be warranted. Before the pandemic, Hyatt began transforming its business model to focus on a franchise model, similar to what hotel giants Hilton and Marriott have already done. The pand...
- Valens Research
- Valens Research
Valens Equity Weekly Insights - 2024 07 09
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 ...
- Valens Research
- Valens Research
Valens Equity Weekly Insights - 2024 07 02
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. ...
- Valens Research
- Valens Research
- Valens Research
ZIP - Valens Credit Report - 2024 06 24
Cash bond markets are slightly overstating credit risk with a YTW of 6.137% relative to an Intrinsic YTW of 5.506%, while CDS markets are accurately stating credit risk with a CDS of 82bps relative to an Intrinsic CDS of 77bps. Meanwhile, Moody's is overstating AMKR's fundamental credit risk, with its Ba3 credit rating four notches lower than Valens' IG4+ (Baa2) rating. Incentives Dictate Behavior™ analysis highlights mostly negative signals for credit holders. That said, as a positive, manage...
- Valens Research
TWI - Valens Credit Report - 2024 06 21
Credit markets are understating TWI's credit risk with a YTW of 7.960% relative to an Intrinsic YTW of 9.034% and an Intrinsic CDS of 414bps. Furthermore, Moody's is materially overstating TWI's fundamental credit risk with its highly speculative B1 credit rating six notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights positive signals for creditors. TWI's metrics should generally drive management to focus on all three value drivers: margins, turns, ...
- Valens Research
- Valens Research
AMKR - Valens Credit Report - 2024 06 11
Cash bond markets are slightly overstating credit risk with a YTW of 6.137% relative to an Intrinsic YTW of 5.506%, while CDS markets are accurately stating credit risk with a CDS of 82bps relative to an Intrinsic CDS of 77bps. Meanwhile, Moody's is overstating AMKR's fundamental credit risk, with its Ba3 credit rating four notches lower than Valens' IG4+ (Baa2) rating. Incentives Dictate Behavior™ analysis highlights mostly negative signals for credit holders. That said, as a positive, managem...
- Valens Research
SQ - Valens Credit Report - 2024 06 13
- Credit markets are slightly overstating SQ's credit risk with a YTW of 5.842% relative to an Intrinsic YTW of 5.308% and an Intrinsic CDS of 102bps. 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 compensatio...
- Valens Research
DINO - Valens Credit Report - 2024 06 06
Credit markets are accurately stating DINO's credit risk with a YTW of 6.012% relative to an Intrinsic YTW of 5.632% and an Intrinsic CDS of 110bps. Meanwhile, Moody's is overstating the firm's fundamental credit risk, with its Baa3 credit rating two notches lower than Valens' IG4+ (Baa1) credit rating.
- Valens Research
QRVO - Valens Credit Report - 2024 06 04
Credit markets are slightly overstating ROST's credit risk with a YTW of 5.762% relative to an Intrinsic YTW of 5.192% and an Intrinsic CDS of 61bps. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most 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. Also, most members of management have low change...
- Valens Research
UBER - Valens Credit Report - 2024 06 04
Cash bond markets are overstating credit risk with a YTW of 5.811% relative to an Intrinsic YTW of 4.881%, while CDS markets are slightly overstating risk with a CDS of 83bps relative to an Intrinsic CDS of 36bps. 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, most members of management are material ...
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