October 28, 20190Comments

Earnings Data Is Wrong & Why it Can Cost You Money

Our research shows that this is a stock investors should avoid ahead of its Q3 earnings report on November 12.

by Kyle Guske II, Senior Investment Analyst, MBA

October 25, 20190Comments

ICYMI: HBS & MIT Sloan Paper Features Our “Novel Dataset”, A Stock to Buy Ahead of Earnings, 4Q19 Style Ratings & The Worst Fund Under Coverage

Here's what happened at New Constructs this past week.

by Kyle Guske II, Senior Investment Analyst, MBA

October 23, 20192Comments

Earnings Data Is Wrong & How You Can Make More Money

Our research shows this is a stock investors should look to buy ahead of its Q3 earnings report on November 1.

by Sam McBride

March 5, 20190Comments

Related Party Transactions Raise Red Flags In Today’s Filing Season Find

From yesterday's research, our analysts parsed 201 10-K filings and collected 22,154 data points. In total, they made 4,384 forensic accounting adjustments with a dollar value of $844 billion.

by Sam McBride

March 26, 20180Comments

Danger Zone: “Value Stocks” That Are Actually Expensive

This week, we highlight three companies that look cheap based on P/E ratios but actually have significant growth expectations implied by their valuations.

by Sam McBride

May 10, 20170Comments

GAAP-Based Return on Invested Capital: Explanation & Examples

GAAP-based ROIC is based on a simplified after-tax profit (NOPAT) and invested capital that can easily be calculated using only the income statement and balance sheet.

by Kyle Guske II, Senior Investment Analyst, MBA

March 9, 20170Comments

Filing Season Finds: Valeant Pharmaceuticals (VRX)

Analyst Cody Fincher made a total of 44 adjustments to Valeant’s financial statements with a total value of $50 billion. Here are our four largest takeaways from Valeant’s 10-K.

by Sam McBride

March 8, 20170Comments

Filing Season Finds: Wednesday, March 8

From yesterday’s research, analysts parsed 104 10-K filings and collected 12,874 data points. In total, they made 2,194 forensic accounting adjustments with a dollar value of $117 billion. Analyst Cody Fincher found an unusual item yesterday in Cytokinetics’ (CYTK) 10-K.

by Sam McBride

March 7, 20170Comments

Filing Season Finds: Tuesday, March 7

From Saturday to Monday’s research, analysts parsed 179 10-K filings and collected 24,318 data points. In total, they made 4,084 forensic accounting adjustments with a dollar value of $480 billion. Analyst Lindsay Bohannon found an unusual item yesterday in The Habit Restaurants’ (HABT) 10-K.

by Sam McBride

March 6, 20170Comments

Filing Season Finds: Week Of February 25 – March 3

Last week, our analysts parsed 700 filings and collected 102,289 data points. In total, they made 17,454 adjustments with a dollar value of $6.1 trillion. Analyst Allen L. Jackson found a few items in US Steel’s (X) 10-K that caused us to downgrade the stock from Dangerous to Very Dangerous.

by Sam McBride

March 2, 20170Comments

Filing Season Finds: Thursday, March 2

Yesterday, our analysts parsed 134 filings and collected 20,247 data points. In total, they made 3,401 adjustments with a dollar value of $1.3 trillion. In particular, analyst Hunter Gray found an unusual item yesterday in Nabors Industries' (NBR) 10-K.

by Sam McBride

March 1, 20170Comments

Filing Season Finds: Wednesday, March 1

Yesterday, our analysts parsed 131 filings and collected 19,357 data points. In total, they made 3,384 adjustments with a dollar value of $1.3 trillion. In particular, analyst Peter Apockotos found an unusual item yesterday in Chart Industries (GTLS) 10-K.

by Sam McBride

February 24, 20170Comments

Filing Season Finds: Friday, February 24

Yesterday, our analysts parsed 107 filings and collected 15,764 data points. In total, they made 2,630 adjustments with a dollar value of $1.1 trillion. In particular, analyst Allen L. Jackson found an unusual item in Town Sports International Holdings (CLUB) 10-K.

by Sam McBride

February 23, 20170Comments

Filing Season Finds: Thursday, February 23

Yesterday, our analysts parsed 92 filings and collected 13,987 data points. In total, they made 2,451 adjustments with a dollar value of $1.6 trillion. Analyst Hunter Gray found an unusual item in Advanced Micro Devices’ (AMD) 10-K.

by Sam McBride

February 22, 20170Comments

Filing Season Finds: Wednesday, February 22

Yesterday, our analysts parsed 56 filings and collected 7,941 data points. In total, they made 1,335 adjustments with a dollar value of $351 billion. In particular, analyst Hunter Gray found an unusual item in Phillips 66’s (PSX) 10-K.

by Sam McBride

March 20, 20150Comments

Important Items You’re Probably Leaving Out of Your Stock Valuations

Recently, we published a special report on the 10 companies with the biggest adjustments to their valuations across all of the adjustments we make to each company. In this podcast, CEO David Trainer will explain some of these adjustments using the companies that we talked about in our report.

by David Trainer, Founder & CEO

March 12, 20153Comments

10 Items Affecting the Valuations of Prominent Companies

We’ve compiled a "top 10" list of the companies with the largest adjustments to their valuations. Some adjustments represent senior claims to equity holders that reduce economic book value and shareholder value while others are assets that we expect to be accretive to shareholder value.

by Andre Rouillard

March 4, 20150Comments

Making a Balance Sheet Useful

We’ve compiled a "Top 11" list of the companies (who have already filed for 2014) with the largest adjustments to their balance sheets across the 11 adjustments we make.

by Kyle Guske II, Senior Investment Analyst, MBA

February 18, 20150Comments

8 Items Distorting the Net Income of Companies in Your Portfolio

Our analysts scrutinize every page of over 3000 10-Ks to find instances in which accounting adjustments need to be made to each company’s GAAP numbers. We adjust for over 30 items that can artificially inflate or deflate earnings.

by Kyle Guske II, Senior Investment Analyst, MBA

August 21, 20134Comments

Deferred Compensation Assets and Liabilities – Valuation Adjustment

The net amount of deferred compensation is included in shareholder value. If a company has a net liability, future cash flows will be diverted to pay for that obligation. If a company has a net asset, then any future increases in the obligation will not need to be met with new contributions from the company. Instead, the company can return that cash to shareholders.

by David Trainer, Founder & CEO

« Older Articles Newer Articles »