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Tullett Prebon Information (TPI) moves into credit and equity research allowing investors, creditors, risk officers, analysts and investment management teams to access like-for-like comparisons of corporate performance data across peers, industries and time; and calculations with far more reliability and insight than as-reported financial metrics could possibly provide.



Varying financial reporting standards (US GAAP, IFRS, IAS), and the flexibility within each reporting standards, company financial statements can be difficult to interpret and compare. Investors and analysts spend too much resource analysing and standardising the information contained in company ‘as reported’ financials, attempting to unlock hidden value and reveal true economic reality is one of the key challenges in achieving fundamental equity valuation in performance review and asset allocation.


Uniform Reporting

Using the Uniform Adjusted Financial Reporting Standards (UAFRS), the many inconsistencies and quality issues related to corporate financial reporting are addressed, enabling greatly improved reliability, comparability, and trend analysis of individual company financials across industry sectors and time. The following data sets are available via TPI:

  • Equity: Global corporate performance and equity valuation measures of almost 5,000 companies around the world, allowing for detailed and illustrative trend analysis
  • Credit: Corporate credit ratings, default calculations, debt service risk scores, coverage ratios and a unique Intrinsic Credit Default Swap (iCDS) measurement which can be used as a valuable metric - even when no CDS pricing is available
  • Research: Full-text research reports based on corporate credit ratings, corporate equity valuations, and macroeconomic signals driven by the full suite of UAFRS-based analysis and cross-capital research that synthesises equity and credit research to identify mispricing in equity and credit markets


Bristol-Myers Squibb

BMY is amongst the most expensive of its peers according to an As-Reported P/E of 17x. In reality, UAFRS based V/E’ (an undistorted P/E multiple) shows BMY as the cheapest of its peers with a 11.3x V/E’.


Valens Research is an independent, globally-recognised leader in financial research and analysis under Uniform Adjusted Financial Reporting Standards (UAFRS).


J. C. Penney

When market CDS for JC Penney was at 607bps, highlighting the company as a high risk high yield name, market bond yields are above 6%. In reality, after making uniform accounting adjustments to analyze the company’s credit-oriented cash flows and obligations, the company’s credit risk appears much lower. After these adjustments, Valens’ intrinsic CDS (iCDS) is at 232bps, with intrinsic yields for the bonds at 3.5%.



As-reported profitability levels have incorrectly shown very depressed levels, when in fact Facebook generates massive returns. See the true returns through UAFRS uniform reporting.