President, Vision Research

Robert C Prather Jr

Vision Research LLC (founded in 2011) is an independent equity research firm using fundamental analysis to help investors avoid risk & profit from structurally challenged equities. The research is focused on US & European equities. Primary sectors include consumer, TMT and industrials.  Team background includes 3 CFA Charter holders, 2 Certified Public Accountants, global L/S experience, TMT credit experience, management consulting, software engineer, and long biased international equities.

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<ul>
<li>2/3 of sales face secular decline in housing demand/shrinking population and the other 1/3 facing weak housing environment due to rising rates</li>
<li>Competition from private label and weak trends and ratios exist</li>
<li>The valuation does not seem to reflect the risks highlighted</li>
</ul>


2/3 of sales face secular decline in housing demand/shrinking population and the other 1/3 facing weak housing environment due to rising rates
Competition from private label and weak trends and ratios exist
The valuation does not seem to reflect the risks highlighted


Lixil (5938 JP): Levered Business Facing Cyclical & Secular Headwinds & Continued Mkt Share Pressure

Lixil Group

Lixil (5938 JP): Levered Business Facing Cyclical & Secular Headwinds & Continued Mkt Share Pressure