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

After Falling 50%+ in a Few Months Is Nokian Renkaat (TYRES FH) A "Buy" Or "Sell"?

Monro Inc(MNRO): Potential Permanent Pressure on Miles Driven and Migration Headwinds May Hurt MNRO

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

<p>For a company that already had problems generating positive mix/price prior to COVID, the sharp rebound in raw material prices may pressure margins more than estimates indicate.  The multiples applied to these estimates are above historical averages and peers, including the recent transaction between <a href="https://www.smartkarma.com/entities/goodyear-tire-rubber-co" target="_blank" data-smartkarma-citation="entities:17765:1" rel="noopener">Goodyear Tire &amp; Rubber Co (GT US)</a> and <a href="https://www.smartkarma.com/entities/cooper-tire-rubber" target="_blank" data-smartkarma-citation="entities:16681:1" rel="noopener">Cooper Tire &amp; Rubber (CTB US)</a> .  Tariffs, the RUB/EUR forex rate, and other items may also lead to further pressure on results and the share price.</p>

For a company that already had problems generating positive mix/price prior to COVID, the sharp rebound in raw material prices may pressure margins more than estimates indicate.  The multiples applied to these estimates are above historical averages and peers, including the recent transaction between Goodyear Tire &amp; Rubber Co (GT US) and Cooper Tire &amp; Rubber (CTB US) .  Tariffs, the RUB/EUR forex rate, and other items may also lead to further pressure on results and the share price.

Nokian Renkaat (TYRES FH)- Tire Manufacturer Facing Multiple Headwinds

Nokian Renkaat Oyj

Nokian Renkaat (TYRES FH)- Tire Manufacturer Facing Multiple Headwinds