Robert Spivey is the Director of Research at Valens Research. He is actively involved in client related activities at Valens Research including delivering credit and equity analyses, idea generation across the capital structure based on Uniform Accounting (UAFRS), and managing Valens Research's analyst team. Spivey also is heavily involved in the development and management of the Valens Research application (app.valens-research.com), a tool Valens has developed to allow investors to integrate the UAFRS framework for investment analysis into their process on a daily basis to improve investment insights and decision making.
Although the analysts forecast TPR to keep up recent momentum, after accounting distortions are removed under UAFRS it is clear that market expectations at current valuations are for historically low returns and growth.