Hidden Unusual Expenses Overstate Mattel’s Losses [Forbes]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: Forbes
My latest featured stock is a toy company with multiple hidden expenses. Last week, my firm analyzed 475 10-Ks and 10-Qs. Analyst Robert Hicks found several unusual items in Mattel’s 2019 10-K. On page 101, MAT disclosed $22 million On page 102, MAT disclosed $19 million In total, I identified -$156 million in earnings distortion that caused GAAP earnings to be understated. After removing these unusual expenses, I find that MAT’s core earnings, a superior measure of profits [1] Earnings Distortion Score as featured on CNBC Squawk Box Figure 1: MAT’s GAAP Net Income Vs. Core Earnings Despite the likelihood to beat upcoming consensus expectations, MAT does not represent attractive risk/reward over the long-term. MAT currently earns an unattractive rating, has a bottom-quintile return on invested capital (ROIC) of 1%, and has high expectations for future profit growth baked into its stock price. Other Critical Details Found in Financial Filings by My Firm’s Robo-Analyst Technology Balanc
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SPGI
Earnings
- 4/26/24 - Miss
SPGI
Sec Filings
- 5/6/24 - Form 8-K
- 4/26/24 - Form IRANNOTICE
- 4/25/24 - Form 10-Q
- SPGI's page on the SEC website