My latest featured stock is a company recently upgraded after being lukewarm on its IPO last year. Analyst Jacob McDonough found several unusual items in the footnotes of AXA Equitable Holdings’ (EQH) 2018 10-K. As Figure 1 shows, EQH’s economic earnings continued to improve in 2018. Balance Sheet: I made $7.5 billion of adjustments to calculate invested capital with a net increase of $5.2 billion. Valuation: I made $4.1 billion of adjustments with a net effect of decreasing shareholder value by $4.1 billion.

Source: Forbes March 20, 2019 13:18 UTC