Full Valana reports, for the past financial year, will only be available on the website in respect of companies that qualified for a full Valana analysis to be done.
Other companies that also may be excluded are small obscure companies as often found in the Venture Capital and Development Capital sectors of the market. The primary reason for excluding these companies is because the stock seldom performs in line with embedded value and other basic business fundamentals.
As a result of the low trading liquidity some of these stocks could move considerably (even 100% or more) as a result of only one or two transactions made. These stocks often respond merely on anticipated, even unjustified probabilities, rather than on favourable or unfavourable odds based on substance or contained value in the company.
Gold mining companies are also ignored as the stock of these companies are mostly seen by investors as speculative trading stocks and the performance of such stocks almost entirely depend on commodity need cycles, Rand value of gold, forward hedge book status, access to marginal deposits and other elements related to precious metals as it changes from time to time.
One could, therefore, say that normal value fundamentals are not very relevant or reliable when assessing such companies as excluded above. In fact, full embedded value analysis of such companies could probably even mislead the subscriber as to its true investment potential.
Old "Odds for Winning" reports for previous years are also not retained in the report archives ("Company Reports") as it will serve no purpose at all.
Over and above the fact that formulas, component relationships and weighting issues are constantly changed in the model as research and evaluation are updated, there also will be no sense in having or working with old outdated enterprise data and statistics where meaningful information on a business enterprise is required.
As the primary function of the Valana information service is to only share with its members the latest Valana company "odds for winning" ratings no discussion or any elaboration on the published ratings will be entered into by any member of the team.
The Valana team will have no obligation to disclose any data, information or sources worked with in assessing the investment ratings published in the annual reports.
Under no circumstances whatsoever, will the Valana team express any opinion on stocks to buy or to sell other than the "odds for winning" ratings included in the annual value reports.
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