Exposing creative accounting
at the world's largest companies
Recently published - click to access
Celltrion: Story unravelling
thyssenkrupp: Restructuring exposes the lack of value
Transdigm: Daylight robbery
Lenovo: Pending equity dilution
Hengan: Relationships, churn and margin pressure
Vinda: New incentives, leverage and margins
Navistar: Dull without a bid
Bombardier: Do the maths
Prada: An expensive luxury
Autodesk: Update, underwhelming sales growth
Hire and fire: Employment as a guide to growth...
Semiconductors: Strong growth, 10%+ margins and...
Airlines: Slowing growth with excess capex...
Creative accounting: A rising tide...
Our clients use our accounting research to reduce their portfolio and reputational risk and improve investment outcomes. Our expertise is finding situations where a company's governance pits management against shareholders and employees, where the business reality is not reflected in the published accounts and where the company's performance is oddly divergent from its peers.
Using the Bucephalus Governance, Accounting risk and Peer performance score, our clients can identify their exposure to such creative accounting and adjust their portfolios accordingly. We also generate commercial investment ideas where we believe there is a significant gap between a company's accounts, its business reality and the market's perception.
Bucephalus is an independent research firm. We are not short sellers, nor do we take positions or trade in any of the securities we cover. For more information about our service, or to get full access to our website, please contact: firstname.lastname@example.org
Asset owners, portfolio managers and analysts use Bucephalus to monitor individual companies, portfolios and total-balance exposure
The 4,000 largest listed companies in North America, Europe and Asia