Exposing Creative Accounting
at the World's largest listed companies
The Bucephalus G-A-P score
Use our Governance, Accounting and Performance score to test companies for creative accounting. It uses multiple quantitative and qualitative tests to quantify the risk that a company's accounts, as presented by management, have diverged from the business reality.
The Bucephalus Operating Return on Utilised Capital (BORUC)
BORUC helps investors see through Creative Accounting. It reveals a company's real return on capital by normalising both the accounting profits and the balance sheet.
Click here to download sample reviews for Tesla, Nissan and Baidu
Looking for ideas using BORUC: the Bucephalus Operating Return on Utilised Capital
Capital cycle opportunity: Using the capex cycle and RoIC to search for opportunity
Manipulating Enterprise Value: Obscuring debt and inflating assets to cut multiples
Hire & Fire: Employment as a guide to growth, creativity and performance
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