Exposing Creative Accounting
To help clients reduce risk and outperform
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In the news
Ideas: Past and present
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Our tools
The Bucephalus Idea Generator
Our proprietary idea generator model addresses four key questions: - How is the business performing? - Are returns real? - Is the company fairly valued? - Can you believe the accounts? It combines our work on creative accounting screens to clean up the accounts, with our work on capex and valuation cycles to see where companies are in the cycle and which offer an interesting investment opportunity. See the model at work for Bombardier, thyssenkrupp and Lenovo The Bucephalus G-A-P score
Our proprietary Governance, Accounting and Performance score tests and ranks companies for Governance, Creative Accounting and Performance issues. We have developed multiple back-tested scores to quantify the risk that a company's accounts, as presented by management, have diverged from the business reality. Test a company's G-A-P score To learn more about our research
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Thematic research
Refining our tools and exploring current issues
Refining our tools and exploring current issues
Deferred Revenue: The cash that comes with a cost
Introducing the BORUC (Bucephalus Operating Return on Utilised Capital)
Valuation cycles: Analysis and opportunity
Capex cycles: Analysis and opportunity
Enterprise Value: How it can be manipulated to hide debt and distort valuations
Employment: Using it as a guide to growth, creativity and performance
Tax: A cross check for profitability and governance
Pensions: A cross check for governance and leverage
Debt manipulation: Identifying stocks gaming the credit agencies and hiding debt
Equity compensation: The real cost of management
Audit costs: Can you rely on the accounts
Creative accounting: Why it matters and how it is done.
NB: Thematic and company research is only available to subscribers
Introducing the BORUC (Bucephalus Operating Return on Utilised Capital)
Valuation cycles: Analysis and opportunity
Capex cycles: Analysis and opportunity
Enterprise Value: How it can be manipulated to hide debt and distort valuations
Employment: Using it as a guide to growth, creativity and performance
Tax: A cross check for profitability and governance
Pensions: A cross check for governance and leverage
Debt manipulation: Identifying stocks gaming the credit agencies and hiding debt
Equity compensation: The real cost of management
Audit costs: Can you rely on the accounts
Creative accounting: Why it matters and how it is done.
NB: Thematic and company research is only available to subscribers