Bucephalus Research Partnership - Exposing Creative accounting and Fraud
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Exposing Creative Accounting
To help clients reduce risk and outperform


In the news
TV interviews 
Tesla   
Nissan (CNBC)
Nissan (Bloomberg)
Lenovo (Bloomberg
Noble group
YouTube
Creative Accounting
Patterson
Tesla
thyssenkrupp
Baidu
Bombardier
Ideas: Past and present
North America
- Avis
​
​- Bombardier
- GE
- IBM
​- Patterson

- Pilg. Pride
​- Thor
Japan
- JFE
​- Nissan


Europe
- ACS
- Cineworld
- Hochtief

- Kion
- Osram
​- Prada
- Renault
​- Rolls Royce
- thyssenkrupp
- Wendel/BVI
Small caps upon request
Asia 
- Anta
- Baidu
- Bosideng
- CIMIC
​- Hengan

-
​ Lenovo
​- Tencent
- Vinda
Latest reports: 
​

ACS / Hochtief/ CIMIC, Patterson, 

Renault, JFE, Thyssenkrupp, Wisetech
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
Regulated entities - click here

Retail investors - click here
Thematic research
​
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
Bucephalus Research: Exposing Creative Accounting

   Email: research@buceph.com    Telephone: +852 3464 0990 
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  • Home
  • 主頁
  • About
  • Media
    • Twitter
    • In the news
  • Public access
    • Videos
    • ACS/Hochtief/CIMIC
    • Patterson
    • Cineworld
    • WiseTech
    • Tesla
    • Rural Funds group
    • BAE Systems
    • Li & Fung
    • 利豐
    • Prada
    • 普拉達
    • Hengan
    • 恆安
    • Lenovo
    • 聯想
    • Autodesk
    • Bombardier
    • BT Group
    • Celltrion
    • Man Wah
    • 敏華
    • Ricoh
    • Renault
    • thyssenkrupp
    • UPS
  • Client research
    • Thematic
    • Companies
    • Models & data >
      • Industry G-A-P screen
      • Bucephalus Idea Generator
      • Company G-A-P screen
    • Industry
  • Contact us
    • Regulated Entity
    • Retail Investor