Sell Bombardier: Core EBIT Fell, Core Cashflow Is Negative, Covenants Maybe Under Stress

Sell Celltrion Inc (068270 KS): Story Unravelling

Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/24254" target="_blank" data-smartkarma-citation="entities:24254:1">Bombardier Inc (BBD/B CN)</a> has recently fallen 38%, <a href="https://www.smartkarma.com/entities/21729" target="_blank" data-smartkarma-citation="entities:21729:1">ThyssenKrupp AG (TKA GR)</a> 18%  and <a href="https://www.smartkarma.com/entities/991" target="_blank" data-smartkarma-citation="entities:991:1">Celltrion Inc (068270 KS)</a> 30%.  In each case, the market was surprised when management admitted that they could not deliver on targets. This need not have been the case. For months, we have been warning that they have been using creative accounting to hide their business reality.</p>

Bombardier Inc (BBD/B CN) has recently fallen 38%, ThyssenKrupp AG (TKA GR) 18%  and Celltrion Inc (068270 KS) 30%.  In each case, the market was surprised when management admitted that they could not deliver on targets. This need not have been the case. For months, we have been warning that they have been using creative accounting to hide their business reality.

Bombardier Inc

Reality Overwhelms Creative Accounting