Analyst

Alasdair Moody

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>Ricoh came to our attention as a result of the 'Pension problems: Sacrificing the staff for bigger bonuses' report. The pension deficit, negative sustainable cashflow and falling revenues meant the dividend payments did not make sense.  Having dug deeper, we think Ricoh is in serious trouble. It is only surviving thanks to unrealistically cheap funding and creative accounting.</p><p>We think Ricoh is a classic Japanese zombie, kept alive by cheap funding rates while steadily destroying shareholder…</p>

Ricoh came to our attention as a result of the 'Pension problems: Sacrificing the staff for bigger bonuses' report. The pension deficit, negative sustainable cashflow and falling revenues meant the dividend payments did not make sense.  Having dug deeper, we think Ricoh is in serious trouble. It is only surviving thanks to unrealistically cheap funding and creative accounting.We think Ricoh is a classic Japanese zombie, kept alive by cheap funding rates while steadily destroying shareholder…

Ricoh Company Ltd

Ricoh: Warning! Out of Black Ink