Rural Funds (RFF AU): Milking Their Investors

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
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Forensic Accounting

Rural Funds is hiding behind legalese, while failing addressing our concerns. They have called our work false and misleading even when we quote directly from the E&amp;Y report. Quality companies provide clear explanations. There is still no response as to why1) RFM, not RFF, owns J&amp;F.2) Revenue growth is slower than asset growth3) Plant asset lives are longer than the normThe E&amp;Y report does not exonerate management. If anything it reinforces our concerns.

Rural Funds is hiding behind legalese, while failing addressing our concerns. They have called our work false and misleading even when we quote directly from the E&amp;Y report. Quality companies provide clear explanations. There is still no response as to why1) RFM, not RFF, owns J&amp;F.2) Revenue growth is slower than asset growth3) Plant asset lives are longer than the normThe E&amp;Y report does not exonerate management. If anything it reinforces our concerns. 

SELL Rural Funds Group: Disingenuous and Possibly Dangerous to Your Wealth