WiseTech (WTC AU): Smoke and Mirrors, Sell

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

Adobe (ADBE US), the original Software as a Service (SaaS) success story, showed that online conversion could drive revenue, operating leverage and cash generation.  The Australian logistics software company WiseTech (WTC) isan accounting fiction,Slowing growth, negative operating leverage, overvalued intangibles, no profits or cashflow, black box accounting and related party deals.  living the SaaS dream, on 25x sales.It is time for wise technology investors to wake up and move on.

Adobe (ADBE US), the original Software as a Service (SaaS) success story, showed that online conversion could drive revenue, operating leverage and cash generation.  The Australian logistics software company WiseTech (WTC) isan accounting fiction,Slowing growth, negative operating leverage, overvalued intangibles, no profits or cashflow, black box accounting and related party deals.  living the SaaS dream, on 25x sales.It is time for wise technology investors to wake up and move on.  

SELL WiseTech (WTC AU): Slowing Growth, Negative Real Cashflow and Blackbox Accounting

Wisetech Global

SELL WiseTech (WTC AU): Slowing Growth, Negative Real Cashflow and Blackbox Accounting