Kobe: Blatant Self-Serving Hypocrisy. Equity Could Get Wiped Out

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>The spectacular sale of Elevators has transformed TKA’s balance sheet and the performance problems are finally being addressed. The cash from the sale will more than cover COVID losses, the restructuring and restore TKA to health. A management prioritising productivity and margin over revenue should transform both P&amp;L and cashflow. We estimated 16-19,000 job cuts, but with the new plan, 23,000 jobs and E6bn of revenue will be off-loaded. The supervisory board has a poor track record, but the shareholder appointees have been renewed so they may deliver. Investors can buy cash at a discount with a free option on a turnaround. On 2.5x EV/fEBITDA, it is time to BUY:</p>

The spectacular sale of Elevators has transformed TKA’s balance sheet and the performance problems are finally being addressed. The cash from the sale will more than cover COVID losses, the restructuring and restore TKA to health. A management prioritising productivity and margin over revenue should transform both P&amp;L and cashflow. We estimated 16-19,000 job cuts, but with the new plan, 23,000 jobs and E6bn of revenue will be off-loaded. The supervisory board has a poor track record, but the shareholder appointees have been renewed so they may deliver. Investors can buy cash at a discount with a free option on a turnaround. On 2.5x EV/fEBITDA, it is time to BUY:

ThyssenKrupp AG

Thyssenkrupp: Turnaround Underway