Wirecard AG: Balance Sheet Indicates the Truth

European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Forensic Accounting

In a series of notes (e.g. <a href="https://www.smartkarma.com/insights/wirecard-ag-wdi-gr-more-analysis-of-the-source-of-current-saga-shows-wdi-is-telling-the-truth" target="_blank" data-smartkarma-citation="insights:40365" rel="noopener">Wirecard AG (WDI GR): More Analysis of the Source of Current Saga Shows WDI Is Telling the Truth</a> and <a href="https://www.smartkarma.com/insights/wirecard-ag-wdi-gr-statistical-analysis-of-data-that-stated-it-all-gives-wdi-a-pass" target="_blank" data-smartkarma-citation="insights:40194" rel="noopener">Wirecard AG (WDI GR): Statistical Analysis of Data that Stated It All Gives WDI a Pass</a> ), I wrote that the analysis that supported <a href="https://www.smartkarma.com/entities/wirecard-ag" target="_blank" data-smartkarma-citation="entities:21743:1" rel="noopener">Wirecard AG (WDI GR). </a> Clearly the story there was incomplete. Mea culpa.
The news today implies that even if <a href="https://www.smartkarma.com/entities/wirecard-ag" target="_blank" data-smartkarma-citation="entities:21743:1" rel="noopener">Wirecard AG (WDI GR)</a> is a viable company, it will not be able to prove it. The required documentation for a clean "high level" audit seems not to exist.
Below I present a "short-thesis" from a "bullish" analyst.

In a series of notes (e.g. Wirecard AG (WDI GR): More Analysis of the Source of Current Saga Shows WDI Is Telling the Truth and Wirecard AG (WDI GR): Statistical Analysis of Data that Stated It All Gives WDI a Pass ), I wrote that the analysis that supported Wirecard AG (WDI GR).  Clearly the story there was incomplete. Mea culpa.
The news today implies that even if Wirecard AG (WDI GR) is a viable company, it will not be able to prove it. The required documentation for a clean "high level" audit seems not to exist.
Below I present a "short-thesis" from a "bullish" analyst. 

Wirecard AG (WDI AG): There Are No Reasons to Hold the Stock...