Aktuelles
Continental’s Mix Effects: Another Segment Reporting Financial Analysis Problem
In the past, we already shed some light on the problems of reading the appropriate information from segment reportings of companies, but more in a general way (LINK). This time we provide a concrete…
Telefonica DE’s OIBDA growth rates: Another Non-GAAP Financial Analysis Problem
Telefonica Deutschland (TEF DE) is a German based telecommunication company and network operator. It serves roughly 50 mio customers, most of them with a mobile contract. The company engaged in a…
NMC Health: Demystifying Reverse Factoring: The “Three-is-a-Crowd” Financial Analysis Problem
Abengoa S.A. (now bust) applied this technique heavily, Carrillion plc (now bust, see LINK to our former blog post [only in German]) too… and recently short seller Muddy Waters seemed to have it…
Cyan’s I-New acquisition: The Badwill Financial Analysis Problem
In 2018, Cyan AG, a provider of network-integrated security solutions, acquired 100% of I-New Unified Solutions AG from Austrian gambling company Novomatic AG, in a two-step approach. The acquisition…
Stepping Up and Down the Value Ladder – The “Pars-pro-Toto” Financial Analysis Problem
In one of his latest posts, Aswath Damodaran put his fingers on a quite interesting side-effect of the well-known Softbank/WeWork story. Could it be that Softbank simply bought into the struggling…
Better Information or Wiping-out Traces? – The Re-Segmentation Financial Analysis Problem
Change is part of doing business. Today more than ever. And where there is change in the business there is also need for change in the reporting structure. IFRS 8 (Operating Segments) requires…
When Remuneration Targets meet Impairment Assumptions – The Weak-but-Strong Financial Analysis Problem
We know a couple of investors who once scratched their heads about the Chemring Group Plc. 2011 annual report (reporting date 31 October) and then decided to set a reminder alert for the next time…
Grifols’ Parking Game – The “Related-Party/Control” Financial Analysis Problem
In this blog we recently discussed some cases where the concept of control (HERE) or the existence of related-party transactions (HERE) played a major role. In fact, both topics share a common basic…
PG&E’s Wildfire Insolvency – The On/Twilight/Off Financial Analysis Problem
(English version of the VALUESQUE German blog post, 14 February 2019) As a starting point today, we do a little math exercise: what is the expected value of a 100 Euro future cash flow, realized at…
Shadowfall’s Attack on Eurofins – The “Related Party”-Financial Analysis Problem (Background)
On 16 October 2019, short seller Shadowfall issued a report on Eurofins, a Luxembourg-based laboratory services provider, raising several concerns regarding – amongst others – opaque intragroup and…