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ShadowFall Profile picture
@ShadowFallCR
Jul 1, 2019 • 7 tweets • 3 min read • Read on X
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ShadowFall Fund is short Eurofins Scientific SE
TALK ABOUT CLOSENESS? - ShadowFall Research shadowfall.com/blog/2019/07/0…
ShadowFall Fund is short Eurofins Scientific SE . A month later and still no response from the Belgian auditor we wrote to.
Maybe he’s busy auditing ERF’s Luxembourg subsidiary accounts, which in recent years have been filed by May? Image
However, what is like clockwork is the $ERF’s movement in its Commercial Paper utilisation, which decreases for its important reporting dates to then rise up thereafter. Window dressing, n’est-ce pas? Image
ShadowFall Fund is short Eurofins.
Still no sign of Eurofins’ Luxembourg 2018 filings, however its Commercial Paper facility has ticked up a further €60m from a few weeks back and €157m from what it’s likely to have been at its half year. Problème de liquidité pour moi? Image
ShadowFall Fund is short Eurofins .
Another week passes and still no sign of Eurofins’ Luxembourg 2018 filings.
shadowfall.com/social-media-d…
However, Audit Conseil Services’ (ACSe) accounts are filed. ACSe’s revenue at €1.1m in 2018 (2017: €1.1m). On our calculations, Eurofins & its CEO’s businesses historically account for 10%+ of ACSe’s revenue. Given ACSe’s flat revenue should we assume that ERF remains a client? Image
Meanwhile Eurofins’ Commercial Paper facility continues to tick higher. Now €177m higher from when it was brought down for its reporting date at end of June. In our view, Eurofins’ debt burden is becoming insurmountable. Image

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More from @ShadowFallCR

ShadowFall Profile picture
Sep 30, 2021
This morning the Regulator of Social Housing @RSHEngland placed Falcon Housing Association CIC (Falcon) on its gradings under review list. Falcon is the 2nd largest tenant to Civitas Social Housing (Civitas) at c. 20% of the rent roll. ShadowFall is short Civitas. #CSH (1/4)
The announcement from the RSH follows the Regulatory Notice against Auckland Home Solutions published in early August. If Falcon were to be found non-compliant with Governance and Financial viability standards then c. 44% of rent in FY21 would be deemed non-compliant! (2/4)
Let’s not forget that we find: 1) Falcon has director overlap with Auckland, 2) The overlapping directors appear to own a property development company which has sold properties to Civitas, 3) Falcon’s accounts are unaudited and in our view, unreliable, and (3/4)
Read 4 tweets
ShadowFall Profile picture
Feb 11, 2021
ShadowFall is short Kerry Group ($KYG).
We found @theOntake note compelling, with it echoing several concerns we raised a while back. We view Kerry’s financial statements to be opaque and sometimes unreliable. Having read the latest findings, we’re more convinced of this. 1/6
To those that say this is old news, the truth is still the truth regardless of time. What we find interesting is that a fresh set of eyes has similar observations to us, with more recent information strengthening our view. 2/6
When we raised the flag on @Wirecard in 2015 then 2016, this was also largely dismissed as “nothing new”. The same occurred with subsequent reporting by @FFJ_report and @FD. Yet @Wirecard was just as much a fraud in 2015-19 as it was when it collapsed in 2020. 3/6
Read 6 tweets
ShadowFall Profile picture
Jan 14, 2021
ShadowFall is short Network International $NETW
Burkhard Ley (former Wirecard CFO): “I read through the 101-page [Zatarra] report . . . page by page. After that I knew that not a single allegation was correct.”
For us, the NETW response is reminiscent of the Ley defence. 1/6
Like dear Burkhard’s response in 2016, we believe NETW’s response doesn’t do investors justice after promising a full response. Despite saying not a single allegation was correct, Burkhard couldn’t provide one example to back up this claim. 2/6
Now from NETW “The [SF] report contains a number of factual inaccuracies”. Yet despite taking critique of the company seriously, it doesn’t provide one example to back up its claim, & instead moves from prior suggesting a “full response” to updating its FAQs. 3/6
Read 6 tweets
ShadowFall Profile picture
Jan 12, 2021
ShadowFall is short Temenos, $TEMN.
We’ve been short some time, it’s always surprised us that while the company spends significant amounts on R&D, it seems to us to be behind other technology companies on the transition to SaaS. 1/4
Whilst we’re on R&D, it’s never been clear to us where this goes. TEMN expensed USD 270m on R&D in FY19 & capitalised USD 65m. Presumably this is focused on India, since Temenos says R&D is conducted in India and its Indian employees broadly follow employees in R&D. 2/4
Further, its Indian subsidiary’s filings also say it performs development activities & 100% of its revenue is internal. But the Indian sub revenue was USD 64m with employee costs of USD 42m in FY19. We can’t help wonder where the rest is? 3/4
Read 4 tweets
ShadowFall Profile picture
Dec 23, 2020
ShadowFall is short Network International ($NETW). Report available to download from: shadowfall.com/researchservic…
Some of the Wirecard connections to NETW’s intended acquisition, DPO, are already known. However, we have found numerous links…. 1/7
Yes, DPO bought Acona from Dietmar Knöchelmann, who was subsequently convicted for money laundering & fraud. However, we also find that DPO has been audited by a former co-director to Knöchelmann. 2/7
As for DPO’s initial company secretary & Director, these are the same individuals connected to Greymountain Management, which is currently involved in an ongoing US CFTC court case regarding binary option scams.  3/7
Read 7 tweets
ShadowFall Profile picture
Nov 18, 2020
ShadowFall is short Blue Prism ($PRSM). shadowfall.com/researchservic…
We believe PRSM is being left behind by its peers in the highly competitive & commoditised RPA market. In our view, PRSM’s prospect of ever reaching meaningful profitability is low. 1/4
Meanwhile, PRSM’s key metrics appear to be worsening, such as revenue per average customer, the quality of its receivables, upsell rates, customer churn, while significant board churn and what we view as lack of appropriate independence we find also of concern. 2/4
We find consistent inconsistencies within the filings and company statements, whether it’s between the P&L & corresponding notes in the accounts, gaps in the main subsidiary filings or claims regarding its recent acquisition. 3/4
Read 4 tweets

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