Wirecard: TPA Infographic

We present a simplified illustration of Wirecard’s Third-Party Acquirors system to help clients understand the business model.

Boohoo: Unsustainable Fashion

We see an unsustainable business model, signs of slowing growth, and numerous corporate governance concerns.

Sage: Margins Reset & Ready to Grow

We believe this is an excellent entry point into one of the FTSE 100’s best businesses.

Yara: Management Meeting in Oslo

We provide our presentation and feedback to clients after meeting management.

Yara: What Does It Have? (Part 3: Brazil)

We complete an analysis of Yara’s positions in Brazil.

Yara: What Does It Have? (Part 2: France)

This note is the second in a due diligence series focused on the ‘hidden’ value in the downstream Sales & Marketing division.

Yara: What Does It Have? (Part 1: UK)

This note provides a deeper dive into Yara UK, as an initial case study on ‘hidden’ value in Yara.

Wirecard: Chennai’s Invisible Payments Company

We highlight our findings from Chennai, where we sent an investigative accountant to look into Wirecard’s operations.

Sage: Not So Great Expectations

Our extensive deep dive into Sage’s customer base and dated product suite concluded that the shares are at fair value today.

Wirecard: This Is Absurd – Responses Raise More Questions

The responses to recent negative press raise more questions than answers. Casting some light on FinTech Receivables.