Auto1 Group: Losses Could be Significantly Worse

More financials after Q3’21 suggest larger losses than expected for 2022. Reiterate short idea.

Auto1 Group: We are TAM Sceptics

Hot IPO having a reality check. Emerging concerns on competitive environment and capital-intensity of business model. High valuation seems premature relative to loss-making business.

Shein: Growing Threat to Boohoo and ASOS

We take a closer look at Boohoo and ASOS’s rapidly rising competitor, Shein.

Boohoo Group: Visit to Leicester

Jack Stonehouse is in Leicester, reporting on Boohoo’s suppliers and progress on Boohoo’s new factory.

Short Screen: June 2021 Update

We update our short screen following fresh data and new screening criteria.

Boohoo: Testing Times

We had some laboratory tests run on Boohoo clothing and summarise our findings while discussing our current corporate governance concerns.

Wirecard: Lemon Squash

We drop our coverage and believe there will be little, if anything, for liquidators to salvage from the business.

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.

NMC Health: A Trip to the UAE

We update clients on this site visit and further work we have undertaken since we last wrote on NMC.