Research Services

ACTIONABLE. INSIGHTFUL. PROFESSIONAL.

ShadowFall focuses on uncrowded, liquid short ideas relating to companies that are listed in the UK and Continental Europe; exposing situations where the market value exceeds the intrinsic value.

Our approach ranges from researching into aggressive accounting, flawed business models, unethical business conduct and business misrepresentation.

ShadowFall is authorised and regulated by the United Kingdom’s Financial Conduct Authority (FCA).

FUNDAMENTAL. FORENSIC. FREE THINKING.

The founders of ShadowFall recognise the dearth of high quality, actionable short ideas derived from the sell side analyst community. Against the grain of the widely recognised bias towards buy recommendations ShadowFall is able to take an independent and exhaustive approach to uncover opportunities.

We set out on each investigation with an impartial approach, free from having to make investment recommendations or set target prices and build a comprehensive case founded on verifiable facts. 

If you are a professional investor and you are interested in our research offering please email us at contact@shadowfall.com.

DOWNLOAD OUR LATEST PUBLISHED RESEARCH

Here you can download our most recent research report. For historical reports please see our content library.

FOR PROFESSIONAL CLIENTS ONLY. SHADOWFALL FUND IS SHORT BLUE PRISM GROUP PLC (PRSM).
Blue Prism Group PLC (PRSM)
We believe PRSM’s prospect of ever reaching meaningful profitability is low. We expect that its shareholders will have to contend with substantial losses and further sizable capital raises for far longer than the market currently envisages. In our view, PRSM is being left behind by its peers whilst almost all of its key metrics, such as revenue per average customer and the quality of trade receivables, appear to be declining. We find consistent inconsistencies, whether it’s between the P&L statement and corresponding notes in the accounts, gaps in the main subsidiary filings or claims regarding its recent acquisition.
Published: 18th November 2020

Boohoo Group PLC

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Eurofins Scientific SE

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IQE PLC

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If you are a professional investor and you are interested in our research offering, please get in touch.