Research Services


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).


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


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 Future Plc
Future PLC
Future is a £1.5bn market cap, UK listed company, valued at 6.8x 2019 sales, where we calculate in the past three years it has acquired 79% of its revenue on a 1.9x sales multiple. We believe there’s a fundamental issue with Future’s shareholders’ hopeful anticipation for Future’s future: When we reviewed what Future has bought and respective Glassdoor reviews, we’re left with the impression that Future is little more than a collection of generally low quality, often distinct and shrinking assets which carries significant execution risk.
Published: 31st January 2020

Eurofins Scientific SE

Too Much Cash or Too Much Confusion?!?


A tale of two JVs

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