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 IS SHORT NETWORK INTERNATIONAL HOLDINGS PLC (NETW
Network International Holdings PLC (NETW)
NETW conducts its M&A with some, how should we put it, questionable characters. Ahead of IPO, NETW disposed of TimesOfMoney (ToM) to Finablr. NETW’s version of events appears to us to differ from what Finablr reports. True, it’s difficult to believe Finablr, but then local filings for ToM also seem to contradict NETW. Recently, NETW is to buy DPO, which was not only birthed by the “back-room boys” to Wirecard, but also audited by the former colleague of a convicted fraudster and money launderer. Incidentally the hold co to ToM was registered to the same Singaporean address as Wirecard Asia and DPO is registered to the same Ireland address as Wirecard UK & Ireland. How strange.
Published: 23rd December 2020

ShadowFall has written an open letter to Ron Kalifa, OBE, Chairman of Network International Holdings Plc (NETW)

Blue Prism Group PLC


A US gambit but weakening fundamentals

Boohoo Group PLC

The catch 2022

Future PLC

Here's hoping the past is not necessarily an indication of the...

Eurofins Scientific SE

Too Much Cash or Too Much Confusion?!?

IQE PLC

A tale of two JVs

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