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 BOOHOO GROUP PLC (BOO).
Boohoo Group PLC
Since 2014, we believe that BOO has provided a misleading impression of its cumulative Free Cash Flow (FCF) by 67%. We see a risk that BOO doesn’t use its recent cash call for M&A, but instead combines it with its considerable £241m net cash, to be paid to BOO’s Chairman’s son, through material dividends and a potential PrettyLittleThing (PLT) NCI buy-out. We also question if PLT’s profit is boosted by another BOO entity “wearing” some of its costs and calculate that this could result in an additional £193m paid to PLT’s NCI.
Published: 26th May 2020

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.