GN Store Nord recently surprised the market with the announcement of a DKK 7bn rights issue, coinciding with the release of FY22 results. …

Vestas has previous been on our radar due to a litany of flags, including rising contract assets, use of supply chain financing and weak cash flow. With the publication of H1 financial statements, we picked up a further increase in contract assets (see extract from H1 report below). Partly as…

An increase in DSI is not surprising in this environment, as companies continue to build safety stocks. However what is surprising for Philips is the sheer scale of the increase, as shown in the chart below. As at 30 June, inventories stand at €4.2bn, equivalent to over 5 months of…

Hologic published Q3 results along with its 10-Q filing last week. Like many companies in our universe, they have been experiencing supply-chain issues and DSI was triggered in our system as a result (see below): The increase is noteworthy because of its magnitude, greater than what we have observed elsewhere…

Danaher published Q2 results last week, and our algorithms picked up a couple of new flags from the 10-Q. The key one was DSI, where there was a sharp increase from 82 days to 98 days (see below): In the context of continued supply chain issues, this is perhaps not…

Alfa Laval published Q2 numbers last Wednesday. As we’ve seen with many industrial companies, DSI appeared elevated as a sales to Russia ceased and the company continued to build up a buffer against supply chain issues. …

While Gerresheimer have concentrated on convincing the market that the currently high level of capital expenditure will lead to sustained growth our analysis suggests something more untoward might be developing. An unsustainably high payables balance suggest management are delaying payments to suppliers to inflate cashflow and decrease net debt. …

Grab Holdings, the operator of ride-hailing and food delivery services across Southeast Asia, went public on the Nasdaq in December last year through a $40bn SPAC deal. The deal was the largest ever of its kind and was particularly controversial due to the shareholder structure, which gave founder Anthony Tan…

Referring to $1.2bn of charges across various fixed-price programmes, Dave Calhoun, CEO of Boeing, said on CNBC “We love these development programmes and we love the work we’re doing and the performance of the airplanes, but the accounting proved difficult” For us, the risk was signposted ahead of time through…