February 2, 2024 – Below is Viceroy’s subpoena to MPW’s auditor PWC. While we don’t have much confidence in MPW’s financials we hope PWC’s disclosures will be more illuminating than their audits.
February 21, 2024 – On February 16th, Arbor announced 2023 earnings and held a conference call. Like many investors (or nasty short sellers), we left the call with more questions than answers. Arbor CEO Ivan Kaufman claims that Arbor has substantially cured their delinquent portfolio,
February 15, 2024 – On February 7, 2024, SCA responded to our report with data mined statistics which serve to satisfy management’s valuation and harvesting delusions. This response can be found here: https://www.sca.com/en/media/news/2024/clarification-regarding-questions-relating-to-the-valuation-of-forest-assets-harvesting-forest-damage-and-accounting-related-matters/ As usual: the majority of the sell side lapped up this response
February 14, 2024 – Viceroy has sent another letter to MPW’s auditors, 1 year following our previous correspondence. We note that in that year PWC have continued to fail in their capacity as auditor to assure the financial statements of MPW are free of material
February 1, 2024 – Viceroy Research will debate Christian Kopfer of Handelsbanken this Friday, February 2, 2024, on DITV. This serves as an opportunity to address aspects of our analysis that were disregarded in his last appearance. Viceroy offers this summary of our work. Breaking
We have previously explained how SCA’s forest asset valuation model is entirely inappropriate and its unexplained premium in m3fo to competitors. This results in a valuation that is completely dislocated from future cash flows, the only real purpose of the 2m hectares of productive forest
January 25, 2024 – Viceroy are short Svenska Cellulosa AB (STO:SCA-B)(“SCA”). SCA has massively inflated its forest assets on paper. Its valuation methodology has relied on short-term price fluctuations, interest rate fluctuations, and mark-to-market assumptions for numerous unrealistic inputs to massively inflate SCA’s forestry assets.
January 22, 2024 – Arbor’s underlying CLO performance data for January 2024 is now live. 107 of Arbor’s CLO loans are now delinquent, representing a 50% growth in the number of delinquencies month-on-month and almost a quarter of Arbor’s CLO book. Delinquent deals represent almost
January 8, 2024 – Below is Viceroy’s letter to Arbor’s auditor Ernst & Young outlining our concerns. Viceroy Research is of the opinion that Arbor’s financial statements and credit impairment models are fundamentally flawed. Arbor has made miniscule provisions for what we believe is an
September 6, 2023 – Below is Viceroy’s second request for Discovery from Medical Properties Trust. While we understand that management may be occupied putting out fires at Steward Health Care we hope they are able comply with our request.
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.