Below is an unlocked PDF copy of KPMG’s special investigation report into Viceroy’s concerns at the Adler Group. This version can be highlighted and copied from, unlike the version posted on Adler’s website. Viceroy are analyzing the findings and will post further updates as the
March 23, 2022 – Earlier this week EPRA published it’s 2022 Best Reporting Practices guidelines, which (finally) include best practice guidelines on how to report LTV. EPRA’s guidelines are almost identical to Viceroy’s initial LTV analysis, for which we were ridiculed by SBB, the local
March 22, 2022 – Perusal of SBB’s transactional counterparty financial accounts show significant contingent assets stemming from sales to SBB, which appear to be performance/event driven. SBB do not appear to recognize contingent liabilities to these transactional counterparties anywhere in its financial reports, creating a
Dear Esteemed Recipients, We refer to our preliminary correspondence dated March 1, 2022, in relation to the above matter. On March 4, 2022 Laeringsverkstedet (LV) published a letter to the Norwegian Ministry of Education aiming to clarify their sale-and-leaseback agreement with SBB. The letter clarifies
Dear Mr. Novella Samhällsbyggnadsbolaget i Norden – Audit Risks We refer to Viceroy Research’s Samhällsbyggnadsbolaget i Norden AB (SBB) report dated February 21, 2022, and subsequent communications. We are contacting your due to concerns about audit risks at SBB. They involve: Auditor Risk: SBB shares
Dear Esteemed Recipients, Whistleblower Report – Laeringsverkstedet & Trygge Barnehager Viceroy Research has become aware of significant contract risks between Laeringsverkstedet (“LV”) and Trygge Barnehager (“TB”) (together “the Tenants”), and their new landlord: Samhallsbyggnadsbolaget i Norden AB (“SBB”). Together, the Tenants and SBB operate over
February 23, 2022 – Earlier today, SBB published a blanket and uninformative response to Viceroy’s Report: Hard to Pronounce, Harder to Justify Value, dated February 21, 2022. Readers can access this report here: https://viceroyresearch.org/samhallsbyggnadsbolaget-research/ SBB’s response can be found below: https://corporate.sbbnorden.se/en/update-on-viceroy-report-on-samhallsbyggnadsbolaget-i-norden-ab-publ/ SBB have not provided
Viceroy Research is short Samhällsbyggnadsbolaget (STO:SBB) and listed debt instruments. SBB is a debt-fueled rollup of rent-controlled assets. A review of the board of directors and management reveals several undisclosed, intimate relationships between the board members and/or with SBB: most directors appear to deal in
January 25, 2021 – On December 28, 2021, S&T issued a “detailed response1” to our report on the company. The response leaves numerous questions wide open and pathetically deflects several key concerns outlined by Viceroy. Viceroy welcomes the announcement of an independent forensic investigation by
DECEMBER 15, 2021 – Viceroy Research is short S&T AG (XTRA:SANT): a roll-up of low-quality, labor intensive “IoT” assets, often acquired under fire-sale circumstances. Analysis of individual subsidiary performance shows flatlining and negative growth due to frauds & federal raids, insolvency, security breaches, and general
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.
English
Arabic
Chinese (Simplified)
Dutch
French
German
Italian
Portuguese
Russian
Spanish