Many friend is asking why Noble Drop so much today. Just yesterday we talk about NOBLE being a short candidate and Muddy water release report to short NOBLE today. So now you know when Muddy water Short? Below is the Muddy waters research report link, for your reading pleasure.
Muddy Waters is short Noble Group Limited (“Noble”). Noble seems to exist solely to borrow and burn cash. According to Bloomberg, Noble has been free cash flow positive only four out of 20 years – in other words, it literally generates positive free cash flow once every five years! According to Bloomberg, since 1997 Noble has raised from banks and markets net $7.7 billion. Noble’s debt is now almost four billion dollars. (A recent estimate, which Noble has not contested, is that due to repo-style transactions, Noble’s intra-quarter debt is approximately $3 billion greater than reported.)
We are really short Noble’s management. With a company as complex and opaque as Noble, there is no way for investors to definitively answer certain key questions. It becomes a question of how much investors should trust Noble’s management to be straight with them. Noble’s management has adamantly insisted that its accounting is conservative, and by implication, is reflective of reality. We do not believe Noble’s management.
To download the report (file size: 1.09 MB), check the box to agree with the Terms of Service and then click the “Download Report” button.
To download the report (file size: 1.09 MB), check the box to agree with the Terms of Service and then click the “Download Report” button.
Use of Muddy Waters reports is limited by the Terms of Service on its website, which are as follows. To be authorized to access such reports, you must agree to these terms, regardless of whether you have downloaded its reports directly from this website or someone else has supplied the report to you without authorization.
9 April 2015, Thur (English) 7pm - 10pm
10 April 2015, 星期五 (华语) 7pm - 10pm
Venue: 141 Cecil Street, Tung Ann Association Building #07-02 S(069541) Tanjong Pagar MRT Exit G, walk straight 80m, opposite the traffic light.
