Ontake Research

Tweets reflect solely our opinions.

[Ontake Research @theOntake]

Kerry has yet to publicly address any inaccuracy in our report. Investors need answers on these suspect purchases. Audited financial statements do not guarantee no misrepresentation. Wirecard’s financials were also audited.

[Ontake Research @theOntake]

Kerry supposedly paid €228M for Jining Nature and Bio-K. Yet SAIC filings show “Jining Nature” generated only €17m net sales and PBT 1.7m in 2018. Evidence suggests that Bio-K’s revenue is also ~€15 million. Actual purchase multiple 42x?

[Ontake Research @theOntake]

Kerry claims it paid 22x EBITDA for acquired entities during its FY2020 earnings call. Yet it stated the purchase multiple was only “towards a high-teens multiple” in its previous earnings call. Why the discrepancy?

[Ontake Research @theOntake]

Our website was hacked. Kerry trying to silence critics?

[Ontake Research @theOntake]

Instead of buying a dozen opaque entities at highly questionable multiples, why not pay your dairy farmers their long overdue payments? https://t.co/X1baY2jpQR

[Ontake Research @theOntake]

Interestingly, our website is down. For people who are interested in our report, it can be found here https://t.co/juLEPwdsbg

[Ontake Research @theOntake]

Kerry acquisition "Serve Food Solutions": a small marketing firm appears to operate out of Rolllin' Phat Scooters.

[Ontake Research @theOntake]

Kerry's filings imply it paid EUR 60 million for Lactose India (still listed on BOM: 524202). Yet Lactose India filings reveal Kerry merely entered an immaterial EUR 1mm supply agreement with the company.

[Ontake Research @theOntake]

We are short Kerry (KYGA: LN). Evidence suggests Kerry supposedly purchased eight businesses for EUR 1 billion, including a marketing firm operating out of a scooter rental shop and a EUR 1mm supply agreement misrepresented as an acquisition. Full report: https://t.co/ISjVb7gFhk

[Ontake Research @theOntake]

We read Aurelius’ revealing response. We provide further evidence to demonstrate that #Aurelius inflates disposal values and NAV to mislead investors and enrich management. Full report: https://t.co/aa23v2J8zy

[Ontake Research @theOntake]

Cynical share buy-back scheme. But €50M+€160M in 2017, only €30M in 2020? Is #Aurelius short of cash?

[Ontake Research @theOntake]

#commerzbank aka comedy bank. Thanks for explaining the concept of EV. Suggest you actually read the report properly before commenting.

[Ontake Research @theOntake]

We think Dirk Markus inflates sale prices like his academic credentials.
https://t.co/gZvupyRxEF

[Ontake Research @theOntake]

$AULRF, we believe Investors are more interested in the price paid for SECOP’s net assets (€71 million) and the actual net cash received by Aurelius (just €38 million) rather than a contrived “sales price” (€185 million).

[Ontake Research @theOntake]

$AULRF current portfolio is no better. Aurelius says Office Depot Europe made EUR 31m of EBITDA. Yet, regulatory filings show losses.

[Ontake Research @theOntake]

$AULRF pays management 34% of the cash received from asset sales, irrespective of the performance of the stock. They call it “virtual co-investment” compensation. Maybe that’s why management inflates disposal values.

[Ontake Research @theOntake]

$AULRF said it sold Getronics for €220m to Nana Baffour. Baffour ran an OTC penny stock, Midas, before it collapsed and delisted in 2015. In fact, a Midas’ subsidiary apparently purchased Getronics! Was this sale legit? Here’s Baffour pumping up Midas. https://t.co/sNgLdDlptq

[Ontake Research @theOntake]

Evidence shows Aurelius inflates the sale prices of its portfolio companies. Aurelius valued SECOP at €256M, then claimed to have sold it for just €185M, but the buyer said it only paid €71 M.

[Ontake Research @theOntake]

We are short Aurelius (AR4:GR). Evidence suggests Aurelius inflates the sale prices of its holdings to enrich management via “virtual co-investment”. Worse still, Aurelius’ overstates the profits of its current portfolio to mislead investors. Full report: https://t.co/aa23v2J8zy

[Ontake Research @theOntake]

Today we come out on another suspect Pareto bond deal. This company inflates its profits and asset values to generate excessive payouts for management.