NINGI Research

Svenska Cellulosa’s CEO Ulf Larsson’s first reaction to our report was to call it “non-serious high school work.” However, it took Svenska Cellulosa (SFB: SCA.B) almost two weeks to publish a “clarification” to our report. The company’s rebuttal is just six pages long and 75 percent – four and a half pages of the six…

Svenska Cellulosa published its interim report for the fourth quarter of 2023, and what caught everyone’s eye was that despite alleged billions in profits, cash on hand has fallen. However, SCA’s reported net debt ratio only increased by 0.2 times as the company maintained its absurd and opaque method of calculating net debt. Fortunately for…

We are short Svenska Cellulosa AB SCA (Ticker: SCAB.SS, SCAb.ST), because, in our opinion, the company’s financial statements are materially misstated and SCA didn’t consolidate at least SEK 3.6 billion (!) of debt from commercial paper and credit facilities. Since it is neither included in the balance sheet nor the cash flow statement, where did…

Yesterday after market close, SMA Solar reacted to our report and stated that our findings were not valid and misleading. We would like to respond word for word to SMA’s answer, but it is easier to show that SMA Solar’s statements are misleading and inaccurate. In our response we will debunk SMA Solar’s allegation and…

We are short SMA Solar Technology AG (XETRA: S92) because, in our opinion, the company has been doctoring its financial statements for the past five years. SMA unjust capitalized EUR 146 million in expenses which ultimately boosted SMA’s profitability by the same amount. Furthermore, SMA Solar misstated its financials by ignoring basic IFRS standards, inventing…

We are short AerSale Corporation (Nasdaq: ASLE) because, in our opinion, the company has been misleading shareholders since going public. AerSale boasted about its AerAware product and the “near-term” product launch but has failed to deliver on this promise. The stock is detached from fundamentals, hinging upon a near-term FAA approval for AerAware and a…

We are short Runway Growth Finance Corp. (NASDAQ: RWAY) because, in our opinion, Runway Growth Finance Corporation (“Runway”, “Runway Growth”, “RWAY”) is misleading shareholders and lacking transparency, as discrepancies in their disclosed loan-to-value (LTV) ratio and actual figures raise concerns. Furthermore, the company’s reliance on high-risk payment-in-kind (PIK) loans, coupled with significant cash shortfalls and…

We are short Walmart (NYSE: WMT) and Symbotic (NASDAQ: SYM).  In our opinion, Walmart exposed itself to significant business risk by awarding a $12 billion contract to a publicly-listed robotics start-up called Symbotic. Symbotic is a self-proclaimed “A.I.-powered robotic technology platform” that sells warehouse automation and so-called automated storage & retrieval system (“ASRS”). Walmart and…

We are short Arbor Realty Trust, Inc. (NYSE: ABR), because, in our opinion, Arbor hid its toxic mobile homes portfolio to manipulate its stock price and avoid insolvency, $599 million of Arbor’s escrows evaporated overnight, the company’s escrow balances and revenue are fake, in an Archegos-like situation $2.5 billion of repo facilities are subject to…

NINGI Research is short Provident Bancorp, Inc. (NASDAQ: PVBC), because, after recent revelations regarding losses due to crypto-backed loans, we think the bank is riddled with nepotism. In our opinion, the CEO failed at risk management and leadership due to seemingly personal relationships. The board of directors failed at its supervisory duties, and the public’s…