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Campaigns / Muddy Waters → CPI Property Group S.A.
Muddy Waters vs. CPI Property Group S.A.

CPI Property Group S.A. · CPIPGR

5 decks published between 2023-11-21 and 2024-06-03 — 177 pages, 177 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-11-21 initial thesis

    2023 11 CPIPGR_20231121_Part1

    51pp · full_deck

    Muddy Waters is short CPI PG's credit: controlling shareholder Radovan Vitek is brazenly looting the company via undisclosed related-party deals — ~50% of €1.2bn examined transactions appear suspect.

    N 4 V 3 C 3
    ” ⚑
  2. 2024-01-22 follow up

    2024 01 CPI_Part II_20240122

    50pp · full_deck

    Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.

    N 4 V 3 C 3
    ⌂ ”
  3. 2024-01-25 follow up

    2024 01 CPI_Part III_20240125

    35pp · full_deck

    CPI PG's Italian landbank and St. Tropez villa deals show ~€100M in unexplained cash and receivables gaps, suggesting controlling shareholder Vitek is using bondholder money to strip assets and launder cash.

    N 4 V 3 C 2
    ” ⚑
  4. 2024-05-29 follow up

    2024 05 CPIPGR_Pondering_20240529

    23pp · research_note

    CPI Property Group's luxury London transactions — same-day flips, offshore proxies, and uneconomic sales to PEPs — bear hallmarks of money laundering integration using bondholder funds.

    N 4 V 3 C 3
    ” ⚑
  5. 2024-06-03 follow up

    2024 06 CPIPGR_Soaring BS_20240603

    18pp · research_note

    CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.