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Campaigns / Muddy Waters → Eurofins Scientific SE
Muddy Waters vs. Eurofins Scientific SE

Eurofins Scientific SE · ERF

2 decks published between 2024-06-24 and 2024-07-23 — 40 pages, 40 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. 2024-06-24 initial thesis

    2024 06 Eurofins_OptimizedMalfeasance_20240624_sm

    36pp · research_note

    Muddy Waters is short Eurofins: controlling shareholder Dr. Gilles Martin has siphoned capital via above-market real-estate leasebacks for 20 years, and the financials appear engineered to overstate revenue, profits, and cash.

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  2. 2024-07-23 follow up

    2024 07 Eurofins_More Cash Questions_20240723

    4pp · research_note

    Eurofins' €556m 'excess cash' earned just 1.42% vs banks' quoted ~2.88%, echoing the NMC Health fraud tell; only radical disclosure on cash, entities, and Dr. Martin's real estate can clear it.