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No new valuation work or price target — this is a narrative/credibility piece reinforcing the prior fraud thesis.", "kpisCited": [ { "detail": "€1.1 billion when EY refused to issue an audit opinion", "metric": "Market capitalization at trading halt" }, { "detail": "Short since May 2019; this is the 8th detailed Muddy Waters communication on S30", "metric": "Length of short campaign" }, { "detail": "EY warned of 'undetected misstatements [that] may be both material and pervasive'", "metric": "Auditor finding" } ], "closingAsk": "Regulators should launch a well-resourced enforcement investigation into S30 that could result in sanctions or criminal prosecutions.", "extraction": { "at": "2026-04-22 19:49:13+00", "model": "unknown-legacy", "runId": null, "seconds": 69.3358, "promptVersion": null }, "scqaReward": "Vindication of the short thesis: with the stock halted at a €1.1bn market cap on the back of an unsigned audit, exposure of the underlying fraud implies substantial further downside toward zero.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "EY refused to sign 2020 audit, citing potentially material and pervasive misstatements", "S30 impeded EY's audit, unlike the controllable scopes of DK and Deloitte reviews", "S30 misrepresented limited reviews as 'audits' that 'fully rejected' fraud allegations" ], "scqaSituation": "Solutions 30, a €1.1bn-cap European technical-services firm, had been touting Didier Kling and Deloitte 'reviews' as audits that fully rejected Muddy Waters' two-year-old fraud allegations.", "thesisSummary": "Muddy Waters has been short Solutions 30 (S30) since May 2019 and frames this eighth communication around EY's May 2021 refusal to issue an audit opinion on S30's 2020 financials. EY stated it could not obtain sufficient evidence on the nature, substance, value and legality of certain transactions and that S30 impeded the audit, language Muddy Waters reads as confirmation of likely fraud and money laundering. The note attacks supervisory board chairman Alexander Sator and CEO Gianbeppi Fortis for misrepresenting prior limited reviews by Didier Kling and Deloitte as exonerating 'audits.' Block names sell-side analysts at Genesta and Berenberg, plus fund managers at Comgest, Swedbank Robur and Franklin Templeton, who added to S30 positions despite the red flags, and draws an explicit Wirecard analogy about European credulousness toward fraud.", "primaryDemands": [ "Regulatory enforcement investigation into S30", "Sanctions proceedings or criminal prosecutions against management", "Sell-side analysts and fund managers should reassess Buy ratings and positions" ], "scqaResolution": "Regulators should open a well-resourced enforcement investigation likely to yield sanctions or criminal prosecutions; sell-side analysts and fund managers holding S30 should reassess their positions and ratings.", "thesisOneLiner": "EY's refusal to sign Solutions 30's 2020 audit — after S30 blocked access to information on suspect transactions — confirms Muddy Waters' two-year-old fraud and money-laundering thesis.", "precedentsCited": [ "Sino-Forest 2011 self-exonerating interim report", "Wirecard / Heike Pauls sell-side episode" ], "scqaComplication": "EY refused to sign the 2020 audit, saying S30 blocked access to information on transactions whose nature, substance, value and legality — including possible related-party dealings with management — could not be verified.", "narrativeInterest": 4, "notableSlidePages": [ 2, 3, 6 ], "peerCompaniesCited": [ "Wirecard", "Sino-Forest" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Page 1 of 6", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/KYNpuJn7FwlSO5WYkzxf6VfmJrfS3VdRN585pA8chbw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYjRiMjY1ZTUyOWUvcDAwMS5qcGc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 337, "nDataPoints": 0, "notes": "Page 1 of 6", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:15.511+00", "seconds": 2.476, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-33c94b343b12/1", "deck": "/decks/019dd923-622c-750b-8b97-33c94b343b12", "deckAnchor": "/decks/019dd923-622c-750b-8b97-33c94b343b12#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b97-33c94b343b12.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "disclaimer", "text": "These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research's website.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:15.511+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67763fad-83d9-4747-80c1-d6f832550ca6", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "The reports on this website have been prepared by Muddy Waters Capital LLC... 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Nor did it chasten Remi Grenu of Berenberg, who had continued to set up dates between management and investors throughout April and early May while maintaining a Buy rating. Maybe we think too highly of ourselves, but we really do find it audacious when these analysts, who seemingly have never demonstrated any competence in detecting malfeasance at public companies, act as though they can do our job (which is identifying malfeasance at public companies). We wish sell-side analysts – who haven't the tools, inclination, or interest to do the work – would respect the segregation of our jobs and not offer hollow reassurances to investors in these situations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:18.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0096a78c-f819-4dd7-aef4-759211c3faf0", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.58 }, "kind": "paragraph", "text": "All three fund groups added materially to their positions in the wake of the initial allegations. It's as though they were engaging in self-parody. Comgest's website emphasizes its commitment to ESG and states 'Investment Stewardship: Responsibility is built into our investment approach through our analysis of traditional metrics as well as ESG criteria.' Swedbank Robur's homepage talks of '...a focus on risk control' and states 'By carefully balancing risks and rewards, we strive to give our clients the highest possible risk-adjusted returns.' The overview for the Templeton Global Smaller Companies Fund mentions the 'extensive fundamental research' that goes into its investments. Just as with the sell-side wunderkinds, we wonder what actual analysis or work these portfolio managers did before risking the incineration of their clients' money.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:18.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "562aad6c-a68b-402a-b31c-76afe01efae0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "When 'Financial Analyst' Raphaëlle Poulain of Genesta wrote a December 14, 2020 report in response to the allegations titled 'In Gianbeppi We Trust', she illustrated an argument we've been making for many years: That the Sell-Side has redefined the word 'analysis' to mean 'Perform outsourced investor relations functions for covered companies.'", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:18.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d8eebc8-fb62-42fe-8b1a-78a2b9397e12", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "anything. My role was to build models based on the companies' projections, and I was never asked to give my opinion on anything more important than our lunch options.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:18.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e65032c7-e49e-47a3-a6ca-3323adc3293e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.77 }, "kind": "paragraph", "text": "Short sellers and value investors have frequently lamented the extent to which monetary policy and passive investing have warped markets. Clearly, idiots and incompetents in the investment industry play an important role too.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:18.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e942e4c5-227d-48e0-98c5-1c963eda5eec", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.43 }, "kind": "paragraph", "text": "It is shocking but not surprising how incurious-minded fiduciary investors are. We need to give special mention to fund managers at three firms for putting their clients' money where S30's mouth is:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:18.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f333dec1-82e3-4d17-8946-56690d8ef36b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In Gianbeppi We Trust — Raphaëlle Poulain of Genesta", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6ac-cff49b099d68", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.1, "y": 0.88 }, "kind": "source-note", "text": "7 Authored by Carson Block\n8 https://www.berenberg.de/bws/App/compliance/en/showdoc/FR0013188844_eng.pdf.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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And maybe those numbers will remain relevant to the dullards populating S30’s shareholder table – hopefully not, but we don’t exactly live in inspiring times. We think a well-resourced enforcement investigation would turn up numerous issues, and probably some sanctions proceedings or even criminal prosecutions. Hopefully those commence if they are not already underway. On our side, we cannot say whether this, our eighth detailed communication on S30, will be the last. 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Both have gotten as far as they have due to European issues: willful blindness of investors to glaring problems, a culture of extreme credulousness of companies along with a disdain for their critics, and a patchwork legal and regulatory framework that makes Europe fertile ground for corporate misbehavior. To be clear, the United States markets are riddled with venality and corruption, including approximately 400 companies from China that are above the law and exert their corrosive influence on American markets with each stock tick. The difference is that in America there is a recognition of these problems (albeit with a very depressing acceptance). 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