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  "documentTitle": "Noble Group (NOBL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-04-09 00:00:00",
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  "notes": "This is a research note from Muddy Waters Research.",
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      "text": "Noble seems to exist solely to borrow and burn cash.",
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      "text": "Is Noble effectively borrowing just to repay its existing debt? Is Noble in a vicious cycle whereby it will spend cash in value destroying ways in order to generate accounting gains (and keep its credit flowing)?",
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      "text": "free cash flow",
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      "kind": "paragraph",
      "text": "Muddy Waters is short Noble Group Limited (“Noble”). Noble seems to exist solely to borrow and burn cash. According to Bloomberg, Noble has been free cash flow positive only four out of 20 years – in other words, it literally generates positive free cash flow once every five years!",
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      "text": "1 Per Bloomberg data, which encompasses 1994 – 2014. 2 Iceberg Research “Governance and Debt” March 21st 2015.",
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      "text": "Company: Noble Group Ltd (NOBL:SP) Industry: Oil, Gas & Coal Report Date: April 9, 2015 Stock Price: SGD 0.91 Market Cap: SGD 6.166 Billion Float: 4,276 Million Avg Volume: 46.5 Million",
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      "kind": "title",
      "text": "Noble's Accounting: Fueling the Cash-Burning Fires",
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