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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The slide uses a hub-and-spoke diagram to highlight the complexity and potential opacity of the corporate structure.",
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      "kind": "callout",
      "text": "NOTE: Amdocs is the only US-listed company domiciled in the notorious tax haven of Guernsey. Has Amdocs reached a level of financial aggressiveness that no other US-listed company is willing to approach?",
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      "kind": "callout",
      "text": "As an aside, we note that financials for the Cyprus entity were available on Cyprus’ corporate registry through only 2014. We have been informed that the registry should contain the most up-to-date financial information provided by each listed company. We are curious as to why Amdocs’ Cyprus subsidiary is delinquent in its filings.",
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      "text": "Has Amdocs reached a level of financial aggressiveness that no other US-listed company is willing to approach?",
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      "text": "To investigate the growth in Amdocs’ European assets, we researched each of its separate European subsidiaries. We found that each of its European subsidiaries is itself a subsidiary of the Company’s Cyprus entity, and is consolidated in the Cyprus financials.",
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      "text": "Network Of Subsidiaries Running Through Dodgy Tax Havens",
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