The Viceroy Research report came out a day after Steinhoff announced it would probe its accounting, and hours after CEO Markus Jooste quit. The result … Steinhoff’s stock plunged more than 80 percent soon after.
And while many blame this report for the value destruction, it merely highlighted problems that Steinhoff’s management were at the heart of.
Researchers build reports, some positive to encourage investors to go long, others the complete opposite. Viceroy is a short seller, so it targets overvalued companies.
The Steinhoff report has now given them the much sought after ‘expert status’. And given they are expected to release another report later this month, all investors should keep an eye out.
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