Noble Group (OTC:NOBGY) Stock, Quote.Headers.trade-ideas

Noble Group

Noble Group Ltd operates and manages supply chain focused on purchasing physical commodities and transforming these into customized products. The business consist of logistics and transportation, price risk management and hedging, commodity processing and blending, as well as structured and trade finance products. The company has two segments - namely, the Energy Segment, with combines the former Energy and Gas & Power segments and includes the Oil Liquids, Gas & Power and Energy Coal businesses; and the Metals, Minerals and Ores Segment, which combines the former Metals & Mining and Corporate segments and includes the Metals, Carbon Steel Materials and Logistics businesses.

Analyst Color

Short Sellers

Analyst Ratings

NOBGY

In Case You Missed Muddy Waters&#39; Short Thesis On Noble Group, Here It Is

Earnings

News

Noble Group Q1 Net Profit Drops 46%

Noble Group Q4 Net Profit Declines 57%

Noble Group Ltd

Rumors

Going Private is Potential Option for Noble Group Limited, According to Sources -Reuters

Noble Group Acquires All Equity Interest in Issued Unit Capital of MR Coal Marketing & Trading, Llc for $23.9M

Noble Group is traded on OTC exchange under ticker 'NOBGY.'

CORRECTION: Muddy Waters Report Was On Noble Group, Not Noble Corp.

Editor's note: A previous version of this story incorrectly stated Noble Corp, which trades under the NYSE with the ticker "NE," as the company under coverage.


	Muddy Waters, LLC on Thursday issued a research note on Noble Group Limited ADR (OTC: <a class="ticker" href="/stock/nobgy#OTC">NOBGY</a>).

	Director of Research Carson C. Block introduced the firm&rsquo;s short thesis by stating that &ldquo;Noble seems to exist solely to borrow and burn cash.&quot;

	Block added, &quot;According to Bloomberg, Noble has been free cash flow positive only four out of 20 years &ndash; in other words, it literally generates positive free cash flow once every five years!&rdquo;

	The firm claimed that it was actually &ldquo;short Noble&rsquo;s management&rdquo; and the note expressed the idea that the company&rsquo;s management could not be trusted.

	&ldquo;Management&rsquo;s actions taken on the eve of Noble reporting its first quarterly loss since being public, give a clear view of how they operate. Through a highly questionable acquisition followed by a series of suspicious transactions, Noble reduced its first reported quarterly loss by approximately two-thirds,&rdquo; according to the firm&rsquo;s analysis.

	An examination of various transactions, according to the firm, appear to be nothing more than accounting tricks in order to show an increase in net income.

	As an example, Noble&rsquo;s purchase of PT Alhasanie (PT ALH) in Q3 2011 allowed it to book &ldquo;a gain from negative goodwill that reduced its quarterly loss by approximately two-thirds.&rdquo; according to the analysts. The transaction seems to indicate that Noble acquired a company worth $46.7 million for only $300,000, which the firm had difficulty believing.

	The report concluded that the PT ALH deal &ldquo;shows us that one contract can significantly move the needle&rdquo; and that management had failed to adequately respond to criticism over its accounting practices &ldquo;because transparency could negatively impact Noble&rsquo;s credit rating,&rdquo; in the view of Muddy Waters&rsquo; analysts.

In Case You Missed Muddy Waters' Short Thesis On Noble Group, Here It Is

<a href="http://www.muddywatersresearch.com/research/nobl/mw-is-short-noble/" title="http://www.muddywatersresearch.com/research/nobl/mw-is-short-noble/">http://www.muddywatersresearch.com/research/nobl/mw-is-short-noble/</a>

Hedge Funds

General

Muddy Waters is Short Noble Group Ltd

Noble Group Ltd (OTC: <a class="ticker" href="/stock/nobgy#OTC">NOBGY</a>) reported a 46% drop in its first-quarter net profit.

Noble Group's quarterly net profit declined to US$110 million, from US$203 million, in the year-ago period.

Its revenue climbed 14% to US$22.84 billion.

Noble Group shares closed at $19.05 yesterday.

Noble Group Ltd (OTC: NOBGY) reported a 57% drop in its fourth-quarter net profit.

Noble Group's quarterly net profit declined to US$105.7 million, versus US$247.4 million, in the year-ago period. Its revenue climbed 15% to US$20.13 billion from US$17.44 billion. 

For the full year, Noble Group's net profit declined 29% to US$431.3 million from US$605.6 million in 2010.

Noble Group shares closed at $21.69 yesterday.

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Noble Group

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Noble Group (OTC:NOBGY) Stock, Quote.Headers.trade-ideas

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