Shares of Let's Gowex are worthless. The company is a near complete fraud. 90% of the company's revenues are fic...
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GOTHAM CITY RESEARCH LLC
Let’s Gowex: a Pescanovan Charade en español: La Charada Pescanova
Price Target: €0.00 per share
“The company [Iberx/Gowex] made a large profit on a €42.0 million turnover in 2002”
“In 2003, the Company had €2.7M turnover from three sales staff.”
Gowex, 2003
Boingo iPass Ruckus Gogo Towerstream Average GOWEX
Gowex, 2010 Audit Fee as a % of Revenues 2009 2010 2011 1.80% 0.67% 0.50% 0.00% 0.89% 0.77% 0.07% 0.07% 0.06%
2012 1.86% 0.84% 0.84% 0.46% 0.70% 0.94% 0.05%
2013 1.57% 0.97% 0.48% 0.44% n.a. 0.87% 0.04%
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Table of Contents I. II. III. IV. V. VI. VII. VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII.
Disclaimer Summary Introduction Actual Revenue are 90% Less than Reported Gowex Telecom & a History of Material Misrepresentations GOW says 100K, Analyst says 35K, We say 5K 2013 Engineering Revenue < €3 million 2013 Advertising Revenue no more than €2 million 2013 Roaming and Offloading Revenue < €1 million Other Serious Warning Signs Gowex Shares are Worth €0.00 per Share Appendix A: CFO Martinez Undisclosed Related Party Appendix B: Evidence SeaSuntel is Gowex Appendix C: Gowex’s Past China Foray Failed Appendix D: Poor Reviews and De Minimis Customer Service Appendix E: Engineering Revenue Derivation Appendix F: Additional Advertising Findings End Notes
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GOTHAM CITY RESEARCH LLC a GOTHAM CITY RESEARCH’S OPINIONS • • •
Gowex shares are worth €0.00 per share. Over 90% of Gowex’s reported revenues do not exist. We estimate GOW’s actual revenues to be
