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The narrative arc holds the ticker until slide 45 to force the audience to evaluate the SOTP on substance first. Not an activist campaign — purely a long thesis pitched at Sohn 2023; no demands on management, no proxy fight, no stake disclosure. Heavy use of stock photos, cartoons, and CartoonStock clips for levity. SOTP arithmetic is the engineering of the deck (slides 11-18 set up Chocolate's value, 19-37 set up Peanut Butter, 40-44 collapse them into the 'free' gap). Visual craft is basic PowerPoint with dark-blue gradients; the cleverness is in narrative structure, not design.", "kpisCited": [ { "detail": "€2.6B at €60.25/share (May 4, 2023)", "metric": "Vitesco enterprise value" }, { "detail": "€2.9-4.3B using 0.5x sales, 5x EBITDA, 8x EBIT on 2024E", "metric": "ICE segment implied value (peer multiples)" }, { "detail": "€26.9B at FY22, with €10.4B order intake on €2.6B sales (~4x book-to-bill)", "metric": "EV segment order backlog" }, { "detail": "~20% from €2.6B (2022) to €11.4B (2030E)", "metric": "EV segment revenue CAGR" }, { "detail": "From -9.3% (2021) inflecting positive in 2024E to ~9.9% by 2030E", "metric": "EV segment EBIT margin trajectory" }, { "detail": "207% over Apr-21 to Mar-23, reaching 30,000+ units in March 2023", "metric": "Hyundai/Kia E-GMP monthly sales CAGR" }, { "detail": "0.3x 2024E sales, 2.4x EBITDA, 4.8x EBIT — vs peer median 0.5x / 4.8x / 7.7x", "metric": "Vitesco consolidated trading multiples" }, { "detail": "Average 4.5x 2024E sales, 3.4x 2025E sales for unprofitable EU/US growth peers", "metric": "Profitless tech comp multiples" } ], "closingAsk": "I'm bullish — buy Vitesco; at €60.25 per share you get the EV-powertrain business for free and a discount on the ICE unit.", "extraction": { "at": "2026-04-22 16:25:06+00", "model": "unknown-legacy", "runId": null, "seconds": 247.0911, "promptVersion": null }, "scqaReward": "ICE peer multiples imply €2.9-4.3B for that segment alone — already above the €2.6B current EV — making the EV powertrain franchise (potentially worth €6-30B by 2030) effectively a free option.", "thesisTypes": [ "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Vitesco's €2.6B EV is below the standalone ICE-peer value of €2.9-4.3B", "EV-powertrain unit has €27B backlog and ~20% revenue CAGR to 2030", "Trades under 3x 2026 EBIT — arguably the cheapest auto-parts supplier worldwide" ], "scqaSituation": "Vitesco is a German auto-parts supplier spun out of Continental AG in 2021, operating both a stable ICE-powertrain business and a fast-growing EV-powertrain franchise supplying inverters and e-axles to Hyundai, Stellantis, and Renault.", "thesisSummary": "Vitesco Technologies, a German auto-parts supplier spun out of Continental AG in 2021, trades at just €2.6 billion enterprise value despite housing two distinct businesses. The legacy ICE-powertrain unit ('Chocolate') generates ~€6.4B in stable revenue and ~€800M EBITDA — implying €2.9-4.3B of standalone value at peer multiples of 0.5x sales, 5x EBITDA, and 8x EBIT. The hidden gem is the EV-powertrain unit ('Peanut Butter'): a leading supplier of inverters, e-axles, and battery-management systems to Hyundai's E-GMP, Stellantis, and Renault, with a €27B order backlog and a book-to-bill above 4x. Greenlight projects Peanut Butter to reach ~€11B revenue and ~10% EBIT margins by 2030. 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It is much easier to present an idea and receive immediate audience feedback. I guess we will have to wait one more year to get together and enjoy each other’s company. I look forward to it. 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I mean, who doesn't like peanut butter? 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I have to admit, I’m not an expert at valuing hyper growth stocks. 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"promptVersion": null }, "pageNumber": 35, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 37, "from": 34, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null }, "matchId": "5a226d83-b12b-4102-9263-b6be26e43fef", "evidence": "Financial comparisons and valuation", "position": 2, "objective": "Vitesco's financial growth potential", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:48.819179+00", "model": 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>$2.5B market cap, no history of profitability, expected to be unprofitable in 2023, and profitable in 2025.", "elementsJson": [ "headline_text", "comparison_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:07:18.523+00", "seconds": 3.128, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-087ba15f500b/36", "deck": "/decks/019dd923-622b-71dc-a6db-087ba15f500b", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-087ba15f500b#slide-36", "deckJson": "/decks/019dd923-622b-71dc-a6db-087ba15f500b.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "They trade at about 3.3x 2025 revenue and very fancy multiples of 2025 profits.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b97f-c52f396172a1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/Sales: 3.3x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b97f-cb2988011231", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.51 }, "kind": "paragraph", "text": "We ran a screen for US and European companies with a market cap over $2.5 billion that have been unprofitable but expect to be profitable by 2025. They trade at about 3.3x 2025 revenue and very fancy multiples of 2025 profits.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:18.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c08dca1-d20f-46ee-99ce-229c30faaf04", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.61 }, "kind": "source-note", "text": "Source: Bloomberg LP, retrieved May 4, 2023. \"Profitless tech\" companies are US and European companies that (1) have a market cap greater than $2.5 billion, (2) have no history of being profitable, (3) are expect to by unprofitable in 2023, and (4) are expected to be profitable in 2025 at an EPS and EBIT level.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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CAGR (22-25E), plus Average and Median rows.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:18.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcb2b880-e2f3-4e3f-8f83-a007f3ea7a22", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.44, "x": 0.28, "y": 0.13 }, "kind": "title", "text": "Profitless Tech Comps", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", 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"callout", "text": "Or 3.3x 2025 sales from the prior slide would be €18 billion.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:19:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14dd-72ca-b97f-7ad58136aa26", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.3, "x": 0.35, "y": 0.18 }, "kind": "image", "text": "Cartoon of a person dreaming of 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