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"framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:50:30.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "66b79265-a5eb-4be6-b776-8d790c1918fd", "evidence": "The slide frames the CEO as a 'villain' or subject of a 'cult' to be critiqued.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:50:30.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "antagonist-introduction" }, { "matchId": "a15a3922-9304-4606-979c-4ce8af6a16dc", "evidence": "Comparing Nidec's valuation multiples to Facebook and HDD industry peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, 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embedded screenshots of Nidec's own investor-presentation slides used as evidence. Memorable rhetorical move: weaponizing Nagamori's self-published comic-book persona ('The Man Hotter Than the Sun') as a metaphor for the analyst herd's blindness, and the line 'Nidec's auditor is to audit failures what Michael Jordan was to basketball'. Combines target-miss accountability table (p.5), peer-multiple shaming (Facebook comparison, p.41-44), governance red flags (JPY 14.5bn loan to CEO, ex-Sharp CTO), and prescriptive transparency demands. Stake size not disclosed — typical for short-sellers. Date and ticker confirmed from cover (December 13, 2016; 6594 JP).", "kpisCited": [ { "detail": "0.05% actual vs. 11.4% projected by management in 2012", "metric": "Organic revenue growth CAGR FY11-FY15" }, { "detail": "JPY 1,178bn actual vs. JPY 2,000bn target — missed by 41%", "metric": "FY15 sales target miss" }, { "detail": "Missed by 75% (FY12 target) and 46% (FY15 target)", "metric": "FY15 automotive sales target miss" }, { "detail": "22.2% in FY15 vs. Japan statutory 33.0% — boosted EPS by 11.4% since FY13", "metric": "Effective tax rate" }, { "detail": "JPY 36 billion in FY12, boosted reported profit by JPY 10-15bn/year", "metric": "Questionable PP&E and inventory write-offs" }, { "detail": "21.5x — close to Facebook at 24.9x, vs. auto peers 6.0-9.0x", "metric": "Implied non-HDD EV/EBITDA" }, { "detail": "JPY 4,764, implying 52% downside from JPY 9,888", "metric": "Fair value per share" }, { "detail": "Predicted 36% in 2012, actual 23% — missed by 1,300 bps", "metric": "EPS unit market share FY15 prediction" } ], "closingAsk": "Investors should exercise extreme caution when considering purchasing Nidec's shares — Muddy Waters is short and values them at JPY 4,764, less than half the current price.", "extraction": { "at": "2026-04-22 19:24:36+00", "model": "unknown-legacy", "runId": null, "seconds": 122.64638, "promptVersion": null }, "scqaReward": "Re-rating the non-HDD business from 21.5x to a peer-appropriate 8.0x EV/EBITDA, with HDD at 7.5x, implies a JPY 4,764 share price — over 50% downside from JPY 9,888.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "Nidec is valued like Facebook (21.5x ex-HDD EBITDA) but organic growth is essentially zero (0.05% CAGR FY11-15)", "Management chronically misses its own targets — FY15 sales missed by 41%, automotive sales by 75%", "Aggressive accounting, JPY 36bn questionable write-offs, channel-stuffing in China, and weak auditor inflate reported profitability" ], "scqaSituation": "Nidec is Japan's dominant HDD-motor maker (80% share), now diversifying into automotive, appliances and industrial motors under the cult-like leadership of founder-CEO Shigenobu Nagamori, trading at JPY 9,888 and a JPY 2,948 billion market cap.", "thesisSummary": "Muddy Waters argues Nidec Corp. (6594 JP) is a 'gigantic stock promotion' orchestrated by CEO Shigenobu Nagamori, whose comic-book persona 'The Man Hotter Than the Sun' has hypnotized sell-side analysts. Despite the 'cult of Nagamori,' Nidec's organic growth CAGR from FY11-FY15 was just 0.05%, and management has serially missed targets — FY15 sales by 41%, FY15 automotive sales by 75%, EPS unit forecasts by 42%. Reported profitability has been flattered by JPY 36 billion in questionable write-offs, falling effective tax rates that boosted EPS by 11.4% since FY13, segment reclassifications that move revenue into Automotive, and alleged channel-stuffing by China salespeople. Yet the market values Nidec's non-HDD businesses at 21.5x EV/EBITDA — close to Facebook's 24.9x — versus 6-9x for auto-parts peers. Muddy Waters values shares at JPY 4,764, implying ~52% downside.", "primaryDemands": [ "Reverse decision to delist U.S. ADSes and continue filing financial statements in the U.S.", "Provide separate, organic and consolidated reporting for HDD, Other Small Precision Motors, Appliances, Commercial and Industrial, Automotive, Machinery, Electronic and Optical, and Other product groups", "Disclose historical financial performance for every business acquired, regrouped, or reclassified, for at least four quarters after the transaction", "Stop voicing unattainable long-term targets that management repeatedly misses" ], "scqaResolution": "Investors should sell or short Nidec; Nidec should reverse its U.S. delisting, provide clear organic-growth disclosure by product group, and report acquired businesses' performance for at least four quarters post-deal.", "thesisOneLiner": "Nidec is a gigantic stock promotion: zero organic growth and aggressive accounting hide behind a Facebook-like multiple — fair value JPY 4,764, ~52% downside.", "precedentsCited": [ "Sharp under Mikio Katayama (value destruction during his tenure as president/COO)", "Renesas Electronics (Bunsei Kure departure to Renesas; failed Nidec bid)" ], "scqaComplication": "Beneath the hype, organic growth is effectively zero, management chronically misses its own targets, and reported profits are flattered by JPY 36bn in questionable write-offs, falling tax rates, opaque segment reclassifications and alleged channel-stuffing in China.", "narrativeInterest": 5, "notableSlidePages": [ 1, 5, 6, 38, 43, 52 ], "peerCompaniesCited": [ "Minebea", "Seagate", "Western Digital", "TDK", "Facebook", "Denso", "Continental", "Delphi", "Visteon", "Valeo", "Whirlpool", "Electrolux" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/Oo83HVLi8e7ujU58AM4w5GQnurLa-r1niHFy877tffo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZTNkM2M5ZGM2MTMvcDAwMS5wbmc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 4, "textChars": 322, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:23.635+00", "seconds": 2.293, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-7f2e60571091/1", "deck": "/decks/019dd923-622c-750b-8b96-7f2e60571091", "deckAnchor": "/decks/019dd923-622c-750b-8b96-7f2e60571091#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b96-7f2e60571091.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.82, "x": 0.09, "y": 0.14 }, "kind": "disclaimer", "text": "Use of Muddy Waters reports is limited by the Terms of Service on its website...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:23.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "151e77b4-ea8c-4023-99aa-68914c347555", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.6, "y": 0.08 }, "kind": "disclaimer", "text": "Muddy Waters Capital LLC info@muddywatersresearch.com Director of Research: Carson C. 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The company’s management, led by Mr. Shigenobu Nagamori, repeatedly give uber-bullish predictions...", "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 20:50:24.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef7ef3a4-671d-4d11-9830-7092ed9e433f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "1 H1 2012 Presentation, Slide 13 Data points extracted from Nidec graphic using Plot Digitizer... 2 See Nidec’s Organic Growth Barely Exists for an explanation of our organic growth estimates.", "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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Ticker: 6594 JP Industry: Manufacturing Report Date: December 13, 2016 Stock Price (JPY): JPY 9888 Market Cap (JPY): JPY 2,948 billion Float: 84.4% Avg Volume (30 days): 1.1 million shares", "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 20:50:24.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3d41415-bcab-499a-aa07-0eb5e1d5b033", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.09 }, "kind": "title", "text": "Nidec: A Gigantic Stock Promotion", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:24.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80ea3b44-6332-455f-8f1c-e5686a4f3bf7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1c85129f-7d69-41f3-8cbe-0b132603aec8", "evidence": "Muddy Waters Capital LLC (“Muddy Waters”) is short Nidec, and we value its shares at JPY 4,764. 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(This is a reference to Mr. Nagamori's self-published comic book about himself, shown to the right.)", "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 20:50:24.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7d43bbb-079c-4cb3-9da0-9ed5a39156b2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Nidec's auditor is to audit failures what Michael Jordan was to basketball. — Muddy Waters Capital", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8a-5cf481121fb4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "Footnotes 3-6 detailing financial data and sources.", "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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These exciting products account for a tiny sliver of Nidec's overall business, and in our view, have received an inordinately large amount of attention from investors. Nidec's margin on sales of drone motors to Amazon.com (AMZN US) is likely to be significantly compressed once any scale is achieved.", "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 20:50:25.196+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16ec31f9-03ce-4fd9-af30-e3b54ca5084e", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.764, "x": 0.118, "y": 0.445 }, "kind": "paragraph", "text": "We value Nidec's shares at less than half of the price – JPY 4,764. At the current price, the implied valuation ascribed to its non-HDD businesses is approximately 21.5x EV / EBITDA. (Facebook trades at 24.9x.) Given Nidec's anemic organic growth, the seeming commoditization of many of its products, and the capital intensity of manufacturing, we can see no reason to justify a share price anywhere close to Nidec's current valuation. Unfortunately, Nidec's transparency has been decreasing over the years, and is poised to take a large step backward as the company plans to no longer file financial statements in the U.S. Unless Nidec resolves the U.S. filing and other transparency issues, we believe investors should exercise extreme caution when considering purchasing Nidec's shares.", "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 20:50:25.196+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "570e0392-97be-4533-a893-e10c0012dbc7", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.764, "x": 0.118, "y": 0.245 }, "kind": "paragraph", "text": "We have real corporate governance concerns about Nidec. 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We would normally assume sell-side analysts have done similar calculations to estimate organic growth. However, sell-side report statements such as the following challenge that notion, and support our view that analysts are unquestioning in their acceptance of statements from Nidec management:", "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 20:50:25.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4b743fd-62d1-4ac3-beec-5c586c0ceae9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Please turn to Slide 11. We are continuing aggressive investments that support organic growth, which could be JPY 110 billion in fiscal year 2016.” — Q2 2016 call; “Touching on the organic growth outlook of automotive on Slide 22, the business is expanding at a faster pace than originally expected.” — FY 2015 call; “M&A is a very critical for us to grow. So organic growth and M&A to drive us of our high-growth.” — Q1 2014 call; “There are no acquisitions taken into consideration at all. 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(The statements we interpret are provided in the accompanying footnotes.)", "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 20:50:26.591+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29a65c44-e8a3-43ca-a2f4-99fa0e160916", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Rather than say that it's the volume, it's always better to move forward with a better product mix in terms of the profitability.” — Nagamori (Q1 2012 call). “I believe that the capacity question was in regard to spindle motors and in terms of excess capacity there, whereas there are three factories in Thailand currently, the idea is to reduce by one factory.” — Nagamori (Q2 2012 call).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8b-3d3432372069", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.77, "x": 0.118, "y": 0.315 }, "kind": "source-note", "text": "Footnotes 23-26 containing full management quotes.", "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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This view appears to completely contravene U.S. GAAP...", "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 20:50:33.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0594e93f-5b17-444d-99be-011168ded3cd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.66, "x": 0.17, "y": 0.67 }, "kind": "paragraph", "text": "The Automotive product group is key to the bull thesis on Nidec. It is well-known that Nidec’s core business of HDD motors is in long-term structural decline. The below table of overall EBIT margins makes clear that Nidec is no more profitable today than it was five years ago. 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So we believe that in that sense it is a very healthy market...", "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 20:50:33.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e367c6b-662c-439d-ad3d-a0ec7f1ce37d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.66, "x": 0.17, "y": 0.09 }, "kind": "paragraph", "text": "inventory accounting standard that provides for write-offs only for inventory that has not moved for one year (or when it is apparent there is no possibility of future use or sale).", "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 20:50:33.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd502ff5-5030-4dfc-9557-720a2c091090", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.66, "x": 0.17, "y": 0.27 }, "kind": "paragraph", "text": "...There was a slight buildup in [Hard Disk Drive chain inventory levels] at the end of June but we believe that now it is returned to an appropriate level... It seems like things change in a matter of 2, 3 weeks or 4 weeks, whereby things are dropped very quickly.”", "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 20:50:33.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec24d07c-7aa8-465f-833b-cccbcb2e1cf2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We believe that from here onwards, it will not be like in the past, whereby the prices went steadily down. Now, naturally, there is the change in the product mix and also the customers will not be reducing the prices of the hard disks that easily.” — Mr. Nagamori", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8b-6c4b49ac72fa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.84 }, "kind": "source-note", "text": "40 ASC 330-10-35-7\n41 Mr. Nagamori was discussing the entire amount of the charges (JPY 40 billion including personnel-related costs), so the implication is that he was describing PP&E impairments and inventory write-offs.\n42 “Profitable” here refers to EBIT margin.", "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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As a result of the shared facilities, Nidec likely has to make a number of judgment calls about how to allocate expenses between the Small Precision Motors and Automotive businesses.", "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 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8c-536b695d3311", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "OP margin: 15.1%", "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 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8c-571f8f5ec9e4", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.532 }, "kind": "paragraph", "text": "Under the aforementioned assumptions, Dalian’s Automotive business generated an OP margin in CY 2014 that was 670 basis points higher than that of the FY 2014 Automotive product group of 8.4%. Assuming our full year Small Precision Motor business assumption of a 1.7% OP margin is anywhere near correct, Dalian’s CY 2014 OP margin would have been much lower than our estimate of Nidec’s FY 2014 other Small Precision Motors OP margin of 9.5%.", "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 20:50:27.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c2214db-65aa-4aa7-b948-fd03b72ba18e", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.764, "x": 0.118, "y": 0.638 }, "kind": "paragraph", "text": "Dalian is of particular concern because it contains two businesses at one site. As a result of the shared facilities, Nidec likely has to make a number of judgment calls about how to allocate expenses between the Small Precision Motors and Automotive businesses. Given the likely performance differences Dalian’s Small Precision Motors and Automotive businesses generated versus their product group averages, we are concerned that Nidec is using the non-Automotive business at Dalian to subsidize a higher OP margin for Automotive. Using the above estimates, if we reallocated Dalian’s expenses so that Small Precision Motor’s OP margin increased by 10 percentage points to 11.7%, it would knock Dalian Automotive’s OP margin down to 9.2%. These theoretical OP margins are much closer to what their product groups generate company-wide.", "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 20:50:27.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70c43a82-8e05-4856-aad6-60e7b52835c4", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.325, "x": 0.338, "y": 0.448 }, "kind": "source-note", "text": "(1) Converted from CNY at 15.88 and 17.19 in 2013 and 2014, respectively. (2) Calendar Q4 estimated based on average of Calendar Q1-Q3.", "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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However, the information we have makes this jump seem unlikely – if not impossible.", "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 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8c-8f6133a0fa92", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "OP Margin: 14.7%", "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 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8c-9404fb02c4a4", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.13 }, "kind": "paragraph", "text": "In March 2014, Nidec acquired Elesys from Honda. Elesys produces electronic control units for automobiles. One oddity about how Nidec treated Elesys right after the acquisition is that during its first two quarters as part of Nidec (Q1 and Q2 FY 2014), Nidec classified Elesys as part of the All Others operating segment. In Q3 2014, Nidec transferred Elesys to the Nidec Motors & Actuators segment. At the time it was transferred to Motors & Actuators, it appears to have been grouped with an unknown business that had also been in All Others. The unknown business seems to have been generating roughly JPY 5 billion in revenue per quarter. (The foregoing is based on the assumption that Elesys was generating JPY 8 billion to JPY 9 billion in revenue at the time.) The foregoing might (or might not be) pertinent to our concerns about Elesys's stated OP margins.", "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 20:50:27.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "545fb703-9aeb-44af-9bd4-a2a14344e7fe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "On the surface, the OP margin jump in FY 2015 is very impressive. However, the information we have makes this jump seem unlikely – if not impossible. Investor relations attributed the jump in FY 2015 to Elesys taking advantage of Nidec's scale to purchase semiconductors at lower prices. Importantly IR also stated that Nidec does not purchase semiconductors for Elesys centrally – Elesys purchases from suppliers directly. This means that the jump in OP margin would be reflected in financial statements for the various Elesys entities. The information we have on China and Japan does not match the jump. (According to IR, China is about 20% of sales, Japan 40%, and the U.S. 40%.)", "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 20:50:27.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55c49743-e32a-430f-953a-0486b46066ed", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "paragraph", "text": "We obtained financials for Elesys China from SAIC. We have Japan financial information from a Japanese credit bureau, Teikoku Databank. The piece that is missing is the U.S., but IR confirmed that Honda accounts for substantially all of Elesys's volume company-wide, and that the OP margins in the U.S. are similar to those of Japan and China.", "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 20:50:27.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b94c2d76-ec7a-4897-aa40-4899f708cf36", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.15, "y": 0.37 }, "kind": "quote", "text": "Yes, actually, before our acquisition of Elesys, their profitability was like average of automotive components business as you may know. And since then, we have been improving their profitability at least twice, in some cases, 3x before the acquisition. 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The allegations we encountered focus on the automotive business. Key points and comments from each of the interviews are below.", "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 20:50:27.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "437e9587-4c57-41cb-92ba-a55e695d723c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.26 }, "kind": "paragraph", "text": "From the above financials, we can see that the supposed 10.24% OP margin in FY 2014 is reasonably close to the data we have. 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We have spoken with four former employees of Nidec's China operation who have provided evidence alleging channel stuffing at quarter and fiscal year ends in the Automotive product group.", "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 20:50:27.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84e84ad6-2252-412b-a115-521e9c4bd87d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The former employees often referred to the practice as “pulling forward” sales. — Former Nidec employees", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8b-f7a2a661e549", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "56 Source: S&P Capital IQ. 57 Each former employee had terminated his employment with Nidec at least one year earlier. 58 http://en.nidec-kaiyu.com/about/i=2&comContentId=2.html", "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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As was explained, customers are not obligated to pay for goods in safety stock, and thus they have not been accepted.", "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 20:50:29.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "414e54ae-a62f-4f8d-943e-5b487ea2b1c4", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "Nidec recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectability is reasonably assured. For small precision motors, automotive, appliance, commercial and industrial products and electronic and optical components, these criteria are generally met at the time a product is delivered to the customers' site which is the time the customer has taken title to the product and the risk and rewards of ownership have been substantively transferred. These conditions are met at the time of delivery to customers in domestic sales (FOB destination) and at the time of shipment for export sales (FOB shipping point). Revenue for machinery sales is recognized upon receipt of final customer acceptance. At the time the related revenue is recognized, Nidec makes provisions for estimated product returns. Revenue from a part of sales of automotive, appliance, commercial and industrial products under long-term construction type arrangements are recognized under the percentage-of-completion method. Under the percentage-of-completion method, revenue is recognized as a percentage of estimated total revenue that incurred costs to date bear to estimated total costs after giving effect to estimates of costs to complete based upon the most recent information.", "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 20:50:29.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "483a11b2-e148-4f4b-a440-2587dad91c7b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "paragraph", "text": "The revenue recognition policies for Chinese auto parts manufacturers Wanxiang Qianchao Co Ltd. (000559 CH) and Weifu High-Technology Group (000581 CH) seemingly make it harder to stuff channels in the manner that the former Nidec employees have alleged.", "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 20:50:29.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56df270e-d467-4dd9-9bc6-09cc26269c98", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "system, which means buyers usually only acknowledge an obligation to pay once the goods have been used in their production. While Nidec's revenue recognition policy could suffice for more developed markets, in China there is a non-negligible possibility that employees would exploit the lack of necessary acceptance to stuff channels. Below is a comparison of Nidec's revenue recognition policy to those of two PRC-listed automotive suppliers.", "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 20:50:29.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c10f4a01-01f1-410d-a89c-aa8a884443ba", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "b. Customer acceptance. After delivery of a product or performance of a service, if uncertainty exists about customer acceptance, revenue should not be recognized until acceptance occurs. FN22 Customer acceptance provisions may be included in a contract, among other reasons, to enforce a customer's rights to (1) test the delivered product, (2) require the seller to perform additional services subsequent to delivery of an initial product or performance of an initial service (e. g., a seller is required to install or activate delivered equipment), or (3) identify other work necessary to be done before accepting the product. The staff presumes that such contractual customer acceptance provisions are substantive, bargained-for terms of an arrangement. Accordingly, when such contractual customer acceptance provisions exist, the staff generally believes that the seller should not recognize revenue until customer acceptance occurs or the acceptance provisions lapse. FN22 FASB ASC paragraph 985-605-25-21. Also, Concepts Statement 5, paragraph 83(b) states \"revenues are considered to have been earned when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.\" If an arrangement expressly requires customer acceptance, the staff generally believes that customer acceptance should occur before the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues, especially when the seller is obligated to perform additional steps.", "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 20:50:29.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c948a673-3f47-4588-ac28-b4759a825136", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "After delivery of a product or performance of a service, if uncertainty exists about customer acceptance, revenue should not be recognized until acceptance occurs. — FN22 FASB ASC paragraph 985-605-25-21", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8b-dfe686e8d0b7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "source-note", "text": "59-63 Footnotes", "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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The PCAOB has found troubling issues in two inspections of its current incarnation – including weaknesses in its audits of Nidec.66 (Some of the PCAOB’s specific criticisms of Kyoto Audit resonate with certain issues we have identified.)", "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 20:50:29.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "266f78ae-5fca-4b80-b470-dc98fcceb584", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "Wanxiang: “The company sells constant-speed drive shaft, car wheel units and drive shaft and other products. Revenue recognition for domestic sales meet the following conditions: the product has been delivered to the customer according to the contract, and the amount of product’s sales revenue is determined, the payment has been collected or a payment voucher has been obtained, the associated economic benefits will likely flow to the company, the costs related to the products can be reliably measured.”64", "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 20:50:29.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31270ec2-c831-447f-bb97-c26470fcdc70", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "paragraph", "text": "Weifu: “Concrete judging criteria for time of recognized the income from goods sales: The Company’s domestic sales revenue recognition time: The company delivers goods as agreed, checks the goods that the buyers have received and inspected during the period of the last reconciliation date and this reconciliation date with the buyers on the reconciliation date as agreed, and transfers the risks and remunerations to the buyers after checking, the Company issues the invoices to the buyers in accordance with the recognized varieties, quantities and amounts and affirms the sales revenue realization on the reconciliation date.”65", "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 20:50:29.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "319350f0-d5bd-4524-a6e5-c52642fc9f54", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.15, "y": 0.54 }, "kind": "paragraph", "text": "The accounting scandals for which Chuo Aoyama PwC had served as auditor include:", "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 20:50:29.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc0c7a6b-7e5c-46d9-9d32-0babdd71dceb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The company sells constant-speed drive shaft, car wheel units and drive shaft and other products. Revenue recognition for domestic sales meet the following conditions: the product has been delivered to the company according to the contract, and the amount of product’s sales revenue is determined, the payment has been collected or a payment voucher has been obtained, the associated economic benefits will likely flow to the company, the costs related to the products can be reliably measured.” — Wanxiang", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8c-39a1153906de", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.75 }, "kind": "source-note", "text": "Footnotes 64-74 detailing sources and context for the claims.", "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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It was a little bit - it was definitely a lower hurdle than what Emerson would have used, I'll say that. — Former senior of Emerson motors and controls", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8c-e105ef7e04e0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.82 }, "kind": "source-note", "text": "91 FY2011 Call. 92 Emerson Source A transcript. 93 http://www.nidec.com/en-EU/corporate/news/2012/news0029/ 94 FY2011 Call.", "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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While this could have been entirely justified, it benefitted reported OP margin through decreased amortization.", "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 20:50:30.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48e62b00-b284-4273-98ac-e702b79492c4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.118, "y": 0.56 }, "kind": "paragraph", "text": "Mr. Nagamori has increased his holdings in Nidec when the company has fully consolidated previously publicly traded subsidiaries through share swaps. 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He has not been employed by the company for at least one year. 116 http://www.nidec-avtron.com/drivesystems/news/archived/avtron-industrial-automation-acquired-by-nidec 117 The former executive left Avtron at least one year ago.", "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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In 2014, Nidec hired former Sharp president and executive chairman Mikio Katayama as Chief Technology Officer. Mr. Katayama is expected to be a leader at Nidec post-Nagamori. Neither his current, nor possible future, role should be reassuring to investors. 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The comic (and numerous articles and interviews we have conducted) make clear that blood, sweat, and tears has been a significant part of the Nagamori / Nidec ethos. 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I have no problem saying that. If you don’t work, you lose. The only ones I can’t stand are layabouts.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:30.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01037f1c-e19a-4523-a51d-eab5d6fb458e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.14, "y": 0.57 }, "kind": "quote", "text": "That doesn't mean life at Nidec is easy. Even in a nation renowned for devoted workers, the company stands out for its demands on employees. Meetings, Nagamori says, are held on weekends or after regular tasks are done. New staff are sometimes told to clean toilets, and taking days off is seen as lazy. Nagamori makes no apologies.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:30.518+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab73ee26-9ad8-4d63-af35-02791298f36a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“That doesn't mean life at Nidec is easy. Even in a nation renowned for devoted workers, the company stands out for its demands on employees. Meetings, Nagamori says, are held on weekends or after regular tasks are done. New staff are sometimes told to clean toilets, and taking days off is seen as lazy. Nagamori makes no apologies.” — Bloomberg", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8e-2c9464818a09", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.77, "x": 0.118, "y": 0.79 }, "kind": "source-note", "text": "Footnotes 134-138", "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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Too many young people are content with only \"small happiness,\" like going home to their children in the evening rather than working late to become their company's next president, he says.", "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 20:50:31.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46bc9751-aee0-4223-af9e-95ac4ed44f06", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.15, "y": 0.22 }, "kind": "paragraph", "text": "But Nagamori spent much of Monday's press event explaining how Nidec is earning more by working shorter hours. 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'Even if there is still work to be done, they tell us to go home when it's past time to punch out,' a young research and development staffer said. 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In our opinion, Nidec effected a bailout of Mr. Nagamori. In December 2008, Nidec made what appears to be a JPY 14.5 billion emergency loan to Mr. Nagamori (via an asset management company he indirectly owns).140 In early 2009, the board and auditor realized the loan was a violation of U.S. securities law. 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The impression that we have received from the sell-side since Mr. Nagamori's reversal is that he is once again doing something smart for investors. To the extent our impressions are correct, this illustrates how unquestioning many investors have been of Mr. Nagamori - in our view, blindly accepting that his every move is a great one.", "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 20:50:31.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6100423-c0f6-4537-b57f-7c3eacc26ee0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.17 }, "kind": "paragraph", "text": "Only two months later, Mr. Nagamori apparently completely changed his views on working conditions:139", "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 20:50:31.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccc9caf6-6938-417a-8896-4c83e7172354", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.3 }, "kind": "paragraph", "text": "For a year, the company has urged employees to leave work on time. They cannot stay past their regular hours without obtaining permission from a supervisor that morning, and overtime is not approved for unnecessary tasks.", "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 20:50:31.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f83e760d-aa02-4d41-a7f2-931c859d40b5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Nagamori decries what he sees as a lack of ambition in Japan. Too many young people are content with only “small happiness,” like going home to their children in the evening rather than working late to become their company’s next president, he says.” — Nikkei Asia", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8d-6dab06427889", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.15, "y": 0.86 }, "kind": "source-note", "text": "139 http://asia.nikkei.com/Business/Companies/Cutback-in-overtime-drives-Nidec-to-record-result?page=2\n140 FY2008 20-F, p. 34.\n141 FY2008 20-F, p. 34.", "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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Facebook Inc. (FB) trades at 24.9x EV / LTM EBITDA. FB is growing organically at 35%+ per year.", "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 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3858bc93-583d-4003-a148-8f95315cd45f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.26 }, "kind": "paragraph", "text": "Our research indicates that approximately 40% of Nidec’s EBITDA, or JPY 74 billion, is derived from HDD motors. Based on HDD comparables, we think Nidec’s HDD business should trade at 7.5x Enterprise Value (EV) / EBITDA or lower.", "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 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6644aa57-04ae-4307-9a58-e0303bc3dfe7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "142 http://www.nidec.com/~/media/nidec-com/en-global/ir/library/earnings/2016/Q1_1; Slide 8.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd3c722a-5626-4079-be6d-6d8ce1340988", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.11, "y": 0.13 }, "kind": "title", "text": "We value Nidec’s shares at JPY 4,764 – less than half of the current price.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08e48622-16eb-4260-984e-ac6c3658a6a0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "Nidec’s Ex-HDD Valuation Approaches Facebook’s – this Does Not Make Sense", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8156a455-a38d-49c2-9283-df539361852c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a15a3922-9304-4606-979c-4ce8af6a16dc", "evidence": "Comparing Nidec's valuation multiples to Facebook and HDD industry peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:50:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 54, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 42, "name": "The Victory", "beatId": "d17983c2-63cb-4b7b-8bfc-8162798e97d7", "matchId": "f6c38532-54ae-40aa-8697-d61a539bc148", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents Muddy Waters Capital LLC's conclusion and valuation of Nidec's shares.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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value", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:58:04.893942+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 43, "type": "setup", "title": "The slide uses a sensitivity table to derive an implied multiple for the non-HDD business segment.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 6, "textChars": 829, "nDataPoints": 100, "notes": "The slide uses a sensitivity table to derive an implied multiple for the non-HDD business segment.", "elementsJson": [ "paragraph", "footnote", "valuation_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:30.616+00", "seconds": 3.106, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-7f2e60571091/43", "deck": "/decks/019dd923-622c-750b-8b96-7f2e60571091", "deckAnchor": "/decks/019dd923-622c-750b-8b96-7f2e60571091#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b96-7f2e60571091.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Holding the HDD motor segment valuation constant at JPY 555 billion and taking into account Nidec's remaining ex-HDD EBITDA of JPY 111 billion, Nidec's ex-HDD implied valuation is 21.5x EV/EBITDA – very close to that of Facebook.", "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 23:27:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8e-c04e4cfa7ebe", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/EBITDA: 21.5x", "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 23:27:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8e-c68e24435136", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.141 }, "kind": "paragraph", "text": "Holding the HDD motor segment valuation constant at JPY 555 billion and taking into account Nidec's remaining ex-HDD EBITDA of JPY 111 billion, Nidec's ex-HDD implied valuation is 21.5x EV/EBITDA – very close to that of Facebook.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", 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Some of the most critical elements for Nidec investors to know are the performance of the HDD and Automotive product groups. We believe investors would benefit if Nidec's filings separately reported HDD, Other Small Precision Motors, Automotive, Appliances, Commercial and Industrial, Machinery, Electronic and Optical, and Other.", "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 20:50:31.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f21880b7-69ca-4f69-8ffc-8f4c5b7ce9a4", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.772, "x": 0.118, "y": 0.495 }, "kind": "paragraph", "text": "Nidec should make clear which entities (or portions of entities) report into which product group. The lack of clarity about which entities contribute what revenue and operating profits to each product group gives rise to our suspicions that Nidec manipulates its product group disclosures.", "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 20:50:31.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6e08366-63ce-4863-bafd-9441a22a874b", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.772, "x": 0.118, "y": 0.725 }, "kind": "paragraph", "text": "Nidec seems to use its All Others reporting segment in ways that could mislead investors. For example, after Nidec acquired Elesys, Elesys sat inside All Others for two quarters before being transferred to Nidec Motors & Actuators. 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