Carson Block · research-note
dLocal (DLO)
47 pages · 3 arc beats · 2 loops
dLocal (DLO)
Carson Block · 2022-11 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 17 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 6 slides 100% 6/6 slides 100% 6/6 slides · 40 hits — 0/6 slides
— 0/6 slides
66.7% 4/6 slides 100% 6/6 slides · 8 hits 100% 6/6 slides Appendix Data 5 slides 100% 5/5 slides 100% 5/5 slides · 24 hits — 0/5 slides
— 0/5 slides
40% 2/5 slides 100% 5/5 slides · 7 hits 100% 5/5 slides Expose Contradiction 6 slides 100% 6/6 slides 100% 6/6 slides · 48 hits — 0/6 slides
— 0/6 slides
66.7% 4/6 slides 100% 6/6 slides 16.7% 1/6 slides Slide inventory
47 every slide · same image gating as the playbook
02
This is the cover/introductory page of a short-seller research report by Muddy Waters.expose_contradiction
03
The slide includes a strong introductory paragraph framing the report as an expose of fraudulent accounting and governance failures.front_matter
04
The slide serves as a section index followed by an introductory argument regarding financial misstatements.front_matter
05
The slide uses a 'fraud-exposure' or 'expose_contradiction' framework to undermine the credibility of the company's financial disclosures.expose_contradiction
06
The slide uses a waterfall chart and a line chart to visually demonstrate the inconsistency in reported financial figures.expose_contradiction
07
The slide uses red boxes to highlight inconsistent data points across three different source documents.expose_contradiction
08
The slide uses a table to illustrate sensitivity analysis of net monetary positions and text to detail the contradiction between UK and Malta subsidiary filingsexpose_contradiction
09
The slide is a direct excerpt from financial statements (Note 17).analyze_data
10
The slide uses a 'fraud-exposure' framework to contrast initial loan agreements with subsequent, contradictory disclosures.expose_contradiction
11
The slide highlights discrepancies in financial reporting between different versions of prospectuses.expose_contradiction
12
The slide uses primary source document excerpts to contradict or clarify corporate narrative.expose_contradiction
13
Contains two Citi Funds Transfer records with payment amounts of 11,026,599.00 and 20,478,843.00.illustrate_case
14
The slide contains a table of share counts and a narrative analysis of potential financial impropriety.expose_contradiction
Open slide detailLoop · Pattern Hunter
15
The chart uses a 'Rule of 120%+' framework to compare EBITDA margin vs. revenue growth.compare_peers
16
The slide uses a comparative table to set up a 'fraud-exposure' argument regarding DLO's financial reporting.expose_contradiction
Open slide detailBeat · Expose Contradiction
17
The slide highlights a potential discrepancy in DLO's financial reporting and management commentary regarding take rate drivers.expose_contradiction
Open slide detailBeat · Expose Contradiction
18
The slide uses a line chart for TPV growth and a table for YoY take rate variation. The text below the charts explicitly challenges the COO's explanation for taexpose_contradiction
Open slide detailBeat · Expose Contradiction
19
The table highlights the shift toward low take-rate cohorts and the impact of large clients like Google on profitability.analyze_data
Open slide detailBeat · Expose Contradiction
20
The slide uses a mix of narrative text and expert testimony to challenge the company's growth story regarding margin compression and competitive advantage.expose_contradiction
Open slide detailBeat · Expose Contradiction
21
Contains extensive footnotes citing former DLocal executives and public data sources.cite_precedent
22
The slide uses expert interview transcripts and secondary sources to analyze the business model dynamics of DLocal's largest clients.analyze_data
23
Contains extensive footnotes referencing primary sources and DLO filings.summarize
24
The slide uses qualitative expert testimony to contrast DLocal's volume-chasing strategy with Ebanx's profitability-focused approach.compare_peers
25
Includes primary source interview transcript and secondary source citation from a 2021 investment bank report and Brazil Central Bank study.cite_precedent
26
The slide uses a quote from a former executive to frame the FX revenue as suspicious or 'magic'.expose_contradiction
27
Includes footnotes regarding revenue reporting and Ebanx financial analysis.compare_peers
28
Includes specific citations to DLO 20-F, Source A, Source E, and Central Bank reports.analyze_data
Open slide detailLoop · Cost Of Inaction
29
The text details the forensic accounting process used to reconcile merchant-related cash flows from consolidated financial statements.analyze_data
Open slide detailLoop · Cost Of Inaction
30
The table includes a 'Check Sum' row at the bottom, indicating a reconciliation adjustment between the two segments.analyze_data
Open slide detailLoop · Cost Of Inaction
31
The slide presents a forensic accounting reconciliation table to support an allegation of financial impropriety.expose_contradiction
Open slide detailLoop · Cost Of Inaction
32
Includes explanatory footnotes detailing specific balance sheet movements related to merchant funds and receivables.analyze_data
Open slide detailLoop · Cost Of Inaction
33
The slide highlights potential risks of fraudulent financial reporting and co-mingling of client and company funds.analyze_data
Open slide detailLoop · Cost Of Inaction
34
The slide uses a narrative structure to expose governance and operational failures.expose_contradiction
Open slide detailLoop · Cost Of Inaction
35
Includes a highlighted excerpt from 2020 financial statements regarding capital management and a critique of 2021 capital shortfalls post-IPO.expose_contradiction
Open slide detailLoop · Cost Of Inaction
36
The slide uses a narrative structure to accuse the company of regulatory arbitrage. It includes specific footnotes referencing SEC filings and financial statemeexpose_contradiction
37
The slide uses footnotes to support claims about staffing levels and regulatory status compared to competitors like Adyen and Ebanx.expose_contradiction
38
Focuses on auditor independence concerns, specifically PwC Argentina and MHA MacIntyre Hudson.expose_contradiction
39
The slide uses a comparative analysis between Wise Plc and DLO to highlight potential accounting irregularities at DLO.expose_contradiction
40
Includes a screenshot of an FCA registration page showing an AstroPay email address for DLocal Limited.expose_contradiction
41
This slide functions as a forensic research note detailing related-party transactions and ownership overlaps.expose_contradiction
42
The slide uses Wayback Machine screenshots to demonstrate historical growth.establish_context
43
The slide combines a visual timeline of market entry with a text-heavy critique of related party transactions.expose_contradiction
44
The slide uses a direct quote from DLocal's 2021 20-F to highlight the contradiction between their growth narrative and their business associations.expose_contradiction
45
Includes a table detailing specific share sales by management executives.expose_contradiction
46
The slide uses a combination of financial analysis and personnel tracking to cast doubt on company stability.expose_contradiction
47
The slide uses a simple table to present a list of names, titles, and tenure dates for departed executives.expose_contradiction