Carson Block · research-note
Vivion Investments S.à.r.l.
39 pages · 4 arc beats · 2 loops
Vivion Investments S.à.r.l.
Carson Block · 2022-12 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 39 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call 4 slides 100% 4/4 slides 100% 4/4 slides · 11 hits — 0/4 slides
25% 1/4 slides 25% 1/4 slides 100% 4/4 slides — 0/4 slides
The Monster 8 slides 100% 8/8 slides 100% 8/8 slides · 66 hits — 0/8 slides
— 0/8 slides
50% 4/8 slides 100% 8/8 slides 87.5% 7/8 slides The Struggle 12 slides 100% 12/12 slides 100% 12/12 slides · 84 hits — 0/12 slides
— 0/12 slides
41.7% 5/12 slides 100% 12/12 slides 25% 3/12 slides The Victory 15 slides 100% 15/15 slides 100% 15/15 slides · 111 hits — 0/15 slides
6.7% 1/15 slides 40% 6/15 slides 100% 15/15 slides — 0/15 slides
Slide inventory
39 every slide · same image gating as the playbook
02
This is a classic short-seller 'thesis' slide, framing the company as a 'shell game' involving fraudulent loans and inflated property values.diagnose_problem
Open slide detailBeat · The Call
03
This is a short-seller research note page focusing on corporate governance and potential fraud.name_villain
Open slide detailBeat · The Call
04
The document structure suggests a forensic accounting or short-seller research report.front_matter
Open slide detailBeat · The Call
05
This is a research note page focusing on forensic accounting and potential fraud.expose_contradiction
06
The slide highlights a potential circular loan structure or misrepresentation by comparing Vivion's shareholder loan disclosures with Holdings' creditor disclosexpose_contradiction
07
The slide uses financial disclosure data to argue that loans were never actually made, highlighting a discrepancy between Vivion's claims and Matanya's capitaliexpose_contradiction
08
The slide uses forensic accounting analysis to flag potential irregularities in financial reporting.expose_contradiction
09
This is a text-heavy research note page detailing forensic accounting concerns regarding Vivion's financial statements.expose_contradiction
10
The slide uses a calculation table to demonstrate that shareholder loans are being repaid, contradicting S&P's view that they are permanent equity.analyze_data
Open slide detailBeat · The Monster
11
The slide combines a financial calculation of loan repayments with a qualitative investigation into occupancy rate discrepancies.expose_contradiction
12
The slide uses investigative research, including site visits and analysis of third-party listing platforms (Immo Scout 24), to challenge company-reported metricdiagnose_problem
13
The slide uses a screenshot of a third-party listing platform as evidence of potential portfolio vacancy, contrasting it with company-reported metrics.expose_contradiction
14
Includes footnotes 16-19 detailing calculation methodology and site visit observations.analyze_data
15
The table provides a granular view of property utilization, highlighting high vacancy rates in specific locations like Potsdamer Strasse.analyze_data
16
Includes a table of occupancy assessment and photographic evidence of vacancy.diagnose_problem
Open slide detailBeat · The Struggle
17
The slide presents property-specific due diligence findings regarding rent24's occupancy.analyze_data
Open slide detailBeat · The Struggle
18
The slide provides evidence for a short-selling thesis regarding undisclosed related party transactions and occupancy inflation.analyze_data
Open slide detailBeat · The Struggle
19
The slide uses a combination of a custom occupancy table and screenshots of Vivion's official tenant lists to highlight a discrepancy in disclosure.expose_contradiction
Open slide detailBeat · The Struggle
20
The text highlights potential financial irregularities, specifically large receivables and lack of cash flow, suggesting revenue padding.expose_contradiction
Open slide detailBeat · The Struggle
21
Includes financial statement excerpts for r24 Holding GmbH (formerly rent24 GmbH) for 2017-2018.compare_peers
Open slide detailBeat · The Struggle
22
The text highlights discrepancies between rent24's stated goals and observed operational reality, including failed ventures and subleasing arrangements.expose_contradiction
Open slide detailBeat · The Struggle
23
The slide uses footnotes to cite sources for claims about rent24's occupancy and the Fürst property valuation.expose_contradiction
Open slide detailBeat · The Struggle
24
Includes a photograph of a building directory as evidence of tenant occupancy; references footnotes 44 and 45.expose_contradiction
Open slide detailBeat · The Struggle
25
The slide uses a table to provide context for a forensic argument about asset inflation. Footnotes 46-48 provide specific source citations for the claims.expose_contradiction
Open slide detailBeat · The Victory
26
The slide uses a forensic accounting approach to challenge the legitimacy of fair value gains reported by Vivion.expose_contradiction
Open slide detailBeat · The Victory
27
Includes three distinct tables detailing portfolio assets and financial performance.analyze_data
Open slide detailBeat · The Victory
28
Includes two data tables detailing pre-rent NOI and rent inflation estimates for Ribbon and Hallmark portfolios.expose_contradiction
Open slide detailBeat · The Victory
29
The slide highlights potential misappropriation and conflicts of interest in property transactions.expose_contradiction
Open slide detailBeat · The Victory
30
The slide functions as a forensic investigation into a specific transaction chain, highlighting the use of nominees and rapid asset flipping.expose_contradiction
Open slide detailBeat · The Victory
31
Includes footnotes 63-66. The slide highlights a discrepancy between reported transaction values and subsequent fair value gains.expose_contradiction
Open slide detailBeat · The Victory
32
The slide uses a Wayback Machine screenshot as primary evidence to link property ownership across entities.expose_contradiction
Open slide detailBeat · The Victory
33
Includes footnotes referencing external sources and valuation calculations.show_valuation_bridge
Open slide detailBeat · The Victory
34
The slide highlights a discrepancy between reported valuation stability and the reliance on internal assessments.expose_contradiction
Open slide detailBeat · The Victory
35
The slide highlights a discrepancy in square footage to identify specific property assets (Potsdamer Straße 180, 182, and 184).analyze_data
Open slide detailBeat · The Victory
36
The diagram illustrates complex cross-ownership between Vivion/Golden Capital Partners and various holding companies (Paxeal, Benelio, DME) leading to specific analyze_data
Open slide detailBeat · The Victory
37
The slide uses a narrative structure to expose financial complexity and potential fraud, referencing specific entities and dates.expose_contradiction
Open slide detailBeat · The Victory
38
Contains two distinct tables: one for carrying values as of Dec 31, 2019, and one for 2019 revenue/operating performance.appendix
Open slide detailBeat · The Victory
39
The table shows a 4-month post spin-off period in 2019.analyze_data
Open slide detailBeat · The Victory