Muddy Waters Research · activist-deck
CPI Property Group (CPIPGR)
50 pages · 4 arc beats · 2 loops
CPI Property Group (CPIPGR)
Muddy Waters Research · 2024-01 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 50 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call 5 slides 100% 5/5 slides 100% 5/5 slides · 26 hits — 0/5 slides
— 0/5 slides
40% 2/5 slides 100% 5/5 slides 60% 3/5 slides The Monster 13 slides 100% 13/13 slides 100% 13/13 slides · 81 hits — 0/13 slides
15.4% 2/13 slides 76.9% 10/13 slides 100% 13/13 slides 30.8% 4/13 slides The Struggle 17 slides 100% 17/17 slides 100% 17/17 slides · 115 hits — 0/17 slides
29.4% 5/17 slides · 6 hits 35.3% 6/17 slides 100% 17/17 slides 29.4% 5/17 slides The Victory 15 slides 100% 15/15 slides 100% 15/15 slides · 89 hits — 0/15 slides
13.3% 2/15 slides 73.3% 11/15 slides 100% 15/15 slides — 0/15 slides
Slide inventory
50 every slide · same image gating as the playbook
01
The chart shows a significant divergence between CPI PG's reported property value changes and the broader vdp Property Price Index.front_matter
Open slide detailBeat · The Call
03
The slide argues that the valuation increase is not justified by the minor increase in GLA (square footage) and suggests the valuations are unrealistic.expose_contradiction
04
This slide serves as an introduction to 'Part 2' of the activist report, focusing on asset valuation and occupancy discrepancies.frame_problem
05
This is a classic activist short-seller 'thesis' slide, framing a specific asset as evidence of accounting or valuation fraud.frame_problem
06
The slide uses a specific asset to illustrate a broader thesis of accounting manipulation.name_villain
07
The slide uses photographic evidence of building directories to challenge the perceived occupancy or quality of the site.expose_contradiction
08
The slide uses photographic evidence to challenge management's narrative regarding property upkeep.expose_contradiction
09
The chart shows a steady, aggressive upward trend in valuation per square meter, contrasting with the narrative of stagnant building quality.expose_contradiction
10
This is a transition or thesis-setting slide in an activist short report.frame_problem
Open slide detailBeat · The Monster
11
The slide uses a red box to highlight the specific rows for Warsaw and Prague in the provided table.expose_contradiction
Open slide detailBeat · The Monster
12
The slide uses a stylized map of Prague to link specific property photos to their geographic locations and vacancy metrics.analyze_data
Open slide detailBeat · The Monster
13
Uses external realtor data (Colliers, CBRE) to challenge internal management report figures.expose_contradiction
Open slide detailBeat · The Monster
14
The slide uses a map-based visualization to link specific real estate assets to their geographic location and vacancy metrics.analyze_data
Open slide detailBeat · The Monster
15
The slide uses a 'fraud-exposure' logic by contrasting company-reported metrics with third-party market data.expose_contradiction
Open slide detailBeat · The Monster
16
The slide uses a list of property listings to demonstrate high vacancy at a specific site, contrasting management's narrative of 'intentional' refurbishment.expose_contradiction
Open slide detailBeat · The Monster
17
The slide uses a narrative structure to link operational opacity (lack of transparency in specific markets) to financial misrepresentation (EBITDA, LTV, DCF moddiagnose_problem
Open slide detailBeat · The Monster
18
The slide uses a direct comparison to challenge management's transparency regarding portfolio health.expose_contradiction
Open slide detailBeat · The Monster
20
The slide uses a table to highlight the specific valuation inputs for the Bubny asset compared to other landbank assets.expose_contradiction
21
The slide uses a map to contextualize the landbank's location relative to Prague's CBD.frame_problem
23
The slide highlights a discrepancy between CPI's carrying value and JLL's valuation range for the Bubny landbank.expose_contradiction
24
The slide serves as a methodological bridge to subsequent data-heavy slides.quantify_opportunity
25
The slide uses a forensic accounting approach to challenge the integrity of third-party property appraisals.expose_contradiction
Open slide detailBeat · The Struggle
26
The slide uses a table to highlight the disparity between larger, lower-value sites and smaller, higher-value sites used in the valuation.expose_contradiction
Open slide detailBeat · The Struggle
27
Includes a legend for highlighted rows indicating exclusions due to recent development.analyze_data
Open slide detailBeat · The Struggle
28
The slide uses specific examples to justify the exclusion or weighting of certain data points in a broader valuation model.analyze_data
Open slide detailBeat · The Struggle
29
The slide uses a split-screen layout to contrast a lower-value older plot with a higher-value developed plot.analyze_data
Open slide detailBeat · The Struggle
30
The slide uses a split-screen layout to contrast two specific land plots (1244 and 1448) with map and street-view imagery.analyze_data
Open slide detailBeat · The Struggle
31
The slide provides raw data supporting a valuation methodology, including a map of the specific zones analyzed.analyze_data
Open slide detailBeat · The Struggle
32
The slide explains the methodology for interpreting a specific public land registry tool.analyze_data
Open slide detailBeat · The Struggle
33
The slide details the data source (Prague Building Land Price Map), the sampling criteria (neighboring plots in Holešovice District), and the sample size (70 siother
Open slide detailBeat · The Struggle
34
The slide justifies why the firm chose to exclude modern, recently constructed buildings from their primary valuation comparison set.analyze_data
Open slide detailBeat · The Struggle
36
The slide uses strong, accusatory language ('Creamed', 'Round-Tripping', 'Padding') typical of activist short-seller reports.transition
Open slide detailBeat · The Victory
37
The slide uses a narrative structure to expose a potential related-party transaction and conflict of interest.expose_contradiction
Open slide detailBeat · The Victory
38
The slide highlights a shift from 'comparable method' to 'future development valuation (FDV) method' to justify gains.expose_contradiction
Open slide detailBeat · The Victory
39
The slide highlights the fair value (FV) gains for the MQM Czech landbank entity.analyze_data
Open slide detailBeat · The Victory
40
Uses Google Earth satellite imagery to demonstrate lack of progress on landholdings.expose_contradiction
Open slide detailBeat · The Victory
41
Muddy Waters Research activist short report slide.expose_contradiction
Open slide detailBeat · The Victory
42
The slide uses excerpts from financial statements to point out that assets classified as 'land bank' received significant valuation gains, which the author implexpose_contradiction
Open slide detailBeat · The Victory
43
Uses a timeline diagram to highlight the gap between the 2021 gain recognition and the actual start of construction/sales for Building C.expose_contradiction
Open slide detailBeat · The Victory
44
The slide uses a 'quote-response' structure to highlight accounting discrepancies.expose_contradiction
Open slide detailBeat · The Victory
45
The slide argues that fair value gains were unjustified due to accounting reclassifications.expose_contradiction
Open slide detailBeat · The Victory
46
The slide highlights the specific valuation methodologies (comparable method vs. residual value approach) used by the company.expose_contradiction
Open slide detailBeat · The Victory
47
The slide uses a narrative structure to build a case of accounting manipulation by comparing booked gains against physical construction status.expose_contradiction
Open slide detailBeat · The Victory
48
The slide uses visual evidence (annotated site renderings) to contradict the implied progress of the development project.expose_contradiction
Open slide detailBeat · The Victory
49
Used by Muddy Waters Research to verify development progress claims.expose_contradiction
Open slide detailBeat · The Victory
50
The slide uses visual evidence to contradict a financial claim.expose_contradiction
Open slide detailBeat · The Victory