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Kerrisdale Capital · research-note

Carvana Co. (CVNA)

14 pages · 4 arc beats · 2 loops

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Carvana Co. (CVNA)

Kerrisdale Capital · 2024-02
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 14 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Attention 1 slides 100% 1/1 slides 100% 1/1 slides · 11 hits
— 0/1 slides
100% 1/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides Problem & Complication 2 slides 100% 2/2 slides 100% 2/2 slides · 16 hits
— 0/2 slides
50% 1/2 slides 50% 1/2 slides 100% 2/2 slides 100% 2/2 slides Evidence 5 slides 100% 5/5 slides 100% 5/5 slides · 33 hits
— 0/5 slides
— 0/5 slides
80% 4/5 slides 100% 5/5 slides 100% 5/5 slides Satisfaction 6 slides 100% 6/6 slides 100% 6/6 slides · 30 hits
— 0/6 slides
16.7% 1/6 slides
— 0/6 slides
100% 6/6 slides
— 0/6 slides

Slide inventory

14
every slide · same image gating as the playbook
01
Slide 1
The slide serves as the cover/summary page for a short-seller research report.summarize
Open slide detailBeat · AttentionLoop · Cost Of Inaction
02
Includes a detailed capitalization table and a multi-year financial model summary with valuation multiples.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
03
The chart shows an adjustment to Carvana's GAAP retail GPU to align with CarMax's reporting standards, showing convergence.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Cost Of Inaction
04
This is a research note page from Kerrisdale Capital criticizing Carvana's business model and growth prospects.summarize
Open slide detailBeat · EvidenceLoop · Mece Breakdown
05
Includes a quote from a former Director of Operations to support the thesis that rapid growth requires sacrificing unit economics.diagnose_problem
Open slide detailBeat · EvidenceLoop · Mece Breakdown
06
The slide uses a 'valuation bridge' style table to demonstrate that the market's implied stock price for Carvana requires unrealistic growth and margin assumptishow_valuation_bridge
Open slide detailBeat · EvidenceLoop · Mece Breakdown
07
The slide uses a narrative approach to expose the contradiction between Carvana's original business model and its current operational reality.expose_contradiction
Open slide detailBeat · EvidenceLoop · Mece Breakdown
08
The slide uses a valuation bridge to justify a significant downside price target.show_valuation_bridge
Open slide detailBeat · EvidenceLoop · Mece Breakdown
09
The slide contains two distinct appendix sections.analyze_data
Open slide detailBeat · Satisfaction
10
The second chart includes vertical yellow bars indicating 'IRC launches' and state-specific labels.analyze_data
Open slide detailBeat · Satisfaction
11
The slide contains two distinct data sections: a stacked bar chart showing market penetration by cohort and a valuation table with EV/Sales, EV/EBITDA, and P/E analyze_data
Open slide detailBeat · Satisfaction
12
The table compares established tech companies against CarMax and Carvana's implied growth rate.compare_peers
Open slide detailBeat · Satisfaction
13
Includes standard conflict of interest and non-solicitation language.other
Open slide detailBeat · Satisfaction
14
other
Open slide detailBeat · Satisfaction