Mercury Systems Inc. (MRCY)

Mercury Systems Inc. · 2018-10
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 2
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Slide inventory

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every slide · same image gating as the playbook
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Slide 1
The slide uses a satirical visual metaphor of a control room with a 'Super Micro Supernova' and 'Critical Cyber Threat' on the main screen, implying a catastropfront_matter
Open slide detailBeat · The Monster
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other
Open slide detailBeat · The Monster
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front_matter
Open slide detailBeat · The Monster
04
This is a short-seller research note highlighting a specific supply chain risk (Supermicro hack) and its impact on Mercury Systems.frame_problem
Open slide detailBeat · The Monster
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This is a short-seller research note slide.diagnose_problem
Open slide detailBeat · The Monster
06
Spruce Point Capital Management research note slide.summarize
Open slide detailBeat · The Struggle
07
The slide uses a short-seller thesis structure, highlighting specific operational failures (lack of CISO, reliance on Supermicro) to justify valuation compressishow_valuation_bridge
Open slide detailBeat · The Struggle
08
The slide uses red text to emphasize specific failures to disclose information, framing the timeline as a narrative of corporate malfeasance.expose_contradiction
Open slide detailBeat · The Struggle
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Spruce Point Capital Management branding.establish_context
Open slide detailBeat · The Struggle
10
The slide uses a timeline to build a case for imminent regulatory or industry-wide action.frame_situation
Open slide detailBeat · The StruggleLoop · The Reveal
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Uses a Bloomberg terminal screenshot to illustrate the correlation between a specific geopolitical event and stock performance.cite_precedent
Open slide detailBeat · The StruggleLoop · The Reveal
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The slide uses a Bloomberg terminal screenshot as the primary evidence to correlate specific corporate events with share price decline.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
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transition
Open slide detailBeat · The StruggleLoop · The Reveal
14
The slide uses a 'gotcha' tactic by counting keyword frequency to imply a discrepancy between marketing rhetoric and operational reality.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
15
Uses a visual 'before and after' comparison to demonstrate the removal of a partner logo.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
16
Uses a before-and-after visual comparison to demonstrate the deletion of a partner logo.expose_contradiction
Open slide detailBeat · The Struggle
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Uses a 'before-after' style comparison of press releases and website content to imply a cover-up.expose_contradiction
Open slide detailBeat · The Struggle
18
Uses a 'before-after' style comparison of regulatory risk disclosures to imply hidden business risks.expose_contradiction
Open slide detailBeat · The Struggle
19
Uses a screenshot of a legal disclosure to highlight a specific addition of text.expose_contradiction
Open slide detailBeat · The Struggle
20
Includes a screenshot of a presentation title slide as evidence of the subject's former role.name_villain
Open slide detailBeat · The Struggle
21
Uses red arrows and callout boxes to link specific job description text to speculative management concerns.expose_contradiction
Open slide detailBeat · The Victory
22
The slide uses a rhetorical question to cast doubt on the company's transparency and relationship status with government entities.expose_contradiction
Open slide detailBeat · The Victory
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The slide uses legal text excerpts to build a case for potential misrepresentation by the company to its lenders.expose_contradiction
Open slide detailBeat · The Victory
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transition
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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Uses arrows to connect specific text excerpts from SEC filings to the central argument of deception.expose_contradiction
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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The slide uses a red box to highlight Q3'18 as a period of significant financial events and record-high inventory/backlog ratios.analyze_data
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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Includes a red circle annotation highlighting the 73.5% figure for FY 2018.analyze_data
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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Includes a callout box highlighting the trend of declining accruals.expose_contradiction
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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Uses a bar chart to visualize the breach of target margins, highlighting the most recent data points in red.expose_contradiction
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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This is a cover or section divider slide for a short-seller research report.frame_problem
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
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The slide uses a red bar to highlight the 2018 record low in insider ownership.expose_contradiction
Open slide detailBeat · The Victory
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Uses a table of analyst price targets followed by specific quotes from JP Morgan, Canaccord, and Jefferies to illustrate the 'consensus' view.expose_contradiction
Open slide detailBeat · The Victory
33
The slide uses red bars to highlight Mercury's outlier status in all three metrics.compare_peers
Open slide detailBeat · The Victory
34
The slide uses a short-seller research note format to justify a bearish thesis on Mercury Systems.show_valuation_bridge
Open slide detailBeat · The Victory
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appendix
Open slide detailBeat · The Victory
36
Uses a red box and arrow to visually demonstrate the deletion of text between the two versions.expose_contradiction
Open slide detailBeat · The Victory
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The slide uses a before-after comparison to highlight a suspicious change in corporate documentation.expose_contradiction
Open slide detailBeat · The Victory
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The slide uses a visual before-after comparison to highlight a specific text deletion.expose_contradiction
Open slide detailBeat · The Victory
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Uses a red box and arrow to highlight the specific text deletion.expose_contradiction
Open slide detailBeat · The Victory
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Uses a red arrow to highlight the specific text deletion.expose_contradiction
Open slide detailBeat · The Victory