Ben Axler · activist-deck
Kornit Digital Ltd. (KRNT)
60 pages · 5 arc beats · 0 loops
Kornit Digital Ltd. (KRNT)
Ben Axler · 2019-05 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 60 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Introduction to the thesis 2 slides 100% 2/2 slides 100% 2/2 slides · 7 hits — 0/2 slides
— 0/2 slides
— 0/2 slides
100% 2/2 slides — 0/2 slides
Problem and complication 8 slides 100% 8/8 slides 100% 8/8 slides · 47 hits — 0/8 slides
— 0/8 slides
50% 4/8 slides 100% 8/8 slides — 0/8 slides
Evidence and proof 20 slides 100% 20/20 slides 100% 20/20 slides · 141 hits — 0/20 slides
— 0/20 slides
60% 12/20 slides 100% 20/20 slides — 0/20 slides
Climax 10 slides 100% 10/10 slides 100% 10/10 slides · 76 hits — 0/10 slides
— 0/10 slides
60% 6/10 slides 100% 10/10 slides — 0/10 slides
Resolution 20 slides 100% 20/20 slides 100% 20/20 slides · 143 hits — 0/20 slides
— 0/20 slides
80% 16/20 slides 100% 20/20 slides — 0/20 slides
Slide inventory
60 every slide · same image gating as the playbook
01
The image uses visual metaphors (rats, vinegar, 'Strong Sell' shirts) to convey a negative sentiment toward the company.front_matter
Open slide detailBeat · Introduction to the thesis
03
Includes firm credentials at the top and a disclaimer at the bottom.cite_precedent
Open slide detailBeat · Problem and complication
04
Uses a stock chart with annotated events to establish credibility through past successful short campaigns.cite_precedent
Open slide detailBeat · Problem and complication
05
Standard Spruce Point branding with logo and confidentiality footer.front_matter
Open slide detailBeat · Problem and complication
06
Includes specific allegations regarding revenue recognition, management history, and operational failures (e.g., 'smell like vinegar').frame_problem
Open slide detailBeat · Problem and complication
07
The slide uses a series of bullet points to build a case for financial manipulation and aggressive accounting practices.expose_contradiction
Open slide detailBeat · Problem and complication
08
This is a classic activist short thesis slide, combining governance red flags (CEO resignation, insider selling) with valuation concerns.diagnose_problem
Open slide detailBeat · Problem and complication
10
The slide uses a timeline-over-chart approach to frame corporate events as 'red flags' for investors.expose_contradiction
Open slide detailBeat · Problem and complication
11
The slide uses a 'before-after' comparison of Kornit's own marketing materials to expose the repetition of a failed strategy.expose_contradiction
Open slide detailBeat · Evidence and proof
12
The slide uses red boxes to highlight 2018 figures that the author argues are anomalous or non-recurring.expose_contradiction
Open slide detailBeat · Evidence and proof
13
The slide uses a deductive logic chain to estimate payments from Amazon based on warrant grant disclosures.expose_contradiction
Open slide detailBeat · Evidence and proof
14
Includes a specific callout regarding the controlling shareholder (Fortissimo Capital) selling their stake.show_valuation_bridge
Open slide detailBeat · Evidence and proof
15
Spruce Point Capital Management branding (pine tree logo).transition
Open slide detailBeat · Evidence and proof
16
The slide uses a photo of the equipment to ground the narrative in physical reality.establish_context
Open slide detailBeat · Evidence and proof
17
The slide uses Google Trends as a proxy for business health to contradict growth narratives.expose_contradiction
Open slide detailBeat · Evidence and proof
18
The slide uses a 'before-after' comparison of royalty structures to highlight the negative impact on merchant margins.expose_contradiction
Open slide detailBeat · Evidence and proof
19
The slide uses external social proof (YouTube content) to validate the thesis of merchant frustration.illustrate_case
Open slide detailBeat · Evidence and proof
20
The slide uses a quote from a 2017 Amazon report to show the company's previous focus on Merch, which is now absent.expose_contradiction
Open slide detailBeat · Evidence and proof
21
Uses red underlining in the source text to emphasize specific risk-related disclosures.expose_contradiction
Open slide detailBeat · Evidence and proof
22
Uses a screenshot of a PA government environmental permit database to challenge revenue assumptions.expose_contradiction
Open slide detailBeat · Evidence and proof
23
Uses shipping data (Bill of Lading) to calculate implied unit pricing and compares against financial guidance and inventory levels to highlight discrepancies.expose_contradiction
Open slide detailBeat · Evidence and proof
24
The slide uses red and green boxes to highlight specific rows of interest in the shipping data.analyze_data
Open slide detailBeat · Evidence and proof
25
Uses bill of lading data to estimate unit counts and total revenue, comparing against reported figures.analyze_data
Open slide detailBeat · Evidence and proof
26
Uses a table to contrast GAAP revenues and inventory levels across 2018 quarters to suggest aggressive revenue recognition.expose_contradiction
Open slide detailBeat · Evidence and proof
27
Uses a green checkmark for a matching calculation and a red X for a non-matching calculation to visually emphasize the discrepancy.expose_contradiction
Open slide detailBeat · Evidence and proof
28
Uses screenshots of an Amazon forum post and a Google search result to substantiate the claim of product failure.expose_contradiction
Open slide detailBeat · Evidence and proof
29
The slide uses public import records to argue that demand for new printers has slowed.analyze_data
Open slide detailBeat · Evidence and proof
30
Uses a combination of SEC filing data, executive quotes, and stock charts to build a bearish case.expose_contradiction
Open slide detailBeat · Evidence and proof
32
Uses a screenshot of a job posting as evidence of Amazon's expansion.name_villain
Open slide detailBeat · Climax
33
Uses a combination of qualitative narrative and quantitative table data to undermine management's growth narrative.expose_contradiction
Open slide detailBeat · Climax
34
Uses a three-column layout to present evidence of lack of infrastructure (distributors, management, hiring).expose_contradiction
Open slide detailBeat · Climax
35
Includes a specific callout regarding the closure of the Latin American office with address and non-working phone number.expose_contradiction
Open slide detailBeat · Climax
36
The table uses a star icon to denote 'Spruce Point Successful Call', implying a track record of identifying these red flags.cite_precedent
Open slide detailBeat · Climax
37
Uses red underlining to highlight specific claims in analyst reports that the activist intends to refute.expose_contradiction
Open slide detailBeat · Climax
38
The slide features the Spruce Point Capital Management logo (the tree).transition
Open slide detailBeat · Climax
39
The slide uses a red flag icon and red text boxes to highlight suspicious language in the company's disclosures.expose_contradiction
Open slide detailBeat · Climax
40
The slide uses a 'villain critique' style to highlight management's inconsistent messaging regarding their ability to forecast warrant impacts.expose_contradiction
Open slide detailBeat · Climax
41
Uses SEC correspondence to validate the claim of aggressive accounting.expose_contradiction
Open slide detailBeat · Resolution
42
The slide uses red circles and lines to draw attention to the Q4 2016 warrant expense and the corresponding percentage of revenue, contrasting it with Q4 2018.expose_contradiction
Open slide detailBeat · Resolution
43
Uses a red line to visually connect the public statement to the fine print.expose_contradiction
Open slide detailBeat · Resolution
44
Uses red underlines and callout boxes to highlight specific phrases in SEC filings and contract excerpts.expose_contradiction
Open slide detailBeat · Resolution
45
Uses a red flag icon to highlight the lack of disclosure.expose_contradiction
Open slide detailBeat · Resolution
46
The slide uses a forensic accounting approach to reverse-engineer cash flows from warrant disclosure data.expose_contradiction
Open slide detailBeat · Resolution
47
Uses SEC disclosure excerpts to frame the contradiction.expose_contradiction
Open slide detailBeat · Resolution
48
Includes a callout box calculating the impact of the missing warrants on EPS.expose_contradiction
Open slide detailBeat · Resolution
49
The slide uses a combination of a financial table (left) and a normalized earnings bridge/calculation (right) to expose accounting manipulation.expose_contradiction
Open slide detailBeat · Resolution
51
Uses a side-by-side comparison to highlight the contradiction between the 'special bonus' justification and the subsequent resignation.expose_contradiction
Open slide detailBeat · Resolution
52
Uses a combination of biographical text, a press release snippet, and a legal complaint header to establish a pattern of behavior.expose_contradiction
Open slide detailBeat · Resolution
53
The slide uses a table to link the CFO's past employer (MRV) and the current auditor (Kost Forer Gabbay & Kasierer) to 'notable failures' in other companies.expose_contradiction
Open slide detailBeat · Resolution
54
Uses a contrast-pairs approach to highlight the discrepancy between the quiet resignation and the loud marketing of new tech.expose_contradiction
Open slide detailBeat · Resolution
56
Uses SEC filings to highlight the complete divestment of the largest shareholder.expose_contradiction
Open slide detailBeat · Resolution
57
The slide uses a table to highlight that current market prices are already at or near analyst price targets, suggesting a lack of upside potential.preempt_rebuttal
Open slide detailBeat · Resolution
58
The slide uses a blue line for the metric and an orange line for the historical average.analyze_data
Open slide detailBeat · Resolution
59
The slide highlights the disconnect between Kornit's high valuation multiples (P/E, EV/EBITDA, EV/Sales) and its peer group averages.compare_peers
Open slide detailBeat · Resolution
60
The slide uses a valuation bridge approach to justify a significant downside based on normalized revenue and cash flow expectations.show_valuation_bridge
Open slide detailBeat · Resolution