Caesarstone Ltd. (CSTE) — playbook

Caesarstone Ltd. (CSTE)

Viceroy Research · 2017-06

arc beats above · slides in the middle · loops below · scroll → 3 LOOPS

Deck intelligence map

8

coverage by narrative range · generated from this deck JSON

Narrative range 32 total

Metadata

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Expose Contradiction 5 slides 100% 5/5 slides 100% 5/5 slides · 46 hits

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80% 4/5 slides 100% 5/5 slides 100% 5/5 slides Key Takeaways 1 slides 100% 1/1 slides 100% 1/1 slides · 7 hits

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Expose Contradiction 4 slides 100% 4/4 slides 100% 4/4 slides · 39 hits

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25% 1/4 slides 100% 4/4 slides

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Appendix Data 15 slides 100% 15/15 slides 100% 15/15 slides · 109 hits

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20% 3/15 slides 33.3% 5/15 slides 100% 15/15 slides · 20 hits 6.7% 1/15 slides Preempt Rebuttal 1 slides 100% 1/1 slides 100% 1/1 slides · 3 hits

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100% 1/1 slides 100% 1/1 slides · 2 hits

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Expose Contradiction 4 slides 100% 4/4 slides 100% 4/4 slides · 34 hits

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75% 3/4 slides 75% 3/4 slides 100% 4/4 slides · 8 hits

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Key Takeaways 1 slides 100% 1/1 slides 100% 1/1 slides · 4 hits

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Timeline 1 slides 100% 1/1 slides 100% 1/1 slides · 13 hits

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Slide inventory

40

every slide · same image gating as the playbook

01

The slide uses a 'villain' framing by highlighting management inconsistencies, competitive threats, and operational failures.diagnose_problem

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02

The image is a reference to the movie Gladiator, signaling a negative sentiment or 'sell' thesis.front_matter

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03

other

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04

Includes a red-boxed highlight on the Adjusted EBITDA figure in the table.frame_problem

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05

The slide uses a 'Hollywood' justification metaphor to describe analyst behavior. It includes a specific chart of rating history and references SEC filings and expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Analogy

06

This slide functions as a 'villain critique' or 'fraud exposure' document, systematically dismantling company claims.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Analogy

07

The slide uses a mix of narrative and bulleted evidence to argue that Caesarstone's financial statements are potentially misrepresented.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Analogy

08

Uses a metaphorical image of Thor and a cockroach to illustrate the 'disappearing' bull case.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Analogy

09

The slide uses investigative channel checks to debunk a company's growth narrative.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Analogy

10

Includes a screenshot of Lowe's website search results and a summary of findings regarding Caesarstone's market position.summarize

Open slide detailBeat · Key Takeaways

11

This is a research note slide presenting evidence of operational failures and competitive disadvantage.expose_contradiction

Open slide detailBeat · Expose Contradiction

12

Includes a table snippet of agent data and a map graphic showing Silestone's agent count.expose_contradiction

Open slide detailBeat · Expose Contradiction

13

The slide highlights potential accounting risks related to inventory impairment and inaccurate reseller network reporting.expose_contradiction

Open slide detailBeat · Expose Contradiction

14

Includes a table showing specifications of 'Pure White' product from an Australian website dated 2016, contradicting the 'new' narrative.expose_contradiction

Open slide detailBeat · Expose Contradiction

15

Includes a footnote with a URL source and a page number.analyze_data

Open slide detailBeat · Appendix Data

16

The slide uses rhetorical questions to cast doubt on the company's product strategy and potential quality risks.preempt_rebuttal

Open slide detailBeat · Appendix Data

17

The slide uses a quote from a competitor's SEC filing to frame the competitive landscape as a threat.name_villain

Open slide detailBeat · Appendix Data

18

The slide includes a table of technical test results for Vadara Quartz and a list of key takeaways regarding CSTE's market position and competition.summarize

Open slide detailBeat · Appendix Data

19

Includes excerpts from SEC correspondence regarding IKEA agreements and revenue variance factors.expose_contradiction

Open slide detailBeat · Appendix Data

20

The slide uses a combination of narrative analysis and a supporting table to cast doubt on the validity of the company's financial disclosures.expose_contradiction

Open slide detailBeat · Appendix Data

21

Includes a price list table, a line chart comparing 2015 vs 2016 prices, and a text block explaining revenue growth.analyze_data

Open slide detailBeat · Appendix Data

22

The author uses the table to cast doubt on management's narrative regarding volume growth by pointing to forex impacts.expose_contradiction

Open slide detailBeat · Appendix Data

23

Includes a copy of a contractor price list as evidence of the price discrepancy.expose_contradiction

Open slide detailBeat · Appendix Data

24

The slide uses a visual catalogue of product swatches to establish the product category before making a price comparison claim.compare_peers

Open slide detailBeat · Appendix Data

25

The slide highlights the threat of low-cost IKEA alternatives to premium Caesarstone products.expose_contradiction

Open slide detailBeat · Appendix Data

26

The slide highlights the 'elephant in the room' regarding unprovisioned class-action liabilities.preempt_rebuttal

Open slide detailBeat · Appendix DataLoop · Cost Of Inaction

27

The slide uses comparative financial analysis to argue that CSTE's reported figures are inconsistent with industry norms and competitor data.expose_contradiction

Open slide detailBeat · Appendix Data

28

The text below the table argues that CSTE's maintenance capex should be similar to competitors due to shared machinery suppliers, but notes that it is not.analyze_data

Open slide detailBeat · Appendix Data

29

Includes two tables (Figure 22 and 23) and qualitative analysis of EBITDA margins comparing CSTE and Silestone.analyze_data

Open slide detailBeat · Appendix Data

30

Includes currency note: CSTE figures are in USD, Cosentino figures are in EUR.analyze_data

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31

The slide includes a red underline highlighting the 'Inmovilizado material' (PPE) line item for 2014.analyze_data

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32

The slide uses a cash flow statement extract to highlight a discrepancy in capital expenditure, followed by a qualitative argument regarding maintenance costs aexpose_contradiction

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33

The slide uses an SEC inquiry to cast doubt on the company's financial reporting practices.expose_contradiction

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34

Includes footnotes referencing external financial reports and prior research.expose_contradiction

Open slide detailLoop · Mece Breakdown

35

The slide uses a 'back-testing' methodology against Australian data to validate the discrepancy in US revenue figures.expose_contradiction

Open slide detailLoop · Mece Breakdown

36

The slide uses two pie charts to visually demonstrate the lack of significant growth in quartz market share, contradicting the company's narrative.expose_contradiction

Open slide detailLoop · Mece Breakdown

37

summarize

Open slide detailBeat · Key Takeaways

38

The slide uses a chronological list format to contrast historical guidance with subsequent performance outcomes.expose_contradiction

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39

The slide uses a narrative timeline to expose management's contradictory guidance and performance claims.expose_contradiction

Open slide detailBeat · Timeline

40

summarize

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