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"promptVersion": null }, "pageNumber": 17, "frameworkName": "antagonist-introduction" }, { "matchId": "87274c77-208b-4d52-9dbb-178baf0e1a18", "evidence": "Exposing discrepancies between management filings and channel checks regarding revenue variance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:29.583+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" }, { "matchId": "f8e94ad6-fd95-447f-912a-684e5cf7a9ed", "evidence": "Contrasting company financial claims with external channel checks and pricing data to suggest misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:30.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": 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market data claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:32.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "fraud-exposure" }, { "matchId": "3fc9361d-9a79-45ef-b869-0f918b357a37", "evidence": "Uses revenue-volume reconciliation to expose potential misrepresentation of market share.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:23:32.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "fraud-exposure" }, { "matchId": "3f7fd2e4-f436-489b-9722-ee3c44c2ac7a", "evidence": "The slide explicitly argues that the company's data is either useless or inflated, pointing to a contradiction between reported growth and market reality.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:31.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "fraud-exposure" }, { "matchId": "ab6bc2bc-3bf1-4242-9e0b-49748059d21c", "evidence": "The slide systematically contrasts management guidance with subsequent performance to highlight potential deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:46.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Report is a Word-style document export rather than a designed deck. Cover date is not explicit; latest referenced evidence is a Lowe's website search accessed 14 June 2017, so presentation_date is estimated as 2017-06-15. The report explicitly declines to provide a price target (Section 13 Conclusion: 'too many assumptions'). Viceroy does not claim a specific short stake size. Report tone leans heavily on channel-check primary research plus rhetorical visual gags (Gladiator thumbs-down, Thor-and-cockroach image) rather than sophisticated charting. Heavy cross-reference to prior Spruce Point Capital work (Ben Axler).", "kpisCited": [ { "detail": "$130.3m reported vs $125.7m FY2015 — flat despite alleged growth", "metric": "Adjusted EBITDA (FY2016)" }, { "detail": "$119-126m, below 2015 range despite revenue growth guidance of 9%", "metric": "2017 EBITDA guidance" }, { "detail": "Management claim ~200; channel checks found zero with product or awareness", "metric": "Lowe's stores with Transform product" }, { "detail": "CSTE contractors charge 18-35% premium over IKEA for identical stones (IKEA includes free install)", "metric": "CSTE vs IKEA retail price gap" }, { "detail": "CSTE 23.1% vs Cosentino 17.9% despite ~20pp lower gross margin", "metric": "EBITDA margin FY2016" }, { "detail": "CSTE 6-8% vs Cosentino 11-22% — suggests undermaintained PPE or overstated revenue", "metric": "Capex/COGS ratio" }, { "detail": "$222.6m, down 0.3% vs 2015 — US 'core' is flat, contradicting growth narrative", "metric": "US revenue (FY2016)" }, { "detail": "~$56m filed 2014, progress undisclosed, no reserves taken", "metric": "Unprovisioned silicosis class-action" }, { "detail": "$2.9m paid to outgoing CEO Yos Shiran", "metric": "CEO exit payment" } ], "closingAsk": "Due to the irregularities in CSTE's accounts we decline to publish a price target, but investors should assume material downside as the growth thesis collapses.", "extraction": { "at": "2026-04-22 22:17:50+00", "model": "unknown-legacy", "runId": null, "seconds": 124.80015, "promptVersion": null }, "scqaReward": "No target price given because accounts are too irregular to model; report flags material downside as growth thesis collapses, capital returns cease, and litigation and competition compound.", "thesisTypes": [ "fraud_exposure", "undervaluation" ], "top3Reasons": [ "Lowe's 'Transform' collaboration is absent from stores — staff have never heard of the product", "CSTE's listed sales agents don't stock CSTE; IKEA sells identical product 18-35% cheaper with free install", "Financials implausible vs Cosentino — capex and marketing too low for claimed 10x distributor footprint" ], "scqaSituation": "Caesarstone is a NASDAQ-listed Israeli quartz countertop maker whose 2017 growth narrative rests on a new Lowe's collaboration, continued IKEA ramp, and superior EBITDA margins versus peers like Cosentino.", "thesisSummary": "Viceroy argues the Caesarstone bull case has evaporated. The flagship Lowe's 'Transform' collaboration, positioned by sell-side as a growth driver, is missing from stores — channel checks at 200+ Lowe's found zero product and zero staff awareness. CSTE's own listed sales agents no longer stock the brand, redirecting buyers to competitors like Silestone and Vadara Quartz (run by former CSTE USA CEO Arik Tendler); retail prices run 18-35% above IKEA for identical stones. The SEC has queried CSTE's revenue-variance disclosures, whose claim of rising average selling prices contradicts on-the-ground price declines. A comparative analysis against Cosentino exposes implausibly low maintenance capex and marketing spend given CSTE's purportedly 10x-larger distributor base, suggesting overstated revenue and underutilized PPE. Dividends and buybacks are discontinued, CEO Shiran has jumped ship, and a $56m silicosis class-action remains unprovisioned — yet analysts upgraded on 'lower risk'.", "primaryDemands": [ "Short CSTE based on fabricated growth narrative and accounting irregularities", "Revalue inventory materially downward to reflect decreasing average selling prices", "Re-underwrite sell-side models that ignore competition, silicosis litigation, and discontinued capital returns" ], "scqaResolution": "Short CSTE and mark down inventory to reflect falling selling prices; revalue against Cosentino-normalised maintenance capex and marketing spend to expose likely revenue overstatement.", "thesisOneLiner": "CSTE's bull case has disappeared: the touted Lowe's Transform deal is absent from shelves, sales agents are phantoms, and financials look overstated versus Cosentino.", "precedentsCited": [ "Spruce Point Capital (Ben Axler) prior short reports on CSTE" ], "scqaComplication": "Field checks find no Transform product at Lowe's, listed sales agents that don't stock CSTE, an SEC probe of ambiguous revenue variance, and a $56m silicosis class-action that remains unprovisioned.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 8, 10, 21, 33 ], "peerCompaniesCited": [ "Cosentino (Silestone)", "Vadara Quartz", "LG Hi-MACS", "Wilsonart", "Formica", "allen + roth", "ECO by Cosentino", "DuPont Corian" ], "valuationFrameworks": [ "multiple_comparison", "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "analysis", "title": "The slide uses a 'villain' framing by highlighting management inconsistencies, competitive threats, and operational failures.", "function": "diagnose_problem", "imagePath": "https://imgproxy.kitesheet.com/vMfyDYX8D0BrkQPjK2tYvaAtRTFVCOzJ-ntBDnnh6Ko/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84YWRkMzAxMTc2MmMvcDAwMS5wbmc", "rawType": "thesis_headline", "block": 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In reality, the significance of growing competition in the USA goes unaddressed by CSTE. The market is extremely saturated with big players including Vadara Quartz, headed by the former CSTE USA division CEO Arik Tendler, and low-opex Asia-Pac players who can better compete on price for a virtually undifferentiated product.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d40d1c7-0627-4510-9f1e-64d35e5fb8e3", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.12, "y": 0.29 }, "kind": "list", "text": "Of CSTE's listed sales agents, there is a growing percentage no longer sell (or have never sold) CSTE products, switching to higher margin products. Agents who sell CSTE are charging a higher retail price than consumers pay at IKEA for identical products. Ikea countertops include free installation!", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cc18c10-c5fd-440c-9ef5-b8b971fa1931", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.12, "y": 0.69 }, "kind": "list", "text": "CSTE has consistently missed guidance; a theme we identify and is unlikely to change.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90fbc061-5a7f-498d-a1ca-1649a7a9faa2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.12, "y": 0.21 }, "kind": "list", "text": "CSTE's major revenue growth product, marketed as a collaboration with Lowe's, is not for sale according to Lowe's Customer Services and store checks. This is contrary sell-side forecasts highlighting this as a growth driver.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98c74c5f-ccde-405e-bce2-77de24d446f0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.12, "y": 0.65 }, "kind": "list", "text": "Competitor analysis suggests CSTE are either not maintaining machinery adequately or that machinery is severely underutilised.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99fa1b4e-4230-456d-b04c-a9dcd36f5186", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.12, "y": 0.71 }, "kind": "list", "text": "Shareholder friendly programmes discontinued. CSTE is now a negative earnings growth vehicle with no payout policy.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa06a14b-eb98-46c2-ade4-d9a0208e8754", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.12, "y": 0.44 }, "kind": "list", "text": "SEC enquiries into CSTE revenue growth factors inconsistently addressed by management. The major revenue variance factor, increased average selling price, is not supported by channel checks which show prices decreasing at major customers/outlets.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b951d1a2-d5fc-4117-a159-37310e12baa2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.12, "y": 0.9 }, "kind": "source-note", "text": "1 http://vicostone.com/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This report and any statements made in connection with it are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. This document or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.\n\nAny examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.\n\nAs of the publication date of this report, you should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.\n\nThe authors intend to continue transacting directly and/or indirectly in the securities of issuers covered on this report for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:25.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f798eb7-e494-45f4-a2e8-71c8aee9b067", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.115, "x": 0.121, "y": 0.088 }, "kind": "title", 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It is worthwhile noting that while Lowe’s stocks no Caesarstone of any kind, they have an extensive range of Silestone and a few other brands, including their own brand.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b828750-1eb5-4aea-9b20-2544c6f3551e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.14 }, "kind": "paragraph", "text": "Caesarstone’s market expansion strategy took on another direction in their most recent filings announcing a collaboration with Lowe’s™, marketing a new overlay product called Transform™.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1155a04-1419-47c4-bbb4-2fb0a27765aa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.27 }, "kind": "paragraph", "text": "It appears that either the company failed to inform Lowe’s of this latest development or the time expectations of commercialising this agreement are entirely flawed. The product is not available at Lowe’s stores via Customer Service for purchase, pre-order or samples as of the date of this report. In fact, Lowe’s Customer service has never heard of this product!", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc1f0c40-cf3f-49a0-bd82-194be5bbd17c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Q3. Revenue growth guidance for 2017 of 9% was encouraging as the company announced its plans to sell a new product at Lowe’s this year and enter direct distribution in the UK. For a growth story that had stalled, the resumption of revenue growth is clearly an important sign. — Stifel Earnings Analysis - 8 Feb 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4a-ea083aabfbca", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.12, "y": 0.92 }, "kind": "source-note", "text": "12 https://www.sec.gov/Archives/edgar/data/1504379/000117891317000750/zk1719638.htm (20F)\n13 http://ir.caesarstone.com/secfiling.cfm?filingID=1178913-17-338&CIK=1504379", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"text": "A Caesarstone product search on Lowe’s website returned no results, and instead offered a healthy range of competitors’ products.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75225c46-a2b0-4f03-bf1a-ac3040e90ebc", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.6, "x": 0.18, "y": 0.15 }, "kind": "image", "text": "Lowe's website search results for Quartz Countertops", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75e1d664-5de9-43e6-9d10-f89eab103777", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.68 }, "kind": "list", "text": "Lowe’s is a mass-market retailer with no premium status, similar to IKEA, and such an agreement will further destroy whatever remaining premium-brand recognition CSTE has left. CSTE will have to play \"Lowe’s-margin\" game. Offering a cheaper substitute product through Lowe's would further deteriorate earnings through cannibalisation as CTE would essentially be undercutting themselves.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1d270b6-7f46-43ec-8aa8-354a59031fe7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.12, "y": 0.11 }, "kind": "paragraph", "text": "We conducted an online search on Lowe’s website searching by brand (search term: Quartz Countertops*) 14 (Accessed June 07, 2017).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b165ed6-8a7c-4817-be2c-a6d9108cc050", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.12, "y": 0.83 }, "kind": "source-note", "text": "Footnotes 14, 15, 16", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It is our view that CSTE have to revalue their in-house finished goods inventory and inventory held by resellers represented within CSTE’s accounts receivable.\nCSTE USA’s former CEO Arik Tendler appears to have entered the USA market with a superior product under the brand Vadara Quartz. Vadara’s marketing appears to address quality issues that plague Caesarstone online reviews (cracking/chipping, staining & using chemicals).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:28.302+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a68a536-32c4-4c90-b24c-ef971de72506", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.14 }, "kind": "paragraph", "text": "We conducted substantial channel checks into agents listed on CSTE’s website and into product lines over the last 3 months. Our main findings were that:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:28.302+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "017559a6-f831-4994-87d2-2e3174180af1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.76 }, "kind": "paragraph", "text": "As a comparison, Silestone’s US agent and supplier list appears well maintained, with basic rules of online sales and referrals being followed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:28.302+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "032c6500-0aed-4247-a2c6-e60dc0db5d5b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.56 }, "kind": "paragraph", "text": "Industry professionals indicate that the market place is significantly more competitive, raising the question as to whether CSTE can afford to be failing so miserably in managing their customer referral points.\nOMNI-Channel marketing 101 suggest CSTE are ignoring all the basic rules. In the USA, U.K. and Australian Markets there is an apparent failure to maintain basic up-to-date reseller agent information. 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With increased competition, margin pressures and a sales network that needs serious updating, it's no wonder CSTE are the subject of SEC enquiries...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51d9e7bb-78d3-42aa-9c7f-37b5c16aa696", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.08 }, "kind": "paragraph", "text": "The following year's 20-F provided insight into various metrics which we address below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c91015e7-f881-42fb-9122-e981f4caa3ed", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.4 }, "kind": "paragraph", "text": "Increased Average Selling Price? Our comprehensive channel checks showed no increase in the prices of CSTE products at over the last two years. In fact, a review of Ikea's catalogue shows that stock prices are generally decreasing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef0c710b-22ea-49e5-9e92-7d505635236d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.76, "x": 0.12, "y": 0.64 }, "kind": "source-note", "text": "Figure 13 – IKEA Sektion price list – FY 2015", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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So far there had been no provisions for the class-action suit that was filed in 2014 (circa $56M) , the progress of this case is unknown to date. 42\n\nPrudence dictates that these legal claims should be risked into any price target going forward. 43 CSTE discreetly mention that “Consistent with the experience of other companies involved in silica-related litigation, there may be an increase in the number of asserted claims against us.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ff589c7-6e33-4a1e-aae1-1e5bc1641e85", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.62, "x": 0.19, "y": 0.325 }, "kind": "quote", "text": "Consistent with the experience of other companies involved in silica-related litigation, there may be an increase in the number of asserted claims against us.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc37d284-3c61-4d5c-892b-2063209b7c33", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Consistent with the experience of other companies involved in silica-related litigation, there may be an increase in the number of asserted claims against us. — Caesarstone Ltd.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4b-cab93bf2a082", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.118, "y": 0.88 }, "kind": "source-note", "text": "42 https://www.sec.gov/Archives/edgar/data/1504379/000117891317000750/zk1719638.htm\n43 http://www.themarker.com/markets/1.3931649", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Silicosis – cost of doing business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3f3837c-6bb9-4c5e-8853-923db600354c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": 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This is fundamentally the value of the assets that will have to be replaced in order for the businesses to continue its operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bfec03e-0cae-473b-aa9f-f7bc0a02567d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.14, "y": 0.56 }, "kind": "paragraph", "text": "This analysis highlights what was already apparent at first glance of the accounts: Caesarstone's free cash flow is inexplicably and illogically better than its competitors. Note that while we have modelled in CSTE's lower tax rate, this does not affect our comparative analysis conclusions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f43b2d6-ff36-4265-90d2-bcbda3e6ed4a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.14, "y": 0.34 }, "kind": "paragraph", "text": "We believe that CSTE is either not properly maintaining its assets, or overstating its sales volume and revenue while PPE remains underutilized.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fe27841-216a-4c2f-aa5b-c7f964095eca", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.14, "y": 0.13 }, "kind": "paragraph", "text": "A comparative financial analysis against Silestone (a.k.a. Cosentino) reinforces our belief that Caesarstone's financial statements are misrepresented. Specifically:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "812f7553-2d69-42bf-af71-e5bdda74d282", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.14, "y": 0.66 }, "kind": "paragraph", "text": "CSTE's marketing expenses have averaged around 13% of revenues over the last four years. We derived marketing expenses from Silestone's account by way of elimination, which appear to be in the region of 20% of their revenue over the last 2 years. In any case, Silestone have much higher OPEX overall per Figure 21 below.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89443624-ba1d-4482-999a-a9b1de4f5dc5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.14, "y": 0.73 }, "kind": "paragraph", "text": "As mentioned through this report, CSTE has over 10 times more distributors than Silestone. CSTE's marketing expenses do not reflect this enormous client upkeep with a maintenance cost consequence. This was reflected in our channel checks where a numerous CSTE's listed agents simply did not sell the product.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9162c754-1180-433e-b5b3-3c608e654564", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.14, "y": 0.42 }, "kind": "paragraph", "text": "In order to make a fair comparison, we have derived unlevered operational cash-flows for both businesses over a 5-year period - CSTE ending in FY 2016, Silestone ending in FY 2015 as FY 2016 results have not yet been released.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.163+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8898ed5-058c-40f4-9de4-e0c871966c7b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.75, "x": 0.14, "y": 0.85 }, "kind": "source-note", "text": "44 http://www.breton.it/engineeredstone/en#ad-image-0\n45 Salaries accounted for, only other costs could be admin, which, given high salaries, are presumably done in house and thus would not be recognised as “External Services”.\n46 Silestone FY 2014 Financial Statements. 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Despite having substantially lower gross margins (almost 20 percentage points!), CSTE’s EBITDA has grown in the midst of competition and has overtaken Cosentino’s margins! 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It issued a letter on 26 September 2016 asking why US production lines and Israel production lines are aggregated into a single reporting segment, reducing visibility on utilisation of each plant", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.34+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05c079f0-b478-46d2-aed5-bcf32fa49875", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.71 }, "kind": "paragraph", "text": "We note that the suppliers for the equipment are based in the Euro zone, however even the appreciation of the USD does not compensate for this massive discrepancy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.34+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "088d8764-e599-49c0-8a41-07aee896ea3f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "In 2016, which was a non-expansionary year for CSTE, it spent a mere US$23m on PPE:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.34+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab46f741-b7d5-41df-b8e7-bb27f09213d7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.54 }, "kind": "paragraph", "text": "Given all the machinery and frequent wear and tear parts are provided by, fitted and maintained by a limited number of niche suppliers with limited cost variables, it is reasonable to presume that :", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.34+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b47bd005-5761-4f92-9514-4234cdea5af6", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.76 }, "kind": "paragraph", "text": "We have no idea how CSTE can spend so little on its CAPEX; but we can hazard a guess. 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We believe transparency into CSTE’s reportable segments would ultimately prove our thesis.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:30.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "287fd6bf-3bb7-4519-b49c-d8986519d63f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.59, "x": 0.205, "y": 0.115 }, "kind": "paragraph", "text": "7. We refer to your previous assertion that your subsidiaries have similar economic characteristics, and therefore, you aggregate your operating segments into a single reportable segment. 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Freedonia source information from CSTE themselves and are compensated for the data by CSTE. Freedonia's pie charts do not reconcile with CSTE's revenues.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "320fab2b-3426-4c1d-aa56-a6bd8998d9a1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.12 }, "kind": "paragraph", "text": "In each year's financial statements CSTE give a breakdown of global countertop markets and demand developed \"independently\" by Freedonia Market Research, who conducted the research \"on behalf of\" CSTE. We have reservations on the accuracy of this data because:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:32.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac2f5ce3-6347-4008-ba18-5afabcc20286", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.85 }, "kind": "source-note", "text": "48 CSTE FY 2016 Financial Statements; 49 Refer to Spruce Point Capital CSTE Research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The surface demand mix increase yoy for quartz countertops appears extreme considering that: There was an obvious recommendation and sales data channel checked countertop fitters which suggest a preference towards granite or quartz. Granite and quartz are the same price. While Quartz surface has grown in the product mix by 50% since 2014, granite’s mix has stayed flat:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:31.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5995227-32c2-49e7-affa-060bdb71d9b5", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.08 }, "kind": "paragraph", "text": "CSTE alleges 14% market penetration in North America. Whilst this calculation does not consider countertop material preference by geography or even by volume, it would certainly be a stretch to say that the product mix of surfaces in Australia is so substantially different to that of the USA, as the calculation is derived from Australian figures. The mismatch speaks volumes. We believe either: CSTE’s performance is not correlated to the global market in which case the data is useless. 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"bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4c-4e67c45e228e", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.435, "x": 0.151, "y": 0.152 }, "kind": "list", "text": "Verification of CSTE's geographical segment data\nAuthentication of CSTE's market research data", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": 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], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "The slide uses a chronological list format to contrast historical guidance with subsequent performance outcomes.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 10, "textChars": 2927, "nDataPoints": 4, "notes": "The slide uses a chronological list format to contrast historical guidance with subsequent performance outcomes.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:46.264+00", "seconds": 16.877, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-03d18e01476f/38", "deck": "/decks/019dd923-622c-750b-8b9a-03d18e01476f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-03d18e01476f#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b9a-03d18e01476f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We know now that the Georgia plant has not performed up to expectations and been a drag on margins.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4e-4a463130c624", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.33 }, "kind": "list", "text": "Q4'14 Results (Feb 2015) 51\nCompany Issues FY15 Guidance, expects continued growth\nTaking into consideration, among other items, current exchange rates and the temporary inefficiencies associated with opening its new U.S. manufacturing facility, it expects its 2015 revenues to be in the range of $515 million to $525 million, and adjusted EBITDA to be in the range of $123 million to $129 million\nStock moves higher", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:46.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f6123d2-12b9-4215-8089-050d941073d3", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.72, "x": 0.14, "y": 0.49 }, "kind": "list", "text": "Q2'15 Results (August 2015) 52\nReiterates. Full Year Adjusted EBITDA Guidance on lower revenue expectations\nThe Company's U.S. manufacturing facility in Richmond Hill, Georgia remains on track, with the first line in the U.S. now operational, and the second line in the U.S. expected to begin production in the fourth quarter of 2015.\nThe Company today reiterated its guidance for full-year adjusted EBITDA of $123 to $129 million and commented that it now expects to achieve that range with better than previously expected margins.\nAs a result of slightly lower-than-expected U.S. growth and the further negative impact of foreign exchange rates, the Company moderated its full-year revenue guidance to a new range of $495 million to $505 million as compared to its prior range of $515 million to $525 million.\nThe stock corrects lower significantly.\nSpruce Point report follows.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:46.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8348c76a-1a79-42bf-82ab-d58e7cde4e1b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.78 }, "kind": "list", "text": "Q4'15 Results (Feb 2016) 53\nIssues disappointing guidance.\nSays “The Company is ramping up its U.S. manufacturing facility in Richmond Hill, Georgia with both lines operating at a higher pace. This ramp will enable the Company to better serve the U.S. market and support the Company's ongoing growth.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:46.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcbb0c62-2bef-4001-8b7c-5cad24a58b0f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.23 }, "kind": "paragraph", "text": "CSTE has materially missed its capex costs for the Georgia facility and continually revised earnings lower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:46.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31bc4669-799e-4c9d-bf3a-a1ba4908922f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.15 }, "kind": "paragraph", "text": "Stifel analysts recently (March 2017) upgraded the stock after their last earnings report. CSTE has guided for lower earnings power this year, yet the stock is up significantly YTD. These are the same analysts who said “buy” in early 2015 the peak prices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:46.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e3aa117-d9db-46c3-9bf5-91486441d400", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.27 }, "kind": "paragraph", "text": "Slide 13 of Spruce Point report50 details the repeated raising of capex guidance associated with the Georgia plant. 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