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  "docId": "019dd923-622c-750b-8b95-cd860e9fde74",
  "docSlug": "d92dc59f9587",
  "documentTitle": "China MediaExpress Holdings (CCME)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-02-03 00:00:00",
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  "notes": "Muddy Waters research note; uses VISN as a benchmark to derive a discounted revenue estimate for CCME.",
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      "text": "We estimate that CCME generated 2009 revenue no greater than $17 million.",
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      "text": "Revenue / S&M Employee: $17,217,432",
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      "text": "Because VISN has a somewhat similar business model to that of CCME, we chose VISN's revenue per sales and marketing employee as a baseline.",
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      "text": "We estimate that CCME generated 2009 revenue no greater than $17 million. We base this estimate on the metric of revenue per employee in sales and marketing.",
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      "kind": "source-note",
      "text": "(1) CCME's 10-K (p. 21) states that CCME has seven employees in \"client service.\" It does not otherwise specify salespeople. (2) We add the 63 \"business operation\" employees to the seven client service employees.",
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      "text": "Comparison table of AMCN, FMCN, VISN, and CCME revenue and employee metrics.",
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      "text": "Calculation table for CCME estimated revenue using VISN as a baseline.",
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      "text": "Financials",
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