{
  "docId": "019dd923-622c-750b-8b96-063645a867ac",
  "docSlug": "ad39e81239e4",
  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 57,
  "pageCount": 133,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide uses a red box to highlight specific columns in the purchase price allocation table. It contrasts the acquisition value with the prior carrying value.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/57",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-57",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "When Olam bought CFM on January 12, 2010, it valued the PP&E at S$168.6 million, which was a 25% increase over CFM’s carrying value in only 13 days.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befc-17cab9375985",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "PP&E value: 25%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befc-18b8dec78b6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.14,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "When Olam bought CFM on January 12, 2010, it valued the PP&E at S$168.6 million, which was a 25% increase over CFM’s carrying value in only 13 days.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5382d91d-1fbb-43ea-b250-9d6e714d455d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.14,
        "y": 0.84
      },
      "kind": "paragraph",
      "text": "Below is the PP&E detail from CFM’s audited financial statements showing that its carrying value was only NGN 14.4 billion, or S$134.9 million. Olam upped the valuation by 25.0% just 13 days later:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77324076-abef-4b95-9c01-5769c393f859",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.75,
        "x": 0.14,
        "y": 0.24
      },
      "kind": "table",
      "text": "Purchase price allocation table showing assets, liabilities, and net assets for various business units.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d40f059-156c-4d59-8f4f-5bb5051c829f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "title",
      "text": "Step 2: Olam ups the PP&E value by 25% upon acquisition.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4518f48d-aba8-4215-97df-331b4205d7a3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 133,
      "from": 51,
      "beatId": "bfd56f27-9e0e-4a96-9fda-8bd5736531bb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and recovery analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 50,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "55a0474f-bcfd-4075-a427-456e1a9d8b5a",
      "evidence": "Discussion of Olam's solvency crisis",
      "position": 1,
      "objective": "Highlight the risks of not addressing Olam's issues",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}