{
  "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": 87,
  "pageCount": 133,
  "prevPage": 86,
  "nextPage": 88,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a skeptical, narrative-driven tone to critique Olam's management and project viability.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/87",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-87",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Olam is not a child - it is a public company. And we cannot tell it that it just has dare to dream in order to pull off the Gabon fertilizer project when - to our minds - it lacks the capability to do so.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befe-ae2e6ba74bda",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.69,
        "x": 0.17,
        "y": 0.29
      },
      "kind": "list",
      "text": "As we show in this report, Olam is a poor planner and executor of far simpler projects than this one. The lack of demonstrable progress and unnerving silence by Tata Chemicals are early warning signs that the project might not advance.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab6ab30c-f0fd-43e2-9caa-197454eca6ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.69,
        "x": 0.17,
        "y": 0.37
      },
      "kind": "list",
      "text": "The apparent government supply contract at preferential prices has potential issues, including: the gas provider appears to actually be a private business, rather than the government; and the amount of supply in question would equal 75% of Gabon’s proven gas reserves.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be589f15-6a19-4f7d-9ba0-3b5ee35c5b89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.72,
        "x": 0.14,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Olam’s planned urea joint venture fertilizer plant in Gabon created a good deal of excitement among investors. However, we are skeptical that it will live up to expectations – let alone that will ever be commissioned.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72b4d803-6a87-41d2-89dc-f460bf7442da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "If Olam were our child, we would of course encourage it to think it could do anything. When it got discouraged, we’d read to it “The Little Engine that Could” and tell it that if it works hard, it can be an astronaut someday.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a709c50d-12f2-4429-b7e9-8cc839685e78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "In November 2010, Olam announced a joint venture with the government of the Republic of Gabon (“RoG”) to build a US$1.3 billion urea based fertilizer plant. Olam was to own 80% of the project, and RoG 20%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e73f6e88-615c-44de-8d79-616fac0933f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.79
      },
      "kind": "source-note",
      "text": "154-158: Press releases, analyst reports, and company website links.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95216128-8627-4067-8af1-e42a8d738094",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "title",
      "text": "Gabon Urea Fertilizer Project – Just a Load of Fertilizer?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "41a19d21-90be-4c9f-b44e-487130b25954",
      "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}