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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-28 00:00:00",
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      "text": "The sell-side analyst table reconciles to Ströer’s claimed 2014 and 2015 organic growth numbers; however, the reconciliation above is incorrect.",
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      "text": "organic growth: 11.4%",
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      "text": "The sell-side analyst table reconciles to Ströer’s claimed 2014 and 2015 organic growth numbers; however, the reconciliation above is incorrect. We call upon Ströer to publish its own reconciliation for the Digital Segment and overall.",
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      "text": "The first step to determining 2014 organic growth is to calculate the comparable revenue base for 2013... The major problem with the 2014 organic growth analyst reconciliation above is that the analyst doesn't add any 2013 pre-acquisition revenue...",
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      "text": "Table 1: Cross-check of reported organic sales growth",
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      "text": "Appendix B: Flawed Analyst Attempt to Reconcile to Ströer’s Stated Organic Growth",
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