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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-28 00:00:00",
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  "notes": "This is a page from a research note (likely a short-seller report) detailing specific grievances against company management.",
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      "text": "We believe this complete misstatement and twisting of the facts is typical of management's seemingly estranged relationship to the truth.",
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      "kind": "paragraph",
      "text": "Ströer’s 2013 AR discloses only €329,000 in transaction costs. Was the disclosure inaccurate then, or is it inaccurate now? Or is there any other reason for the difference between the two numbers?",
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      "kind": "paragraph",
      "text": "Yet despite this purportedly very diligent process, the company did not ascribe any price to freeXmedia, despite agreeing to acquire it before Media Ventures could have integrated it into the other businesses.",
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      "text": "The company seemed to ratify our understanding that the company has told investors that Infoscreen’s EBITDA margins approximate 50%. The company also seemed to acknowledge that these margins are much higher than the rest of the industry.",
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      "text": "Our jaws also dropped to the floor when we hear Udo Müller state on the conference call that one of our third party investigators had declined Ströer’s invitation to introduce him to Ströer employees.",
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      "text": "Ströer never denied that a) it found material misstatements in any of the Turkey subsidiaries in 2014, b) it codenamed the investigation and / or aftermath “Project Zero”, or c) it reported the materially misstated numbers in its 2014 financials.",
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      "text": "On the call, management stated “I mean we spend only EUR 2 million in conducting fees on lawyers and accountants in Ströer to make 100% sure that everything what we do in connection with this transaction is 100% compliant.”",
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      "text": "I mean we spend only EUR 2 million in conducting fees on lawyers and accountants in Ströer to make 100% sure that everything what we do in connection with this transaction is 100% compliant. — Udo Müller",
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      "text": "8 We are assuming that Ströer did not defer recognition of these transaction costs into 2014, which if it did, would raise other questions.",
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      "text": "10. Müller and Ströer’s Moaning is Disingenuous",
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      "text": "9. Ströer Confirmed that Public Video is Unusually Profitable; Yet it Offered No Explanation as to Why",
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