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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide functions as a critical analysis of corporate reporting practices, specifically focusing on the misuse of the term 'organic growth' in the context of M&A.",
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      "text": "Ströer's use of this form of “organic growth” as a KPI for investors and internal compensation purposes creates conditions for “spring loading”.",
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      "text": "There are two additional Ströer twists to its computation of “organic growth”... First, it is relatively easy to game this version... Second, Ströer’s use of this form of “organic growth” as a KPI for investors and internal compensation purposes creates conditions for “spring loading”.",
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      "text": "counting the acquired growth as its own “organic” growth beginning the first day of Ströer’s ownership. We suppose it’s a sign of the times that Ströer has been able to get away with this concept, which is almost entirely opposite of what “organic growth” is supposed to mean.",
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      "text": "“Organic growth” Refers to growth achieved by internal investments of the firm. This could be the day-to-day business of the firm or a division of the firm starting a new business from scratch. This is distinguished from growth by acquisition or merger which involves an outside firm.",
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      "text": "Organic growth is the growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers.",
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      "text": "“Organic growth” Refers to growth achieved by internal investments of the firm. This could be the day-to-day business of the firm or a division of the firm starting a new business from scratch. This is distinguished from growth by acquisition or merger which involves an outside firm. — Nasdaq",
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      "text": "6 For a comprehensive academic discussion of spring loading, see: http://faculty.som.yale.edu/jakethomas/papers/quietperiodEM.pdf\n7 http://www.nasdaq.com/investing/glossary/o/organic-growth",
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