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  "docSlug": "cfe5ee328183",
  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-21 00:00:00",
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      "text": "We believe investors should adjust downward Ströer's reported EBITDA as shown in the table below.",
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      "text": "EBITDA: 20.6%",
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      "text": "We suspect that Ströer's Other Operating Income (included in EBITDA) includes amounts that are one off or non-recurring. We start by adjusting 2014 EBITDA down by €6.8 million to €127.2 million.",
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      "text": "We believe investors should adjust downward Ströer's reported EBITDA as shown in the table below. The adjustments we feel are warranted relate to Ströer's other operating income, and certain capitalized items that we suspect are more conservatively expensed.",
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      "kind": "quote",
      "text": "The adjustment is to remove income booked that “relates to compensation payments received in connection with acquired advertising concessions within the Ströer Germany segment which could not be used to the extent agreed.” — Ströer 2014 AR p125",
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      "kind": "source-note",
      "text": "8 http://www.investopedia.com/terms/o/organicgrowth.asp\n9 Ströer 2014 AR p125",
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      "text": "Reported EBITDA, High Adjusted EBITDA, Delta, Low Adjusted EBITDA, Delta for 2013, 2014, 2015",
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      "text": "II. Ströer Appears to Artificially Inflate EBITDA",
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