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  "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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  "notes": "The slide uses a comparison of financial metrics to cast doubt on the legitimacy of reported margins, citing a historical fraud case (CCME) as a precedent.",
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      "text": "The only public video company we could find that EBITDA margins equal to or greater than 50% is called China MediaExpress Holdings Inc. (\"CCME\"). However, CCME was a complete fraud",
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      "text": "Visual Art (Sweden): 4.2% EBITDA margin in 2014, 12.7% in 2015. Cittadino (Germany): Broke even in 2013, lost €1.3m in 2014. Media Frankfurt (Germany): 13.2% EBITDA margin in 2013, 12.8% in 2014.",
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      "text": "EBITDA margin: 50%",
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      "text": "Responsible for this report: Carson C. Block, Muddy Waters Capital LLC",
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      "text": "Ströer reported that Infoscreen generated profit of €30.0 million in 2015. This was an increase of 73.4% over 2014 profit of €17.3 million. However, the overall number of screens only grew 16.7% from 3,000 to 3,500.",
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      "text": "We understand that the company has recently told investors that Infoscreen’s EBITDA margins are approximately 50%. If our understanding of the company’s comments is correct, Infoscreen’s profitability appears to be a substantial outlier in the industry.",
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      "text": "Footnotes 160-170 detailing financial sources and references.",
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