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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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  "notes": "The slide uses a short table to calculate implied growth and follows with a detailed critique of management's accounting practices.",
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      "kind": "callout",
      "text": "Disposing of companies for zero consideration is effectively a management failure.",
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      "text": "Organic Growth: 9.1%",
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      "text": "In our view, the most accurate way of measuring Digital organic growth in 2015 would have yielded a rate of only 2.5%. First, Ströer misleads regarding its 2015 organic growth rate by “cherry picking”. ... Disposing of companies for zero consideration is effectively a management failure.",
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      "text": "3 “Preliminary Figures FY2015”, 23 February 2016, slide 28 4 See the section entitled ‘Suspected Lack of Impairment for Apparently Failed Investments Suggests Lack of Accountability at Ströer’",
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      "text": "Ströer 2014 Revenue 721.1 - Discosed Inorganic Growth 42.2 =2013 Revenue + 2014 Organic Growth 678.9 - 2013 Revenue -622 =2014 Organic Growth 56.9 Implied % Growth over 2013 9.1%",
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      "kind": "title",
      "text": "Ströer’s 2015 Organic Growth Should be Adjusted even Lower",
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