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  "docSlug": "9e3d3c9dc613",
  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "pageNumber": 11,
  "pageCount": 54,
  "prevPage": 10,
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  "slideType": "before_after",
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  "density": "balanced",
  "nDataPoints": 32,
  "notes": "The slide uses a 'before-after' framing to expose the company's tendency to miss projections even after adjusting for significant cost savings.",
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      "kind": "callout",
      "text": "Recall that Nidec has a long and rich history of missing its own projections – often by substantial amounts.",
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      "text": "Operating income chart",
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      "text": "Operating Income: JPY 12.5 billion",
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      "text": "The Nidec presentation slides below compare the relatively unexciting projected growth in OP margin pre-charges to the rocket like growth post charges. Note in the post-charges slide that even with the benefit of a reduction of JPY 10 – 15 billion in annual expenses, Nidec was still expecting to fall short of the FY 2013 and FY 2014 OP margin goal it maintained just two quarters earlier. (Recall that Nidec has a long and rich history of missing its own projections – often by substantial amounts.)",
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      "text": "Operating income and EPS growth adjusted to reverse an estimated JPY 12.5 billion cost savings, versus reported results.",
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