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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide uses a critical tone to challenge the 'secret sauce' narrative of Nidec's M&A, citing lack of transparency and declining efficiency metrics.",
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      "text": "The graphs show that in recent years, Nidec’s asset efficiency is generally lower than it was at the beginning of the period.",
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      "text": "Its acquisitions help to mask weak organic growth... The extent to which it generates synergies... Nidec’s due diligence... Nidec has a taste for highly questionable companies... Its record of creating value...",
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      "text": "At a high level, we argue that the two graphs below showing Nidec’s return on assets and asset turnover over 10 years does not support the proposition that it creates value through acquisitions.",
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      "text": "With so many moving parts (e.g., currencies, regroupings and reorganizations, inter-company sales, asset impairments, capex, timing differences), it is difficult to concretely evaluate the performance of Nidec’s acquisitions.",
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      "text": "a recent search of sell-side research covering Nidec yielded the words “synergy” and “synergies” in 153 Nidec reports over the past five years. — Alpha-Sense",
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