{
  "docId": "019dd923-622c-750b-8b96-7f2e60571091",
  "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",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 49,
  "pageCount": 54,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "appendix_data",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a combination of historical text-based performance data and a visual chart from the company to expose a pattern of over-promising.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-7f2e60571091/49",
  "deckHref": "/decks/019dd923-622c-750b-8b96-7f2e60571091",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-7f2e60571091.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-7f2e60571091#slide-49",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We question what management means by “originally expected”.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f8e-a44ebb7d2feb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.65,
        "x": 0.17,
        "y": 0.408
      },
      "kind": "chart",
      "text": "Organic Growth Outlook (Automotive)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f76f456-a848-4087-9f9d-a641f7198cd3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.16
      },
      "kind": "list",
      "text": "In 2009, Nidec predicted FY 2011 operating profit of JPY 100 billion. Reality turned out to be JPY 73 billion, a miss of 27%. In 2009, Nidec predicted FY 2012 sales of JPY 1,000 billion. Reality turned out to be JPY 709 billion, a miss of 29%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6f4ec76-0c98-4e2a-8e78-efcbb3d035b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.11,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "We question what management means by “originally expected”.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f9ad2dd-c784-4d91-ba16-591d09dfa4bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.78,
        "x": 0.11,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "147 Q1 2009 Presentation, Slide 7. 148 FY2011 20-F, p. 92. 149 Q1 2009 Presentation, Slide 7. 150 FY2012 20-F, p. 92. 151 FY 2009 Presentation, Slide 17. 152 FY2016 20-F, p. 92.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b68ba6e1-4a5d-4c38-8aa2-304041c03b0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.52,
        "x": 0.24,
        "y": 0.09
      },
      "kind": "title",
      "text": "Appendix A: Detail on Promotion and Missed Targets Detail",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9ba6409-05be-4a5d-a930-54180aca6c75",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "60ad87a3-836d-4b50-940b-07e809fac720",
      "evidence": "The presentation of data in a table format.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "baca2cb9-c353-4582-9bdf-59f34610c9c9",
      "evidence": "The slide explicitly contrasts management's past predictions with actual results to undermine credibility.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 54,
      "from": 42,
      "beatId": "d17983c2-63cb-4b7b-8bfc-8162798e97d7",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document presents Muddy Waters Capital LLC's conclusion and valuation of Nidec's shares.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 54,
      "from": 42,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6db32f42-9034-4eac-8f6d-fbe9eb8f6b29",
      "evidence": "The document presents Muddy Waters Capital LLC's conclusion and valuation of Nidec's shares.",
      "position": 1,
      "objective": "To highlight the cost of inaction for investors who fail to recognize Nidec's true value",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}