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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide serves as a record of failed projections across multiple business segments.",
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      "text": "In 2013, Nidec predicted that HDD and other small motors would only represent 33% of its revenue in FY 2015. Less than three years later, reality turned out to be 38%.",
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      "text": "In 2010, Nidec predicted FY 2015 Small Precision motor sales of JPY 500 billion. Reality turned out to be JPY 448 billion, a miss of over 10%.",
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      "text": "In 2010, Nidec predicted HDD market demand would exceed one billion units in 2014. Reality turned out to be 442 million units, a miss of over 55%.",
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      "text": "In 2010, Nidec predicted it would sell 882 million HDD units in FY 2015. Reality turned out to be 362 million units, a miss of 59%.",
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      "text": "In 2010, Nidec published a slide predicting HDD Density would average 40% annual growth over the long-term. In 2012, Nidec published the same slide, but with a prediction that HDD areal density would average annual growth over the long-term of only 20%.",
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      "text": "In 2013, Nidec predicted FY 2015 ACI OP margin of 15%. Less than three years later, reality turned out to be only 8.0%.",
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      "text": "Footnotes 175-187 detailing source presentations and data extraction methods.",
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      "text": "HDD / Small Precision Motors:",
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