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  "docSlug": "4ee8cca82f1a",
  "documentTitle": "Oatly Group AB (OTLY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "The slide uses a red flag icon to signal a warning about the company's valuation.",
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      "text": "We believe investors are ascribing an irrationally high valuation to Oatly. Per the Company's own trusted data source of Euromonitor, the plant-based dairy market in its key regions is expected to be $21 billion by 2025. However, Oatly's current valuation is almost $12 billion, or 62% of the projected market. Based on our current observations of the competitive dynamics, it would seem unlikely to us that Oatly ever captures such a high percentage of the market.",
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      "kind": "callout",
      "text": "We believe investors are ascribing an irrationally high valuation to Oatly. Per the Company’s own trusted data source of Euromonitor, the plant-based dairy market in its key regions is expected to be $21 billion by 2025. However, Oatly’s current valuation is almost $12 billion, or 62% of the projected market.",
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      "text": "valuation as % of total market: 57%",
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      "text": "Source: Euromonitor per Oatly F-1 Registration Statement, pp 97 - 98\nNote: Asia is ex: soy in China and expected to “increase moderately” by 2025",
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      "text": "Plant-Based Dairy Market Relative To Oatly's Valuation",
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      "text": "Extreme Valuation Relative To Market Size",
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