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  "documentTitle": "Oatly Group AB (OTLY)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Uses Beyond Meat as a precedent for valuation multiple compression.",
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      "text": "Median EV / Curr Yr Sales: 17x\nMedian EV / Next Yr Sales: 11x",
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      "text": "We believe there is significant room for Oatly's multiple to compress below BYND's.",
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      "text": "Beyond Meat’s Sales Expectations For 2021 and 2022 Were Initially Too High And Have Continued To Come Down",
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      "text": "Beyond Meat’s Historical EV / Projected Sales Valuation",
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      "text": "We believe investors should look to Beyond Meat (Nasdaq: BYND) as an instructive example of how to value Oatly. Shortly after its IPO and chorus of “Strong Buy” recommendations, its 2021 – 2022 revenue expectations and multiple expanded. However, over time, revenue expectations are being tempered and its multiple is compressing. On average, BYND has traded at average one and two year forward multiples of 17x and 11x, respectively. However, BYND has significantly better gross margins that are more than 500bps higher than OTLY’s. At the current time, Oatly is trading at 17x and 9.5x 2021/2022E sales. We believe there is significant room for Oatly’s multiple to compress below BYND’s.",
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      "text": "Source: Bloomberg",
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      "text": "Beyond Absurd: Instructive To Look At Beyond Meat To Gauge Level Of Froth In Oatly Shares",
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