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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": "The table compares Oatly (OTLY) against 14 peers across various financial metrics including margins, growth, and valuation multiples (EV/Sales, EV/Gross Profit).",
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      "text": "Wall Street reports on Oatly conspicuously fail to include other dairy comps, and even plant-based milk producers such as Vitasoy and SunOpta, when trying to value Oatly. Is it because they command lower multiples?",
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      "text": "Wall Street reports on Oatly conspicuously fail to include other dairy comps, and even plant-based milk producers such as Vitasoy and SunOpta, when trying to value Oatly. Is it because they command lower multiples? Oatly trades at an astronomical 17x and 75x 2021E sales and adjusted gross margin. We believe it is at high risk of missing lofty street estimates due to delays in plant expansion in the U.S., and evidence of share loss.",
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      "text": "Based on Company financials, Wall St. research consensus and Spruce Point estimates for Oatly and Lifeway Foods. Figures adjusted for shipping in COGS",
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