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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 slide uses a 'before-after' style comparison of Oatly's own marketing materials against a 2013 internal report to expose inconsistencies.",
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      "text": "Study not updated since 2016 so doesn't include the impact of U.S. or Asia expansion, which we believe have been problematic",
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      "text": "Oatly failed to show its water impact relative to milk, which is worse",
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      "text": "Spruce Point takes issue with Oatly’s first slide of its June 2021 Investor Presentation. The analysis is based on a 2013 study (updated in 2016) which doesn’t include its recent expansion into the U.S. and Asia, which we believe has been poorly planned and executed.",
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