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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 a red warning box to highlight the core thesis and a red box to highlight the calculated cost inflation.",
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      "kind": "callout",
      "text": "Warning: Oatly makes it difficult for investors to gauge how much capacity has been added relative to its historical capital expenditures...",
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      "text": "Therefore, we estimate a low, middle and high range for new capacity that implies an 11% - 48% increase in capex costs.",
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      "text": "(A/B) = Cost per liter of capacity: $0.64",
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      "text": "Cost Per Liter: $0.95",
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      "text": "Source: Prospectus figures for 2019 and 2020. Swedish historical filings converted at average SEK rate for 2017-2018. Note: Excludes intangible asset purchases which would increase cost by ~$10m",
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      "kind": "source-note",
      "text": "Source: Oatly Investor Presentation, June 2021, slide 23 \"Significant Upside For Growth As We Invest To Capture Demand\"",
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      "text": "Oatly Projected 2021-2023 Capex Needs",
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      "text": "Oatly Recent Capacity Added Since Expansion Phase",
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      "text": "Oatly Historical Capex Since Expansion Phase",
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      "text": "Considering Poor Historical Capex Planning, There Is Significant Implied Capex Inflation In Oatly's Growth Plans",
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