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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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      "kind": "callout",
      "text": "\"We model modest slack capacity in all periods but utilization rising over time to nearly 80% by the end of 2023E\"",
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      "kind": "callout",
      "text": "JPM pushing up out year capex need to $290m vs. $100 - $200m company guidance",
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      "text": "Warning: Oatly made its capex projections public in its prospectus and investor presentation. However, not all analysts appear bought into the Company's statements for $750 - $1,000m in capital spending to reach 1,400m liters. Jefferies thinks Oatly will get to 1,500m liters, but at a total cost of $1.2bn. So the incremental 100m liters will cost an astounding $200m and total capacity additions from 350m to 1,500m are $1.04 per liter, or 63% higher than our estimated historical cost! JP Morgan on the other hand, thinks the capacity expansion to 1,400m liters will be slightly above $1.0bn, but that the Company will never actually use it, claiming 80% capacity utilization by 2023. If demand is so robust, why not 100% utilization?",
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      "kind": "callout",
      "text": "So the incremental 100m liters will cost an astounding $200m and total capacity additions from 350m to 1,500m are $1.04 per liter, or 63% higher than our estimated historical cost!",
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      "text": "JP Morgan Is At $1,011m Total Capex",
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      "text": "Oatly's 2021E-23E Projected Capex Range: $750 - $1,000m",
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      "text": "Capital Expenditures: $1.2bn",
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      "text": "We model modest slack capacity in all periods but utilization rising over time to nearly 80% by the end of 2023E — JP Morgan",
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      "text": "Source: Oatly Investor Presentation, Jun 3, 2021",
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      "kind": "source-note",
      "text": "Source: Company reports and J.P. Morgan estimates. Note: Listed capex is net of equipment lease financing",
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      "text": "Capex Being Now Talked Higher Than Management's Estimates",
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