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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 red callout box to emphasize the negative margin trend in Q1 2021.",
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      "kind": "callout",
      "text": "Warning: Oatly's prospectus doesn't provide any color on the Management Discussion & Analysis (MD&A) about segment performance. Upon analyzing recent trends in the Americas segment, we find that its EBITDA margin contracted materially in Q1 2020 to -46.8%.",
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      "text": "Oatly owes investors a precise explanation of why its margins fell so materially.",
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      "text": "Source: Oatly Prospectus, Segment Information, p. 85",
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      "text": "Oatly's Americas (Majority U.S.) Segment Reporting table showing Revenue, EBITDA, and Assets from 2019 to Q1 2021.",
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      "kind": "title",
      "text": "Diseconomies of Scale: U.S. Growth Story Has Intensifying Problems",
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