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  "documentTitle": "Stryker Corp. (SYK)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "Uses two tables to highlight discrepancies in cash flow projections and the aggressive spread between sales and EPS growth.",
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      "text": "Given our discussions with former employees and forensic analysis of Stryker's historical inability to deal with its SG&A and cost bloat, along with rising supply chain and inflation challenges, we view it unlikely that its free cash flow will increase 4.4% in 2022 and that earnings will grow 25.2%. We note that the market is expecting some of the biggest earnings leverage in recent history, with an 18% spread between 2022E revenue and EPS growth.",
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      "text": "Given our discussions with former employees and forensic analysis of Stryker’s historical inability to deal with its SG&A and cost bloat, along with rising supply chain and inflation challenges, we view it unlikely that its free cash flow will increase 4.4% in 2022 and that earnings will grow 25.2%.",
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      "text": "Free Cash Flow: 18.2%",
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      "text": "Source: Bloomberg adjusted EPS financials and consensus estimate for 2022",
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      "text": "Source: Historical financials, Bloomberg consensus estimates 2021-2022",
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      "text": "Cash flow projection table comparing 2021, 2022E, and 2023E",
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      "text": "Consensus Estimates Seem Wildly Optimistic",
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