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  "documentTitle": "Caesarstone Ltd. (CSTE)",
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  "presentationDate": "2017-06-15 00:00:00",
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  "notes": "This is a research note slide presenting evidence of operational failures and competitive disadvantage.",
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      "text": "Our channel checks suggest CSTE is meeting their demand straight from the production line, and reseller built up inventory appears to be unpopular stock which is difficult to sell.",
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      "text": "The Transform™ product is so far unavailable for purchase at Lowe’s.\nCSTE’s supply chain is filled with phantom agents who no longer sell (and in many instances, have never sold) Caesarstone products.\nWith apparent lack of supply chain management, we doubt that CSTE attempting to recover any stock they have loaned or extended on credit terms to its reseller agents\nA decline in prices over the past year and CSTE’s market being more competitive, it raises the question as to the real value of their inventory and finished goods. It is our view that CSTE have to revalue their in-house finished goods inventory and inventory held by resellers represented within CSTE’s accounts receivable.\nCSTE USA’s former CEO Arik Tendler appears to have entered the USA market with a superior product under the brand Vadara Quartz. Vadara’s marketing appears to address quality issues that plague Caesarstone online reviews (cracking/chipping, staining & using chemicals).",
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      "text": "We conducted substantial channel checks into agents listed on CSTE’s website and into product lines over the last 3 months. Our main findings were that:",
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      "text": "As a comparison, Silestone’s US agent and supplier list appears well maintained, with basic rules of online sales and referrals being followed.",
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      "text": "Industry professionals indicate that the market place is significantly more competitive, raising the question as to whether CSTE can afford to be failing so miserably in managing their customer referral points.\nOMNI-Channel marketing 101 suggest CSTE are ignoring all the basic rules. In the USA, U.K. and Australian Markets there is an apparent failure to maintain basic up-to-date reseller agent information. There was basic referral information missing such as email, website and/or telephone details.",
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      "kind": "quote",
      "text": "An industry professional questioned ‘whether there is any management of Caesarstone’s sales channels at all.’",
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      "text": "An industry professional questioned ‘whether there is any management of Caesarstone's sales channels at all.’",
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      "kind": "source-note",
      "text": "17 https://countertopinvestigator.com/caesarstone-countertops/\n18 http://ths.gardenweb.com/discussions/2698923/caesarstone-staining",
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      "text": "4. Sales Channels – increased competition, fabricated product offerings & phantom agents",
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      "text": "Poor sales channel management",
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